OK Real Estate key terms

The state agency that licenses real estate brokers and sales associates, approves prelicense and continuing education courses, adopts rules, investigates complaints, and imposes discipline for violations of the license code.

The body of Oklahoma statutes that sets licensing qualifications, broker and sales associate duties, prohibited conduct, and the Commission's enforcement powers over real estate brokerage in the state.

An Oklahoma entry-level license category for new sales associates, who work under a broker's supervision and must finish required post-licensing education before holding a license without the provisional restriction.

A person who holds an Oklahoma broker's license but works under another broker instead of operating an office, keeping broker-level qualifications while being supervised by the employing broker.

Post-licensing coursework that Oklahoma licensees must complete during each renewal cycle to keep a license active, covering topics such as license law, contracts, and agency, with hours set by Commission rule.

A relationship in which a broker or sales associate is authorized to act for a client and owes that client fiduciary duties; in Oklahoma the relationship is normally created by a written brokerage agreement.

An Oklahoma brokerage arrangement in which the broker represents only one party, buyer or seller, as an agent and gives that client full fiduciary duties and advocacy in the transaction.

An Oklahoma brokerage arrangement in which the licensee assists a buyer, a seller, or both with the mechanics of a transaction but does not advocate for either party and provides limited, non-fiduciary services.

The core obligations an agent owes a client: loyalty, obedience to lawful instructions, disclosure, confidentiality, accounting for money, and reasonable care and skill, commonly remembered as OLD CAR.

Information that could reasonably affect a party's decision to buy, sell, or agree to terms, which a licensee must disclose truthfully and may not conceal from a client or customer.

A legally enforceable promise or set of promises between parties; a valid real estate contract requires capable parties, mutual agreement, a lawful purpose, and consideration.

The mutual assent step of contract formation, in which one party proposes definite terms and the other party agrees to those exact terms without changing them.

Something of value exchanged between parties to support a contract, such as money, a promise, or property; earnest money often serves this purpose in a sale contract.

A reply to an offer that changes its terms, which by law rejects the original offer and creates a new offer that the other party may accept or reject.

A deposit a buyer gives to show good faith and to be applied to the purchase price at closing, held and accounted for by the broker or escrow agent under the contract terms.

A contract condition that must be satisfied before a party is obligated to perform, such as a financing, inspection, or appraisal condition; if it fails, the party may cancel.

The rule requiring certain agreements, including most real estate sale contracts and leases longer than one year, to be in writing and signed by the party to be charged to be enforceable.

A contract clause fixing an agreed sum, often the earnest money, as the seller's remedy when the buyer defaults without a legal excuse.

An Oklahoma form on which a seller of residential property must disclose known defects and conditions to a prospective buyer before the buyer becomes bound to purchase.

The most complete form of ownership, giving the holder full rights to use, transfer, and inherit the property indefinitely, subject only to government powers and private restrictions.

A right to use another person's land for a limited purpose, such as a driveway or utility line, without owning that land; it is an encumbrance on the burdened parcel.

Any claim, lien, easement, restriction, or other burden that affects title to or use of real property and may reduce its value or marketability.

The ownership interest in oil, gas, and other subsurface resources beneath a tract; in Oklahoma these can be severed from the surface estate and owned, leased, and conveyed separately.

The government's authority to regulate land use for public health, safety, and welfare, exercised through zoning ordinances, building codes, and similar rules rather than by taking title.

The borrower's written promise to repay a loan on stated terms, including principal, interest rate, payment schedule, and maturity, creating the personal obligation to pay.

A written instrument that pledges real property as security for a loan and lets the lender foreclose on default; the borrower keeps title while the property stands as collateral.

A claim against property that secures a debt or obligation; recorded liens generally have priority by recording order and are paid from sale proceeds in that order.

The loan amount divided by the property's appraised value or purchase price, shown as a percentage; lenders use it to gauge risk and set down payment or insurance requirements.

A lender-held account funded by monthly borrower payments to cover property taxes and hazard insurance when due, with the lender collecting and paying those bills for the borrower.

A court-supervised process in which a lender sues to enforce a mortgage lien, obtains a judgment, and the property is sold at a sheriff's sale to satisfy the debt.

The most probable price a property should bring in a competitive, open market under fair sale conditions, with both parties acting knowledgeably and without undue pressure.

A licensee's opinion of a property's likely selling price based on recently sold, pending, and active listings; it is a brokerage pricing tool, not an appraisal.

A valuation method that estimates value by comparing the subject property with recently sold similar properties and adjusting for differences in features, condition, size, and location.

A separate bank account a broker uses to hold client money such as earnest money and security deposits, kept apart from the broker's own operating funds and records.

Illegally mixing client funds with the broker's personal or business money in one account instead of keeping trust money separate as license law requires.

The unauthorized use or misappropriation of client money held in trust for the broker's own purposes, a serious license violation rather than a mere bookkeeping error.

Categories under federal fair housing law, including race, color, religion, sex, national origin, familial status, and disability, for which discrimination in the sale or rental of housing is prohibited.

Directing prospective buyers or renters toward, or away from, particular neighborhoods based on a protected characteristic rather than on their stated housing needs, which is unlawful.

Trying to persuade owners to sell by suggesting that members of a protected class are moving into the area and will lower property values, a prohibited practice.

Advertising that promotes a property or brokerage services without naming the licensed broker as Commission rules require, making it a common advertising violation.