PSI Oklahoma Real Estate Practice Test Questions and Answers 100% Pass

PSI Oklahoma Real Estate Practice Test Questions and Answers 100% Pass MOST closed real estate transactions should be reported to the IRS. REQUIRED information includes seller name(s) and social security number(s) and the sale price An owner hired a construction company to build a swimming pool at a new home. The owner failed to pay the bill once the work was completed and the construction company filed a lien to obtain payment of the debt. The encumbrance created is called a mechanic's lien. Legal descriptions using the government survey system are NOT generally used in the original 13 states. Three people buy a house as tenants in common. Subsequently, two of the owners want to sell, but the third discourages each potential purchaser. The two owners who wish to sell the house can file an action for partition against the third owner. A major difference between freehold and nonfreehold estates is that all freehold estates are of indeterminable duration. A property is encumbered by a first mortgage of $60,000 and a second mortgage of $23,500. The property has just been sold at a foreclosure auction to a speculating investor for $88,000. Assume that all costs of the foreclosure sale are included in these balances. Which of the following statements is FALSE regarding the distribution of funds? The second mortgagee receives nothing unless he forced the foreclosure auction. Although states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of two basic doctrines regarding water rights. In many states, the common law doctrine of riparian and littoral rights dictates that water rights are automatically conveyed with property. In others, all water rights are controlled by the state under the doctrine of prior appropriation. In the sale of property, there is often confusion over whether an item is a fixture or personal property. What is the best way to avoid this confusion? Specify questionable items of property in the written sales contract. A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for residential use. Which of the following would MOST likely be used to obtain permission for this store? Conditional use permit or zoning variance. An Environmental Impact Statement (EIS) projects the impact on the environment of a proposed project. A deed restriction is applicable to the activities of present and future owners. An escheat occurs when a property owner dies without heirs or a valid will. Ordinances that specify construction standards are building codes. When preparing a market data estimate of value, which of the following categories of adjustment is NOT essential? The original cost of the building. A competitive market analysis takes