Oklahoma Real Estate Test PSI Test Question with 100 % correct answers | Verified | updated

"The present worth of future benefits arising from the ownership of real property," is the definition of - Value "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 and B signed a contract that was based on illegal consideration, this contract is - Void A asked you to appraise their property. The property had no monthly income and had no comparable in the market. You would most likely use - cost approach 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 A Broker has a listing contract on a vacant house. It has taken longer to sell than anticipated. The Broker hires a lawn company to mow and trim. Who owes the mower? - the Broker A Broker is liquidating the Brokerage to retire in Florida. To dispose of his personal house, what must the Broker do? - Disclose that the Broker is a Licensed Realtor A broker must notify the Oklahoma Real Estate Commission of their trust account(s). How many trust accounts is a broker allowed? - Unlimited A broker shall maintain a bookkeeping system i.e., canceled checks, check book, deposit receipts, general accounts ledger, etc. which will accurately and - clearly disclose full compliance with the Law relating to the maintaining of trust accounts.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 buyer submits an offer to the seller. While the seller is considered the offer, the buyer calls and cancels the offer, saying the home was too expensive. The seller protests, claiming she was going to accept the contract. Which of the following is true? - The original offer is cancelled and the protest means nothing. A couple bought their Dream Home in June 2005 with an ARM that reset in 2010. However, in 2009 they both became unemployed and lost their house to Foreclosure in February 2011. Why? - A has his real estate license revoked by OREC. How many days does A have to turn in his pocket card? - on or before the date suspension/revocation becomes effective. A house is sold for $150,000. How much will the documentary stamps be? A. $112.5 B. $175 C. $225 D. $212.5 - $225 A husband and wife own a piece of property that measures 1 mile by 1 mile. The couple owns how many acres? - 640 A is a licensed real estate broker and should reveal her license status under which of the following conditions? - In any real estate transaction A is involved with