OK Real Estate Test (PSI Test Questions) WITH COMPLETE SOLUTIONS

Under what condition can confidential info be released? correct answer: The party gives consent to the disclosure in writing. The seller makes a counteroffer. The Buyer accepts and decides to reply using "snail mail". When is a valid purchase contract created using the post office? correct answer: When the offeree puts the acceptance in the mail. Title insurance is always paid... correct answer: By the buyer. The revolving fund is under the management of? correct answer: The Oklahoma Real Estate Commission (OREC) When a form of real estate sales contract has been agreed to and signed by the purchasers and given to the seller's broker with an earnest money check, correct answer: this transaction is considered an offer. A property owner in a development is required to have a shake roof. This requirement is most likely to come from correct answer: A deed restriction. A borrower grosses $4,000 per month and pays $600 monthly for debt obligations. What monthly payment for housing expenses (principal, interest, taxes, insurance) can this person afford based on an FHA debt ratio of 41%? correct answer: $1,040 What must an associate include in all advertising? correct answer: associate's Broker's name Real Estate described as the NE 1/4 of the SW 1/4 of Section 4, Township 3 North, Range 2 East of the Cimarron Meridian would be which legal description? correct answer: Rectangu