OKLAHOMA REAL ESTATE EXAM PREP
Questions and Answers 100% Solved
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
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,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
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,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
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, 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 PROFIT THAT WOULD BE EXEMPT
FROM CAPITAL GAINS TAX IS - ✔✔250,000 FOR SINGLE FILERS
500,000 FOR MARRIED FILING JOINT
UNDER FEDERAL FAIR HOUSING ACT REQUIREMENTS A PROPERTY
MANAGER OF A RESIDENTIAL MULTI-UNIT PROPERTY MAY LEGALLY
REFUSE TO APPROVE RENTING A UNIT IN A PROPERTY
EXCLUSIVELY OCCUPIED BY PERSONS OVER 65 TO - ✔✔A SINGLE
PARENT WITH AN INFANT CHILD
WHAT TYPE OF EXPENSES WILL A FIRM MOST LIKELY BE
RESPONSIBLE FOR PAYING FOR A NEWLY LICENSED SALES
PERSON WHO HAS CONTRACTED TO WORK FOR A BROKER OF THE
FIRM - ✔✔OFFICE SPACE RENT AND TELEPHONE
WHAT BEST DEFINES A MATERIAL DEFECT - ✔✔A DEFECT THAT
WOULD AFFECT A BUYERS DECISION TO PURCHASE OR AFFECT
THE PROPERTIES VALUE
4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Questions and Answers 100% Solved
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
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,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
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,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
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, 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 PROFIT THAT WOULD BE EXEMPT
FROM CAPITAL GAINS TAX IS - ✔✔250,000 FOR SINGLE FILERS
500,000 FOR MARRIED FILING JOINT
UNDER FEDERAL FAIR HOUSING ACT REQUIREMENTS A PROPERTY
MANAGER OF A RESIDENTIAL MULTI-UNIT PROPERTY MAY LEGALLY
REFUSE TO APPROVE RENTING A UNIT IN A PROPERTY
EXCLUSIVELY OCCUPIED BY PERSONS OVER 65 TO - ✔✔A SINGLE
PARENT WITH AN INFANT CHILD
WHAT TYPE OF EXPENSES WILL A FIRM MOST LIKELY BE
RESPONSIBLE FOR PAYING FOR A NEWLY LICENSED SALES
PERSON WHO HAS CONTRACTED TO WORK FOR A BROKER OF THE
FIRM - ✔✔OFFICE SPACE RENT AND TELEPHONE
WHAT BEST DEFINES A MATERIAL DEFECT - ✔✔A DEFECT THAT
WOULD AFFECT A BUYERS DECISION TO PURCHASE OR AFFECT
THE PROPERTIES VALUE
4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
