Contracts
An Oklahoma real estate broker who drafts custom contract provisions beyond the standard form should:
AInclude any terms the client requests
BAdvise the client to seek legal counsel for unusual or complex provisions to avoid unauthorized practice of law✓ Correct
CAsk OREC to approve the custom provisions
DOnly use OREC-approved standard forms without modifications
Explanation
Oklahoma brokers must be careful not to engage in the unauthorized practice of law. Drafting complex, unusual, or highly customized legal provisions goes beyond routine form completion.
People Also Study
Related Oklahoma Questions
- In Oklahoma, the standard residential purchase contract typically gives the buyer how many days to obtain financing after contract acceptance, unless otherwise specified?Contracts
- Under Oklahoma law, the unauthorized practice of real estate (performing licensed activities without a license) can result in:Oklahoma License Law
- A lender's yield spread premium (YSP) in Oklahoma was historically paid to mortgage brokers for originating loans at above-market interest rates. Under Dodd-Frank, this practice:Finance
- A 'subject to inspection and approval' contingency in an Oklahoma contract differs from a standard inspection contingency because:Contracts
- Oklahoma uses a standard residential purchase contract that typically includes a seller's property condition disclosure. This disclosure requirement is based on:Contracts
- In Oklahoma, a contract for deed (land contract or installment sale) is a form of seller financing where:Contracts
- Oklahoma recognizes oil and gas leases as a form of property interest. Under a standard lease, the lessor (landowner) receives:Property Ownership
- An Oklahoma licensee who witnesses their broker engage in fraudulent practices affecting clients should:Oklahoma License Law
Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Study This Topic
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →