Final Exam OK Real Estate Test (PSI
Test Questions) And All Correct
Answers 2026 Updated.
Under what condition can confidential info be released? - Answer The party gives consent to
the disclosure in writing.
The seller makes a counteroffer. The Buyer accepts and decides to reply using "snail mail".
When is a valid purchase contract created using the post office? - Answer When the offeree
puts the acceptance in the mail.
Title insurance is always paid... - Answer By the buyer.
The revolving fund is under the management of? - Answer The Oklahoma Real Estate
Commission (OREC)
When a form of real estate sales contract has been agreed to and signed by the purchasers and
given to the seller's broker with an earnest money check, - Answer this transaction is
considered an offer.
A property owner in a development is required to have a shake roof. This requirement is most
likely to come from - Answer A deed restriction.
A borrower grosses $4,000 per month and pays $600 monthly for debt obligations. What
monthly payment for housing expenses (principal, interest, taxes, insurance) can this person
afford based on an FHA debt ratio of 41%? - Answer $1,040
What must an associate include in all advertising? - Answer associate's Broker's name
Real Estate described as the NE 1/4 of the SW 1/4 of Section 4, Township 3 North, Range 2 East
of the Cimarron Meridian would be which legal description? - Answer Rectangular survey
One member of the Oklahoma Real Estate Commission is set aside for A. a layman B. a lawyer.
C. a member of the OAR. D. none of the above. - Answer layman
Any real estate broker who charges and collects any fees in advance of the services provided by
the broker shall provide a detailed accounting of expenditures to the person such services are
performed for within A. 15 days after the time specified to perform such services or upon
written request from person for whom services are performed for, but no longer than one year
,from date of contract for such services. B. 2 days after the time specified to perform such
services or upon written request from person for whom services are performed for, but no
longer than one year from date of contract for such services. C. 10 days after the time specified
to perform such services or upon written request from person for whom services are performed
for, but no longer than one year from date of contract for such services. D. 5 days after the time
specified to perform such services or upon written request from person for whom servi -
Answer 10 days after the time specified to perform such services or upon written request
from person whom services are performed for, but no longer than one year from date of
contract for such services.
A release clause in a mortgage - Answer Allows portions of the property, given as security, to
be released from the mortgage lien upon performance of a specified act
The minimum age to get a Provisional Real Estate License in Oklahoma is? - Answer 18 years
of age or older
A provisional sales associate is - Answer allowed to enter into an agreement in the name of
the real estate broker.
The taxable income from an investment property is estimated by using which of the following
formulas? - Answer Net income minus interest and depreciation
You list a lot which is 170 feet by 300 feet. How many acres are in the lot? - Answer 1.17
acres
You sell a lot which is 75 feet by 145 feet. What part of an acre is it? - Answer 1/4 acre
The supreme power inherent in the state to take land from the owner by due process of law
when necessary for the states use in the public welfare is - Answer eminent domain
Claire, who is a real estate broker, closes her office. Claire - Answer Must terminate all
advertising in the name of her firm and offering signs must be removed within 30 days.
Which of the following deeds would be most preferred by the buyer? - Answer General
warranty deed
The Real Estate commission May discipline licensees, instructors, and real estate schools by
which of the following? - Answer All of the above
, A Licensee imbibed to liberally at the Brokerage Christmas Party; on the way home,she drove
into another car killing the driver; got charged with vehicular homicide; and enter a Nolo
Contendre plea. What's next? (7762) - Answer Both 1 and 2 are correct
Albert who is a broker went to get a listing on a piece of property Bill was wanting to sell. Bill
indicated to Albert that he did not want his house sold to a Hispanic. Which should Albert do? -
Answer Refuse to list the property.
A property owner wants to put $240,000 in the bank after selling a property and accounting for
all expenses. A broker finds a buyer and sells the property for $280,000. Closing costs come to
$10,000, not including broker's commission. According to the agreement, the remainder of the
amount over $240,000 goes to the broker commission. The listing agreement is probably a -
Answer Net listing
In appraisal, comparable properties are those which - Answer Can be adjusted to reasonably
match the subject property.
Highest and best use of a property is that which - Answer Is legal, physically and financially
feasible, and most productive.
A broker must notify the Oklahoma Real Estate Commission of their trust account(s). How many
trust accounts is a broker allowed? - Answer Unlimited
Which of the following may the Oklahoma Real Estate Commission Do upon its own motion? -
Answer Investigate the business transactions of any real estate licensee.
The decision as to what the highest and best use to which a particular property could be put is
determined by which of the following? - Answer That use which would produce the greatest
amount of amenities or net income in future years.
The fact that no two parcels of land can occupy the same location is referred to as - Answer
Heterogeneity
Which of the Which of the following is not a characteristic of value? - Answer Transaction
When is a lender is required by FIRREA To directly engage the services of an appraiser? - Answer
Anytime the transaction is federally related
Tenancy at will is? - Answer An estate which allows the tenant to continue in possession and
the landlord can terminate at his will.
Test Questions) And All Correct
Answers 2026 Updated.
Under what condition can confidential info be released? - Answer The party gives consent to
the disclosure in writing.
The seller makes a counteroffer. The Buyer accepts and decides to reply using "snail mail".
When is a valid purchase contract created using the post office? - Answer When the offeree
puts the acceptance in the mail.
Title insurance is always paid... - Answer By the buyer.
The revolving fund is under the management of? - Answer The Oklahoma Real Estate
Commission (OREC)
When a form of real estate sales contract has been agreed to and signed by the purchasers and
given to the seller's broker with an earnest money check, - Answer this transaction is
considered an offer.
A property owner in a development is required to have a shake roof. This requirement is most
likely to come from - Answer A deed restriction.
A borrower grosses $4,000 per month and pays $600 monthly for debt obligations. What
monthly payment for housing expenses (principal, interest, taxes, insurance) can this person
afford based on an FHA debt ratio of 41%? - Answer $1,040
What must an associate include in all advertising? - Answer associate's Broker's name
Real Estate described as the NE 1/4 of the SW 1/4 of Section 4, Township 3 North, Range 2 East
of the Cimarron Meridian would be which legal description? - Answer Rectangular survey
One member of the Oklahoma Real Estate Commission is set aside for A. a layman B. a lawyer.
C. a member of the OAR. D. none of the above. - Answer layman
Any real estate broker who charges and collects any fees in advance of the services provided by
the broker shall provide a detailed accounting of expenditures to the person such services are
performed for within A. 15 days after the time specified to perform such services or upon
written request from person for whom services are performed for, but no longer than one year
,from date of contract for such services. B. 2 days after the time specified to perform such
services or upon written request from person for whom services are performed for, but no
longer than one year from date of contract for such services. C. 10 days after the time specified
to perform such services or upon written request from person for whom services are performed
for, but no longer than one year from date of contract for such services. D. 5 days after the time
specified to perform such services or upon written request from person for whom servi -
Answer 10 days after the time specified to perform such services or upon written request
from person whom services are performed for, but no longer than one year from date of
contract for such services.
A release clause in a mortgage - Answer Allows portions of the property, given as security, to
be released from the mortgage lien upon performance of a specified act
The minimum age to get a Provisional Real Estate License in Oklahoma is? - Answer 18 years
of age or older
A provisional sales associate is - Answer allowed to enter into an agreement in the name of
the real estate broker.
The taxable income from an investment property is estimated by using which of the following
formulas? - Answer Net income minus interest and depreciation
You list a lot which is 170 feet by 300 feet. How many acres are in the lot? - Answer 1.17
acres
You sell a lot which is 75 feet by 145 feet. What part of an acre is it? - Answer 1/4 acre
The supreme power inherent in the state to take land from the owner by due process of law
when necessary for the states use in the public welfare is - Answer eminent domain
Claire, who is a real estate broker, closes her office. Claire - Answer Must terminate all
advertising in the name of her firm and offering signs must be removed within 30 days.
Which of the following deeds would be most preferred by the buyer? - Answer General
warranty deed
The Real Estate commission May discipline licensees, instructors, and real estate schools by
which of the following? - Answer All of the above
, A Licensee imbibed to liberally at the Brokerage Christmas Party; on the way home,she drove
into another car killing the driver; got charged with vehicular homicide; and enter a Nolo
Contendre plea. What's next? (7762) - Answer Both 1 and 2 are correct
Albert who is a broker went to get a listing on a piece of property Bill was wanting to sell. Bill
indicated to Albert that he did not want his house sold to a Hispanic. Which should Albert do? -
Answer Refuse to list the property.
A property owner wants to put $240,000 in the bank after selling a property and accounting for
all expenses. A broker finds a buyer and sells the property for $280,000. Closing costs come to
$10,000, not including broker's commission. According to the agreement, the remainder of the
amount over $240,000 goes to the broker commission. The listing agreement is probably a -
Answer Net listing
In appraisal, comparable properties are those which - Answer Can be adjusted to reasonably
match the subject property.
Highest and best use of a property is that which - Answer Is legal, physically and financially
feasible, and most productive.
A broker must notify the Oklahoma Real Estate Commission of their trust account(s). How many
trust accounts is a broker allowed? - Answer Unlimited
Which of the following may the Oklahoma Real Estate Commission Do upon its own motion? -
Answer Investigate the business transactions of any real estate licensee.
The decision as to what the highest and best use to which a particular property could be put is
determined by which of the following? - Answer That use which would produce the greatest
amount of amenities or net income in future years.
The fact that no two parcels of land can occupy the same location is referred to as - Answer
Heterogeneity
Which of the Which of the following is not a characteristic of value? - Answer Transaction
When is a lender is required by FIRREA To directly engage the services of an appraiser? - Answer
Anytime the transaction is federally related
Tenancy at will is? - Answer An estate which allows the tenant to continue in possession and
the landlord can terminate at his will.
