Okla. Admin. Code § 605:10-17-4

Current through Vol. 42, No. 3, October 15, 2024

Section 605:10-17-4 - [Effective until 11/1/2024] Prohibited dealings

Within the meaning of subsection 8 of Section 858-312 of the "Code," untrustworthy, improper, fraudulent or dishonest dealing shall include, but not be limited to, the following:

(1) The making of a brokerage service contract without a date of termination.

(2) Purchasing of property by a licensee for himself or herself or another entity in which the licensee has an interest as defined in 605:10-15-1(c), if such property is listed with the broker or the broker's firm, without first making full written disclosure thereof and obtaining the approval of the owner, or the failure by the licensee to exert the licensee's best effort in order to later purchase or acquire the property for themself or another entity in which they have an interest as defined in 605:10-15-1(c).

(3) Purchasing of property by a licensee for himself or herself or another entity in which the licensee has an interest as defined in 605:10-15-1(c) without first making a full written disclosure to all parties involved in the transaction.

(4) Repeated misrepresentations, even though not fraudulent, which occur as a result of the failure by the licensee to inform himself or herself of pertinent facts concerning property, as to which he or she is performing services.

(5) Procuring the signature(s) and dates of such signature(s) to a purchase offer or contract or to any lease or lease proposal which has no definite maximum purchase price or lease rental, or no method of payment, termination date, possession date or property description.

(6) The payment of any fees or amounts due the Commission with a check that is dishonored upon presentation to the bank on which the check is drawn.

(7) Lending a broker's license to an associate; permitting an associate to operate as a broker; or failure of a broker to properly supervise the activities of an associate. A broker permitting the use of the broker's license to enable an associate licensed with the broker to, in fact, establish and conduct a brokerage business wherein the broker's only interest is the receipt of a fee for the use of the broker's sponsorship.

(8) Failure to make known in writing to any purchaser any interest the licensee has in the property they are selling.

(9) Failure of the licensee to inform the buyer and seller in writing at the time the offer is presented that the buyer and seller will be expected to pay certain closing costs, brokerage service costs, and approximate amount of said costs.

(10) Failure, upon demand in writing, to respond to a complaint in writing, or to disclose any information within licensee's knowledge, or to produce any document, book or record in licensee's possession or under licensee's control that is real estate related and under the jurisdiction of the Real Estate Commission, for inspection to a member of the Commission staff or any other lawful representative of the Commission.

(11) Failure to reduce an offer to writing, when a proposed purchaser requests such offer to be submitted.

(12) Failure to submit all bona fide offers to an owner when such offers are received prior to the seller accepting an offer in writing.

(13) Any conduct in a real estate transaction which demonstrates bad faith or incompetency.

(14) Failure to act, in marketing the licensee's own property, with the same good faith as when acting in the capacity of a real estate licensee.

(15) An associate who does not possess the license of a broker or branch office broker as defined in the rules, but is intentionally acting in the capacity of a broker or branch office broker.

(16) Discouraging a party from obtaining an inspection on a property.

(17) Allowing access to, or control of, real property without the owner's authorization.

(18) Knowingly providing false or misleading information to the Commission during the course of an investigation.

(19) Interfering with an investigation by means of persuading, intimidating or threatening any party or witness, or tampering with or withholding evidence relating to the investigation.

(20) Knowingly cooperating with an unlicensed person or entity to perform licensed real estate activities as required by Title 59 O.S. Section 858-301.

(21) Failing to disclose in writing any known immediate family relationship to a party to the transaction for which the broker is providing brokerage services.

(22) Failure by a broker to ensure all persons performing real estate licensed activities under the broker are properly licensed.

(23) An associate shall not perform licensed activities outside their broker's supervision.

(24) Failing to maintain documents relating to a trust account or real estate transaction for the time period as required by Rule 605:10-13-1.

Okla. Admin. Code § 605:10-17-4

Amended at 8 Ok Reg 2071, eff 7-1-91; Amended at 12 Ok Reg 1813, eff 7-1-95; Amended at 14 Ok Reg 3031, eff 7-11-97; Amended at 15 Ok Reg 3322, eff 7-13-98; Amended at 18 Ok Reg 1759, eff 7-1-01; Amended at 19 Ok Reg 2410, eff 7-1-02; Amended at 20 Ok Reg 2563, eff 7-11-03; Amended at 27 Ok Reg 1940, eff 7-1-10; Amended at 29 Ok Reg 1402, eff 7-1-12; Amended at 30 Ok Reg 2062, eff 11-1-13

Amended by Oklahoma Register, Volume 36, Issue 24, September 3, 2019, eff. 11/1/2019

Amended by Oklahoma Register, Volume 38, Issue 23, August 16, 2021, eff. 11/1/2021

Amended by Oklahoma Register, Volume 40, Issue 23, August 15, 2023, eff. 11/1/2023