§ 59-858-312 — Investigations - Cause for suspension or revocation of

Oklahoma § 59-858-312

• Jurisdiction: Oklahoma
• Title 59: Professions And Occupations

Text

license. The Oklahoma Real Estate Commission may, upon its own motion, and shall, upon written complaint filed by any person, investigate the business transactions of any real estate licensee, and may, upon showing good cause, impose sanctions as provided for in Section 858- 208 of this title. Cause shall be established upon the showing that any licensee has performed, is performing, has attempted to perform, or is attempting to perform any of the following acts: 1. Making a materially false or fraudulent statement in an application for a license; 2. Making substantial misrepresentations or false promises in the conduct of business, or through real estate licensees, or advertising, which are intended to influence, persuade, or induce others; 3. Failing to comply with the requirements of Sections 858-351 through 858-363 of this title; 4. Accepting a commission or other valuable consideration as a real estate associate for the performance of any acts as an associate, except from the real estate broker with whom the associate is associated; 5. Representing or attempting to represent a real estate broker other than the broker with whom the associate is associated without the express knowledge and consent of the broker with whom the associate is associated; 6. Failing, within a reasonable time, to account for or to remit any monies, documents, or other property coming into possession of the licensee which belong to others; 7. Paying a commission or valuable consideration to any person for acts or services performed in violation of the Oklahoma Real Estate License Code; 8. Any other conduct which constitutes untrustworthy, improper, fraudulent, or dishonest dealings; 9. Disregarding or violating any provision of the Oklahoma Real Estate License Code or rules promulgated by the Commission; 10. Guaranteeing or having authorized or permitted any real estate licensee to guarantee future profits which may result from the resale of real estate; 11. Advertising or offering for sale, rent or lease any real estate, or placing a sign on any real estate offering it for sale, rent or lease without the consent of the owner or the owner’s authorized representative; 12. Using prizes, money, gifts or other valuable consideration as an inducement to secure customers or clients to purchase specific property; however, licensees may use prizes, money, gifts or other valuable consideration for marketing purposes provided they are not contingent or limited to individuals making an offer or purchasing a specific property; 13. Accepting employment or compensation for appraising real estate contingent upon the reporting of a predetermined value or issuing any appraisal report on real estate in which the licensee has an interest unless the licensee’s interest is disclosed in the report. All appraisals shall be in compliance with the Oklahoma real estate appraisal law, and the person performing the appraisal or report shall disclose in writing to the employer whether the person performing the appraisal or report is licensed or certified by the Oklahoma Real Estate Appraiser Board; 14. Paying a commission or any other valuable consideration to any person for performing the services of a real estate licensee as defined in the Oklahoma Real Estate License Code who has not first secured a real estate license pursuant to the Oklahoma Real Estate License Code; 15. Unworthiness to act as a real estate licensee, whether of the same or of a different character as specified in this section, or because the real estate licensee has been convicted of, or pleaded guilty or nolo contendere to, a crime involving moral turpitude; 16. Commingling with the licensee’s own money or property the money or property of others which is received and held by the licensee, unless the money or property of others is received by the licensee and held in an escrow account that contains only money or property of others; 17. Conviction in a court of competent jurisdiction of having violated any provision of the federal fair housing laws, 42 U.S.C. Section 3601 et seq.; 18. Failure by a real estate broker, after the receipt of a commission, to render an accounting to and pay to a real estate licensee the licensee’s earned share of the commission received; 19. Conviction in a court of competent jurisdiction in this or any other state of the crime of forgery, embezzlement, obtaining money under false pretenses, extortion, conspiracy to defraud, fraud, or any similar offense or offenses, or pleading guilty or nolo contendere to any such offense or offenses; 20. Advertising to buy, sell, rent, or exchange any real estate without disclosing in writing that the licensee is a real estate licensee; 21. Paying any part of a fee, commission, or other valuable consideration received by a real estate licensee to any person not licensed; 22. Offering, loaning, paying, or making to appear to have been paid, a down payment or earnest money deposit for a purchaser or seller in connection with a real estate transaction; 23. Violation of the Residential Property Condition Disclosure Act; 24. Placing or causing to be placed upon the public records of any county any contract, assignment, affidavit, or other writing, which purports to affect title of or encumber any real property for the purpose of collection of a commission, or to coerce the payment of money to the individual or entity. Nothing in this paragraph shall be construed to prohibit a licensee from recording a judgment; 25. Being unworthy or incompetent to act as a real estate broker in a manner as to endanger the interest of the public; 26. Failure to provide an adequate written response to the Commission within fifteen (15) days after receiving written notice of a complaint or investigation; 27. Failure to notify the Commission in writing of the conviction or plea of guilty or nolo contendere to any felony offense within thirty (30) days after the plea is taken and also within thirty (30) days of the entering of the judgment and sentencing as required by Section 858-301.2 of Title 59 in the Oklahoma Statutes; and 28. Soliciting, selling, or offering for sale real property by means of a deceptive practice.

Legislative History

Added by Laws 1974, c. 121, § 312, operative July 1, 1974. Amended by Laws 1980, c. 165, § 8, eff. Oct. 1, 1980; Laws 1982, c. 194, § 6, emerg. eff. April 26, 1982; Laws 1984, c. 74, § 2, eff. Nov. 1, 1984; Laws 1991, c. 43, § 10, eff. July 1, 1993; Laws 1992, c. 94, § 6, eff. July 1, 1993; Laws 1994, c. 149, § 4, eff. July 1, 1995; Laws 1996, c. 159, § 3, eff. Nov. 1, 1996; Laws 1998, c. 60, § 18, eff. Jan. 1, 1999; Laws 1999, c. 26, § 2, eff. Nov. 1, 1999; Laws 1999, c. 194, § 14, eff. Nov. 1, 2000; Laws 2001, c. 235, § 5, eff. Aug. 1, 2001; Laws 2008, c. 274, § 5, eff. Nov. 1, 2008; Laws 2019, c. 66, § 1, eff. Nov. 1, 2019; Laws 2024, c. 159, § 8, eff. Nov. 1, 2024.