OK PSI UPDATED EXAM SCRIPT ALL QUESTIONS AND
ANSWERS SURE A+
✔✔All members of the Oklahoma Real Estate Commission must be citizens of the
United States and residents of Oklahoma for how long before appointment to the
Oklahoma Real Estate Commission? - ✔✔3 years
✔✔Which of the following classes must a provisional sales associate take in order to
renew their license and become a sales associate? - ✔✔45 hour Basic II Post-License
Course
✔✔OREC has all these powers of EXCEPT - ✔✔Spend Revolving Fund Money only
with Legislative approval
✔✔Albert has his real estate license revoked by the Oklahoma Real Estate
Commission. How many days does Albert have to turn in his pocket card? - ✔✔on or
before the date the suspension/revocation becomes effective
✔✔Which of the following is NOT required to obtain a Provisional Sales Associate
License? - ✔✔High School Diploma or GED
✔✔The revolving fund shall be audited by the State Auditor and Inspector - ✔✔annually
✔✔What must an associate include in all advertising? - ✔✔associate's Broker's name
✔✔What new section has been added to the law section on broker compensation? -
✔✔In the event a broker receives a fee or compensation from any party to the
transaction based on a selling price or lease cost of a transaction, such receipt does not
constitute a breach of duty or obligation to any party to the transaction
✔✔How does the Brokerage Relationship Act define a firm? - ✔✔a sole proprietor,
corporation, association or partnership
✔✔Under what condition can confidential info be released? - ✔✔The party gives
consent to the disclosure in writing
✔✔Confirmation of brokerage services agreement terms - ✔✔must be provided in a
separate provision or document that is either incorporated into or attached to the
contract to purchase, lease, option, or exchange real estate
✔✔What action, if any, must a broker take if he or she is involved in a transaction but
did not prepare the contract to purchase document? - ✔✔The broker must still
document that he or she has complied with the disclosure requirements
,✔✔If a broker intends to provide fewer brokerage services than those required to
complete a transaction, the broker must provide a - ✔✔written disclosure to the party for
whom the broker is providing brokerage services
✔✔Under the Oklahoma Brokerage Relationship Act, a person who is a seller, buyer,
landlord, or tenant or a person who is involved in an option or exchange is called a -
✔✔party
✔✔Which of the following items could serve as a lien by the landlord against a tenant
who has refused to pay rent? - ✔✔television
✔✔When does a security deposit revert to the landlord in consideration if the former
tenant has not made a written demand? - ✔✔6 months after tenancy termination
✔✔Albert bought a piece of property from Brian. The title to the property was
transferred when the deed was - ✔✔delivered and accepted
✔✔When must lender use form (H-25) Closing Disclosure? - ✔✔When the loan is
insured or guaranteed by federal agency
✔✔Both the abstract and opinion method of assuring title and title insurance - ✔✔inform
or protect the buyer against defects of record
✔✔Which of the following deeds would be less restrictive to the seller? - ✔✔Quitclaim
deed
✔✔Which of the following deeds are typically used to help clear a cloud on the title? -
✔✔Quitclaim deed
✔✔Which of the following items are paid in arrears? - ✔✔Taxes and interest
✔✔Which of the following must sign the deed? - ✔✔grantor
✔✔A special warranty deed is a conveyance instrument which - ✔✔limits any
warranties made to those defects which arose during the time the grantor owned the
property being conveyed
✔✔Title insurance with extended coverage generally covers - ✔✔defects that are not in
the public record
✔✔The Real Estate Settlements and Procedures Act prohibits - ✔✔a lender from
paying a fee to a broker for referring a borrower to the lender
,✔✔What transfers real property? - ✔✔deed
✔✔Which one of the following best describes a contract for deed? - ✔✔A method of
selling real estate whereby the purchaser pays for the property in regular installments,
while the seller retains title to the property until full purchase price has been made
✔✔A sale transaction on rental property closes on Dec 16. The landlord received the
Dec rent of $713 on Dec 1. Assuming the closing day is the buyer's, and that the 365-
day method is used for prorating, which of the following entries would appear in the
settlement statement? - ✔✔Credit buyer $368.00
✔✔A strength of the sales comparison approach to value is that - ✔✔the approach is
based on the principle of substitution
✔✔When is a Lender required by FIRREA to directly engage the services of an
appraiser - ✔✔Anytime the transaction is federally related
✔✔If the GRM of a property is 120 and generates a semi-annual income of $15,000.00
what is the property sales price? - ✔✔$300,000
✔✔A house increases in value because of proximity to employment, schools, shopping,
etc. These neighborhood sites are referred to as - ✔✔amenities
✔✔An investor is considering the purchase of a seven unit strip mall in a well traveled
road. What appraisal method is likely to provide the most accurate result? - ✔✔Income
Capitalization Approach
✔✔In order for a property to have value it must have all of the following characteristics
except - ✔✔depreciation
✔✔The County Board of Supervisors announced State and Federal Funding to widen a
two lane road to four lanes. Within a month, property values along the route yielded a
10% gain. This is an example of which Principle of Valuation? - ✔✔Anticipation
✔✔The taxable income from an investment property is estimated by using which of the
following formulas? - ✔✔Net income minus interest and depreciation
✔✔The buyer signs a Contract for Deed; but five years after making all monthly
payments, the buyer fails to submit a payment. The seller gets a judgement to reclaim
the property because of what? - ✔✔Acceleration Clause
✔✔Zelda signs a contract with Billie who is a minor. The contract Zelda signed with
Billie is - ✔✔voidable by the minor
, ✔✔During the executory period of a sale contract, the buyer enjoys which of the
following interests? - ✔✔equitable title
✔✔Zane is the broker who has a listing on a property for Ben. The property is listed for
$310,000. Zane finds a potential buyer who submits an offer to Ben for the full listing
price, with an additional stipulation that ben replaces the carpet in the property. Ben
refuses, Zane can - ✔✔collect no commission
✔✔When a form of real estate sales contract has been agreed to and signed by the
purchasers and given to the seller's broker with an earnest money check - ✔✔this
transaction is considered an offer
✔✔Albert and Brenda enter into a verbal contract, this is an - ✔✔expressed contract
✔✔Who are the parties to a listing agreement? - ✔✔seller and broker.
✔✔A property owner wants to put $240,000 in the bank after selling a property and
accounting for all expenses. A broker finds a buyer and sells the property for $280,000.
Closing costs come to $10,000, not including the broker's commission. According to
agreement, the remainder of the amount over $240,000 goes to the broker - ✔✔net
listing
✔✔When a Seller makes a Counter-Offer, what is the "essence" of such an action? -
✔✔The seller rejects the buyer's offer
✔✔In accordance with the statute of frauds - ✔✔a five-year lease must be in writing to
be enforceable
✔✔The seller makes a counteroffer. The buyer accepts and decides to use "snail" mail.
When is a valid purchase contract created using the Post Office? - ✔✔When the offeree
puts the acceptance in the mail
✔✔A realtor agrees by a "handshake" to sell the house of his former high school
chemistry teacher. The realtor finds a buyer who submits a full-price offer with no
provisions. The house sells, but the seller refuses to pay a commission to the realtor.
What kind of a contract does the realtor have w/ the seller? - ✔✔Unenforceable
✔✔An industrious realtor advertised a house listed for $125,000 as, "Move-in for only
671.00/month." Did the realtor violate any restriction? - ✔✔Yes. Regulation z
✔✔Which of the following is true of FHA loans? - ✔✔FHA loans cannot be assumed
ANSWERS SURE A+
✔✔All members of the Oklahoma Real Estate Commission must be citizens of the
United States and residents of Oklahoma for how long before appointment to the
Oklahoma Real Estate Commission? - ✔✔3 years
✔✔Which of the following classes must a provisional sales associate take in order to
renew their license and become a sales associate? - ✔✔45 hour Basic II Post-License
Course
✔✔OREC has all these powers of EXCEPT - ✔✔Spend Revolving Fund Money only
with Legislative approval
✔✔Albert has his real estate license revoked by the Oklahoma Real Estate
Commission. How many days does Albert have to turn in his pocket card? - ✔✔on or
before the date the suspension/revocation becomes effective
✔✔Which of the following is NOT required to obtain a Provisional Sales Associate
License? - ✔✔High School Diploma or GED
✔✔The revolving fund shall be audited by the State Auditor and Inspector - ✔✔annually
✔✔What must an associate include in all advertising? - ✔✔associate's Broker's name
✔✔What new section has been added to the law section on broker compensation? -
✔✔In the event a broker receives a fee or compensation from any party to the
transaction based on a selling price or lease cost of a transaction, such receipt does not
constitute a breach of duty or obligation to any party to the transaction
✔✔How does the Brokerage Relationship Act define a firm? - ✔✔a sole proprietor,
corporation, association or partnership
✔✔Under what condition can confidential info be released? - ✔✔The party gives
consent to the disclosure in writing
✔✔Confirmation of brokerage services agreement terms - ✔✔must be provided in a
separate provision or document that is either incorporated into or attached to the
contract to purchase, lease, option, or exchange real estate
✔✔What action, if any, must a broker take if he or she is involved in a transaction but
did not prepare the contract to purchase document? - ✔✔The broker must still
document that he or she has complied with the disclosure requirements
,✔✔If a broker intends to provide fewer brokerage services than those required to
complete a transaction, the broker must provide a - ✔✔written disclosure to the party for
whom the broker is providing brokerage services
✔✔Under the Oklahoma Brokerage Relationship Act, a person who is a seller, buyer,
landlord, or tenant or a person who is involved in an option or exchange is called a -
✔✔party
✔✔Which of the following items could serve as a lien by the landlord against a tenant
who has refused to pay rent? - ✔✔television
✔✔When does a security deposit revert to the landlord in consideration if the former
tenant has not made a written demand? - ✔✔6 months after tenancy termination
✔✔Albert bought a piece of property from Brian. The title to the property was
transferred when the deed was - ✔✔delivered and accepted
✔✔When must lender use form (H-25) Closing Disclosure? - ✔✔When the loan is
insured or guaranteed by federal agency
✔✔Both the abstract and opinion method of assuring title and title insurance - ✔✔inform
or protect the buyer against defects of record
✔✔Which of the following deeds would be less restrictive to the seller? - ✔✔Quitclaim
deed
✔✔Which of the following deeds are typically used to help clear a cloud on the title? -
✔✔Quitclaim deed
✔✔Which of the following items are paid in arrears? - ✔✔Taxes and interest
✔✔Which of the following must sign the deed? - ✔✔grantor
✔✔A special warranty deed is a conveyance instrument which - ✔✔limits any
warranties made to those defects which arose during the time the grantor owned the
property being conveyed
✔✔Title insurance with extended coverage generally covers - ✔✔defects that are not in
the public record
✔✔The Real Estate Settlements and Procedures Act prohibits - ✔✔a lender from
paying a fee to a broker for referring a borrower to the lender
,✔✔What transfers real property? - ✔✔deed
✔✔Which one of the following best describes a contract for deed? - ✔✔A method of
selling real estate whereby the purchaser pays for the property in regular installments,
while the seller retains title to the property until full purchase price has been made
✔✔A sale transaction on rental property closes on Dec 16. The landlord received the
Dec rent of $713 on Dec 1. Assuming the closing day is the buyer's, and that the 365-
day method is used for prorating, which of the following entries would appear in the
settlement statement? - ✔✔Credit buyer $368.00
✔✔A strength of the sales comparison approach to value is that - ✔✔the approach is
based on the principle of substitution
✔✔When is a Lender required by FIRREA to directly engage the services of an
appraiser - ✔✔Anytime the transaction is federally related
✔✔If the GRM of a property is 120 and generates a semi-annual income of $15,000.00
what is the property sales price? - ✔✔$300,000
✔✔A house increases in value because of proximity to employment, schools, shopping,
etc. These neighborhood sites are referred to as - ✔✔amenities
✔✔An investor is considering the purchase of a seven unit strip mall in a well traveled
road. What appraisal method is likely to provide the most accurate result? - ✔✔Income
Capitalization Approach
✔✔In order for a property to have value it must have all of the following characteristics
except - ✔✔depreciation
✔✔The County Board of Supervisors announced State and Federal Funding to widen a
two lane road to four lanes. Within a month, property values along the route yielded a
10% gain. This is an example of which Principle of Valuation? - ✔✔Anticipation
✔✔The taxable income from an investment property is estimated by using which of the
following formulas? - ✔✔Net income minus interest and depreciation
✔✔The buyer signs a Contract for Deed; but five years after making all monthly
payments, the buyer fails to submit a payment. The seller gets a judgement to reclaim
the property because of what? - ✔✔Acceleration Clause
✔✔Zelda signs a contract with Billie who is a minor. The contract Zelda signed with
Billie is - ✔✔voidable by the minor
, ✔✔During the executory period of a sale contract, the buyer enjoys which of the
following interests? - ✔✔equitable title
✔✔Zane is the broker who has a listing on a property for Ben. The property is listed for
$310,000. Zane finds a potential buyer who submits an offer to Ben for the full listing
price, with an additional stipulation that ben replaces the carpet in the property. Ben
refuses, Zane can - ✔✔collect no commission
✔✔When a form of real estate sales contract has been agreed to and signed by the
purchasers and given to the seller's broker with an earnest money check - ✔✔this
transaction is considered an offer
✔✔Albert and Brenda enter into a verbal contract, this is an - ✔✔expressed contract
✔✔Who are the parties to a listing agreement? - ✔✔seller and broker.
✔✔A property owner wants to put $240,000 in the bank after selling a property and
accounting for all expenses. A broker finds a buyer and sells the property for $280,000.
Closing costs come to $10,000, not including the broker's commission. According to
agreement, the remainder of the amount over $240,000 goes to the broker - ✔✔net
listing
✔✔When a Seller makes a Counter-Offer, what is the "essence" of such an action? -
✔✔The seller rejects the buyer's offer
✔✔In accordance with the statute of frauds - ✔✔a five-year lease must be in writing to
be enforceable
✔✔The seller makes a counteroffer. The buyer accepts and decides to use "snail" mail.
When is a valid purchase contract created using the Post Office? - ✔✔When the offeree
puts the acceptance in the mail
✔✔A realtor agrees by a "handshake" to sell the house of his former high school
chemistry teacher. The realtor finds a buyer who submits a full-price offer with no
provisions. The house sells, but the seller refuses to pay a commission to the realtor.
What kind of a contract does the realtor have w/ the seller? - ✔✔Unenforceable
✔✔An industrious realtor advertised a house listed for $125,000 as, "Move-in for only
671.00/month." Did the realtor violate any restriction? - ✔✔Yes. Regulation z
✔✔Which of the following is true of FHA loans? - ✔✔FHA loans cannot be assumed
