OKOLHAMA REAL ESTATE EXAM QUESTIONS
AND 100% CORRECT ANSWERS|LATEST
2025/2026|GRADED A+
WHAT TYPE OF CONTRACT IS A REAL ESTATE OPTION CONTRACT? -
ANSWER 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? -
ANSWER SUBSTITUTION
ACCORDING TO THE STATUTE OF FRAUDS IN ORDER FOR A REAL ESTATE SALES CONTRACT TO
BE ENFORCEABLE IN COURT THEY MUST BE - ANSWER IN WRITING
WHICH OF THE FOLLOWING TERMS IDENTIFIES AN ELEMENT THAT IS ESSENTIAL TO
CREATING A VALID REAL ESTATE SALES CONTRACT? - ANSWER LEGAL PURPOSE
DEFINE APPRAISED VALUE - ANSWER 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 -
ANSWER 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 - ANSWER 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 - ANSWER CREATES A PROPERTY LIEN AS
1
Wicky
,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 -
ANSWER 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 - ANSWER 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 - ANSWER 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? - ANSWER 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 - ANSWER 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 - ANSWER AMERICANS WITH DISABILITIES ACT (ADA)
PUFFING IS AN EXAGGERATION OF GOOD POINTS. AN EXAMPLE IS - ANSWER BEST
VIEW OF THE MOUNTAINS IN TOWN
2
Wicky
, MAXIMUM AMOUNTS OF ANY PROFIT THAT WOULD BE EXEMPT FROM CAPITAL GAINS TAX
IS - ANSWER 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 - ANSWER 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 - ANSWER OFFICE SPACE RENT AND TELEPHONE
WHAT BEST DEFINES A MATERIAL DEFECT - ANSWER A DEFECT THAT WOULD AFFECT A
BUYERS DECISION TO PURCHASE OR AFFECT THE PROPERTIES VALUE
THE TRUTH IN LENDING ACT ALSO KNOWN AS CONSUMER CREDIT PROTECTION ACT OF
1968 AND REGULATION Z LATER IS A PART OF WHICH FEDERAL LAWS -
ANSWER FEDERAL RESERVE
WHEN A DEED OR LIEN IS PLACE IN PUBLIC RECORDS IN ORDER TO MAKE THEM AVAILABLE
TO ANYONE SEARCHING IS KNOWN AS - ANSWER CONSTRUCTIVE NOTICE OF
TRANSFER
A BUYER - BROKER AGREEMENT IS MOST LIKELY TO CREATE WHAT TYPE OF AGENCY
RELATIONSHIP - ANSWER BUYERS AGENCY
ACCORDING TO THE TRUTH IN LENDING ACT (REGULATION Z) AN ADVERTISEMENT FOR REAL
ESTATE FINANCING MUST INCLUDE SPECIFIC DISCLOSURES FOR - ANSWER FINANCE
COST AND CHARGES
3
Wicky
AND 100% CORRECT ANSWERS|LATEST
2025/2026|GRADED A+
WHAT TYPE OF CONTRACT IS A REAL ESTATE OPTION CONTRACT? -
ANSWER 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? -
ANSWER SUBSTITUTION
ACCORDING TO THE STATUTE OF FRAUDS IN ORDER FOR A REAL ESTATE SALES CONTRACT TO
BE ENFORCEABLE IN COURT THEY MUST BE - ANSWER IN WRITING
WHICH OF THE FOLLOWING TERMS IDENTIFIES AN ELEMENT THAT IS ESSENTIAL TO
CREATING A VALID REAL ESTATE SALES CONTRACT? - ANSWER LEGAL PURPOSE
DEFINE APPRAISED VALUE - ANSWER 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 -
ANSWER 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 - ANSWER 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 - ANSWER CREATES A PROPERTY LIEN AS
1
Wicky
,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 -
ANSWER 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 - ANSWER 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 - ANSWER 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? - ANSWER 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 - ANSWER 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 - ANSWER AMERICANS WITH DISABILITIES ACT (ADA)
PUFFING IS AN EXAGGERATION OF GOOD POINTS. AN EXAMPLE IS - ANSWER BEST
VIEW OF THE MOUNTAINS IN TOWN
2
Wicky
, MAXIMUM AMOUNTS OF ANY PROFIT THAT WOULD BE EXEMPT FROM CAPITAL GAINS TAX
IS - ANSWER 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 - ANSWER 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 - ANSWER OFFICE SPACE RENT AND TELEPHONE
WHAT BEST DEFINES A MATERIAL DEFECT - ANSWER A DEFECT THAT WOULD AFFECT A
BUYERS DECISION TO PURCHASE OR AFFECT THE PROPERTIES VALUE
THE TRUTH IN LENDING ACT ALSO KNOWN AS CONSUMER CREDIT PROTECTION ACT OF
1968 AND REGULATION Z LATER IS A PART OF WHICH FEDERAL LAWS -
ANSWER FEDERAL RESERVE
WHEN A DEED OR LIEN IS PLACE IN PUBLIC RECORDS IN ORDER TO MAKE THEM AVAILABLE
TO ANYONE SEARCHING IS KNOWN AS - ANSWER CONSTRUCTIVE NOTICE OF
TRANSFER
A BUYER - BROKER AGREEMENT IS MOST LIKELY TO CREATE WHAT TYPE OF AGENCY
RELATIONSHIP - ANSWER BUYERS AGENCY
ACCORDING TO THE TRUTH IN LENDING ACT (REGULATION Z) AN ADVERTISEMENT FOR REAL
ESTATE FINANCING MUST INCLUDE SPECIFIC DISCLOSURES FOR - ANSWER FINANCE
COST AND CHARGES
3
Wicky
