PSI Oklahoma Real Estate Practice Test

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Prepare for the PSI Oklahoma Real Estate Test with flashcards and multiple choice questions, all equipped with hints and explanations. Master the material and pass your exam confidently!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What powers does the Oklahoma Real Estate Commission have regarding fines?

Imposing administrative fines in accordance with state statutes
Setting commission rates for real estate agents
Determining property tax values
Issuing licenses to real estate agents

The correct answer is: Imposing administrative fines in accordance with state statutes

The correct answer highlights the authority that the Oklahoma Real Estate Commission possesses to impose administrative fines as established by state statutes. This power is crucial for maintaining compliance within the real estate industry. The Commission can enforce regulations and impose fines on individuals or entities that violate real estate laws, ensuring that practitioners adhere to the ethical and legal standards of the profession. These fines serve as a deterrent against misconduct and help maintain the integrity of the real estate market in Oklahoma. In contrast, the ability to set commission rates for real estate agents, determine property tax values, and issue licenses falls outside the specific mandate of the Real Estate Commission. Commission rates are generally negotiated between agents and their clients. Property tax assessments are typically handled by a different government entity, such as the county assessor's office. While the Commission does play a role in licensing by ensuring that applicants meet educational and ethical requirements, setting the actual license for individuals to practice is distinctly separate from the enforcement of fines.