OKLAHOMA REAL ESTATE STUDY EXAM GUIDE QUESTIONS
AND ANSWERS SURE A+
✔✔You sell a 2,300 square foot house for $192,000. What is the price per square foot?
- ✔✔$83.48
✔✔Zane is the broker who has a listing a property for Ben. The property is listed at
$310,000. Zane find a potential buyer who submits an offer to Ben for the full listing
price with an additional stipulation that been replacing the carpet in the property. Ben
refuses, Zane can? - ✔✔Collect no commission.
✔✔Which of the following is true of a Homestead? - ✔✔A homestead interest if a form
of legal life Estate.
✔✔When writing a contract you are inserting the legal description into the contract. You
should not based illegal description on? - ✔✔The street address.
✔✔The buyer purchased a property. For years, neighbors had considered the house
strange with odd happenings. The house has been rented for eight years and only one
owner, but no one would live there very long. Neither the realtor nor the seller disclosed
that a murder suicide had occurred at the residence 10 years earlier as a type of ritual.
What should the realtor have done? - ✔✔The broker has no obligation to disclose.
✔✔The landlord needs to perform a semi annual inspection. How much notice of entry
must the landlord provide the tenant? - ✔✔1 day
✔✔Which statement best describes the definition of a trust account? - ✔✔An account
for depositing client funds
✔✔When title to real estate is vested in one person or entity (such as a corporation),
that person or organization is said to own a(an)? - ✔✔Estate in severalty
✔✔The realtor and buyer had a written contract. The contract expired, the buyer bought
a house the realtor had shown her but with another broker. The buyer had to pay a
realtor number one commission why? - ✔✔Exclusive Right Agreement
✔✔A Provisional Real Estate license shall be issued a term of - ✔✔twelve months
✔✔What is the time limitation for reporting alleged violations of the federal fair housing
act in amendments? - ✔✔365 days
,✔✔All the following closing expenses are allowed under the real estate settlement
procedures act, except? - ✔✔A: fees paid by an escrow company to a sales associate
for referring business.
✔✔An agent feels to discover crumbling tiles on the basement ceiling do beneath a
bathroom. The agent sells the property, and the buyer later she's the agent for not
discovering and disclosing a clearly visible an obvious problem. In this case the agent? -
✔✔Has an exposure to negligent misrepresentation
✔✔A real estate broker changes her name. When must a she report this change to the
Oklahoma real estate commission - ✔✔Within 10 business days
✔✔The buyer signed a contract for deed; but five years after making all monthly
payments, the buyer fails to submit a payment. The seller gets a judgment to reclaim
the property because of what?
A. Acceleration clause
B. Aeolian Transfer
C. Novation
D. Mutual agreement - ✔✔A. Acceleration clause
✔✔"Without both parties' written consent, The broker is prohibited from representing
both the seller and the buyer in the same transaction," defines: - ✔✔Dual Agency
✔✔A retailer installs a special display canister exhibit her progress. At the end of the
lease term the retailer moves to another state, leaving the counters in the store. At this
point the counters are considered which of the following? - ✔✔Real property since the
trade fixtures were abandoned.
✔✔No more than two members shall be appointed from A. Tulsa. B. the state
legislature. C. the same congressional district. D. Oklahoma City. - ✔✔the same
congressional district.
✔✔A is a resident manager for a local apartment complex and is responsible for
negotiating leases for the apartment complex. A is? - ✔✔Not violating the law because
A is exempt.
✔✔Your friend has a current balance of $150,000 on a $185,000 loan st 6% interest for
30 years. The monthly P & I is $1109.17. I'll be the mortgage balance off for the next
payment? - ✔✔$149,640.83
✔✔The landlord needs to serve the tenant with a notice to terminate the tenancy. To
whom shall notice be served? - ✔✔Any family over the age of 12.
, ✔✔What signed document changes a customer into a client? - ✔✔A brokerage service
agreement (can be oral)
✔✔Under a special agency agreement, a broker is not authorized to? - ✔✔execute a
contract for sale agreement
✔✔What agency promulgates regulation Z? - ✔✔Federal Reserve System
✔✔A tenant obtains a low rental rate for a building, but agrees to pay all operating
expenses. This is an example of a - ✔✔net lease
✔✔A major employer relocates, leaving many homes in an area vacant and
unmaintained. This is an example of - ✔✔incurable economic obsolescence
✔✔A business buyer wants to acquire a business in its totality, including the business
identity and all rights, obligations, liabilities, and assets. The type of transaction that
would accomplish this aim is - ✔✔a stock sale
✔✔A and B signed a contract that was based on illegal consideration, this contract is -
✔✔Void
✔✔The Oklahoma Real Estate Commission shall have the powers and duties of -
✔✔imposing administrative fines in accordance with state statutes
✔✔Depreciation is - ✔✔Loss of value from any cause
✔✔Bill has as lawsuit filed against him by Sandy. Bill currently has a piece of property
that is lean free worth $500,000 he is trying to sell. In order for Sandy to preserve
interest, Sandy should - ✔✔file a lies pendens
✔✔How does the Brokerage Relationships Act define a firm? - ✔✔A sole proprietor,
corporation, association or partnership
✔✔Of the following sources of loan money, which does not service their loans? -
✔✔Mortgage Broker
✔✔B is 45 years old and wants to rent a house from you. Under the Fair Housing Law
which of the following would be legal? - ✔✔Declining to rent to B because of his lack of
income
✔✔Which of the following best describes "Amortization"? - ✔✔Payment on a loan in
regular payments of interest and principal
AND ANSWERS SURE A+
✔✔You sell a 2,300 square foot house for $192,000. What is the price per square foot?
- ✔✔$83.48
✔✔Zane is the broker who has a listing a property for Ben. The property is listed at
$310,000. Zane find a potential buyer who submits an offer to Ben for the full listing
price with an additional stipulation that been replacing the carpet in the property. Ben
refuses, Zane can? - ✔✔Collect no commission.
✔✔Which of the following is true of a Homestead? - ✔✔A homestead interest if a form
of legal life Estate.
✔✔When writing a contract you are inserting the legal description into the contract. You
should not based illegal description on? - ✔✔The street address.
✔✔The buyer purchased a property. For years, neighbors had considered the house
strange with odd happenings. The house has been rented for eight years and only one
owner, but no one would live there very long. Neither the realtor nor the seller disclosed
that a murder suicide had occurred at the residence 10 years earlier as a type of ritual.
What should the realtor have done? - ✔✔The broker has no obligation to disclose.
✔✔The landlord needs to perform a semi annual inspection. How much notice of entry
must the landlord provide the tenant? - ✔✔1 day
✔✔Which statement best describes the definition of a trust account? - ✔✔An account
for depositing client funds
✔✔When title to real estate is vested in one person or entity (such as a corporation),
that person or organization is said to own a(an)? - ✔✔Estate in severalty
✔✔The realtor and buyer had a written contract. The contract expired, the buyer bought
a house the realtor had shown her but with another broker. The buyer had to pay a
realtor number one commission why? - ✔✔Exclusive Right Agreement
✔✔A Provisional Real Estate license shall be issued a term of - ✔✔twelve months
✔✔What is the time limitation for reporting alleged violations of the federal fair housing
act in amendments? - ✔✔365 days
,✔✔All the following closing expenses are allowed under the real estate settlement
procedures act, except? - ✔✔A: fees paid by an escrow company to a sales associate
for referring business.
✔✔An agent feels to discover crumbling tiles on the basement ceiling do beneath a
bathroom. The agent sells the property, and the buyer later she's the agent for not
discovering and disclosing a clearly visible an obvious problem. In this case the agent? -
✔✔Has an exposure to negligent misrepresentation
✔✔A real estate broker changes her name. When must a she report this change to the
Oklahoma real estate commission - ✔✔Within 10 business days
✔✔The buyer signed a contract for deed; but five years after making all monthly
payments, the buyer fails to submit a payment. The seller gets a judgment to reclaim
the property because of what?
A. Acceleration clause
B. Aeolian Transfer
C. Novation
D. Mutual agreement - ✔✔A. Acceleration clause
✔✔"Without both parties' written consent, The broker is prohibited from representing
both the seller and the buyer in the same transaction," defines: - ✔✔Dual Agency
✔✔A retailer installs a special display canister exhibit her progress. At the end of the
lease term the retailer moves to another state, leaving the counters in the store. At this
point the counters are considered which of the following? - ✔✔Real property since the
trade fixtures were abandoned.
✔✔No more than two members shall be appointed from A. Tulsa. B. the state
legislature. C. the same congressional district. D. Oklahoma City. - ✔✔the same
congressional district.
✔✔A is a resident manager for a local apartment complex and is responsible for
negotiating leases for the apartment complex. A is? - ✔✔Not violating the law because
A is exempt.
✔✔Your friend has a current balance of $150,000 on a $185,000 loan st 6% interest for
30 years. The monthly P & I is $1109.17. I'll be the mortgage balance off for the next
payment? - ✔✔$149,640.83
✔✔The landlord needs to serve the tenant with a notice to terminate the tenancy. To
whom shall notice be served? - ✔✔Any family over the age of 12.
, ✔✔What signed document changes a customer into a client? - ✔✔A brokerage service
agreement (can be oral)
✔✔Under a special agency agreement, a broker is not authorized to? - ✔✔execute a
contract for sale agreement
✔✔What agency promulgates regulation Z? - ✔✔Federal Reserve System
✔✔A tenant obtains a low rental rate for a building, but agrees to pay all operating
expenses. This is an example of a - ✔✔net lease
✔✔A major employer relocates, leaving many homes in an area vacant and
unmaintained. This is an example of - ✔✔incurable economic obsolescence
✔✔A business buyer wants to acquire a business in its totality, including the business
identity and all rights, obligations, liabilities, and assets. The type of transaction that
would accomplish this aim is - ✔✔a stock sale
✔✔A and B signed a contract that was based on illegal consideration, this contract is -
✔✔Void
✔✔The Oklahoma Real Estate Commission shall have the powers and duties of -
✔✔imposing administrative fines in accordance with state statutes
✔✔Depreciation is - ✔✔Loss of value from any cause
✔✔Bill has as lawsuit filed against him by Sandy. Bill currently has a piece of property
that is lean free worth $500,000 he is trying to sell. In order for Sandy to preserve
interest, Sandy should - ✔✔file a lies pendens
✔✔How does the Brokerage Relationships Act define a firm? - ✔✔A sole proprietor,
corporation, association or partnership
✔✔Of the following sources of loan money, which does not service their loans? -
✔✔Mortgage Broker
✔✔B is 45 years old and wants to rent a house from you. Under the Fair Housing Law
which of the following would be legal? - ✔✔Declining to rent to B because of his lack of
income
✔✔Which of the following best describes "Amortization"? - ✔✔Payment on a loan in
regular payments of interest and principal
