OREC Primary Duty - ANSWER-To safeguard public interest and make rules to enforce
and administer OK license laws
Real Estate - ANSWER-Land + manmade permanent attachments
Land - ANSWER-Surface, all "natural things" attached to it, subsurface, and air above
the surface
Real Property - ANSWER-Real Estate + Bundle of Rights
immobility - ANSWER-land cannot be moved from one site to another; its location is
forever fixed
Indestructibility - ANSWER-Land is permanent and cannot be destroyed since by
definition it extends below ground and into the sky. Since land is permanent, it does not
depreciate. Only improvements depreciate and are insurable.
Non-homogeneity - ANSWER-Land is non-homogeneous; no two parcels of land are
exactly the same since they have a different location.
The Bundle of Rights - ANSWER-possession, use, transfer, exclusion, and
encumberable
Legal Title - ANSWER-Full legal ownership of property and the bundle of rights as they
apply to it. Contrasts with equitable title.
OREC rule for RE license display - ANSWER-Each license must be maintained at the
broker's office & available upon request
Identifying features that a broker's office sign must contain - ANSWER-Broker's name,
trade name, & the words "company", "Realty", or "real estate"
Constitution - ANSWER-Guarantees private ownership of real property
3 Physical Characteristics of Real Estate - ANSWER-Immobility, Indestructibilty, & Non-
Homogeneity
Equitable Title - ANSWER-An interest that gives a lien holder or buyer the right to
acquire legal title to a property if certain contractual conditions occur.
Property Characteristics - ANSWER-real or personal, tangible or intangible
Real Property Rights - ANSWER-Air Rights,
Surface Rights
Subsurface Rights
, Water rights
Water Rights - ANSWER-doctrine of prior appropriation
riparian rights
littoral rights
Doctrine of Prior Appropriation - ANSWER-State controls water usage
State grants usage permits
Riparian Rights - ANSWER-Rivers & Streams
If waterway is navigable: owner owns land to water's edge
If waterway is not navigable: owner owns land to midpoint of waterway
Littoral Rights - ANSWER-Seas & Lakes
Abutting property owners own high water mark
State owns underlying land
Real Property - ANSWER-land, fixtures, attachments
Personal Property - ANSWER-chattels, trade fixtures, emblements
Differentiation criteria for real vs personal property - ANSWER-Intention, Adaptation,
functionality, relationship of parties, contract provisions. "Why and how is an item
attached"
Trade Fixtures - ANSWER-personal property items temporarily attached to real estate in
order to conduct business
Emblements - ANSWER-plants or crops that are considered personal property despite
being attached to land
Conversion - ANSWER-Real to personal property, referred to as severance
Personal to real property, referred to as affixing
Severance - ANSWER-Conversion from real to personal property
Affixing - ANSWER-Conversion from personal to real property
Real Property - ANSWER-Mobile or manufactured homes permanently affixed to the
ground. Brick and mortar homes.
Personal Property - ANSWER-Mobile or manufactured homes not permanently affixed to
the ground
Federal Regulation (as relates to real estate) - ANSWER-Grants Rights of Ownership
Controls Broad Land Usage Standards
Regulates anti-discrimination laws
*Land grants
*Flood zones
*Fair Housing Laws
*FHA
*EPA
State Regulation (as relates to real estate) - ANSWER-Governs real estate business
Sets regional usage standards
*License laws
*Water rights
*Development regulation
Local Regulation (as relates to real estate) - ANSWER-Levies Real Estate Taxes
Controls Specific Usage
*Property Assessing
*Zoning
and administer OK license laws
Real Estate - ANSWER-Land + manmade permanent attachments
Land - ANSWER-Surface, all "natural things" attached to it, subsurface, and air above
the surface
Real Property - ANSWER-Real Estate + Bundle of Rights
immobility - ANSWER-land cannot be moved from one site to another; its location is
forever fixed
Indestructibility - ANSWER-Land is permanent and cannot be destroyed since by
definition it extends below ground and into the sky. Since land is permanent, it does not
depreciate. Only improvements depreciate and are insurable.
Non-homogeneity - ANSWER-Land is non-homogeneous; no two parcels of land are
exactly the same since they have a different location.
The Bundle of Rights - ANSWER-possession, use, transfer, exclusion, and
encumberable
Legal Title - ANSWER-Full legal ownership of property and the bundle of rights as they
apply to it. Contrasts with equitable title.
OREC rule for RE license display - ANSWER-Each license must be maintained at the
broker's office & available upon request
Identifying features that a broker's office sign must contain - ANSWER-Broker's name,
trade name, & the words "company", "Realty", or "real estate"
Constitution - ANSWER-Guarantees private ownership of real property
3 Physical Characteristics of Real Estate - ANSWER-Immobility, Indestructibilty, & Non-
Homogeneity
Equitable Title - ANSWER-An interest that gives a lien holder or buyer the right to
acquire legal title to a property if certain contractual conditions occur.
Property Characteristics - ANSWER-real or personal, tangible or intangible
Real Property Rights - ANSWER-Air Rights,
Surface Rights
Subsurface Rights
, Water rights
Water Rights - ANSWER-doctrine of prior appropriation
riparian rights
littoral rights
Doctrine of Prior Appropriation - ANSWER-State controls water usage
State grants usage permits
Riparian Rights - ANSWER-Rivers & Streams
If waterway is navigable: owner owns land to water's edge
If waterway is not navigable: owner owns land to midpoint of waterway
Littoral Rights - ANSWER-Seas & Lakes
Abutting property owners own high water mark
State owns underlying land
Real Property - ANSWER-land, fixtures, attachments
Personal Property - ANSWER-chattels, trade fixtures, emblements
Differentiation criteria for real vs personal property - ANSWER-Intention, Adaptation,
functionality, relationship of parties, contract provisions. "Why and how is an item
attached"
Trade Fixtures - ANSWER-personal property items temporarily attached to real estate in
order to conduct business
Emblements - ANSWER-plants or crops that are considered personal property despite
being attached to land
Conversion - ANSWER-Real to personal property, referred to as severance
Personal to real property, referred to as affixing
Severance - ANSWER-Conversion from real to personal property
Affixing - ANSWER-Conversion from personal to real property
Real Property - ANSWER-Mobile or manufactured homes permanently affixed to the
ground. Brick and mortar homes.
Personal Property - ANSWER-Mobile or manufactured homes not permanently affixed to
the ground
Federal Regulation (as relates to real estate) - ANSWER-Grants Rights of Ownership
Controls Broad Land Usage Standards
Regulates anti-discrimination laws
*Land grants
*Flood zones
*Fair Housing Laws
*FHA
*EPA
State Regulation (as relates to real estate) - ANSWER-Governs real estate business
Sets regional usage standards
*License laws
*Water rights
*Development regulation
Local Regulation (as relates to real estate) - ANSWER-Levies Real Estate Taxes
Controls Specific Usage
*Property Assessing
*Zoning
