Charles Barnes Real estate exam prep Questions and Verified Answers | Accurate Solutions
| Get it 100% Correct!! | Already Graded A+
An important function of the secondary mortgage market is to? - (answer)Sell mortgage-backed
securities in order to buy pools of loans
Calculate NOI (net operating income) - (answer)Effective gross income - total operating expenses (fixed,
variable,occupied or vacant expenses)
A stream running north to south separates two parcels of land, The owner of the east bank claims all
water to the western bank. The owner of the western bank can legally dispute this claim based on what
doctrine? - (answer)Riparian Rights
Benefits of cost approach - (answer)1.- Very accurate with properties with new improvements 2.- upper
limit of the subject's value based on un-depreciated cost of reproducing the improvement
Cons of cost approach - (answer)cost to improve is not the same as market value & depreciation is
difficult to measure; especially older buildings.
A principal instructs an agent to inform any minority buyer that the property was just put under contact
a hour ago - (answer)the agent has not violated fiduciary duty
A special agent is best described as a person who - (answer)has authority to represent the principal in a
specific transaciton
Albert sells his home to ben which was built in 1977 Albert has to - (answer)provide B with a signed lead
based paint disclosure form
A licensee may accept a commission from - (answer)A sponsoring broker
At the direction of a seller client a agent tells a pregnant working woman that the property is not in a
good neighborhood for a single woman - (answer)Engaged in steering
,Charles Barnes Real estate exam prep Questions and Verified Answers | Accurate Solutions
| Get it 100% Correct!! | Already Graded A+
A condominium estate is distinguished by (7489) - (answer)fee simple ownership of a unit and an
undivided share of the common areas. [CORRECT]
Any interest in, or right to, land by third persons, adversely affecting the value of the property is an
(7397) - (answer)encumbrance. [CORRECT]
At a restaurant you overhear a Realtor bragging about the $12,000 commission on an 8% rate. You
wonder for how much did the house sell? (7742) - (answer)$150,000 [CORRECT]
A Licensee imbibed to liberally at the Brokerage Christmas Party; on the way home,she drove into
another car killing the driver; got charged with vehicular homicide; and enter a Nolo Contendre plea.
What's next? (7762) - (answer)Both 1 and 2 are correct. [CORRECT]
Any real estate broker who charges and collects any fees in advance of the services provided by the
broker shall provide a detailed accountaing of expenditures to the person such services are performed
for within (7406) - (answer)10 days after the time specified to perform such services or upon written
request from person for whom services are peformed for, but no longer than one year from date of
contract for such services.
A has his real estate license revoked by the Oklahoma Real Estate Commission. How many days does A
have to turn in his pocket card? - (answer)on or before the date the suspension/revocation becomes
effective.
A licensee who is engaged in licensed activities through social networking mediums must -
(answer)indicate their license status and include their broker's reference as required in the Code and
Rules.
A Realtor received a reprimand and $500 fine from OREC. After contemplating the action overnight, the
Licensee decided to appeal. By what day must the appeal be filed after notice of OREC's action? -
(answer)30 days after
,Charles Barnes Real estate exam prep Questions and Verified Answers | Accurate Solutions
| Get it 100% Correct!! | Already Graded A+
A broker may cooperate with other brokers in a transaction, under Sections 858-351 through 858-363 of
The Oklahoma Real Estate License Code. However, - (answer)a broker shall not be an agent, subagent, or
dual agent and an offer of subagency shall not be made to other brokers.
A is a real estate broker and changes her name. When must A report this change to the Oklahoma Real
Estate Commission? - (answer)Within 10 business days.
Allen receives a sales associate license, Allen's license will expire - (answer)in 36 months.
A is a licensed real estate broker and should reveal her license status under which of the following
conditions? - (answer)In any real estate transaction A is involved with.
An associate is prohibited from advertising - (answer)under only his or her name.
A house increases in value because of proximity to employment, schools, shopping, etc. These
neighborhood sites are referred to as: - (answer)amenities
A strength of the sales comparison approach to value is that - (answer)the approach is based on the
principle of substitution.
A's lender denied him a home loan. Which of the following conditions could A's lender have legally
denied him? - (answer)Credit history.
ARELLO stands for - (answer)Association of Real Estate License Law Officials.
For a contract to be enforceable it should - (answer)have legal objective.
Five members of the Oklahoma Real Estate Commission shall be - (answer)licensed real estate brokers.
, Charles Barnes Real estate exam prep Questions and Verified Answers | Accurate Solutions
| Get it 100% Correct!! | Already Graded A+
If a purchaser signs a contract under duress, it is generally - (answer)voidable by the buyer.
In agency the fiduciary duty requires the agent to - (answer)look out for the principal's best interest.
In which of the following situations would Fair Housing laws allow discrimination? - (answer)A
retirement community whose residents are all over 62 refuses to allow families with children to buy in
the community.
If you list a 2,300 square foot house with 2 baths, a three car garage and a den for $184,000 with a 6%
commission. The seller accepts a full price offer from another company. There is a 50/50 commission
split between your company and the selling company. Your commission is - (answer)5520
It may be cause for suspension or revocation of license to - (answer)accept a gift from an unlicensed
neighbor for selling their house.
It may be cause for suspension or revocation of license to - (answer)guarantee future profits from resale
of real estate.
It may be cause for suspension or revocation of license to - (answer)place a for sale sign on property
without consent of the owner.
Earl who is a real estate broker must - (answer)maintain records for a minimum of five years.
Earl is a real estate broker and has recently bought a new home and his personal residence address has
now changed. Earl - (answer)must notify the Commission office within 10 days.
Economic obsolescence results from what factors? - (answer)Conditions surrounding the property.
Leading prospective buyers to specific areas or avoiding areas to either maintain or change the area's
character is a definition of ... - (answer)Steering
| Get it 100% Correct!! | Already Graded A+
An important function of the secondary mortgage market is to? - (answer)Sell mortgage-backed
securities in order to buy pools of loans
Calculate NOI (net operating income) - (answer)Effective gross income - total operating expenses (fixed,
variable,occupied or vacant expenses)
A stream running north to south separates two parcels of land, The owner of the east bank claims all
water to the western bank. The owner of the western bank can legally dispute this claim based on what
doctrine? - (answer)Riparian Rights
Benefits of cost approach - (answer)1.- Very accurate with properties with new improvements 2.- upper
limit of the subject's value based on un-depreciated cost of reproducing the improvement
Cons of cost approach - (answer)cost to improve is not the same as market value & depreciation is
difficult to measure; especially older buildings.
A principal instructs an agent to inform any minority buyer that the property was just put under contact
a hour ago - (answer)the agent has not violated fiduciary duty
A special agent is best described as a person who - (answer)has authority to represent the principal in a
specific transaciton
Albert sells his home to ben which was built in 1977 Albert has to - (answer)provide B with a signed lead
based paint disclosure form
A licensee may accept a commission from - (answer)A sponsoring broker
At the direction of a seller client a agent tells a pregnant working woman that the property is not in a
good neighborhood for a single woman - (answer)Engaged in steering
,Charles Barnes Real estate exam prep Questions and Verified Answers | Accurate Solutions
| Get it 100% Correct!! | Already Graded A+
A condominium estate is distinguished by (7489) - (answer)fee simple ownership of a unit and an
undivided share of the common areas. [CORRECT]
Any interest in, or right to, land by third persons, adversely affecting the value of the property is an
(7397) - (answer)encumbrance. [CORRECT]
At a restaurant you overhear a Realtor bragging about the $12,000 commission on an 8% rate. You
wonder for how much did the house sell? (7742) - (answer)$150,000 [CORRECT]
A Licensee imbibed to liberally at the Brokerage Christmas Party; on the way home,she drove into
another car killing the driver; got charged with vehicular homicide; and enter a Nolo Contendre plea.
What's next? (7762) - (answer)Both 1 and 2 are correct. [CORRECT]
Any real estate broker who charges and collects any fees in advance of the services provided by the
broker shall provide a detailed accountaing of expenditures to the person such services are performed
for within (7406) - (answer)10 days after the time specified to perform such services or upon written
request from person for whom services are peformed for, but no longer than one year from date of
contract for such services.
A has his real estate license revoked by the Oklahoma Real Estate Commission. How many days does A
have to turn in his pocket card? - (answer)on or before the date the suspension/revocation becomes
effective.
A licensee who is engaged in licensed activities through social networking mediums must -
(answer)indicate their license status and include their broker's reference as required in the Code and
Rules.
A Realtor received a reprimand and $500 fine from OREC. After contemplating the action overnight, the
Licensee decided to appeal. By what day must the appeal be filed after notice of OREC's action? -
(answer)30 days after
,Charles Barnes Real estate exam prep Questions and Verified Answers | Accurate Solutions
| Get it 100% Correct!! | Already Graded A+
A broker may cooperate with other brokers in a transaction, under Sections 858-351 through 858-363 of
The Oklahoma Real Estate License Code. However, - (answer)a broker shall not be an agent, subagent, or
dual agent and an offer of subagency shall not be made to other brokers.
A is a real estate broker and changes her name. When must A report this change to the Oklahoma Real
Estate Commission? - (answer)Within 10 business days.
Allen receives a sales associate license, Allen's license will expire - (answer)in 36 months.
A is a licensed real estate broker and should reveal her license status under which of the following
conditions? - (answer)In any real estate transaction A is involved with.
An associate is prohibited from advertising - (answer)under only his or her name.
A house increases in value because of proximity to employment, schools, shopping, etc. These
neighborhood sites are referred to as: - (answer)amenities
A strength of the sales comparison approach to value is that - (answer)the approach is based on the
principle of substitution.
A's lender denied him a home loan. Which of the following conditions could A's lender have legally
denied him? - (answer)Credit history.
ARELLO stands for - (answer)Association of Real Estate License Law Officials.
For a contract to be enforceable it should - (answer)have legal objective.
Five members of the Oklahoma Real Estate Commission shall be - (answer)licensed real estate brokers.
, Charles Barnes Real estate exam prep Questions and Verified Answers | Accurate Solutions
| Get it 100% Correct!! | Already Graded A+
If a purchaser signs a contract under duress, it is generally - (answer)voidable by the buyer.
In agency the fiduciary duty requires the agent to - (answer)look out for the principal's best interest.
In which of the following situations would Fair Housing laws allow discrimination? - (answer)A
retirement community whose residents are all over 62 refuses to allow families with children to buy in
the community.
If you list a 2,300 square foot house with 2 baths, a three car garage and a den for $184,000 with a 6%
commission. The seller accepts a full price offer from another company. There is a 50/50 commission
split between your company and the selling company. Your commission is - (answer)5520
It may be cause for suspension or revocation of license to - (answer)accept a gift from an unlicensed
neighbor for selling their house.
It may be cause for suspension or revocation of license to - (answer)guarantee future profits from resale
of real estate.
It may be cause for suspension or revocation of license to - (answer)place a for sale sign on property
without consent of the owner.
Earl who is a real estate broker must - (answer)maintain records for a minimum of five years.
Earl is a real estate broker and has recently bought a new home and his personal residence address has
now changed. Earl - (answer)must notify the Commission office within 10 days.
Economic obsolescence results from what factors? - (answer)Conditions surrounding the property.
Leading prospective buyers to specific areas or avoiding areas to either maintain or change the area's
character is a definition of ... - (answer)Steering
