The Oklahoma Real Estate Commission shall have the following powers and duties:

1. To promulgate rules, prescribe administrative fees by rule, and make orders as it may deem necessary or expedient in the performance of its duties;

2. To administer examinations to persons who apply for the issuance of licenses;

3. To sell to other entities or governmental bodies, not limited to the State of Oklahoma, computer testing and license applications to recover expended research and development costs;

4. To issue licenses in the form the Commission may prescribe to persons who have passed examinations or who otherwise are entitled to such licenses;

5. To issue licenses to and regulate the activities of real estate brokers, provisional sales associates, sales associates, branch offices, nonresidents, associations, corporations, and partnerships;

6. Upon showing good cause as provided for in The Oklahoma Real Estate License Code, to discipline licensees, instructors and real estate school entities by:

a.reprimand,

b.probation for a specified period of time,

c.requiring education in addition to the educational requirements provided by Section 858-307.2 of this title,

d.suspending real estate licenses and approvals for specified periods of time,

e.revoking real estate licenses and approvals,

f.imposing administrative fines pursuant to Section 858-402 of this title, or

g.any combination of discipline as provided by subparagraphs a through f of this paragraph;

7. Upon showing good cause, to modify any sanction imposed pursuant to the provisions of this section and to reinstate licenses;

8. To conduct, for cause, disciplinary proceedings;

9. To prescribe penalties as it may deem proper to be assessed against licensees for the failure to pay the license renewal fees as provided for in this Code;

10. To initiate the prosecution of any person who violates any of the provisions of this Code;

11. To approve instructors and organizations offering courses of study in real estate and to further require them to meet standards to remain qualified as is necessary for the administration of this Code;

12. To contract with attorneys and other professionals to carry out the functions and purposes of this Code;

13. To apply for injunctions and restraining orders for violations of the Code or the rules of the Commission;

14. To create an Oklahoma Real Estate Contract Form Committee by rule that will be required to draft and revise real estate purchase and/or lease contracts and any related addenda for voluntary use by real estate licensees;

15. To enter into contracts and agreements for the payment of food and other reasonable expenses as authorized in the State Travel Reimbursement Act necessary to host, conduct, or participate in meetings or training sessions as is reasonable for the administration of this Code;

16. To conduct an annual performance review of the Executive Director and submit the report to the Legislature; and

17. To enter into reciprocal agreements with other real estate licensing regulatory jurisdictions with equivalent licensing, education and examination requirements.

Added by Laws 1974, c. 121, § 208, operative July 1, 1974. Amended by Laws 1980, c. 165, § 1, eff. Oct. 1, 1980; Laws 1984, c. 74, § 1, eff. Nov. 1, 1984; Laws 1989, c. 235, § 2, emerg. eff. May 12, 1989; Laws 1990, c. 264, § 126, operative July 1, 1990; Laws 1991, c. 43, § 3, eff. July 1, 1993; Laws 1993, c. 54, § 1, eff. Sept. 1, 1993; Laws 1994, c. 149, § 2, eff. July 1, 1995; Laws 1996, c. 159, § 1, eff. Nov. 1, 1996; Laws 2001, c. 235, § 2, eff. Aug. 1, 2001; Laws 2005, c. 85, § 1, eff. Nov. 1, 2005; Laws 2007, c. 42, § 2, eff. Jan. 1, 2008; Laws 2008, c. 274, § 1, eff. Nov. 1, 2008.