For those of you who have a real estate license in Oklahoma, new Commission rules went into effect November 1, 2019.
1. Real estate sales license pass rate
New real estate license applicants can now pass the state examination at 70% or better rather than the previous requirement of 75%.
2. Broker’s reference in associate advertising
When an associate or team advertises, the broker’s name or trade name must be at least 50% or larger than the associate’s name, team name and contact information.
This rule can be found in Rule 605:10-9-4. Advertising. The real estate license rule requires that when an associate advertises or a team name is advertised, the broker’s reference must be prominent, conspicuous and easily identifiable. The Commission has now clarified what these terms mean and the wording is as follows:
For the purposes of this section, “prominent, conspicuous and easily identifiable” means that the broker’s reference must be at least fifty percent (50%) or larger than any associate or team name reference included in the advertisement.
3. One-time waiver of license fee for low-income individual
This new rule can be found in 605:10-7-2. License terms and fees; renewals; reinstatements and reads as follows:
Specific license fees waived for low-income individuals. In accordance with Title 59,
Section 4003, any applicant who can present satisfactory evidence of being a low-income individual shall receive a one-time one-year waiver of the licensure fees as outlined in 605:10-7-2 (a). Such waiver shall be prorated for a multi-year license so that the applicant shall only receive a waiver for one year of the applicable license fees.
For the purposes of this section, “low-income individual” means an individual who is enrolled in a state or federal public assistance program, or whose household adjusted gross income is below 140% of the federal poverty line or a higher threshold to be set by the executive branch department that oversees business regulation. Satisfactory evidence that the applicant is a low-income individual must be made upon forms provided by the Commission and must be presented upon application for original licensure.
You can locate us at https://oklahomarealestateeducation.com or call us at 405-245-8896.