Real Estate

Real Estate

What characteristics assist you in the Real Estate field? Describe the characteristic that stands out the most and that that stands out the least to you. Why?

 In the real estate world, you will deal with many different people. You have to be able to balance and coordinate all the moving pieces involved in the transaction smoothly. This requires the real estate agent or broker to have specific characteristics. According to Edwards (2016), the characteristics are (1) You have to like the lifestyle; (2) You need to be a self-starter; (3) You need to know who you are; (4) You need to be a hard worker; (5) You need to be an intelligent worker;

(6) You need to enjoy solving “people problems”; (7) You need to be able to work with all kinds of people; (8) You need to be a good listener; (9) You need to be emotionally stable and mature;

(10) You need to know your product; (11) You need to be convinced of your product’s value; (12) You need to know the territory; (13) You need to be flexible; and (14) You have to persevere.

The characteristic that stands out the most to me is being a self-starter. Anyone in this business has to be self-motivated and have a high drive to control their destiny. I have this mentality and am a go-getter when I set my mind to do something. I will be good starting in this profession with the help of a mentor. If I made this my number one priority, I would be very successful at it.

The characteristic that stands out the least to me is being able to work with all kinds of people. My first thought is the language barrier. I only speak English, which would be a disadvantage if I lived in Texas because many people there only speak Spanish. In this case, I would have to learn to speak Spanish or hire someone fluent in English and Spanish to translate.

Is a Real Estate sales career for you? Why?

 Yes, a real estate career is for me. I love helping people to achieve their dreams. I am the one that comes in early and leaves late to get the job done. Applying myself is easy, and I know in this profession, selfless service is a must to succeed. I will get out of the business what I put into it.

Discuss the licensure process in your State. What are the costs involved? How often is your State’s Real Estate Sales License offered?

 There are different licensures to apply for depending on what area you decide to choose, so I listed everything below.

Information for Obtaining a License in Oklahoma

Applicants must schedule to take their examination through PSI   @http://candidate.psiexams.com/index.jsp

Background Check Requirement- All persons applying for a new license or re-issuing a previously held license must have an approved background check. Approval of a background check comes from the Oklahoma State Bureau of Investigation and the Federal Bureau of Investigation.

 License Types and Requirements:

 License Type:

 Provisional Sales Associate– A provisional sales associate (PSA) is an entry-level licensee under the supervision of a real estate broker. A PSA cannot enter into contractual agreements with a customer or client in their name but must enter into such agreements for and in the name of their sponsoring broker. To apply for a PSA license, a person must be of good moral character, eighteen (18) years of age, and submit evidence to the Commission of successful completion of a ninety (90) clock-hour introductory real estate course that the Commission approves or submit proof of completion of six (6) college credit hours in a real estate discipline that is acceptable by the Commission. All education must have been completed within the previous 36 months before application.

Upon passing the state examination and obtaining a Provisional Sales Associate or (PSA) license from the Commission, a PSA must complete a Commission-approved post-license course consisting of forty-five (45) clock hours within the first year of obtaining a license; moreover, the Commission has identified core subject matter that must be completed to meet this requirement. Other educational content of a specialized nature, such as property management or commercial real estate, etc…, that consists of at least forty-five (45) clock hours may meet this requirement as well; however, it is advisable to contact the Commission before enrolling in such a class to ensure it will qualify. Once a PSA has provided the Commission with evidence of completion of a post-licensing course and has submitted the appropriate form with fees at the end of their one-year license term, their license will be issued as a Sales Associate (SA).

NOTE: The month a license is issued counts toward the one-year license term, regardless of whether it is issued on the first day of the month or the last.

 Sales Associate – A Sales Associate (SA) license is the same as a Provisional Sales Associate (PSA) license, except a Sales Associate has a twenty-one (21) clock hour continuing education requirement for each active license term, and the Sales Associate license is a three (3) year renewable license.

To obtain a SA type of license, a person must be of good moral character, eighteen (18) years of age, completed one year of licensure as a PSA, or its equivalent, as determined by the Commission, and submit evidence to the Commission of their successful completion of a ninety(90) clock-hour course in basic real estate instruction that the Commission approves.

Broker – A broker license allows a person to do business as a firm and sponsor licensed associates such as Provisional Sales Associates, Sales Associates, or Broker Associates. Brokers are responsible for the activities of their associates.

A broker applicant is required to be of good moral character, have two (2) years of active experience or its equivalent as a PSA or SA within the past five (5) years, and submit evidence of successful completion of ninety (90) clock hours of advanced real estate instruction in a course that the Commission approves.

Equivalent Experience Point System:

 In cases where a broker applicant meets the requirements outlined in the “Experience Equivalent Point System,” the licensee may request the two (2) years of experience to be waived. For an equivalent point waiver to be considered, all documentation the Commission requires must be submitted to the Education Department for approval.

For individuals that are granted an equivalent point waiver, no education requirements will be waived, and the applicant must show proof of successful completion of a ninety (90) clock hour course in primary real estate (or its equivalent), completion of an approved post-license education course consisting of forty-five (45) clock hours (or its equivalent) and completion of an approved (90) clock hour course in advanced real estate instruction (or its equivalent) to be approved to take the brokers examination.

Additional “Experience Equivalent Point System” information can be found on the Commission’s website at www.orec.ok.gov under the tab in the left margin labeled “Information to Obtain a License,” then look under the right margin for the point waiver form.

Application Process:

 Upon successful completion of the examination and the background check receiving final approval, the applicant who wishes to have an active license will be required to have a broker sign a form verifying sponsorship, which is either a “Request for Issuance of a Provisional Sales Associate or Sales Associate License” form for either active or inactive status. If the applicant chooses to have the license issued on inactive status, an inactive pocket card will be mailed to the mailing address provided by the applicant.

When you apply to the Commission, you must use your full legal name. Your license will be issued in your legal name; however, if you wish to do business in a nickname or alias, you may do so only if it is registered with the Commission. On the application, you must list all nicknames or alias names you have used or plan to use. For example, if your name is Robert and you go by Bob, you must list Robert as your legal name and Bob as a nickname. If any part of the application is incomplete, the application cannot be approved, and all fees paid to the Commission are non-refundable.

All Applications for Licensure Must Include the Following Information:

Application for License – Any person seeking a real estate license shall apply for such license on “Application for Real Estate License.” The form shall contain your legal name, including your first, middle, and last Social Security number – under Title 56, Oklahoma Statutes, Section 240.21A, a recent photograph,h, and birth date. All requested information must be completed before you will be approved.

Background Check Requirement – All persons applying for issuance of a new license or re-issuance of a previously held license must first complete the applicable application and submit with such application a fingerprint card(s) and the required fee of $60.00. The Commission will transmit the fingerprint cards to the Oklahoma State Bureau of Investigations (OSBI). Once OSBI accepts your fingerprints, they will forward the prints to the Federal Bureau of Investigations (FBI). Upon review by both agencies, a background report will be sent to the Commission.

Proof of Citizenship – Federal law requires that you provide proof of citizenship or qualified alien status to receive a license – this means that you must provide proof of documentation such as a legible copy of a birth certificate, valid passport, permanent resident card (Green Card), unexpired temporary foreign passport, etc.

Evidence of Citizenship or Qualified Alien Status Form and Affidavit Verifying Lawful Presence– You must submit a notarized “Affidavit Verifying Lawful Presence in the United States” form. This form is required per Oklahoma Statute 56, Supplement 2007, subsection 71, and the “Proof of Citizenship Form” with documentation. Both forms above with documentation are required, as one meets the Federal and State Law requirements.

Certificate of Successful Completion – The pre-license school must prove that you have completed the appropriate course content. You can start the education requirements anytime, but the Commission must receive evidence of successful course completion before you are eligible to take the examination. This can be accomplished by the school’s director providing a course completion certificate and indicating that you have met all course requirements.

Picture – You must provide a passport-type picture with the size indicated on the application. The picture must be taken within the past twelve (12) months.

Examination Information:

 Applicants are advised to review the “Applicant Information Bulletin,” which can be found on the Oklahoma Real Estate Commission website under “Information to Obtain a License” for additional information on the examination.

PSI Services, LLC is the current examination provider for the Oklahoma Real Estate Commission.

If you wish to schedule the examination outside of Oklahoma, call PSI at 1-800-733-9267. Examinations are delivered via computer at the following PSI examination centers listed below:

Oklahoma City                                                                              McAlester

3800 N Classen Blvd, Suite C-20, 21 East Carl Albert Parkway

Oklahoma City – 2ndlocation                                                        Woodward

2401 NW 23rd St Suite 60 (Entrance D)                                         1915 Oklahoma Ave, Suite 3

Tulsa

2816 East 51St St, Suite 101Nonresidentt applicants may take the required examination at the above-listed locations or any other PSI location across the United States.

Examination fees must be paid directly to PSI Services, LLC through an online registration service or by mailing the required fee directly to PSI.

• Sales Person / Sales Instructor / Sales Person State Only $60.00
• Broker / Broker Instructor / Broker State Only $75.00

 

NOTE: Registration fees are not refundable. Registration fees expire after one year of registering.

 The Real Estate Commission must receive the following completed documents before an applicant can register for an examination:

• Application for Real Estate License– with a completed fingerprint card and a fee of

$60.00 and with all information complete including

a photo, proof of citizenship, and proof of education.

Upon the Commission receiving the documents above and a fee of $60.00, the Commission will check the application for

Completeness. Once the Oklahoma Real Estate Commission notice has been approved, the application will be sent to the applicant and PSI, and applicants may then schedule with the examination vendor at a location of their choice.

Applicants May Schedule an Examination Using One of the Following Methods:

 Via the Internet 24 hours a day at www.psiexams.com

 Using a touch-tone phone, call PSI 24 hours a day at (800) 733-9267

 With a PSI registrar at (800) 733-9267, available Monday through Friday between 6:30

a.m. and 7:00 p.m. and Saturday, between 10:00 a.m. and 4:00 p.m. Central time.

Applicants will receive results immediately following the completion of the examination.

If an applicant fails the examination, they will be allowed to review their failed questions at the end; however, THIS WILL BE THE ONLY OPPORTUNITY FOR REVIEW.

If applicants do not pass the examination, they must contact PSI to reschedule.

Applicants are advised that in Oklahoma, real estate licensees do not practice under the “Common Law of Agency” but rather practice under “Broker Relationships,” defined in the Oklahoma Real Estate License Code and Rules. The common law of agency is practiced in almost all other licensing jurisdictions; therefore, since Oklahoma is utilizing a national examination vendor, the national portion of the examination will contain questions regarding the common law of agency concepts as they may deal with nonresidents, licensees, and consumers.

NOTE: In Oklahoma, the common law of agency is still practiced between the real estate broker and the broker’s associates; however, no agency relationship can exist between the broker/associate and the consumer. Applicants can locate references to the common law principles of agency in real estate textbooks that may be obtained from any local library.

Grade Validity – A passing examination score is valid for one (1) year; however, an applicant may request in writing for an extension of the validity period, and at the discretion of the Commission, the validity period may be extended.

Obtaining a license upon passing the examination

No person shall begin licensed real estate activities until their license has been issued.

You have two choices of license issuance: 1) you can have the license issued under a sponsoring broker, or 2) you can have the license issued on inactive status until you have located a sponsoring broker.

If you decide to have your original license issued on “Inactive Status,” the following rules apply:

A pocket card will be sent to your residence address of record; however, to continue on inactive status, you must pay all license renewal fees; and you are prohibited from performing any licensed activities while your license is on inactive status. If you desire to activate a renewed inactive license, you must meet all continuing education requirements before license activation.

If you decide to have your license issued on “Active Status,” the wall license and pocket card will be mailed to the sponsoring broker’s office.

Broker – Upon successful completion of the examination and the applications receiving final approval, the applicant will be required to select the broker license type. These options are explained in the Broker Licensing Options on the OREC website. Each license type requires different forms; however, the license, education, and recovery fund fees are the same.

A Resident Licensee is a person who is licensed in the State of Oklahoma and operates from a place of business within the State of Oklahoma.

ANonresidentt Licensee maintains a place of business in another state but periodically comes into this State to operate and perform real estate activities.

An individual can reside in Oklahoma but is a nonresident licensee if their business address is in another state. Nonresident

 Agreements

Anonresidentt active licensee may apply for a license but must have the following. 1) a minimum of two (2) years applicable active experience out of the previous five (5) years as a sales associate or broker, 2) provides a certification of licensure verifying such and indicating that the license is in good standing in their State or jurisdiction of licensure, 3) complete at least one (1) hour each in three (3) Oklahoma state-specific courses: Contract and Forms (CON), Code and Rules (CAR) and Broker Relationship Act (BRA) 4) completes all appropriate forms and pays all required fees, which includes approval on the background check and 5) successfully pass the required examination.

To find a list of states or jurisdictions that have a nonresident agreement with the State of Oklahoma, go to www.orec.ok.gov and click on the tab named “Information to Obtain a License” You will find on the right side of that page a tab named Nonresidentt Agreements.” This form contains additional information on the examination requirements to obtain a nonresident license. Applicants can contact the Education Department at OREC for exact requirements, as most agreements differ in some aspect or another.

Co-brokerage Arrangements

 Oklahoma allows brokers of this State to participate in a cooperative brokerage arrangement with a broker of another jurisdiction, provided that each broker conducts real estate activities only in the State or jurisdiction in which they are licensed.

 References

Edwards, K. W. (2006). Your Successful Real Estate Career. Saranac Lake: AMACOM. Retrieved from http://ebookcentral.proquest.com.ezproxy1.apus.edu/lib/apus/detail.action? docID=3001828

Oklahoma Real Estate Commission – Information for Obtaining a License. (n.d.). Retrieved March 11, 2017, from https://www.ok.gov/OREC/Information_for_Obtaining_a_License/index.html

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What characteristics assist you in the Real Estate field? Describe the characteristic that stands out the most and that that stands out the least to you. Why?

Is a Real Estate sales career for you? Why?

Discuss the Real Estate License process in your State. What are the costs involved? How often is your State’s Real Estate Sales License offered?