National Real Estate Principles
67%of exam
Oklahoma Laws & Rules
18%of exam
OBRA Broker Relationships
7%of exam
Duties to All PartiesAdditional DutiesWritten DisclosureAgency Abrogated
Property Mgmt & Tenancy
4%of exam
ORLTA NumbersSecurity DepositsEntry NoticeManagement Agreement
Disclosures & Hazards
4%of exam
Quick Facts
- Exam
- OK Sales Associate
- Administrator
- Pearson VUE
- Questions
- 120 scored (80 + 40)
- Pass
- 70% each portion
- Time
- 150 + 90 minutes
- Fee
- $75 (Pearson VUE)
- Pre-license
- 90 hours
- Post-license
- 45 hrs, year 1
- CE
- 30 hrs / 3 years
Void vs Voidable
Void
- No legal effect
- Never enforceable
- Illegal purpose
Voidable
- Valid until canceled
- One party may void
- Minor or duress
Nothing vs cancelable
Exam Blueprint Map
- National portion
- 80 of 120 Q
- State portion
- 40 of 120 Q
- Pretest questions
- 15 unscored (5 + 10)
- Laws & Rules
- 54% of state
- OBRA
- 22% of state
- Property mgmt
- 12% of state
- Disclosures
- 12% of state
Freehold vs Leasehold
Freehold
- Ownership estate
- Indefinite duration
- Fee simple, life
Leasehold
- Possession only
- Fixed term
- Tenant interest
Own vs occupy
Estates & Ownership
- Fee simple
- Full ownership rights
- Life estate
- Ownership for lifetime
- Freehold
- Ownership, indefinite duration
- Leasehold
- Tenant possession, term
- Joint tenancy
- Equal shares, survivorship
- Tenancy in common
- Shares, no survivorship
- Encumbrance
- Claim against title
Exclusive Right vs Exclusive Agency
Exclusive Right-to-Sell
- Broker paid always
- Any buyer source
- Even owner-found buyer
Exclusive Agency
- One broker listed
- Owner sale = no fee
- Broker must produce
Always paid vs owner-out
Contracts & Agency
- Bilateral
- Promise for promise
- Unilateral
- Promise for act
- Void
- No legal effect
- Voidable
- Cancelable by one party
- Listing agreement
- Seller hires broker
- Contingency
- Condition to close
- Specific performance
- Court forces contract
Financing & Loans
- Mortgage
- Loan secured by property
- Promissory note
- Promise to repay
- Amortization
- Principal plus interest payoff
- Point
- 1% of loan
- LTV
- Loan versus value
- PMI
- Insurance under 20%
- Foreclosure
- Lender seizes collateral
Valuation & Appraisal
- Sales comparison
- Compare similar sales
- Cost approach
- Replace minus depreciation
- Income approach
- Value from rent
- CMA
- Agent price opinion
- GRM
- Price divided by rent
- Appreciation
- Value increase over time
Federal Law & Fair Housing
- Protected classes
- Seven federal categories
- Steering
- Directing by class
- Blockbusting
- Panic selling scare
- Redlining
- Denying loans, area
- ADA
- Disability access rights
- RESPA
- Settlement cost disclosure
- Lead disclosure
- Homes before 1978
Real Estate Math
- Commission
- Price times rate
- Proration
- Split shared costs
- Area
- Length times width
- Net to seller
- Proceeds after costs
- Transfer tax
- Tax on sale
- Mill rate
- $1 per $1,000
Recovery Fund Limits
$25K per judgment; $50K per licensee
$25,000 per judgment$50,000 per transaction$50,000 per licenseeClaim paid = revoked
Associate vs Broker
Provisional Associate
- Entry-level license
- Must have broker
- 45-hr post-license
Broker
- Holds trust account
- More education/experience
- Can supervise others
New vs supervising
License & Trust Picker
- New applicant→90-hr pre-license(OREC-approved school)
- Just joined broker→45-hr post-license(Within year 1)
- Renewing license→30 hours CE(Per 3 years)
- Received earnest money→Deposit by 3rd day(Banking days)
- Client funds with personal→Commingling violation(Discipline risk)
- Recovery Fund pays claim→License revoked(Repay plus interest)
OREC & Licensing
- OREC
- State license regulator
- Title 59
- Real Estate License Code
- Provisional associate
- Entry-level license
- Pre-license
- 90 approved hours
- Post-license
- 45 hours, year 1
- CE
- 30 hrs / 3 yrs
- Renewal
- Every 3 years
- Address change
- Notify within 10 days
Trust & Recovery Fund
- Trust account
- Separate escrow account
- Deposit deadline
- End of 3rd banking day
- Commingling
- Mixing client + personal
- Conversion
- Using client funds
- Recovery Fund
- Pays wronged consumers
- Per judgment
- $25,000 maximum
- Per transaction
- $50,000 aggregate
- Per licensee
- $50,000 aggregate
- Claim paid
- License auto-revoked
OBRA Core Duties
Honesty, Confidentiality, Accounting, Offers, Disclosure, Care
Honesty to allKeep confidencesAccount for fundsPresent all offersDisclose known defectsReasonable skill, care
OBRA Duties vs Common-Law Agency
OBRA Duties
- Statutory broker duties
- Owed to all parties
- No fiduciary label
Common-Law Agency
- Fiduciary to principal
- Abrogated in Oklahoma
- Old framework
Statute replaced agency
OBRA Relationship Picker
- Broker works for seller→Broker for seller(Written agreement)
- Broker works for buyer→Broker for buyer(Written agreement)
- Same broker, both parties→Disclose in writing(Both must consent)
- No written agreement→Duties to all apply(Still mandatory)
- Learn party's bottom line→Keep confidential(Even after closing)
- Party asks representation→Sign agreement first(Then extra duties)
OBRA Duties to All
- Honesty
- Deal honestly, all parties
- Skill & care
- Reasonable competence
- Present offers
- All offers, timely
- Accounting
- Handle money properly
- Confidentiality
- Protect party secrets
- Disclose defects
- Known adverse material facts
- Fair housing
- Follow all laws
OBRA Extras & Disclosure
- Written disclosure
- Before contract signed
- Additional duties
- For represented party
- Represented party
- Written brokerage agreement
- Both parties
- One broker, disclosed
- Agency abrogated
- Common law replaced
- Not waivable
- Mandatory to all
ORLTA Key Numbers
No cap; return 45 days; enter 1 day
No deposit capReturn within 45 days1-day entry notice5-day pay-or-quit
ORLTA Landlord-Tenant Numbers
- Deposit cap
- No statutory limit
- Deposit return
- 45 days after demand
- Escrow required
- OK insured institution
- Entry notice
- At least 1 day
- Nonpayment notice
- 5-day pay-or-quit
- Deposit reverts
- No demand, 6 months
Psychologically Impacted
Death not material; answer if directly asked
No duty to volunteerDeaths, crimes, paranormalMust answer honestlyTitle 60 statute
Disclosure vs Disclaimer
Disclosure Statement
- Lists known defects
- Seller condition report
- Buyer informed
Disclaimer Statement
- Sold strictly as-is
- No representations made
- Still no fraud
Reveal vs no reps
Disclosure Decision
- Known material defect→Disclosure Statement(Must reveal)
- Selling strictly as-is→Disclaimer Statement(No representations)
- Death on property→No duty to tell(Not material)
- Buyer asks about death→Answer honestly(Cannot lie)
- Home built pre-1978→Lead paint disclosure(Federal rule)
- Serious health/safety hazard→Always disclose(Even if as-is)
OK Disclosures & Hazards
- Disclosure Statement
- Lists known defects
- Disclaimer Statement
- 'As is', no reps
- RPCDA
- Residential condition disclosure
- Psych impacted
- Death not material
- Answer if asked
- Cannot lie directly
- Lead paint
- Homes before 1978
- Radon/asbestos/UST
- Environmental hazards
Common Traps
Deposit timing
Not next business day ≠ End of 3rd banking day
Security deposit cap
Oklahoma sets no cap ≠ Not two months rent
Deposit return window
45 days in Oklahoma ≠ Not 30 days
Psychologically impacted property
No duty to volunteer ≠ Must answer if asked
Disclaimer limits
Allows as-is sale ≠ Never shields fraud
OBRA vs agency
Statutory broker duties ≠ Not common-law fiduciary
Recovery Fund caps
$25K per judgment ≠ $50K per licensee
Last Minute
- 1.120 scored: 80 national + 40 state
- 2.Pass = 70% each portion
- 3.Pearson VUE administers; fee $75
- 4.Pre-license 90 hrs; post-license 45 hrs
- 5.CE = 30 hours / 3 years
- 6.Deposit earnest by 3rd banking day
- 7.Recovery Fund: $25K / judgment, $50K / licensee
- 8.OBRA replaced common-law fiduciary agency
- 9.Deposit: no cap; return 45 days
- 10.Death not material; answer if asked
- 11.Disclaimer = as-is; never shields fraud
- 12.Disclosure Statement lists known defects
Pre-licensing on Colibri
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