OREC Final Kevo Questions and Answers Graded A+

OREC Final Kevo Questions and Answers Graded A+ The real estate market may be described in all of the following ways EXCEPT: free market. local market. moveable market. market that is slow to react to change in supply and demand. ✔✔C. moveable market The provisions of the Oklahoma Real Estate License Code originate in the state legislature. The agency created in 1950 to administer and enforce the Code is the: National Association of REALTORS®. Association of Real Estate License Law Officials. Oklahoma Association of Real Estate Authorities. Oklahoma Real Estate Commission. ✔✔D. Oklahoma Real Estate Commission The provisions requiring a person to be licensed as a real estate broker or sales associate shall apply to any person who for compensation: leases, offers to lease, rents or offers to rent real estate. solicits prospective purchasers of real property. Both A and B. Neither A nor B. ✔✔C. leases, offers to lease, rents or offers to rent real estate. solicits prospective purchasers of real property. Both The term REALTOR refers to: all licensed real estate brokers. all brokers and their sales associates. members of the Oklahoma Real Estate Commission. only brokers and associates who are members of the National Association of REALTORS. ✔✔D. only brokers and associates who are members of the National Association of REALTORS The definition of real property includes all of the following, EXCEPT: land and i mprovements. mineral rights. buildings attached to the land. trade fixtures. ✔✔D. trade fixtures Under our land system, we have certain rights which are called "bundle of rights." Which of the following is included in the "bundle of rights?": Right of dis position. Right of unrestricted use. Right of eminent domain. Right to bear arms. ✔✔A. Right of disposition Riparian rights are best described as those rights: specifically granted for a specified source of water. found in the records of the office of the County Clerk. an owner has from a natural water course abutting or crossing the land. obtained by the purchase of fixtures. ✔✔C. an owner has from a natural water course abutting or crossing the land Property of a temporary or moveable nature is: persona l property. real property. Realty. real estate. ✔✔A. personal property Which of the following is an economic characteristic of land?: Scarcity. Indestructibility. Heterogeneity. Fixed location. ✔✔A. Scarcity Which of the following does the law recognize as the highest type of interest in real estate?: Conventional life estate. Fee simple estate. Leasehold estate. Estate of survivorship. ✔✔B. Fee simple estate Real estate occupied as a home by an owner who enj oys special rights and privileges is a(n): Freehold. Homestead. joint tenancy.