http://www.ok.gov/OREC/Commission_Information_and_Agenda/index.html
The mission of the Oklahoma Real Estate Commission is to safeguard the public interest and provide quality services by assisting and providing resources; encouraging and requiring high standards of knowledge and ethical practices of licensees; investigating and sanctioning licensed activities; and through the prosecution of any unlicensed person who violates the Oklahoma License Code and Rules.
Board of Commissioners
The Commission is composed of seven members appointed by the Governor with the advise and consent of the Senate to serve a term of three years. Five members are licensed real estate brokers who have had at least five years active experience as a real estate broker prior to their appointment, one member is a lay person not in the real estate business, and one member is a representative of an approved real estate school located within the State of Oklahoma. No more than two members may be appointed from the same congressional district according to the latest Congressional Redistricting Act.
To be the centerpoint forthe consumer and the real estate professional by providing quality education, support resources and by providing guidance in regulation compliance.
Customer Service: To provide courteous customer service in a complete, accurate and timely manner. Rude or poor customer service shall not be tolerated or accepted.
Teamwork: There is success through cooperation, effective communication, trust and promotion of new ideas. Where there is success for one there is success for all. At all times we are sensitive and professional with each other. We respect other's knowledge, skills, abilities, and strive for shared decision-making. Quality Image: We expect our licensees to comply with all applicable laws and rules; to exhibit professional behavior to their customers and their peers; to be responsive to customers needs; to provide timely service and perform all activites in an ethical manner. Diversity: In all transactions we support equal opportunity. Problem Solving: All employees are encouraged to develop new and creative ideas in problem solving.
What is the difference between a licensee and a realtor?
Both obtained real estate licenses through the state process; however, in order for a licensee to use the "realtor" logo, the licensee must belong to the Realtor organization. This designation is over and above the obtaining of a real estate license; however, it is not state required.
Loan-To-Value (LTV) Ratio: The ratio of the amount of money owed on a home to the home's value. The LTV ratio for a $100,000 home financed with a $90,000 mortgage would be 90 percent, for example.
Mediation: A process used to resolve disputes. In mediation, the parties to the dispute are assisted by a neutral third person called a mediator. The mediator is not empowered to impose a settlement or decision on the parties, rather the mediator facilitates discussions and negotiation between the parties with the goal of assisting the parties in reaching a mutually acceptable settlement of their dispute.
Mortgage Banker: A company which originates mortgages for sale into the secondary mortgage market (e.g., to Fannie Mae and Freddie Mac).
Mortgage Broker: An individual or company that arranges mortgage financing between a borrower and a lender.
Mortgage Interest Deduction: The ability of mortgage borrowers to deduct the interest paid on a home loan for purposes of federal and state income taxes.
Origination Fee: A fee charged by a lender for making a mortgage.
PITI: Principal, interest, taxes and insurance -- the primary components of a monthly mortgage payment.
Points: One point equals 1 percent of the mortgage amount. Points are charged by lenders to increase the lender's return on the mortgage. Typically, lenders may charge anywhere from zero to two points. Loan points are tax deductible.
Principal: The loan amount borrowed or still owed.
Private Mortgage Insurance (PMI): Insurance issued by private insurers which protects lenders against a loss if a borrower defaults on a mortgage with a low downpayment (e.g., less than 20 percent).
REALTOR: A real estate broker or agent who, as a member of a local Board/Association of REALTORS, a state association of REALTORS and the NATIONAL ASSOCIATION OF REALTORS, adheres to high standards of professionalism and a strict code of ethics.
Seller Financing: A financing agreement in which a seller provides part (or all) of the financing needed by a buyer to purchase the seller's home.
Title: A legal document establishing the right of ownership of a property.
Title Insurance: Insurance to protect the buyer and lender against losses arising from disputes over the ownership of a property.
