OKLAHOMA REAL ESTATE EXAM PREP LATEST UPDATE GRADED A+

OKLAHOMA REAL ESTATE EXAM PREP LATEST UPDATE GRADED A+ WHAT TYPE OF CONTRACT IS A REAL ESTATE OPTION CONTRACT? 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? SUBSTITUTION ACCORDING TO THE STATUTE OF FRAUDS IN ORDER FOR A REAL ESTATE SALES CONTRACT TO BE ENFORCEABLE IN COURT THEY MUST BE IN WRITING WHICH OF THE FOLLOWING TERMS IDENTIFIES AN ELEMENT THAT IS ESSENTIAL TO CREATING A VALID REAL ESTATE SALES CONTRACT? LEGAL PURPOSE DEFINE APPRAISED VALUE 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 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 UNDERSTOOD TO MEAN A TENANT HAS LEFT A PROPERTY AFTER A LANDLORD HAS ALLOWED IT TO BECOME UNINHABITABLE THE BEST STATEMENT ABOUT THE RELATIONSHIP BETWEEN A PROPERTY MORTGAGE AND A PROMISSORY NOTE IS THAT THE MORTGAGE 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 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 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 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? 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 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 AMERICANS WITH DISABILITIES ACT (ADA) PUFFING IS AN EXAGGERATION OF GOOD POINTS. AN EXAMPLE IS BEST VIEW OF THE MOUNTAINS IN TOWN MAXIMUM AMOUNTS OF ANY