OK PSI UPDATED QUESTIONS AND ANSWERS SURE A+
✔✔What is earnest money? - ✔✔a deposit paid (usually in escrow) by a prospective
buyer to show a good faith intention to complete the transaction, and ordinarily forfeited
if the buyer defaults. Although earnest money has traditionally been a normal sum (such
as nickel or dollar). It is not a mere token
✔✔What is the delivery of deed? - ✔✔delivery and acceptance is required; a deed
should be recorded at the county clerks office
✔✔A branch office manager - ✔✔must have a broker license
✔✔What is square footage? - ✔✔measurements of a dwelling can vary from a few ft to
several hundred ft regardless of the source. Buyer shall satisfy that the size and/or SF
of the dwelling is acceptable to the buyer. If a real estate licensee discloses SF info as
allowed in Title 59 OK Statutes, Sec 858-515.1, the licensee is required to disclose the
source of the info
✔✔A parcel of Real Property includes - ✔✔land and improvements; mineral rights,
trees, houses, and specific tanks; airspace, surface and ground beneath the surface
✔✔Bill and Ester Martin are building a new enclosed front porch to their home. The
lumber dealer with whom they are contracting has just unloaded a truckload of lumber in
front of their house that will be used to build the porch. At this point, the lumber is
considered to be - ✔✔personal property
✔✔No two parcels of land are exactly alike because no two parcels can occupy the
exact same position on the earth. This physical characteristic of land is -
✔✔Heterogeneity
✔✔Land in Oklahoma, under the governmental survey, is described by - ✔✔the
Cimarron Meridian and the Indian Meridian
✔✔The section in the NW corner of a township is numbered - ✔✔6
✔✔Which of the following is true concerning a metes and bounds description - ✔✔it
begins and ends at the point of beginning
✔✔A land description reading: The North one-half (N 1/2) of the South one-half (S 1/2)
of the Southwest quarter (SW 1/4) of the Northeast quarter (NE 1/4) of a Section would
contain - ✔✔10 acres
✔✔The kind of estate that is the most freely inheritable and transferable is - ✔✔a fee
simple estate
,✔✔An instrument which transfers possession of property but does not transfer
ownership is - ✔✔a lease
✔✔In order to create a homestead right in Oklahoma, the claimant must - ✔✔occupy
the property
✔✔A claim, lien, charge or liability attached to and binding upon real property such as a
judgement, mortgage, mechanic's lien, lien for unpaid taxes or right of way is an -
✔✔encumbrance and an easement
✔✔Wilfried J Bannister has just made the final payment on his mortgage loan to the
Bank of America. Regardless of this fact, the savings and loan association will still hold
a lien on Bannister's mortgaged property unity which of the following is recorded? -
✔✔recording of satisfaction or release of the mortgage
✔✔Sparkling River, broad and deep, and considered a navigable river, forms the
boundary between Farmer Brown's property and that of neighbor Ann. Ann allows
canoeists to cross her property to gain access to the river. The water traffic annoys
Farmer Brown. Does Farmer Brown have any right to stop the canoeists from using the
river? - ✔✔No, since sparkling river is a navigable river
✔✔Restrictions placed on property by subdivides that limit a landowners ability to
exercise absolute control over the condition and use of his real property are known as -
✔✔deed restrictions
✔✔Jackson Tire company has a manufacturing plant located in an area that recently
has been zoned residential. The company is allowed to operate under the new zoning
ordinance. If the plant is destroyed by fire or torn down, Mr. Jackson may - ✔✔not
construct another tire plant in the neighborhood without first applying for a zoning
variance
✔✔If a property is held by two or more owners as tenants in common, one owner's
interest would pass upon his or her death to which of the following? - ✔✔the heirs or
whoever is designated in the decedents will as the devisee
✔✔A,B, and C are joint tenants, each enjoying a one-third share of their jointly owned
property. C dies suddenly. In her will, she specified that her husband (D), who is not a
member of the tenancy, should inherit her share of the property. A & B meanwhile,
protest that the deceased tenants' share is rightfully theirs, to be split equally between
them. What is true? - ✔✔the court will rule in A & B's favor; A & B are now co-equal joint
tenants, with one-half tenants shares; Husband (D) acquires no interest in the tenancy
as a result of his wife's will
, ✔✔Sandy Jacobs and Eva Cole bought a store building and took title as joint tenants.
Cole died testate. Jacobs now owns the store - ✔✔in severalty
✔✔In order to enjoy some of the benefits of incorporation, yet retain the partnership
form of ownership, it is possible to form a "limited partnership." This can be achieved
only by filing a formal certificate. Limited partners - ✔✔are not responsible for firm debts
beyond their individual investment
✔✔What is NOT a true statement regarding condominium ownership? - ✔✔the entire
condominium regime is responsible for any tax default
✔✔Between contract time and delivery of a deed, the purchaser - ✔✔has equitable title
in the real estate involved
✔✔Harry hands Charlie a deed with the intent to pass title and asks Charlie not to
record the deed until Harry dies. when is the deed valid? - ✔✔immediately
✔✔After much negotiation, Jones and Dudd agree that Jones will deliver a deed that
assures good title through her time of ownership only. The deed agreed upon was -
✔✔a special warranty deed
✔✔A quitclaim deed has - ✔✔no expressed or implied warranty and guarantees nothing
✔✔It is not essential for a valid deed that - ✔✔it be dated and acknowledged
✔✔The covenant in a deed stating that the grantor has full possession of the premises
in fee simple, or any other estate he chooses to convey, is called the covenant of -
✔✔seizin
✔✔When a person dis testate, the real property - ✔✔passes by devise
✔✔What does devise mean? - ✔✔gift of real property by will or to plan bu careful
thought
✔✔Which of the following is not property included in the concept of the power of
eminent domain? - ✔✔exercise of zoning authority, includes: right of gov to take
property from owner, just compensation at fair market value, condemnation proceeding
✔✔Under what right or rights may the government take reality if an individual dies
intestate? - ✔✔Escheat (NOT police power, taxation or eminent domain)
✔✔Skimpy took a real estate class and learned about adverse possession. He decided
that he would apply his knowledge to acquire a parcel of vacant land near his home. If
✔✔What is earnest money? - ✔✔a deposit paid (usually in escrow) by a prospective
buyer to show a good faith intention to complete the transaction, and ordinarily forfeited
if the buyer defaults. Although earnest money has traditionally been a normal sum (such
as nickel or dollar). It is not a mere token
✔✔What is the delivery of deed? - ✔✔delivery and acceptance is required; a deed
should be recorded at the county clerks office
✔✔A branch office manager - ✔✔must have a broker license
✔✔What is square footage? - ✔✔measurements of a dwelling can vary from a few ft to
several hundred ft regardless of the source. Buyer shall satisfy that the size and/or SF
of the dwelling is acceptable to the buyer. If a real estate licensee discloses SF info as
allowed in Title 59 OK Statutes, Sec 858-515.1, the licensee is required to disclose the
source of the info
✔✔A parcel of Real Property includes - ✔✔land and improvements; mineral rights,
trees, houses, and specific tanks; airspace, surface and ground beneath the surface
✔✔Bill and Ester Martin are building a new enclosed front porch to their home. The
lumber dealer with whom they are contracting has just unloaded a truckload of lumber in
front of their house that will be used to build the porch. At this point, the lumber is
considered to be - ✔✔personal property
✔✔No two parcels of land are exactly alike because no two parcels can occupy the
exact same position on the earth. This physical characteristic of land is -
✔✔Heterogeneity
✔✔Land in Oklahoma, under the governmental survey, is described by - ✔✔the
Cimarron Meridian and the Indian Meridian
✔✔The section in the NW corner of a township is numbered - ✔✔6
✔✔Which of the following is true concerning a metes and bounds description - ✔✔it
begins and ends at the point of beginning
✔✔A land description reading: The North one-half (N 1/2) of the South one-half (S 1/2)
of the Southwest quarter (SW 1/4) of the Northeast quarter (NE 1/4) of a Section would
contain - ✔✔10 acres
✔✔The kind of estate that is the most freely inheritable and transferable is - ✔✔a fee
simple estate
,✔✔An instrument which transfers possession of property but does not transfer
ownership is - ✔✔a lease
✔✔In order to create a homestead right in Oklahoma, the claimant must - ✔✔occupy
the property
✔✔A claim, lien, charge or liability attached to and binding upon real property such as a
judgement, mortgage, mechanic's lien, lien for unpaid taxes or right of way is an -
✔✔encumbrance and an easement
✔✔Wilfried J Bannister has just made the final payment on his mortgage loan to the
Bank of America. Regardless of this fact, the savings and loan association will still hold
a lien on Bannister's mortgaged property unity which of the following is recorded? -
✔✔recording of satisfaction or release of the mortgage
✔✔Sparkling River, broad and deep, and considered a navigable river, forms the
boundary between Farmer Brown's property and that of neighbor Ann. Ann allows
canoeists to cross her property to gain access to the river. The water traffic annoys
Farmer Brown. Does Farmer Brown have any right to stop the canoeists from using the
river? - ✔✔No, since sparkling river is a navigable river
✔✔Restrictions placed on property by subdivides that limit a landowners ability to
exercise absolute control over the condition and use of his real property are known as -
✔✔deed restrictions
✔✔Jackson Tire company has a manufacturing plant located in an area that recently
has been zoned residential. The company is allowed to operate under the new zoning
ordinance. If the plant is destroyed by fire or torn down, Mr. Jackson may - ✔✔not
construct another tire plant in the neighborhood without first applying for a zoning
variance
✔✔If a property is held by two or more owners as tenants in common, one owner's
interest would pass upon his or her death to which of the following? - ✔✔the heirs or
whoever is designated in the decedents will as the devisee
✔✔A,B, and C are joint tenants, each enjoying a one-third share of their jointly owned
property. C dies suddenly. In her will, she specified that her husband (D), who is not a
member of the tenancy, should inherit her share of the property. A & B meanwhile,
protest that the deceased tenants' share is rightfully theirs, to be split equally between
them. What is true? - ✔✔the court will rule in A & B's favor; A & B are now co-equal joint
tenants, with one-half tenants shares; Husband (D) acquires no interest in the tenancy
as a result of his wife's will
, ✔✔Sandy Jacobs and Eva Cole bought a store building and took title as joint tenants.
Cole died testate. Jacobs now owns the store - ✔✔in severalty
✔✔In order to enjoy some of the benefits of incorporation, yet retain the partnership
form of ownership, it is possible to form a "limited partnership." This can be achieved
only by filing a formal certificate. Limited partners - ✔✔are not responsible for firm debts
beyond their individual investment
✔✔What is NOT a true statement regarding condominium ownership? - ✔✔the entire
condominium regime is responsible for any tax default
✔✔Between contract time and delivery of a deed, the purchaser - ✔✔has equitable title
in the real estate involved
✔✔Harry hands Charlie a deed with the intent to pass title and asks Charlie not to
record the deed until Harry dies. when is the deed valid? - ✔✔immediately
✔✔After much negotiation, Jones and Dudd agree that Jones will deliver a deed that
assures good title through her time of ownership only. The deed agreed upon was -
✔✔a special warranty deed
✔✔A quitclaim deed has - ✔✔no expressed or implied warranty and guarantees nothing
✔✔It is not essential for a valid deed that - ✔✔it be dated and acknowledged
✔✔The covenant in a deed stating that the grantor has full possession of the premises
in fee simple, or any other estate he chooses to convey, is called the covenant of -
✔✔seizin
✔✔When a person dis testate, the real property - ✔✔passes by devise
✔✔What does devise mean? - ✔✔gift of real property by will or to plan bu careful
thought
✔✔Which of the following is not property included in the concept of the power of
eminent domain? - ✔✔exercise of zoning authority, includes: right of gov to take
property from owner, just compensation at fair market value, condemnation proceeding
✔✔Under what right or rights may the government take reality if an individual dies
intestate? - ✔✔Escheat (NOT police power, taxation or eminent domain)
✔✔Skimpy took a real estate class and learned about adverse possession. He decided
that he would apply his knowledge to acquire a parcel of vacant land near his home. If
