Oklahoma Real Estate Association Visits Tulsa and Causes an Earthquake!

Today is the second day of the Oklahoma Association of Realtors(R) Education Conference and Trade Show at the Tulsa Renaissance Hotel.  Yesterday, as a part of the Conference, the Real Estate Commission met for their October meeting.  Having never observed this board and somewhat curious about who they are and how the Real Estate hearing/appeal process works, I decided to attend.  Besides, we were invited to attend this open meeting and it was worth 3 hours of Hot Topic continuing education.

If you don't live in the Real Estate world, the Oklahoma Real Estate Commission is our formal board that governs and oversees adhearance to the Real Estate Rules and Code of Conduct.  If there is a complaint filed against someone or a brokerage office, this is the board that will hear the "case." 

To my surprise, this board is comprised of 5 members, 3 lawyers, 3 investigators and 4 other people who did something or other.  There was also a court reporter present and 2 officers from the Tulsa Police Department.  I guess Realtors(R) need wrangling sometimes!  LOL

The bulk of the morning was spent listening to the investigators present cases with recommended actions.  Most of these cases had been previously presented to the Commission and had been sent back for further information.  Many of the cases were dismissed with no action.  Some were dismissed with a letter of warning.  A few were dismissed with fines of anywhere from $500.00 to $5000.00. 

Here's something to be aware of...the Oklahoma Real Estate Commission can govern and rule over non licensed folks who are performing Real Estate services that require a license.  So, if you want to sell your property as a For Sale By Owner, that is fine.  But if you try to sell property as a Real Estate agent but you don't have a license, you could find yourself in front of the Real Estate Commission.  And that's not good!  Nobody really wants to have to sit in front of a board like this because it is somewhat like being on trial.

The only folks who actually sat in front of the board were involved in a case where there were two files in the Real Estate office.  Without going into details, let me just say that it is pretty common to keep your own file with copies of the documents of the Real Estate transaction, while maintaining the master file in the official office file cabinet too.  That way, you can access the docs quickly and maintain your own files.  This case was all about whether or not one should do this.  Listening to the investigator, lawyer and lawyer for the people on the hot seat was quite interesting.  I didn't know people could intelligently argue over having one file as opposed two files and whether or not that was right or wrong.  Around and around they went!  (NOTE- It is the job of this commission to oversee these kinds of things and to assure that there is adherence to the guidelines, even if those guidelines may seem silly.  This is for the protection of all parties involved a Real Estate transaction.)

The biggest excitement of the morning was when the building shook.  And I mean literally shook!  We had a 5.1 earthquake roll through our part of the state yesterday.  And although it only lasted a second, the building shook enough that you knew something had just happened!  Then, a few minutes later, those of us with smart phones started getting text messages that there had been an earthquake.  Needless to say, that was a pretty big deal for Oklahoma!  We're used to our tornadoes, not California style earthquakes!

One thing I learned from yesterday is that it pay's to keep your files organized and backed up...and your phone records...and your emails...and your text messages!  If you ever have to appear before your state Commission board, you might find yourself arguing something that might seem like common sense...but isnt!

Originally Posted at: My Owasso Home