OKLAHOMA REAL ESTATE EXAM PREP
2025 QUESTIONS AND ANSWERS
WHAT TYPE OF CONTRACT IS A REAL ESTATE OPTION CONTRACT? - ANS UNILATERAL
CONTRACT
DURING AN APPRAISAL OF A RESIDENTIAL PROPERTY AN APPRAISER ESTIMATES THE COST OF
REBUILDING THE SUBJECT PROPERTY SO THAT IT IS IDENTICAL TO ITS CURRENT SIZE AND
CONDITION IS AN EXAMPLE OF WHAT TYPE OF APPRAISAL PRINCIPLE? - ANS SUBSTITUTION
ACCORDING TO THE STATUTE OF FRAUDS IN ORDER FOR A REAL ESTATE SALES CONTRACT TO
BE ENFORCEABLE IN COURT THEY MUST BE - ANS IN WRITING
WHICH OF THE FOLLOWING TERMS IDENTIFIES AN ELEMENT THAT IS ESSENTIAL TO CREATING
A VALID REAL ESTATE SALES CONTRACT? - ANS LEGAL PURPOSE
DEFINE APPRAISED VALUE - ANS An evaluation of a property's value based on a given point
in time that is performed by a professional appraiser during the mortgage origination process.
DEFINE "TIME IS OF THE ESSENCE" CLAUSE IN A REAL ESTATE SALES CONTRACT -
ANS Generally, a contract for the sale of real property containing the phrase "time is of the
essence" creates the requirement that both parties to the contract perform within the time
specified.
AS USED IN PROPERTY MANAGEMENT THE TERM "CONSTRUCTIVE EVICTION" IS BEST
1
UNDERSTOOD TO MEAN - ANS A TENANT HAS LEFT A PROPERTY AFTER A LANDLORD HAS
Page
ALLOWED IT TO BECOME UNINHABITABLE
@COPYRIGHT FYNDLAY 2025/2026
, THE BEST STATEMENT ABOUT THE RELATIONSHIP BETWEEN A PROPERTY MORTGAGE AND A
PROMISSORY NOTE IS THAT THE MORTGAGE - ANS CREATES A PROPERTY LIEN AS SECURITY
FOR THE NOTE WHICH GIVES THE DETAILS OF BOTH THE AMOUNT OF THE DEBT AND THE
TERMS OF REPAYMENT
AN EXAMPLE OF A PROPERTY SUFFERING FROM EXTERNAL (ECONOMIC) OBSOLESCENCE IS -
ANS A CAR DEALERSHIP LOCATED DOWNWIND FROM A NEW HOG FARM
WHAT TYPE OF OWNERSHIP INTEREST APPLIES TO PARTIES WHO OWN REAL PROPERTY AS
TENANTS IN COMMON - ANS THE OWNERSHIP INTERESTS MAY BE CONVEYED SEPARATELY
A HOMEOWNER WITHOUT ANY LIENS ON THE PROPERTY ARRANGES FOR A LOAN THAT
PROVIDES A SERIES OF SMALL MONTHLY PAYMENTS TO THE OWNER RATHER THAN A SINGLE
LARGE PAYMENT THAT MUST BE PAID BACK IN INSTALLMENTS - ANS REVERSE ANNUITY
A BUYER ARRANGES FOR A $90,000 MORTGAGE LOAN WITH AN ANNUAL INTEREST RATE OF 8%
AND A FIXED MONTHLY PAYMENT OF $745. HOW MUCH OF THE PAYMENT WILL REPRESENT
PRINCIPAL? - ANS 90,000 X .08 = 7,200 (INT PER YEAR)
7,200/12 = 600 INT PER FIRST MONTH
745-600= 145 PRINCIPAL
THE PROVISIONS OF THE AMERICANS WITH DISABILITIES ACT (ADA) APPLY TO OWNERS OF
WHAT TYPES OF PROPERTIES - ANS MULTIPLEX THEATERS, APARTMENT BUILDINGS ETC
ACCESS RAMPS TO GOVERNMENT BUILDINGS, GRAB BARS IN PUBLIC REST ROOMS AND A ROW
OF PAY PHONES WITH SEVERAL PLACED LOWER ARE EXAMPLES OF COMPLIANCE WITH WHAT
FEDERAL LAW - ANS AMERICANS WITH DISABILITIES ACT (ADA)
PUFFING IS AN EXAGGERATION OF GOOD POINTS. AN EXAMPLE IS - ANS BEST VIEW OF THE
MOUNTAINS IN TOWN
2
Page
@COPYRIGHT FYNDLAY 2025/2026
, MAXIMUM AMOUNTS OF ANY PROFIT THAT WOULD BE EXEMPT FROM CAPITAL GAINS TAX IS -
ANS 250,000 FOR SINGLE FILERS
500,000 FOR MARRIED FILING JOINT
UNDER FEDERAL FAIR HOUSING ACT REQUIREMENTS A PROPERTY MANAGER OF A RESIDENTIAL
MULTI-UNIT PROPERTY MAY LEGALLY REFUSE TO APPROVE RENTING A UNIT IN A PROPERTY
EXCLUSIVELY OCCUPIED BY PERSONS OVER 65 TO - ANS A SINGLE PARENT WITH AN INFANT
CHILD
WHAT TYPE OF EXPENSES WILL A FIRM MOST LIKELY BE RESPONSIBLE FOR PAYING FOR A
NEWLY LICENSED SALES PERSON WHO HAS CONTRACTED TO WORK FOR A BROKER OF THE
FIRM - ANS OFFICE SPACE RENT AND TELEPHONE
WHAT BEST DEFINES A MATERIAL DEFECT - ANS A DEFECT THAT WOULD AFFECT A BUYERS
DECISION TO PURCHASE OR AFFECT THE PROPERTIES VALUE
THE TRUTH IN LENDING ACT ALSO KNOWN AS CONSUMER CREDIT PROTECTION ACT OF 1968
AND REGULATION Z LATER IS A PART OF WHICH FEDERAL LAWS - ANS FEDERAL RESERVE
WHEN A DEED OR LIEN IS PLACE IN PUBLIC RECORDS IN ORDER TO MAKE THEM AVAILABLE TO
ANYONE SEARCHING IS KNOWN AS - ANS CONSTRUCTIVE NOTICE OF TRANSFER
A BUYER - BROKER AGREEMENT IS MOST LIKELY TO CREATE WHAT TYPE OF AGENCY
RELATIONSHIP - ANS BUYERS AGENCY
ACCORDING TO THE TRUTH IN LENDING ACT (REGULATION Z) AN ADVERTISEMENT FOR REAL
ESTATE FINANCING MUST INCLUDE SPECIFIC DISCLOSURES FOR - ANS FINANCE COST AND
CHARGES
A PROSPECTIVE BUYER HAS OFFERED $127,800 FOR A CONDO THAT APPRAISES FOR $122,500
AND HAS MADE A DEPOSIT OF $5,000. IF THE BUYER ARRANGES A MORTGAGE FOR 85% OF THE
APPRAISED VALUE AND ASKS THE OWNER FOR SELLER FINANCING ON THE DIFFERENCE HOW
3
Page
MUCH WILL THAT BE? - ANS 122,500 X 85% = 104,125
@COPYRIGHT FYNDLAY 2025/2026
2025 QUESTIONS AND ANSWERS
WHAT TYPE OF CONTRACT IS A REAL ESTATE OPTION CONTRACT? - ANS UNILATERAL
CONTRACT
DURING AN APPRAISAL OF A RESIDENTIAL PROPERTY AN APPRAISER ESTIMATES THE COST OF
REBUILDING THE SUBJECT PROPERTY SO THAT IT IS IDENTICAL TO ITS CURRENT SIZE AND
CONDITION IS AN EXAMPLE OF WHAT TYPE OF APPRAISAL PRINCIPLE? - ANS SUBSTITUTION
ACCORDING TO THE STATUTE OF FRAUDS IN ORDER FOR A REAL ESTATE SALES CONTRACT TO
BE ENFORCEABLE IN COURT THEY MUST BE - ANS IN WRITING
WHICH OF THE FOLLOWING TERMS IDENTIFIES AN ELEMENT THAT IS ESSENTIAL TO CREATING
A VALID REAL ESTATE SALES CONTRACT? - ANS LEGAL PURPOSE
DEFINE APPRAISED VALUE - ANS An evaluation of a property's value based on a given point
in time that is performed by a professional appraiser during the mortgage origination process.
DEFINE "TIME IS OF THE ESSENCE" CLAUSE IN A REAL ESTATE SALES CONTRACT -
ANS Generally, a contract for the sale of real property containing the phrase "time is of the
essence" creates the requirement that both parties to the contract perform within the time
specified.
AS USED IN PROPERTY MANAGEMENT THE TERM "CONSTRUCTIVE EVICTION" IS BEST
1
UNDERSTOOD TO MEAN - ANS A TENANT HAS LEFT A PROPERTY AFTER A LANDLORD HAS
Page
ALLOWED IT TO BECOME UNINHABITABLE
@COPYRIGHT FYNDLAY 2025/2026
, THE BEST STATEMENT ABOUT THE RELATIONSHIP BETWEEN A PROPERTY MORTGAGE AND A
PROMISSORY NOTE IS THAT THE MORTGAGE - ANS CREATES A PROPERTY LIEN AS SECURITY
FOR THE NOTE WHICH GIVES THE DETAILS OF BOTH THE AMOUNT OF THE DEBT AND THE
TERMS OF REPAYMENT
AN EXAMPLE OF A PROPERTY SUFFERING FROM EXTERNAL (ECONOMIC) OBSOLESCENCE IS -
ANS A CAR DEALERSHIP LOCATED DOWNWIND FROM A NEW HOG FARM
WHAT TYPE OF OWNERSHIP INTEREST APPLIES TO PARTIES WHO OWN REAL PROPERTY AS
TENANTS IN COMMON - ANS THE OWNERSHIP INTERESTS MAY BE CONVEYED SEPARATELY
A HOMEOWNER WITHOUT ANY LIENS ON THE PROPERTY ARRANGES FOR A LOAN THAT
PROVIDES A SERIES OF SMALL MONTHLY PAYMENTS TO THE OWNER RATHER THAN A SINGLE
LARGE PAYMENT THAT MUST BE PAID BACK IN INSTALLMENTS - ANS REVERSE ANNUITY
A BUYER ARRANGES FOR A $90,000 MORTGAGE LOAN WITH AN ANNUAL INTEREST RATE OF 8%
AND A FIXED MONTHLY PAYMENT OF $745. HOW MUCH OF THE PAYMENT WILL REPRESENT
PRINCIPAL? - ANS 90,000 X .08 = 7,200 (INT PER YEAR)
7,200/12 = 600 INT PER FIRST MONTH
745-600= 145 PRINCIPAL
THE PROVISIONS OF THE AMERICANS WITH DISABILITIES ACT (ADA) APPLY TO OWNERS OF
WHAT TYPES OF PROPERTIES - ANS MULTIPLEX THEATERS, APARTMENT BUILDINGS ETC
ACCESS RAMPS TO GOVERNMENT BUILDINGS, GRAB BARS IN PUBLIC REST ROOMS AND A ROW
OF PAY PHONES WITH SEVERAL PLACED LOWER ARE EXAMPLES OF COMPLIANCE WITH WHAT
FEDERAL LAW - ANS AMERICANS WITH DISABILITIES ACT (ADA)
PUFFING IS AN EXAGGERATION OF GOOD POINTS. AN EXAMPLE IS - ANS BEST VIEW OF THE
MOUNTAINS IN TOWN
2
Page
@COPYRIGHT FYNDLAY 2025/2026
, MAXIMUM AMOUNTS OF ANY PROFIT THAT WOULD BE EXEMPT FROM CAPITAL GAINS TAX IS -
ANS 250,000 FOR SINGLE FILERS
500,000 FOR MARRIED FILING JOINT
UNDER FEDERAL FAIR HOUSING ACT REQUIREMENTS A PROPERTY MANAGER OF A RESIDENTIAL
MULTI-UNIT PROPERTY MAY LEGALLY REFUSE TO APPROVE RENTING A UNIT IN A PROPERTY
EXCLUSIVELY OCCUPIED BY PERSONS OVER 65 TO - ANS A SINGLE PARENT WITH AN INFANT
CHILD
WHAT TYPE OF EXPENSES WILL A FIRM MOST LIKELY BE RESPONSIBLE FOR PAYING FOR A
NEWLY LICENSED SALES PERSON WHO HAS CONTRACTED TO WORK FOR A BROKER OF THE
FIRM - ANS OFFICE SPACE RENT AND TELEPHONE
WHAT BEST DEFINES A MATERIAL DEFECT - ANS A DEFECT THAT WOULD AFFECT A BUYERS
DECISION TO PURCHASE OR AFFECT THE PROPERTIES VALUE
THE TRUTH IN LENDING ACT ALSO KNOWN AS CONSUMER CREDIT PROTECTION ACT OF 1968
AND REGULATION Z LATER IS A PART OF WHICH FEDERAL LAWS - ANS FEDERAL RESERVE
WHEN A DEED OR LIEN IS PLACE IN PUBLIC RECORDS IN ORDER TO MAKE THEM AVAILABLE TO
ANYONE SEARCHING IS KNOWN AS - ANS CONSTRUCTIVE NOTICE OF TRANSFER
A BUYER - BROKER AGREEMENT IS MOST LIKELY TO CREATE WHAT TYPE OF AGENCY
RELATIONSHIP - ANS BUYERS AGENCY
ACCORDING TO THE TRUTH IN LENDING ACT (REGULATION Z) AN ADVERTISEMENT FOR REAL
ESTATE FINANCING MUST INCLUDE SPECIFIC DISCLOSURES FOR - ANS FINANCE COST AND
CHARGES
A PROSPECTIVE BUYER HAS OFFERED $127,800 FOR A CONDO THAT APPRAISES FOR $122,500
AND HAS MADE A DEPOSIT OF $5,000. IF THE BUYER ARRANGES A MORTGAGE FOR 85% OF THE
APPRAISED VALUE AND ASKS THE OWNER FOR SELLER FINANCING ON THE DIFFERENCE HOW
3
Page
MUCH WILL THAT BE? - ANS 122,500 X 85% = 104,125
@COPYRIGHT FYNDLAY 2025/2026
