Chapter 3

Question 1

What is the fundamental and primary purpose of OREC?

Answer 1

To safeguard the public interest through:

• encouraging & requiring high standards of knowledge
• encouraging ethical practices
• disciplining licensees who engage in dishonest, fraudulent or criminal activities
• prosecuting any person who violates the Code.

Question 2

How many Commissioners and how long do they serve? Who appoints them?

Answer 2

• 7 commissioners (1 is a non-real estate holder & 1 a teacher)
• four year terms
• appointed by governor

Question 3

What jurisdiction does the OREC have?

Answer 3

Only to licensees

Question 4

What does the OREC do with all administrative fines?

Answer 4

Deposited into the Oklahoma Real Estate Education and Recovery Fund.