OK Real Estate Test (PSI Test Questions) with Complete Solutions

OK Real Estate Test (PSI Test Questions) with Complete Solutions Under what condition can confidential info be released? The party gives consent to the disclosure in writing. The seller makes a counteroffer. The Buyer accepts and decides to reply using "snail mail". When is a valid purchase contract created using the post office? When the offeree puts the acceptance in the mail. Title insurance is always paid... By the buyer. The revolving fund is under the management of? The Oklahoma Real Estate Commission (OREC) 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. A property owner in a development is required to have a shake roof. This requirement is most likely to come from A deed restriction. A borrower grosses $4,000 per month and pays $600 monthly for debt obligations. What monthly payment for housing expenses (principal, interest, taxes, insurance) can this person afford based on an FHA debt ratio of 41%? $1,040 What must an associate include in all advertising? associate's Broker's name Real Estate described as the NE 1/4 of the SW 1/4 of Section 4, Township 3 North, Range 2 East of the Cimarron Meridian would be which legal description? Rectangular survey One member of the Oklahoma Real Estate Commission is set aside for A. a layman B. a lawyer. C. a member of the OAR. D. none of the above. layman Any real estate broker who charges and collects any fees in advance of the services provided by the broker shall provide a detailed accounting of expenditures to the person such services are performed for within A. 15 days after the time specified to perform such services or upon written request from person for whom services are performed for, but no longer than one year from date of contract for such services. B. 2 days after the time specified to perform such services or upon written request from person for whom services are performed for, but no longer than one year from date of contract for such services. C. 10 days after the time specified to perform such services or upon written request from person for whom services are performed for, but no longer than one year from date of contract for such services. D. 5 days after the time specified to perform such services or upon written request from person for whom services are performed for, but no longer than one year from date of contract for such services. 10 days after the time specified to perform such services or upon written request from person whom services are performed for, but no longer than one year from date of contract for such services. A release clause in a mortgage Allows portions of the property, given as security, to be released from the mortgage lien upon performance of a specified act The minimum age to get a Provisional Real Estate License in Oklahoma is? 18 years of age or older A provisional sales associate is allowed to enter into an agreement in the name of the real estate broker. The taxable income from an investment property is estimated by using which of the following formulas? Net income minus interest and depreciation You list a lot which is 170 feet by 300 feet. How many acres are in the lot? 1.17 acres You sell a lot which is 75 feet by 145 feet. What part of an acre is it? 1/4 acre The supreme power inherent in the state to take land from the owner by due process of law when necessary for the states use in the public welfare is eminent domain Claire, who is a real estate broker, closes her office. Claire Must terminate all advertising in the name of her firm and offering signs must be removed within 30 days. Which of the following deeds would be most preferred by the buyer? General warranty deed The Real Estate commission May discipline licensees, instructors, and real estate schools by which of the following? All of the above A Licensee imbibed to liberally at the Brokerage Christmas Party; on the way home,she drove into another car killing the driver; got charged with vehicular homicide; and enter a Nolo Contendre plea. What's next? (7762) Both 1 and 2 are