Oklahoma Real Estate Exam Questions
with 100% Correct Answers | Graded A+
Abrogate - ✔✔To abolish in a public manner or end something when formal
steps are needed
Abstract of Title - ✔✔A summary or copy of all transfers, conveyances,
legal proceedings, and any other facts relied on as evidence of title,
showing continuity of ownership, together with any other elements of record
which may impair title.
Abutting - ✔✔The joining, reaching or touching of adjoining land, Abutting
parcels of land have a common boundary.
accelerated Depreciation - ✔✔(tax term) Depreciation taken at any rate
higher then provided by the straight-line method
Acceleration Clause - ✔✔An acceleration clause in a loan gives the lender
the right to declare the full amount of debt due and payable based on the
happening of a certain event.
acceptance - ✔✔A voluntary act by the offeree that shows assent, or
agreement, to the terms of an offer; may consist of words or conduct.
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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,"meeting of the minds"
access rights - ✔✔The right of a property owner to have ingress or egress
to and from his property over adjoining properties
Accession - ✔✔An addition to property through the efforts of man or by
natural forces.
accord and satisfaction - ✔✔A method of discharging a contract whereby
the parties agree to give and accept something in a settlement of a dispute
over the performance of the agreement
accretion - ✔✔Growth in size by addition or accumulation of soil to land by
gradual, natural deposits
accrued depreciation - ✔✔The difference between the cost of replacement
and market value.
accrued items of expense - ✔✔Those incurred expenses which are not yet
payable. The seller's accrued expenses are credited to the purchaser in a
closing statement.
Acknowledgement - ✔✔A formal declaration before a public official, usually
a notary public, by a person who has signed a deed, contract, or other
document that the execution was a voluntary act.
acquisition - ✔✔The act or process by which a person procures property.
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,acres - ✔✔a land measurement that equals to 160 square rods, 4,840
square yards or 43,560 square feet or tracts about 208.71 feet sq
actual authority - ✔✔Authority given an agent either expressly or impliedly
by a principal
actual delivery - ✔✔transferring a deed from the grantor to the grantee by
handing the deed to the grantee or sending it by certified mail.
actual notice - ✔✔the express or direct knowledge acquired in the course
of a transaction.
Ad Valorem - ✔✔Latin term meaning "according to value" and referring to a
way of assessing duties or taxes on goods or property. For example, ad
valorem tax assessment is based on value of real property.
adjustable rate mortgage - ✔✔Home loan secured by a deed of trust or
mortgage in which the interest rate will change periodically (i.e. annually);
typically adjusted based on a published index such as the Treasury Bill or
LIBOR; brought on as a result of high interest rates in the early 1980s as a
way for banks to transfer the risk of higher interest rates to the consumer.
adjusted market value - ✔✔Adjustments to comparable property sales to
estimate sale price of a subject property.
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, adjustments - ✔✔In appraising, a means by which characteristics of a
residential property are regulated by dollar amount or percentage to
conform to similar characteristics of another residential property.
adjustments in appraising - ✔✔The process in the market approach of
changing dollar or percentage value of similar properties to make them
more comparable
administrator/administratrix - ✔✔A person appointed by the probate court
to take charge of the estate of a decreased person who died intestate
advance - ✔✔Transfer of funds from a lender to a borrower in advance on
a loan.
adverse possession - ✔✔A person takes possession & use of a property
belonging to another. Possession must be open, notorious, hostile &
uninterrupted for a certain period of time.
advertising - ✔✔Any paid form of nonpersonal presentation and promotion
of ideas, goods, or services by an identified sponsor.
affiant - ✔✔One who makes an affidavit or gives evidence.
affidavit - ✔✔A statement of facts reduced to writing, sworn to or affirmed
before some officer--usually a notary public--who is authorized to
administer oath.
4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
with 100% Correct Answers | Graded A+
Abrogate - ✔✔To abolish in a public manner or end something when formal
steps are needed
Abstract of Title - ✔✔A summary or copy of all transfers, conveyances,
legal proceedings, and any other facts relied on as evidence of title,
showing continuity of ownership, together with any other elements of record
which may impair title.
Abutting - ✔✔The joining, reaching or touching of adjoining land, Abutting
parcels of land have a common boundary.
accelerated Depreciation - ✔✔(tax term) Depreciation taken at any rate
higher then provided by the straight-line method
Acceleration Clause - ✔✔An acceleration clause in a loan gives the lender
the right to declare the full amount of debt due and payable based on the
happening of a certain event.
acceptance - ✔✔A voluntary act by the offeree that shows assent, or
agreement, to the terms of an offer; may consist of words or conduct.
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,"meeting of the minds"
access rights - ✔✔The right of a property owner to have ingress or egress
to and from his property over adjoining properties
Accession - ✔✔An addition to property through the efforts of man or by
natural forces.
accord and satisfaction - ✔✔A method of discharging a contract whereby
the parties agree to give and accept something in a settlement of a dispute
over the performance of the agreement
accretion - ✔✔Growth in size by addition or accumulation of soil to land by
gradual, natural deposits
accrued depreciation - ✔✔The difference between the cost of replacement
and market value.
accrued items of expense - ✔✔Those incurred expenses which are not yet
payable. The seller's accrued expenses are credited to the purchaser in a
closing statement.
Acknowledgement - ✔✔A formal declaration before a public official, usually
a notary public, by a person who has signed a deed, contract, or other
document that the execution was a voluntary act.
acquisition - ✔✔The act or process by which a person procures property.
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,acres - ✔✔a land measurement that equals to 160 square rods, 4,840
square yards or 43,560 square feet or tracts about 208.71 feet sq
actual authority - ✔✔Authority given an agent either expressly or impliedly
by a principal
actual delivery - ✔✔transferring a deed from the grantor to the grantee by
handing the deed to the grantee or sending it by certified mail.
actual notice - ✔✔the express or direct knowledge acquired in the course
of a transaction.
Ad Valorem - ✔✔Latin term meaning "according to value" and referring to a
way of assessing duties or taxes on goods or property. For example, ad
valorem tax assessment is based on value of real property.
adjustable rate mortgage - ✔✔Home loan secured by a deed of trust or
mortgage in which the interest rate will change periodically (i.e. annually);
typically adjusted based on a published index such as the Treasury Bill or
LIBOR; brought on as a result of high interest rates in the early 1980s as a
way for banks to transfer the risk of higher interest rates to the consumer.
adjusted market value - ✔✔Adjustments to comparable property sales to
estimate sale price of a subject property.
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, adjustments - ✔✔In appraising, a means by which characteristics of a
residential property are regulated by dollar amount or percentage to
conform to similar characteristics of another residential property.
adjustments in appraising - ✔✔The process in the market approach of
changing dollar or percentage value of similar properties to make them
more comparable
administrator/administratrix - ✔✔A person appointed by the probate court
to take charge of the estate of a decreased person who died intestate
advance - ✔✔Transfer of funds from a lender to a borrower in advance on
a loan.
adverse possession - ✔✔A person takes possession & use of a property
belonging to another. Possession must be open, notorious, hostile &
uninterrupted for a certain period of time.
advertising - ✔✔Any paid form of nonpersonal presentation and promotion
of ideas, goods, or services by an identified sponsor.
affiant - ✔✔One who makes an affidavit or gives evidence.
affidavit - ✔✔A statement of facts reduced to writing, sworn to or affirmed
before some officer--usually a notary public--who is authorized to
administer oath.
4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
