Oklahoma License Law
Oklahoma law requires real estate licensees to use OREC-promulgated contract forms or attorney-drafted forms. Using unapproved forms could:
ABe encouraged as a way to customize transactions
BExpose the broker to OREC disciplinary action and potentially constitute the unauthorized practice of law if the forms contain non-standard legal provisions✓ Correct
CSave time and money with no downside
DBe approved on a case-by-case basis by OREC
Explanation
Using non-approved contract forms that contain legal provisions outside the licensee's expertise could constitute unauthorized practice of law. OREC may discipline licensees for using non-standard forms.
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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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
License Law
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