OK Real Estate Test (PSI Test Questions)

Under what condition can confidential info be released? - 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? - answer-When the offeree puts the acceptance in the mail. Title insurance is always paid... - answer-By the buyer. The revolving fund is under the management of? - 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, - 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 - 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%? - answer-$1,040 What must an associate include in all advertising? - 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? - answer-Rectangular survey One member of the Oklahoma Real Estate Commission is set aside for A. a layman B. a lawyer. C. a member of the OAR. D. none of the above. - answer-layman Any real estate broker who charges and collects any fees in advance of the services provided by the broker shall provide a detailed accounting of expenditures to the person such services are performed for within A. 15 days after the time specified to perform such services or upon written request from person for whom services are performed for, but no longer than one year from date of contract for such services. B. 2 days after the time specified to perform such services or upon written request from person for whom services are performed for, but no longer than one year from date of contract for such