Introduction to Real Estate Chapter 1 Questions and Answers Rated A+ In general, when th e supply of a certain commodity increases A prices tend to rise. B. prices tend to drop. C. prices tend to stabilize. D. demand tends to increase proportionately. ✔✔B. prices tend to drop. The real estate market is subject to A. the cyclic changes in the national economy. B. the law of supply and demand. C. Both A and B. D. Neither A nor B. ✔✔C. Both A and B. The typical real estate licensee must have specialized knowledge of a variety of subjects which include all of the following except A. financing. B. contracts. C. excavation. D. valuation. ✔✔C. excavation The regulatory body established by the legislature and empowered to carry out the provisions of the Oklahoma Real Estate License Code is the A. Association of Real Estate License Law Officials (AR ELLO). B. Oklahoma Real Estate Commission (OREC). C. Oklahoma Association of REALTORS (OAR). D. Oklahoma Chapter of License Law Officials (OCLLO). ✔✔B. Oklahoma Real Estate Commission (OREC). Which of the following is usually exempt from real estate licen sure? A. Associates showing new homes of a subdivision. B. Owners of real estate handling their own property, or delegating such right to an attorney -in-
fact. C. A public official handling the property of a fellow official. D. A self -appointed guardian sel ling the property of a minor. ✔✔B. Owners of real estate handling their own property, or delegating such right to an attorney -in-fact.
fact. C. A public official handling the property of a fellow official. D. A self -appointed guardian sel ling the property of a minor. ✔✔B. Owners of real estate handling their own property, or delegating such right to an attorney -in-fact.
