Okla. Admin. Code § 605:10-3-1

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

Section 605:10-3-1 - [Effective 11/1/2024] Prelicense education requirements

(a)Subject Content. each applicant for licensure shall present with their application a certification showing successful completion of the applicable course of study approved by the Commission as follows:

(1) To qualify an applicant for examination and licensure as a provisional sales associate, the course shall consist of at least ninety (90) clock hours of instruction or its equivalent as determined by the Commission. In order for a provisional sales associate to obtain a sales associate license, the provisional sales associate must, following issuance of a provisional license, complete additional education as required in Section 858-302 of the Code. The pre-license course of study shall be referred to as the Basic Course of Real Estate, Part I of II and shall encompass the following areas of study:

(A) Real Estate Economics and Marketing

(B) Nature of Real Estate

(C) Rights and Interest in Real Estate

(D) Legal Descriptions

(E) Title Search, Encumbrances, and Land Use Control

(F) Transfer of Rights

(G) Service Contracts

(H) Estimating Transaction Expenses

(I) Value and Appraisal

(J) Marketing Activities

(K) Fair Housing

(L) Contract Law Overview

(M) Contract Law and Performance

(N) Offers and Purchase Contracts

(O) Financing Real Estate

(P) Closing a Transaction

(Q) Regulations Affecting Real Estate

(R) Disclosures and Environmental Issues

(S) Property Management and Leasing

(T) Risk Management

(U) Professional Standards of Conduct

(V) Law of Agency

(2) To qualify an applicant for examination and licensure as a broker or a broker associate, the course shall consist of at least ninety (90) clock hours of instruction or its equivalent as determined by the Commission. Such course of study shall be referred to as the Advanced Course in Real Estate and shall encompass the following areas of study:

(A) Laws and Rules Affecting Real Estate Practice

(B) Broker Supervision

(C) Establishing a Real Estate Office

(D) Professional Development

(E) Business, Financial, and Brokerage Management

(F) Oklahoma Broker Relationships

(G) Anti-Trust and Deceptive Trade

(H) Risk Management and Insurance

(I) Mandated Disclosures, Hazards, and Zoning

(J) Real Estate Financing

(K) Specialized Property Operations and Specialty Areas

(L) Trust Accounts and Trust Funds

(M) Closing a Real Estate Transaction

(N) Closing Statements

(O) Professional Standards of Conduct

(P) Property Ownership

(Q) Land Use Controls and Regulations

(R) Valuation and Market Analysis

(S) Law of Agency

(T) Contracts

(U) Transfer of Property

(V) Practice of Real Estate

(W) Real Estate Calculations

(b)Entities allowed to seek approval. The education courses required of this Section shall be satisfied by courses approved by the Commission and offered by an education provider approved by the Commission.

(c)Attendance and successful completion required for credit. To complete any in-class offering, a person must physically be present during all of the in-class offering time and successfully complete all course requirements to include an examination.

(d)Successful completion of materials and examination required for distance education credit. To complete a distance education course offering, a person must successfully complete all course requirements to include all modules and an examination.

Okla. Admin. Code § 605:10-3-1

Amended at 10 Ok Reg 2087, eff 7-1-93; Amended at 15 Ok Reg 3322, eff 7-13-98; Amended at 16 Ok Reg 394, eff 1-1-99 through 7-14-99 (emergency)¹; Amended at 16 Ok Reg 3632, eff 9-10-99 (emergency); Amended at 17 Ok Reg 2645, eff 7-1-00; Amended at 18 Ok Reg 1759, eff 7-1-01; Amended at 18 Ok Reg 3485, eff 8-1-01 (emergency); Amended at 19 Ok Reg 2410, eff 7-1-02; Amended at 24 Ok Reg 218, eff 11-1-06 (emergency); Amended at 24 Ok Reg 2321, eff 7-1-07; Amended at 26 Ok Reg 2607, eff 7-11-09

Amended by Oklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 9/14/2018

Amended by Oklahoma Register, Volume 41, Issue 22, August 1, 2024, eff. 11/1/2024

¹This emergency action expired without being superseded by a permanent action. Upon expiration of an emergency amendatory action, the last effective permanent text is reinstated. Therefore, on 7-15-99 (after the 7-14-99 expiration of the emergency action), the text of 605:10-3-1 reverted back to the permanent text that became effective 7-13-98, as was last published in the 1998 OAC Supplement, and remained as such until amended again by emergency action on 9-10-99.