Oklahoma MLO Exam Info

Specific Oklahoma MLO Exam Content: There is no such thing as a "standard" mortgage loan originator Exam. All states have varied content from each other. This is why we spend so much time preparing the individual content for the Oklahoma MLO exam keeping up with the changes as they occur in Oklahoma.

MLO Practice Exams are organized into categories: When studying for your Oklahoma MLO exam it is important to know your areas of weakness. We have taken the time to divide up the content into categories such as Federal Law, Loan Origination, General Loan knowledge and ethics. Each Category is graded separately to make it easier to identify and focus on your areas of weakness. Also included are master MLO Exams which incorporate all of the different categories into one test to help prepare you for your Oklahoma MLO Exam.

Oklahoma MLO Exam Questions Questions Are constantly Updated: We constantly update all of our Oklahoma practice questions, including our national practice questions, our explanations and answers, and other content. These all unite to give you the most comprehensive and up to date information for your Oklahoma MLO Exam.

OKLAHOMA

STEP 1

Types of License and Requirements:

Provisional Sales Associate- A provisional sales associate (PSA) is an entry level licensee, which is under the supervision of a real estate broker. A PSA can not enter into contractual agreements with a customer or client in his or her own name, but must enter into such agreement for and in the name of their sponsoring broker. In order to apply for a PSA license, a person must be of good moral character, eighteen (18) years of age or older, and submit evidence to the Commission of successful completion of Part I of ninety (90) clock hours of basic real estate instruction in a course that is approved by the Commission.

Upon passing the state examination and obtaining a PSA license from the Commission, the PSA has a Part II post-license education requirement of forty-five (45) clock hours that must be completed within the first year of obtaining a license. The Commission has identified core subject matter that qualifies to meet this requirement; and also approves other subject matter totaling forty-five (45) clock hours or more, as long as it is real estate related and is approved by the Commission. Once a PSA has completed Part II of the course requirement and has provided the Commission with evidence of such completion, at the end of their one-year license term their license will be issued as a sales associate (SA) license (upon submission of the appropriate form and fees.)

Sales Associate - A sales associate (SA) license is the same as a provisional sales associate (PSA) license except: 1) the sales associate no longer has a forty-five (45) clock hour Part II post-license education requirement, but rather has a twenty-one (21) clock hour continuing education requirement each active license term; and 2) the sales associate license is a three-year renewable license, as opposed to the provisional sales license which is only a one-year license.

In order to obtain a SA type of license, a person must be of good moral character, eighteen (18) years of age or older, and submit evidence to the Commission of successful completion of ninety (90) clock hours of basic real estate instruction in a course that is approved by the Commission.

Upon passing the state examination a sales associate must work under the sponsorship of a real estate broker. A sales associate cannot enter into contractual agreements with a customer or client in his or her own name but must enter into such agreement for and in the name of their sponsoring broker.

Broker - A broker license allows a person to do business as a firm and sponsor licensed associates (provisional sales associates, sales associates or broker associates.) The broker will be responsible for activities of their associates. In order for an applicant to apply for a broker license, the applicant must be of good moral character, possess two (2) years of active experience, or its equivalent, as a PSA or SA within the past five (5) years, and submit evidence of successful completion of ninety (90) clock hours of advanced real estate instruction in a course that is approved by the Commission.

A broker applicant may request the two years experience to be waived but no education course content may be waived. The broker applicant must show proof of successful completion in the basic, provisional post-license (or its equivalent) and advanced course of study prior to qualifying for the broker examination. Upon request from the Commission, an applicant may attempt to qualify for the two (2) year waiver and must submit all documentation as required by the Commission to verify the waiver. Upon passing the state examination, a broker has the option of applying for a license as a broker associate, proprietor broker, managing broker for a corporation or association, or as a broker partner of a partnership.

STEP 2

Application and Examination 

Application - An application form can be obtained from the Commission or from the entity where the applicant completed the schooling. An applicant can only take the examination if they have successfully completed the required pre-license course, as approved by the Commission. The only exception to this rule may apply to a nonresident or previously licensed applicant. Further, a broker applicant must meet the 2 years experience requirement within the required time period or qualify through the Experience Equivalent Point System.

The application must be fully completed and notarized. The Commission does not provide notary service. All applicants will be asked for a photo identification before testing. All applicants must also include with the application a proof of citizenship or qualified alien status. This is absolutely mandatory, the examination will not be given without it.

If any part of the application is incomplete, the application can not be approved. The applicant may either wait until the application is approved or the applicant may be allowed to take the examination if the applicant signs a contingency form, which is an acknowledgement by the applicant that he or she understands that the application has not received approval but desires to take the examination even though approval has not been attained. If the applicant successfully passes the examination, the license will not be issued until all required documents are received and the application has received final approval. Any and all fees paid are non-refundable, regardless of final approval.

The last page of the provisional sales or sales associate application allows the applicant to sign up with a broker prior to taking the examination. It is not a requirement to have this part of the form completed prior to taking the examination. This is only included as a matter of convenience so that the applicant can proceed to have their license issued in the event they pass the examination and receive final approval of the application. This also allows the applicant the option of placing their license on an inactive status in the event they have not yet selected a broker. Inactive status is only necessary if the applicant has not yet chosen a broker, and will not do so within the allowed 90 day period.

Examination Availability- The Commission administers examinations Monday through Friday (except legal holidays) from 8:30 a.m. to 1:00 p.m. for provisional sales associates and from 8:30 a.m. to 10:00 a.m. for brokers. The examination is administered on a walk-in basis that allows the examination to begin any time during these hours. The Commission is closed on Saturday and Sunday.

• Length of Examinations - The provisional sales associate or sales associate examination is three (3) hours in length and the broker examination is six (6) hours in length.
• Examination Fees - The examination fee for a provision sales or sales associate is $60.00, the fee for a broker examination is $75.00.
• Computer Examination - Examinations are administered via computer. Upon completing the examination, results are received within minutes. The Examination attendant obtains the results and the applicant will be notified immediately.
• Written Examination - A written examination is available for an additional charge of $20.00. In the event a written request is received by the Commission due to a disability, the Commission may waive the fee. The Commission allows 24 hours to report results of written examinations, as the examination must be graded manually.

Grade Validity - A passing examination score is valid for ninety (90) days. An applicant may request in writing for an extension of the validity period. At the discretion of the Commission, the validity period may be extended.

STEP 3

Obtaining a license upon passing the examination

• Provisional sales associate or sales associate - Upon successful completion of the examination and the application receiving final approval the applicant will be required to have a broker sign a form verifying sponsorship or the applicant may place their license on an inactive status. If the applicant selected a broker and the broker has already completed the reverse side of the application the applicant will be required to pay the license and education and recovery fund fee. If the reverse side of the application is not completed by a broker, the Examination attendant will provide the applicant with either a Application for Issuance of a Provisional Sales Associate or Sales Associate License form or an Inactive Status Request form. If the applicant chooses to have the license issued on Inactive Status, an inactive pocket card will be sent to the mailing address provided by the applicant.
• Broker - Upon successful completion of the examination and the application receiving final approval the applicant will be required to select the broker license type. Each license type requires different forms; however, the license and education and recovery fund fee is the same.
• Active or Inactive Status - A license fee is required whether the requester places their license on an active or inactive status.
• Receipt of License - No person shall begin operations in the real estate business or begin post licensing education without first having actually been issued their numbered license certificate.

All licenses are mailed to the business address of the sponsoring broker. 

 Resident vs. Nonresident License

A resident licensee is a person who is licensed in this state and operates from a place of business in this state. A nonresident licensee is a person who is licensed to practice in this state, however, does not maintain a place of business in this state but maintains a place of business in another state and who periodically comes to this state to operate and perform real estate activities. An applicant will be required to apply for one of these types based on where they office from. The Commission has entered into numerous nonresident agreements with other jurisdictions so as to streamline the process for obtaining multiple licenses. The listing can be found at the Agency information icon under Listing of Related Entities - ARELLO, then select Directory. The applicant would need to contact our Education Department for exact requirements since all agreements differ in some aspect or another.

If a state or jurisdiction has not entered into an agreement with Oklahoma, the general rule is that if a nonresident active licensee possess: 1) a minimum of two (2) years active experience out of the previous five (5) years as a sales associate or broker respectively, 2) provides a certificate of license history verifying such and indicating that the license is in good standing in their state or jurisdiction of licensure, 3) completes all appropriate forms and pays all required fees, and 4) the application has received final approval, the nonresident licensee may obtain a nonresident Oklahoma license.

Co-brokerage Arrangements

Oklahoma allows that a broker of this state may participate in a cooperative brokerage arrangement with a broker of another jurisdiction provided that each broker conduct real estate activities only in the state or jurisdiction in which they are licensed.

Oklahoma allows that a broker of this state may participate in a cooperative brokerage arrangement with a broker of another jurisdiction provided that each broker conduct real estate activities only in the state or jurisdiction in which they are licensed.

This information was obtained from the Oklahoma Real Estate Commission web site, for more information please go to http://orec.ok.gov/