Oklahoma Real Estate Test Questions with Certified Solutions

Oklahoma Real Estate Test Questions with Certified Solutions In general, when the supply of a certain commodity increases Prices tend to drop The cyclic changes in the national economy & the law of supply and demand The real estate market is subject to The typical real estate licensee must have specialized knowledge of a variety of subjects which include of the following Financing, Contracts, & Valuation The regulatory body established by the legislature and empowered to carry out the provisions of the Oklahoma Real Estate License Code Oklahoma Real Estate Commission(OREC) Which of the following is usually exempt from real estate licensure? Owners of real estate handling their own property, or delegating such right to an attorney-in-fact. When brokers hire associates as employees, they are responsible for paying which of the following on behalf of the associates? FICA tax, State unemployment tax & Federal income tax withheld Persons who are only responsible to their employer for the results of their work Independent contractors A successful career in real estate is based on ethical conduct and service to others. A successful career in real estate is based on knowledge of a great variety of subjects. Which of the following is an accurate statement regarding a successful career in real estate? The NAR Code of Ethics reflects the relations of the licensee to public, licensee to fellow brokers and licensee to Clients The term REALTOR is a registered trademark term and can be used by only members of NAR Association of Real Estate License Law Officials ARELLO The largest number of licensed people in the real estate industry are in involved in Home sales Property managers must be skilled in Tenant relations, maintenance of property, negotiations In Oklahoma, appraisers are licensed or certified by the Appraisal Board, administered under the Oklahoma Department of Insurance Urban planners usually have an appropriate degree and employed by Local Governments Which is usually not exempt from real estate licensure? Manage property belonging to another & sell property belonging to another May vary after meeting certain production goals Commission splits Which specialized type of law sets forth the ground rules by which the Commission must function to ensure orderly procedures and equal treatment for all. Administrative Law The OREC has the power to Sell their computer testing system to other states How many years are the Oklahoma Real