OK PSI FINAL ACTUAL EXAM QUESTIONS AND
ANSWERS SURE A+
✔✔The definitions of real property includes all of the following - ✔✔land and
improvements, mineral rights, buildings attached to the land
✔✔To resolve all "clouds" on title is - ✔✔suit to quiet title
✔✔Any interest in, or right to, land by third persons, adversely affecting the value of the
property is an - ✔✔encumburance
✔✔Under our land system, we have certain rights which are called "bundle of rights."
Which of the following is included in the "bundle of rights?" - ✔✔-The Right of
possession
-The right of control (w/in the law)
-The right of exclusion
-The right of enjoyment
-The right of disposition
✔✔What are riparian rights? - ✔✔The right of ownership on non-navigable waterways is
to its midpoint. The title is to the river bed at midstream. This right comes when a
natural water way is abutting or crossing owners land
✔✔Property of temporary or moveable nature is - ✔✔personal property
✔✔What is an abstract of title? - ✔✔a summary of all recorded instruments pertaining to
a property. Usually prepared for a mortgagee or purchaser of real property,
summarizing the history of a piece of land, including all recorded conveyances,
interests, liens, and encumbrances that affect title to the property
✔✔The OREC may conduct investigation of license activity - ✔✔on its own motion, as a
result of a complaint, as a result of a complaint from a licensee
✔✔What is the major purpose of the Oklahoma Real Estate Education and Recovery
Fund? - ✔✔To reimburse any person adjudged by a court to have suffered loss due to a
licensee violating the Code and Rules
✔✔Which of the following statements would not be cause for censure of a real estate
license? - ✔✔submitting offers to the seller prior to acceptance of any offer
✔✔Determining the needs and abilities of the prospective purchaser with a suitable
property is known as - ✔✔qualifying the prospect
,✔✔Real property described by beginning at a certain point and measuring and
indicating the direction and length of the boundaries of the property until the point of the
beginning again is reach is called - ✔✔metes and bounds
✔✔A tract of land described as SW 1/4 of the SE 1/4 of the NE 1/4 if the NW 1/4 of
Section 1 contains - ✔✔2.5 acres
✔✔Broker Smith had an exclusive brokerage listing agreement with Mr. Mover. Prior to
the expiration date, the owner sold the home to old friends and refused to pay Broker
Smith a commission. Mr. Mover is obligated to pay Broker Smith - ✔✔no commission
✔✔What is a contract? - ✔✔An agreement between 2 or more competent persons
having as its purpose a legal objective, wherein the parties agree to act in a certain
manner
✔✔A broker receives a bonafide offer to buy property. The purchase agreement is
signed by both parties, but the title has not yet passed. The status of this contract is -
✔✔executory
✔✔A contract that has no legal effect because it does not contain all the essential
requirements of a contract is - ✔✔void
✔✔If an offeree makes any alteration in an offer before accepting it - ✔✔the initial offer
has been turned down and a counteroffer is being made
✔✔A sales associate should always obtain an earnest money deposit with a purchase
offer in order to - ✔✔have evidence of the offeror's good faith
✔✔In general, a broker who receives earnest money deposits is required to do the
following except - ✔✔keep operating funds in a trust account
✔✔When a quitclaim deed is given, the grantee receives - ✔✔Whatever interest and
benefit the grantor had if any
✔✔In the transfer of title, the required elements of a deed include - ✔✔names of the
parties, grantor and grantee
✔✔Mr. Freno lived next door to a real estate broker. Mr. Freno lived next door to a real
estate broker. Mr. Freno referred his sister to the broker next door, and she purchased a
house costing $120K, to show appreciate the broker may - ✔✔Express appreciation to
Mr. Freno (no money allowed)
,✔✔A real estate sales associate receiving a deposit on any transaction in which the
associate is engage on behalf of a broker shall - ✔✔immediately turn over the deposit to
the broker
✔✔The clause in a mortgage which permits the mortgagee to declare the entire unpaid
sum due upon a default is an - ✔✔acceleration clause
✔✔What is a warranty deed? - ✔✔A deed containing one or more covenants of title;
especially, a deed that expressly guarantees the grantors good, clear title and that
contains covenants concerning the quality of title, including warranties of seisin, quiet
enjoyment, right to convey, freedom of encumbrances and defense of title against all
claims
✔✔What is a trust account? - ✔✔an account held by a real estate broker to deposit
items (monies or other valuables of others) held in regard to the real estate transaction
✔✔What are appurtenances? - ✔✔rights, privileges and improvements that belong to
and pass with the transfer of real property.
✔✔Rental income is based upon - ✔✔number of paying tenants. (income received)
✔✔A lessee generally may - ✔✔sublet only if the lease permits it
✔✔A mortgage that is not insured or guaranteed by a division of the federal government
is a - ✔✔conventional mortgage
✔✔An FHA mortgage is - ✔✔insured by FHA
✔✔A person bought an apartment in a large building and received a deed conveying a
fee simple title, plus a fractional share of common elements, and a tax bill on the
apartment. This type of living unit is a - ✔✔condominium
✔✔The most complete estate is - ✔✔fee simple absolute
✔✔The practice of charging points in connection with mortgage loans is because of the
lenders desire to - ✔✔increase the effective yield, close the gap between market rate
and fixed rates, obtain the market yield
✔✔Mrs. Ching buys a parcel of land. Along with the land, she acquires an easement
appurtenant to travel across her neighbor's property to reach hers. Which of the
following statements is true regarding this easement? - ✔✔Mrs. Ching holds dominant
tenement
, ✔✔If the buyer fails to consummate a real estate transaction, forfeiture of the earnest
money is at the option of the - ✔✔seller
✔✔A lender wanting insurance coverage on property on which it was making a loan
would ask for a - ✔✔mortgagee's policy
✔✔Which is true concerning multiple listing services? - ✔✔Most are a function of a local
Board of Realtors
✔✔The brokerage relationship will last until its purpose has been fulfilled or it is
otherwise terminated. What are some reasons the relationship would be terminated? -
✔✔mutual consent, death of the principal, revocation by the broker
✔✔What is a reason that would permit an owner to cancel a brokerage relationship? -
✔✔death of the broker or the destruction of the property, refusal of the broker to reduce
the listed price, lack of diligence by the broker in procuring a buyer
✔✔A seller lists property for sale with a broker. In the listing contract which is legal in
OK, it is stipulated the seller will receive $162K net, with all the proceeds above that
going to the broker. This type of listing would be called a - ✔✔net listing
✔✔Multiple listing services are benefited because they - ✔✔expose properties to the
prospects of many participating brokers
✔✔A couple enters into an open listing agreement with Snaildust Realty. Later the
sellers find a buyer themselves and notify the broker. Which would be true? - ✔✔the
listing agreement is terminated
✔✔A couple wants to sell their house. They want a broker to show the property, but
they would like property, but they would like to be able to sell the house themselves w/o
paying a brokers commission. What form of listing would allow them to use the services
of several brokers and not pay commission if they sell themselves? - ✔✔open listing
✔✔A listing agreement without a date of termination is - ✔✔a prohibited dealing
✔✔Which of the following would be used to determine if an item of personal property
has become a fixture and thus real property? - ✔✔adaptation of the item to the
premises, an agreement between the parties, the intention of the parties
✔✔The Doctrine of Prior Appropriation applies to - ✔✔water rights
✔✔Chattel refers to - ✔✔personal property
ANSWERS SURE A+
✔✔The definitions of real property includes all of the following - ✔✔land and
improvements, mineral rights, buildings attached to the land
✔✔To resolve all "clouds" on title is - ✔✔suit to quiet title
✔✔Any interest in, or right to, land by third persons, adversely affecting the value of the
property is an - ✔✔encumburance
✔✔Under our land system, we have certain rights which are called "bundle of rights."
Which of the following is included in the "bundle of rights?" - ✔✔-The Right of
possession
-The right of control (w/in the law)
-The right of exclusion
-The right of enjoyment
-The right of disposition
✔✔What are riparian rights? - ✔✔The right of ownership on non-navigable waterways is
to its midpoint. The title is to the river bed at midstream. This right comes when a
natural water way is abutting or crossing owners land
✔✔Property of temporary or moveable nature is - ✔✔personal property
✔✔What is an abstract of title? - ✔✔a summary of all recorded instruments pertaining to
a property. Usually prepared for a mortgagee or purchaser of real property,
summarizing the history of a piece of land, including all recorded conveyances,
interests, liens, and encumbrances that affect title to the property
✔✔The OREC may conduct investigation of license activity - ✔✔on its own motion, as a
result of a complaint, as a result of a complaint from a licensee
✔✔What is the major purpose of the Oklahoma Real Estate Education and Recovery
Fund? - ✔✔To reimburse any person adjudged by a court to have suffered loss due to a
licensee violating the Code and Rules
✔✔Which of the following statements would not be cause for censure of a real estate
license? - ✔✔submitting offers to the seller prior to acceptance of any offer
✔✔Determining the needs and abilities of the prospective purchaser with a suitable
property is known as - ✔✔qualifying the prospect
,✔✔Real property described by beginning at a certain point and measuring and
indicating the direction and length of the boundaries of the property until the point of the
beginning again is reach is called - ✔✔metes and bounds
✔✔A tract of land described as SW 1/4 of the SE 1/4 of the NE 1/4 if the NW 1/4 of
Section 1 contains - ✔✔2.5 acres
✔✔Broker Smith had an exclusive brokerage listing agreement with Mr. Mover. Prior to
the expiration date, the owner sold the home to old friends and refused to pay Broker
Smith a commission. Mr. Mover is obligated to pay Broker Smith - ✔✔no commission
✔✔What is a contract? - ✔✔An agreement between 2 or more competent persons
having as its purpose a legal objective, wherein the parties agree to act in a certain
manner
✔✔A broker receives a bonafide offer to buy property. The purchase agreement is
signed by both parties, but the title has not yet passed. The status of this contract is -
✔✔executory
✔✔A contract that has no legal effect because it does not contain all the essential
requirements of a contract is - ✔✔void
✔✔If an offeree makes any alteration in an offer before accepting it - ✔✔the initial offer
has been turned down and a counteroffer is being made
✔✔A sales associate should always obtain an earnest money deposit with a purchase
offer in order to - ✔✔have evidence of the offeror's good faith
✔✔In general, a broker who receives earnest money deposits is required to do the
following except - ✔✔keep operating funds in a trust account
✔✔When a quitclaim deed is given, the grantee receives - ✔✔Whatever interest and
benefit the grantor had if any
✔✔In the transfer of title, the required elements of a deed include - ✔✔names of the
parties, grantor and grantee
✔✔Mr. Freno lived next door to a real estate broker. Mr. Freno lived next door to a real
estate broker. Mr. Freno referred his sister to the broker next door, and she purchased a
house costing $120K, to show appreciate the broker may - ✔✔Express appreciation to
Mr. Freno (no money allowed)
,✔✔A real estate sales associate receiving a deposit on any transaction in which the
associate is engage on behalf of a broker shall - ✔✔immediately turn over the deposit to
the broker
✔✔The clause in a mortgage which permits the mortgagee to declare the entire unpaid
sum due upon a default is an - ✔✔acceleration clause
✔✔What is a warranty deed? - ✔✔A deed containing one or more covenants of title;
especially, a deed that expressly guarantees the grantors good, clear title and that
contains covenants concerning the quality of title, including warranties of seisin, quiet
enjoyment, right to convey, freedom of encumbrances and defense of title against all
claims
✔✔What is a trust account? - ✔✔an account held by a real estate broker to deposit
items (monies or other valuables of others) held in regard to the real estate transaction
✔✔What are appurtenances? - ✔✔rights, privileges and improvements that belong to
and pass with the transfer of real property.
✔✔Rental income is based upon - ✔✔number of paying tenants. (income received)
✔✔A lessee generally may - ✔✔sublet only if the lease permits it
✔✔A mortgage that is not insured or guaranteed by a division of the federal government
is a - ✔✔conventional mortgage
✔✔An FHA mortgage is - ✔✔insured by FHA
✔✔A person bought an apartment in a large building and received a deed conveying a
fee simple title, plus a fractional share of common elements, and a tax bill on the
apartment. This type of living unit is a - ✔✔condominium
✔✔The most complete estate is - ✔✔fee simple absolute
✔✔The practice of charging points in connection with mortgage loans is because of the
lenders desire to - ✔✔increase the effective yield, close the gap between market rate
and fixed rates, obtain the market yield
✔✔Mrs. Ching buys a parcel of land. Along with the land, she acquires an easement
appurtenant to travel across her neighbor's property to reach hers. Which of the
following statements is true regarding this easement? - ✔✔Mrs. Ching holds dominant
tenement
, ✔✔If the buyer fails to consummate a real estate transaction, forfeiture of the earnest
money is at the option of the - ✔✔seller
✔✔A lender wanting insurance coverage on property on which it was making a loan
would ask for a - ✔✔mortgagee's policy
✔✔Which is true concerning multiple listing services? - ✔✔Most are a function of a local
Board of Realtors
✔✔The brokerage relationship will last until its purpose has been fulfilled or it is
otherwise terminated. What are some reasons the relationship would be terminated? -
✔✔mutual consent, death of the principal, revocation by the broker
✔✔What is a reason that would permit an owner to cancel a brokerage relationship? -
✔✔death of the broker or the destruction of the property, refusal of the broker to reduce
the listed price, lack of diligence by the broker in procuring a buyer
✔✔A seller lists property for sale with a broker. In the listing contract which is legal in
OK, it is stipulated the seller will receive $162K net, with all the proceeds above that
going to the broker. This type of listing would be called a - ✔✔net listing
✔✔Multiple listing services are benefited because they - ✔✔expose properties to the
prospects of many participating brokers
✔✔A couple enters into an open listing agreement with Snaildust Realty. Later the
sellers find a buyer themselves and notify the broker. Which would be true? - ✔✔the
listing agreement is terminated
✔✔A couple wants to sell their house. They want a broker to show the property, but
they would like property, but they would like to be able to sell the house themselves w/o
paying a brokers commission. What form of listing would allow them to use the services
of several brokers and not pay commission if they sell themselves? - ✔✔open listing
✔✔A listing agreement without a date of termination is - ✔✔a prohibited dealing
✔✔Which of the following would be used to determine if an item of personal property
has become a fixture and thus real property? - ✔✔adaptation of the item to the
premises, an agreement between the parties, the intention of the parties
✔✔The Doctrine of Prior Appropriation applies to - ✔✔water rights
✔✔Chattel refers to - ✔✔personal property
