Key Takeaways
- Oklahoma has specific rules for wholesaling real estate that require licensing
- Property management activities in Oklahoma require a real estate license
- Teams and groups must comply with advertising and supervision requirements
- Referral fees may only be paid to licensed real estate professionals
- OREC has authority over advertising content and team identification
Oklahoma Special Topics
Oklahoma has specific regulations on various real estate activities that are important for the state exam.
Wholesaling Real Estate
Oklahoma addressed wholesaling through legislative action, making it a licensed activity:
What is Wholesaling?
Wholesaling involves:
- Finding properties (often distressed)
- Getting them under contract
- Assigning the contract to another buyer for a fee
Oklahoma Requirements
| Requirement | Details |
|---|---|
| License required | Yes - wholesaling is a licensed activity |
| Disclosure | Must disclose role to all parties |
| Contract assignment | Must be done properly under contract law |
Important: A task force led to wholesaling becoming a licensed activity in Oklahoma. Operating as an unlicensed wholesaler is a violation.
Property Management
Property management activities require a real estate license in Oklahoma:
Licensed Activities
| Activity | License Required |
|---|---|
| Leasing property for others | Yes |
| Collecting rent for others | Yes |
| Managing property for compensation | Yes |
| Showing rental property | Yes |
Exemptions
Certain individuals may be exempt:
- Property owners managing their own property
- On-site property managers employed by owner
- Certain employees under specific circumstances
Security Deposits
Oklahoma has specific rules for security deposits:
| Requirement | Details |
|---|---|
| Escrow account | Required for security deposits |
| Location | Must be maintained in Oklahoma |
| Institution | Federally insured financial institution |
| Accounting | Must provide accounting upon lease termination |
Teams and Groups
Oklahoma has requirements for real estate teams:
Advertising Requirements
| Requirement | Details |
|---|---|
| Broker identification | Team advertising must include broker's name |
| Team names | Must not be misleading |
| Individual identification | Team members must be identified |
Supervision
| Requirement | Details |
|---|---|
| Broker supervision | All team activities under broker oversight |
| Commission payment | All compensation through broker |
| Compliance | Team must follow all license law requirements |
Referral Fees
Who Can Receive Referral Fees
| Can Receive | Cannot Receive |
|---|---|
| Licensed brokers | Unlicensed individuals |
| Licensed sales associates (through broker) | Out-of-state unlicensed persons |
| Cooperating brokers | Sellers or buyers as kickback |
Disclosure
All referral fees must be:
- Paid through the broker
- Disclosed as required
- Only to licensed individuals
Advertising Requirements
General Requirements
| Requirement | Details |
|---|---|
| Broker identification | All advertising must include broker or brokerage name |
| Truthful | No false or misleading statements |
| Not deceptive | Cannot create false impressions |
Social Media and Online
| Platform | Requirements |
|---|---|
| Websites | Must include broker identification |
| Social media | Must comply with advertising rules |
| Online listings | Accurate and include required disclosures |
Prohibited Practices
- Blind ads (without broker identification)
- Misleading property descriptions
- False claims about qualifications
- Deceptive pricing or terms
Fair Housing
Oklahoma licensees must comply with:
Federal Fair Housing Act
Protected classes:
- Race
- Color
- Religion
- National origin
- Sex
- Familial status
- Disability
Oklahoma Fair Housing
Oklahoma may have additional protections. Licensees must:
- Not discriminate in any real estate activity
- Provide equal professional service to all
- Display equal housing opportunity logo
Is wholesaling real estate a licensed activity in Oklahoma?
What must be included in all real estate advertising in Oklahoma?
Who may receive referral fees in Oklahoma?
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