How to Become a Licensed Real Estate Agent in Oklahoma
Oklahoma Real Estate License Basic Requirements
To apply for a real estate agent license in Oklahoma, you need to fulfill the following requirements.
- You must be at least 18 years of age (if you are not yet 18 but will come of age in the same year, you can sit for the examination)
- You need to have a high school diploma or an equivalent degree
- You need to have Good Moral Character (GMC)
- You need to complete 90 hours of pre-licensing education
- Find a managing broker to sponsor your license
- Clear the national background check
- Clear the Michigan real estate examination
Oklahoma Real Estate License Costs
- It will cost $41 to apply for a real estate license in Oklahoma, in addition to the examination fee, fingerprint card, etc. The tuition fee for your pre-licensing education will also differ from institute to institute.
STEP 1: Pre-licensing Education
To apply for a real estate agent in Oklahoma, you are first required to complete 90 hours of your pre-licensing education. For this, you can enroll in various courses that have been approved by the state to meet the requirements. Several online courses will take you through the 90-hour curriculum.
The curriculum will take you through some of the important topics that will be instrumental in your practice as a real estate agent in Oklahoma. Some of the topics covered during this period may include Interests and Estates, Forms of Ownership, Title and Title Transfer, etc.
Once you have completed the educational requirements, you are required to sit through an examination that will certify that you are eligible to apply for the license.
Upon clearing the examination, you will get a certificate and transcripts from the institute. You can submit these as evidence that you have completed the required 90-hour pre-licensing curriculum.
Alternatively, you can complete six college credit hours in any real estate discipline approved by the state of Oklahoma. You are required to complete your education, whether the state-approved 90-hour curriculum or the required college credit hours, in the 36 months before you apply for the license. In other words, if you have proof of completion of these hours from a period that falls outside this 36-month window, it will not be considered valid by the state.
STEP 2: Submit a Completed Application
Once you have all your documents and evidence of completion of your pre-licensing education in place, you need to submit it to the Oklahoma Real Estate Commission.
You can find the application form on the official Oklahoma Real Estate Commission website. Simply follow the instructions, complete the application with all the required documents, and submit it to the OREC.
STEP 3: Background Check
As is the case with several other states, Oklahoma also requires you to pass a background check and submit your fingerprints so they can be run through a system. Different states may have a tie up with private or public organizations to get this done. In some cases, you may even have to go down to your local law enforcement agency to have your fingerprints taken.
To get the process started for an Oklahoma real estate license, you will need to go through IdentoGO. Schedule an appointment with the organization and have your fingerprints processed electronically. At this stage, you will need to submit a fee amount of $60 to complete your background check.
While there are no laws that state you cannot be permitted a license if you have a criminal record, different states have different rules about processing candidates who have a prior criminal record.
You may be debarred from taking the test for a certain number of years after your conviction (depending on the crime) or you may have to submit proof that you have served your sentence and are deemed fit to rejoin civil society. Regardless of the rules, you are required to be upfront about your past felonies.
Complete disclosure is the only place to start. Even if you have a criminal record, you can still be cleared in the background check stage if the state finds that you are of ‘good moral character’.
STEP 4: Schedule Your Exam
Once you have been cleared in your background check, you can proceed to the next step, which is scheduling and sitting for your state exam. You can schedule your exam with PSI. The examination fee is $60 and you are required to score a minimum of 75% to clear this exam. You are required to complete the examination within 3 hours, in which you need to answer 130 questions. The questions will be divided into general questions and state-specific questions.
If you pass the examination, you will be notified immediately. The screen will not reflect your score but will simply inform you that you have cleared the exam. However, if you do not clear the test, the screen will show you your score and a diagnostic result letting you know of your weaknesses and strengths. This is meant to help you prepare for your retest. The passing score is valid only for a year. Within this period, you should complete and apply for your license.
- Property ownership
- Land use controls and regulations
- Valuation and market analysis
- General principles of agency
- Property disclosures
- Practice of real estate
- Leasing and property management
- Transfer of title
- Real estate calculations
- Laws and rule affecting Oklahoma real estate practice
- Disclosures and hazards
- Trust accounts and trust funds
- Property management
- Broker management
- Oklahoma Broker Relationships Act
What to Bring to the Venue
When you arrive at the examination venue, you are required to carry certain things, without which you will not be permitted to sit for the examination.
- A government-issued identification that has your current photograph and signature (this includes your driver’s license, passport, etc.)
- A secondary identification that has your legal name preprinted and your signature (credit/debit card, social security card, US-issued birth certificate with raised seal, etc.)
Note: You cannot carry your student ID, employment ID or any other temporary proof of identity. The identifications you bring should match the legal name and signature you have provided at the time of registration for the examination.
Once you have cleared the state exam and meet all the other requirements, you are ready to complete and submit your application form and activate your license.
STEP 5: Finding a Sponsor
Ideally, you should find yourself a managing broker who will sponsor your license before you sit for the examination so you do not have to waste time (as mentioned above, you need to apply for your license within the year of receiving your passing score). However, you can also find a sponsor after you have cleared the exam. This is one of the most important steps in your application process as the sponsor you find and the work experience you can acquire under them will define the path your career in real estate may take. The following are some of the factors you may want to take into account while looking for a sponsor.
The commission split is one of the most important things to consider while looking for a sponsor. This will dictate how much money you will make from a deal that your broker. While starting out, you may not get a big percentage of the commission split but you should certainly push for negotiation and a higher percentage if possible. This method of earning also means that if your deal is not successful, money may not flow into your bank account at all.
The reputation of the company also makes a huge difference and will help you decide. You do not need to start out with a large multinational company. However, you should look for a company that has a good name in the market so that your credibility may increase by association. The reputation of the company can make your CV look very impressive and can open avenues for you in the long run.
The support offered by the company or sponsor makes a huge difference, especially when you are just starting out. It is important to get the right kind of guidance and support from the company you are employed with. The support required may be different for different people. Some may want a mentor who holds their hand through the whole process. Others may thrive with more autonomy and may want to handle their business with greater independence.
Types of Real Estate Brokerages in Oklahoma
The following are some of the real estate brokerage types you can work with in Oklahoma.
National Franchise Brokerage
A national franchise brokerage is a massive company that has a presence across the country. This type of company does business by selling its name to independent brokers, and when a deal has been brokered, the company enjoys a bulk of the commission split. These are companies that are usually well established and have a large name and reputation preceding them.
An independent brokerage does not have a reach as wide and large as a national franchise brokerage. These companies operate at the local level and typically have expertise in a specific region or area. This is a great place to start out if you want to specialize in a certain area or state and grow from there.
A virtual brokerage is the way to do business in the 21st century. The terms of engagement in this type of brokerage firm is online, giving it more room to innovate and experiment. A virtual brokerage will not operate out of a physical office so agents technically do not need to be confined to a singular area. However, even a virtual brokerage firm may try to carve its niche and specialize in a specific region, state or area.
STEP 6: Post-learning Requirements
Once you have acquired your license, you will need t it every three years. In order to keep your license active, you are required to complete 21 hours of continuing education requirements, of which 15 hours are devoted to elective subjects, and 6 hours are devoted to core subjects.
These core subjects are:
- Fair Housing (FHR)
- Hot Topic (HOT)
- Code and Rule Updates (CAR)
- Broker Relationships Act (BRA)
- Professional Conduct (PSC)
- Contracts and Forms (CON)
The CE Shop, by far one of the best platforms to learn these course materials from, has different packages for continuing education priced at $95. The individual courses start at $9 if you do not want to opt for the whole package.