OK Real Estate State Exam 2026/2027 |
Comprehensive Review | Practice
Questions & Study Notes
Tenant Kelly has the right to use landlord bob's property according to the lease
does kelly have an interest in the property? - correct answer-No because they
don't own the property
If a life estate names a third party to receive title to the property upon
termination of the life estate, the party who receives the interest is called what? -
correct answer-Remainder interest
What is an example of an involuntary lien? - correct answer-Judgement lien,
Income tax liens, Mechanic's lien
What date is used to establish lien priority for a mechanic's lien? - correct
answer-The date of the beginning or ending of the contractor's work
How is a testamentary trust different from a living trust? - correct answer-A
testamentary trust only takes effect when the truster dies
Jamal recently purchased a cooperative's stock and moved into one of the
cooperative's units. What type of lease does Jamal have with the cooperative
cooperation? - correct answer-Proprietary lease
,What form of ownership is held by business partners, as provided by the uniform
Partnership Act (UPA) - correct answer-Tenancy in partnership
Homeowner Jan just passed away testate. What legal instrument dictates how her
personal assets and property will be distributed? - correct answer-Jan's last will
and testament
Mayor Rodney is unsure how real estate taxes are calculated for a particular
residential property. How do you calculate real estate taxes? - correct answer-
Take the assessment value and multiply it by the mill levy.
Some taxing bodies recognize that local assessments can lead to unfairly high or
low values for properties in certain areas. therefore the jurisdiction may establish
what to level out the unevenness of valuations? - correct answer-Equalization
factors
Beginning at the NW Corner of the intersection of Pine & 675, thence north 950
feet, thence west 380 feet, thence south 50 feet, thence east 380 feet. Is this an
acceptable metes and bounds description? - correct answer-No, because it does
not begin and end at the point of beginning.
If a contractor is planning to build a new apartment complex, he or she needs to
consult with what to avoid any potential fines by the united states attorney
general for any building violations? - correct answer-Sherman Fair Housing Act
Standards
What is true regarding the platform-frame construction method? - correct
answer-It is the type of construction generally used in home building
, Soho Ranch is a newly incorporated town. What agency will be responsible for
reviewing and approving the site plans, subdivision plans, and zoning of Soho
Ranch? - correct answer-Planning Commission
Which U.S document guarantees a person's right to own land in the United
States? - correct answer-The U.S Constitution
Commercial zoning primarily regulates ___________ of usage? - correct answer-
Intensity
What is the best definition of market value? - correct answer-The price that a
willing, informed and unpressured seller and buyer agree upon for a property,
assuming a cash or equivalent offer and the property's reasonable exposure to
the market
If an investor anticipates an annual rental income from a leasehold property to be
$400,000 dollars, this expected sum has a direct bearing on what the investor will
pay for the property. This is an example of what? - correct answer-The principle
of anticipation
Which of the following is one of the three approaches to value? - correct answer-
The Sales comparison approach
What is the primary problem of using distressed sales as comparable? - correct
answer-Distressed properties tend to sell for less and have contingencies.
To determine the value using the income capitalization approach you must do
what? - correct answer-The NOI divided by the cap rate equals value
Comprehensive Review | Practice
Questions & Study Notes
Tenant Kelly has the right to use landlord bob's property according to the lease
does kelly have an interest in the property? - correct answer-No because they
don't own the property
If a life estate names a third party to receive title to the property upon
termination of the life estate, the party who receives the interest is called what? -
correct answer-Remainder interest
What is an example of an involuntary lien? - correct answer-Judgement lien,
Income tax liens, Mechanic's lien
What date is used to establish lien priority for a mechanic's lien? - correct
answer-The date of the beginning or ending of the contractor's work
How is a testamentary trust different from a living trust? - correct answer-A
testamentary trust only takes effect when the truster dies
Jamal recently purchased a cooperative's stock and moved into one of the
cooperative's units. What type of lease does Jamal have with the cooperative
cooperation? - correct answer-Proprietary lease
,What form of ownership is held by business partners, as provided by the uniform
Partnership Act (UPA) - correct answer-Tenancy in partnership
Homeowner Jan just passed away testate. What legal instrument dictates how her
personal assets and property will be distributed? - correct answer-Jan's last will
and testament
Mayor Rodney is unsure how real estate taxes are calculated for a particular
residential property. How do you calculate real estate taxes? - correct answer-
Take the assessment value and multiply it by the mill levy.
Some taxing bodies recognize that local assessments can lead to unfairly high or
low values for properties in certain areas. therefore the jurisdiction may establish
what to level out the unevenness of valuations? - correct answer-Equalization
factors
Beginning at the NW Corner of the intersection of Pine & 675, thence north 950
feet, thence west 380 feet, thence south 50 feet, thence east 380 feet. Is this an
acceptable metes and bounds description? - correct answer-No, because it does
not begin and end at the point of beginning.
If a contractor is planning to build a new apartment complex, he or she needs to
consult with what to avoid any potential fines by the united states attorney
general for any building violations? - correct answer-Sherman Fair Housing Act
Standards
What is true regarding the platform-frame construction method? - correct
answer-It is the type of construction generally used in home building
, Soho Ranch is a newly incorporated town. What agency will be responsible for
reviewing and approving the site plans, subdivision plans, and zoning of Soho
Ranch? - correct answer-Planning Commission
Which U.S document guarantees a person's right to own land in the United
States? - correct answer-The U.S Constitution
Commercial zoning primarily regulates ___________ of usage? - correct answer-
Intensity
What is the best definition of market value? - correct answer-The price that a
willing, informed and unpressured seller and buyer agree upon for a property,
assuming a cash or equivalent offer and the property's reasonable exposure to
the market
If an investor anticipates an annual rental income from a leasehold property to be
$400,000 dollars, this expected sum has a direct bearing on what the investor will
pay for the property. This is an example of what? - correct answer-The principle
of anticipation
Which of the following is one of the three approaches to value? - correct answer-
The Sales comparison approach
What is the primary problem of using distressed sales as comparable? - correct
answer-Distressed properties tend to sell for less and have contingencies.
To determine the value using the income capitalization approach you must do
what? - correct answer-The NOI divided by the cap rate equals value
