Oklahoma Administrative Code Title 605 - Oklahoma Real Estate Commission
1. Purpose of Title 605 – Oklahoma Real Estate Commission
Title 605 of the Oklahoma Administrative Code contains the rules and regulations governing the Oklahoma Real Estate Commission (OREC).
The OREC is the state agency responsible for regulating real estate licensees in Oklahoma, including:
Real estate brokers
Sales associates
Real estate education providers
Timeshare agents and other related professionals
The rules in Title 605 ensure that real estate practices are lawful, ethical, and professional to protect the public.
2. Mission and Role of OREC
The Oklahoma Real Estate Commission’s mission includes:
Licensing and regulation of real estate professionals
Enforcing standards of practice for brokers and sales associates
Protecting consumers in real estate transactions
Monitoring continuing education and professional development
Investigating complaints and violations
OREC operates under the authority of the Oklahoma Real Estate License Code, which is codified in state law.
3. Scope of Title 605
Title 605 governs:
Licensing Requirements
Eligibility for real estate brokers and sales associates
Education, examination, and experience requirements
Procedures for applying, renewing, or transferring licenses
Real Estate Education
Pre-licensing courses for new agents
Continuing education requirements for license renewal
Standards for course approval and instructors
Broker and Sales Associate Duties
Ethical conduct and fiduciary responsibilities
Disclosure requirements in transactions
Advertising and marketing standards
Timeshare and Other Special Licenses
Licensing rules specific to timeshare sales
Regulations for property managers and developers, if applicable
Investigations and Disciplinary Actions
Procedures for handling complaints against licensees
Penalties, fines, and license suspension or revocation
Enforcement of ethical and legal obligations
Administrative Procedures
Meetings and rule-making authority of the Commission
Recordkeeping and reporting requirements
Public access to information regarding licensees
4. Licensing Procedures
Sales Associate and Broker Licenses
Applicants must meet education and examination requirements
Applicants must be of legal age, have good moral character, and satisfy experience requirements for brokers
Licensees must maintain active status through renewal and continuing education
Renewal and Continuing Education
Licenses are typically renewed every two years
Renewal requires proof of completion of state-approved continuing education courses
Failure to meet requirements may result in suspension or expiration of license
5. Real Estate Practice Standards
Licensees must follow rules to ensure ethical, professional, and lawful conduct, including:
Acting in the best interests of clients (fiduciary duty)
Properly disclosing material facts about properties
Avoiding misrepresentation, fraud, or conflicts of interest
Following standards for advertising, signage, and marketing
Maintaining records of transactions for a specified period
6. Timeshare and Special Programs
OREC also regulates timeshare sales and management, including:
Licensing requirements for timeshare sales agents
Rules for disclosures to consumers
Requirements for contract forms, reporting, and records
These rules protect consumers from fraudulent or misleading practices in timeshare transactions.
7. Enforcement and Discipline
Title 605 gives OREC authority to investigate complaints and enforce rules:
Complaints can be filed by consumers or other licensees
Investigations may involve audits, interviews, and record review
Disciplinary actions include:
Reprimands or warnings
Fines
Suspension or revocation of licenses
Probation with conditions
The goal is to ensure compliance with the Oklahoma Real Estate License Code and maintain public trust in the real estate profession.
8. Public Participation and Transparency
OREC encourages public involvement and transparency:
Consumers can access information on licensed agents
Public hearings may be held for rule changes
Licensees must maintain records that are accessible for inspection
9. Recordkeeping and Reporting
Licensees and brokers must:
Maintain records of transactions, contracts, and communications
Keep documentation for a specified number of years
Submit reports to OREC as required (e.g., educational completion, license renewal)
This ensures accountability and consumer protection.
10. Overall Intent of Title 605
In summary, Title 605 ensures that:
Real estate professionals in Oklahoma are licensed and qualified
Real estate practices are ethical, transparent, and legally compliant
Consumers are protected from fraud or unethical practices
Licensees receive guidance and oversight from OREC
Enforcement procedures maintain professional standards in the industry
It provides the legal and administrative framework for regulating real estate activities in Oklahoma.
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