SECTION 605:10-17-5. Substantial misrepresentation

  Substantial misrepresentation within the meaning of paragraph 2 of Section 858-312 of the "Code" includes, but is not limited to:

(1)   The recommendation or use by a licensee of a fictitious or false instrument for the purpose of inducing any lender or Government Agency to loan or insure any sum of money.

(2)   Failure to disclose to a buyer or other cooperative licensee or firm a known material defect regarding the condition of a parcel of real estate of which a broker or associate has knowledge.

(3)   The use by a real estate broker of the name or trade name of a licensee whose license has been revoked or currently on suspension.

(4)   Representing to any lender, guaranteeing agency or any other interested party, either verbally or through the preparation of false documents, an amount in excess of the true and actual sales price of the real property or terms differing from those actually agreed upon by the parties to the transaction.

[Source: Amended at 10 Ok Reg 2087, eff 7-1-93; Amended at 12 Ok Reg 1813, eff 7-1-95; Amended at 15 Ok Reg 3322, eff 7-13-98; Amended at 22 Ok Reg 2177, eff 7-1-05; Amended at 27 Ok Reg 1940, eff 7-1-10]