Last Updated on October 4, 2020 by Mack Barnes
We hope that you’re experiencing the provision of a busy and steady real estate market. We wanted to update you on a few new changes coming your way at the Oklahoma Real Estate Commission. The Oklahoma Real Estate Commission updated their rules earlier this year, and the changes became effective November 1, 2020.
The Oklahoma Real Estate Commission increased license fees across the board and added a few new fees. Below is a break-down of the notable fee increases.
- Broker, corporations, associations, or partnerships license fees increase from $225 to $295.
- Inactive broker with the exception of corporations, associations, or partnerships license fees increases from $140 to $175.
- Broker associate license fees increase from $195 to $260.
- Inactive broker associate license fees increase from $125 to $165.
- Sales associate license fees increase from $165 to $215.
- Inactive sales associate license fees increase from $110 to $140.
- Provisional sales associate license fees increase from $75 to $100.
- Branch office license fees increase from $125 to $170.
- New Fee – A one-time application processing fee of $35 shall accompany all applications for original licensure.
*Fees above include the Education and Recovery Fund fee as described in 605:10-7-2 (10).
Rules Affecting Provisional Sales Associates
Another notable change in the rules affects provisional sales associates. Provisional sales associates will be required to complete a 45-hour post-license course within six months to keep their license active. If a 45-hour post-license course is not completed within six months, the license will go inactive until the course is completed. If the 45-hour post-license course is not completed within a year, the licensee shall not be entitled to renew their license.
This rule change will only affect provisional sales associates licensed on or after November 1, 2020.
- UPDATED RULE: 605:10-3-7 (h) Failure to complete post-license education requirement prior to license expiration. A provisional sales associate who fails to complete the post-license education requirement within six (6) months from the date of issuance, shall be placed on inactive status until evidence of successful completion is submitted to the Commission. A provisional sales associate who fails to complete the post-license education requirement prior to the first expiration date of the provisional sales associate license, shall not be entitled to renew such license.
You can view the Oklahoma Real Estate Commission rule changes in their entirety by clicking here.