Which of the following disciplinary actions is OREC authorized to take against a licensee?
Correct Answer
B) Suspend or revoke licenses and impose fines
Under the Oklahoma Real Estate License Code, OREC has the authority to suspend or revoke licenses and impose administrative fines against licensees who violate the law. OREC cannot set commission rates (which are negotiable), imprison violators (a criminal court function), or approve contracts.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
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