Key Takeaways
- The Oklahoma Real Estate Commission (OREC) regulates real estate licensees under the Oklahoma Real Estate License Code
- OREC consists of seven members appointed by the Governor: five licensed brokers, one lay person, and one real estate school representative
- OREC has authority to investigate complaints, conduct audits, and take disciplinary action including license suspension or revocation
- Commissioners serve four-year terms and no more than two members may be from the same congressional district
- Oklahoma requires 90 hours of pre-license education for sales associate applicants
Oklahoma Real Estate Commission (OREC)
The Oklahoma Real Estate Commission (OREC) is the state agency responsible for licensing, regulating, and overseeing real estate professionals in Oklahoma under the Oklahoma Real Estate License Code.
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OREC Structure and Authority
Commission Members
OREC consists of seven members appointed by the Governor with the advice and consent of the Senate:
| Member Type | Number | Requirements |
|---|---|---|
| Licensed brokers | 5 | At least 5 years active broker experience, full-time in brokerage |
| Lay person | 1 | Not in the real estate business |
| Real estate school representative | 1 | Active representative of an OREC-approved school |
Members serve four-year terms and no more than two members may be appointed from the same congressional district.
Key OREC Functions
| Function | Description |
|---|---|
| Licensing | Process applications, approve education providers, issue licenses |
| Education | Set education requirements, approve courses and schools |
| Enforcement | Investigate complaints, conduct audits of trust accounts |
| Discipline | Suspend, revoke, or deny licenses; impose fines |
| Contract Forms | Approve and update standard contract forms for Oklahoma |
Oklahoma Real Estate License Code
The Oklahoma Real Estate License Code (Title 59, Oklahoma Statutes, Section 858-101 et seq.) is the primary statute governing real estate licensing in Oklahoma. Key provisions include:
- Who must be licensed - Definitions of broker and sales associate activities
- Exemptions - Attorneys, property owners, certain employees
- Prohibited conduct - Actions that violate the law
- Disciplinary actions - Grounds for suspension or revocation
- Trust fund handling - Requirements for client funds
- Broker Relationships - Agency disclosure and broker duties
OREC Administrative Rules
OREC adopts administrative rules (Title 605, Oklahoma Administrative Code) that implement the License Code. These rules cover:
- License application procedures
- Education requirements and course approval
- Advertising standards
- Trust account requirements
- Broker relationship disclosure procedures
Exam Tip: OREC can impose administrative penalties and revoke licenses. Effective June 1, 2025, continuing education requirements increased from 21 to 30 hours per renewal cycle.
Oklahoma Real Estate Recovery Fund
The Oklahoma Real Estate Education and Recovery Fund provides compensation to consumers who suffer financial losses due to the misconduct of a licensed real estate professional.
Fund Details
| Requirement | Details |
|---|---|
| Maximum per transaction | $50,000 |
| Maximum per licensee | $100,000 total |
| Filing requirements | Must obtain court judgment first |
| License consequence | License revoked if claim paid |
How the Fund Works
- Consumer is harmed by licensee misconduct
- Consumer obtains court judgment against licensee
- Consumer cannot collect judgment from licensee
- Consumer applies to OREC for payment from Recovery Fund
- OREC pays from fund (if eligible)
- Licensee's license is automatically revoked
Key Point: The Recovery Fund covers actual damages only—not punitive damages, attorney fees, or court costs. The fund is supported by license fees.
OREC Contact Information
| Resource | Information |
|---|---|
| Website | oklahoma.gov/orec |
| Main Office | Denver N. Davison Building, 1915 N. Stiles Ave, Suite 200, Oklahoma City, OK 73105 |
| Phone | (405) 521-3387 |
| Toll Free | 1-866-521-3389 |
| Online System | OREC online licensing portal |
How many members serve on the Oklahoma Real Estate Commission?
What is the maximum amount the Oklahoma Real Estate Recovery Fund can pay per transaction?