Oklahoma License Law
An Oklahoma broker's duty to supervise extends to ensuring affiliated salespersons:
AAre licensed in other states as well
BDo not engage in unauthorized practice of law, misrepresentation, fair housing violations, or trust account misuse✓ Correct
CMaintain personal automobile insurance
DComplete a minimum of 40 transactions per year
Explanation
Broker supervision includes ensuring salespersons comply with all aspects of the license code: proper agency disclosure, accurate representation of property, fair housing compliance, and proper handling of client funds and trust accounts.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Fair Housing ActFederal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
State-Specific Concepts
Broker SupervisionTrust Account Rules
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