PSI Oklahoma Real Estate Practice Test

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Prepare for the Oklahoma Real Estate Exam with our quiz. Test your knowledge with flashcards and multiple-choice questions, each providing hints and detailed explanations. Ace your exam!

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Which power does OREC NOT possess?

  1. Spend revolving fund money with legislative approval

  2. Regulate real estate licenses

  3. Enforce real estate laws

  4. Investigate consumer complaints

The correct answer is: Spend revolving fund money with legislative approval

The Oklahoma Real Estate Commission (OREC) is responsible for regulating the real estate industry in Oklahoma, which includes issuing licenses, enforcing laws, and investigating complaints from consumers. The correct choice identifies a power that OREC does not possess. While OREC can indeed regulate real estate licenses, enforce real estate laws, and investigate consumer complaints, its authority to spend revolving fund money requires legislative approval. This means OREC cannot independently decide to allocate those funds without first obtaining consent from the legislature, highlighting a limitation in its financial authority. Understanding this distinction is vital, as it reflects OREC's operational structure and its relationship with state legislation in financial matters.

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