Chapter 1 Introduction to Real Estate
questions with right answers.
In general, when the supply of a certain commodity increases ANS -Prices tend to drop (a basic
economic concept)
The real estate market is subject to ANS -Both the cyclic changes in the national economy, and the law
of supply and demand (general laws of of economics as all industries dealing with commodities)
The typical real estate licensee must have specialized knowledge of a variety of subjects with include all
of the following EXCEPT: ANS -Financing, Contracts & Valuation - need to have knowledge of
EXCAVATION - no
The regulatory body established by the legislature and empowered to carry out the provisions of the
Oklahoma Real Estate License Code is the ANS -Oklahoma Real Estate Commission (OREC)
Which of the following is usually exempt from real estate licensure? ANS -Exceptions to licensure
include: 1. owner of property 2. an attorney-at-law 3. attorney-in-fact 4. resident managers of
apartments
When brokers hire associates as employees, they are responsible for paying which of the following on
behalf of the associates? ANS -For 'employees' the broker must withhold state and federal income
taxes and social security contribution. Social security must be withheld must be matched by the
employer who must also pay state unemployment taxes.
Persons who are only responsible to their employer for the results of their work are: ANS -Independent
contractors: a broker has broad control over what the independent contractor does but cannot
determine how it will be done.
Which of the following is (are) an accurate statement(s) regarding a successful career in real estate?
ANS -A broad understanding of real estate and high moral standards are prerequisites to success in any
phase of the real estate profession.
questions with right answers.
In general, when the supply of a certain commodity increases ANS -Prices tend to drop (a basic
economic concept)
The real estate market is subject to ANS -Both the cyclic changes in the national economy, and the law
of supply and demand (general laws of of economics as all industries dealing with commodities)
The typical real estate licensee must have specialized knowledge of a variety of subjects with include all
of the following EXCEPT: ANS -Financing, Contracts & Valuation - need to have knowledge of
EXCAVATION - no
The regulatory body established by the legislature and empowered to carry out the provisions of the
Oklahoma Real Estate License Code is the ANS -Oklahoma Real Estate Commission (OREC)
Which of the following is usually exempt from real estate licensure? ANS -Exceptions to licensure
include: 1. owner of property 2. an attorney-at-law 3. attorney-in-fact 4. resident managers of
apartments
When brokers hire associates as employees, they are responsible for paying which of the following on
behalf of the associates? ANS -For 'employees' the broker must withhold state and federal income
taxes and social security contribution. Social security must be withheld must be matched by the
employer who must also pay state unemployment taxes.
Persons who are only responsible to their employer for the results of their work are: ANS -Independent
contractors: a broker has broad control over what the independent contractor does but cannot
determine how it will be done.
Which of the following is (are) an accurate statement(s) regarding a successful career in real estate?
ANS -A broad understanding of real estate and high moral standards are prerequisites to success in any
phase of the real estate profession.
