PSI Oklahoma Real Estate Practice Test Latest Update|2024

PSI Oklahoma Real Estate Practice Test Latest Update|2024 MOST NNclosed NNreal NNestate NNtransactions NNshould NNbe NNreported NNto NNthe NNIRS. NNREQUIRED NNinformation NNincludes NNseller NNname(s) NNand NNsocial NNsecurity NNnumber(s) NNand the NNsale NNprice An NNowner NNhired NNa NNconstruction NNcompany NNto NNbuild NNa NNswimming NNpool NNat NNa NNnew NNhome. NNThe NNowner NNfailed NNto NNpay NNthe NNbill NNonce NNthe NNwork NNwas NNcompleted NNand NNthe NNconstruction NNcompany NNfiled NNa NNlien NNto NNobtain NNpayment NNof NNthe NNdebt. NNThe NNencumbrance NNcreated NNis NNcalled a NNmechanic's NNlien. Legal NNdescriptions NNusing NNthe NNgovernment NNsurvey NNsystem NNare NNNOT NNgenerally NNused NNin the NNoriginal NN13 NNstates. Three NNpeople NNbuy NNa NNhouse NNas NNtenants NNin NNcommon. NNSubsequently, NNtwo NNof NNthe NNowners NNwant NNto NNsell, NNbut NNthe NNthird NNdiscourages NNeach NNpotential NNpurchaser. NNThe NNtwo NNowners NNwho NNwish NNto NNsell NNthe NNhouse NNcan file NNan NNaction NNfor NNpartition NNagainst NNthe NNthird NNowner. A NNmajor NNdifference NNbetween NNfreehold NNand NNnonfreehold NNestates NNis NNthat NNall NNfreehold NNestates are NNof NNindeterminable NNduration. A NNproperty NNis NNencumbered NNby NNa NNfirst NNmortgage NNof NN$60,000 NNand NNa NNsecond NNmortgage NNof NN$23,500. NNThe NNproperty NNhas NNjust NNbeen NNsold NNat NNa NNforeclosure NNauction NNto NNa NNspeculating NNinvestor NNfor NN$88,000. NNAssume NNthat NNall NNcosts NNof NNthe NNforeclosure NNsale NNare NNincluded NNin NNthese NNbalances. NNWhich NNof NNthe NNfollowing NNstatements NNis NNFALSE NNregarding NNthe NNdistribution NNof NNfunds? The NNsecond NNmortgagee NNreceives NNnothing NNunless NNhe NNforced NNthe NNforeclosure NNauction. Although NNstates NNmake NNspecific NNlaws NNgoverning NNwater NNrights NNand NNthe NNrights NNin NNland NNthat NNborders NNwater, NNmost NNstates NNgenerally NNfollow NNone NNof NNtwo NNbasic NNdoctrines NNregarding NNwater NNrights. NNIn NNmany NNstates, NNthe NNcommon NNlaw NNdoctrine NNof NNriparian NNand NNlittoral NNrights NNdictates NNthat NNwater NNrights NNare NNautomatically NNconveyed NNwith NNproperty. NNIn NNothers, NNall NNwater NNrights NNare NNcontrolled NNby NNthe NNstate NNunder NNthe NNdoctrine NNof prior NNappropriation. In NNthe NNsale NNof NNproperty, NNthere NNis NNoften NNconfusion NNover NNwhether NNan NNitem NNis NNa NNfixture NNor NNpersonal NNproperty. NNWhat NNis NNthe NNbest NNway NNto NNavoid NNthis NNconfusion? Specify NNquestionable NNitems NNof NNproperty NNin NNthe NNwritten NNsales NNcontract. A NNlandowner NNwishes NNto NNbuild NNa NNneighborhood NNgrocery NNstore NNon NNa NNbusy NNstreet NNin NNan NNarea NNzoned NNfor NNresidential NNuse. NNWhich NNof NNthe NNfollowing NNwould NNMOST NNlikely NNbe NNused NNto NNobtain NNpermission NNfor NNthis NNstore? Conditional NNuse NNpermit NNor NNzoning NNvariance. An NNEnvironmental NNImpact NNStatement NN(EIS) projects NNthe NNimpact NNon NNthe NNenvironment NNof NNa NNproposed NNproject. A NNdeed NNrestriction NNis NNapplicable NNto NNthe NNactivities NNof present NNand NNfuture NNowners. An NNescheat NNoccurs NNwhen a NNproperty NNowner NNdies NNwithout NNheirs NNor NNa NNvalid NNwill. Ordinances NNthat NNspecify NNconstruction NNstandards NNare building NNcodes. When NNpreparing NNa NNmarket NNdata NNestimate NNof NNvalue, NNwhich NNof NNthe NNfollowing NNcategories NNof NNadjustment NNis NNNOT NNessential? The NNoriginal NNcost NNof NNthe NNbuilding. A NNcompetitive NNmarket NNanalysis NNtakes NNinto NNconsideration square NNfootage NNof NNthe NNsubject NNproperty. Three NNidentical NNhomes NNin NNa NNneighborhood NNwere NNlisted NNat NNthe NNsame NNtime NNin NNa NNmarket NNwhere NNdemand NNwas NNconst ant. NNAccording NNto NNthe NNlaw NNof NNsupply NNand NNdemand, NNwhich NNwould NNhave NNsold NNfor NNthe NNlowest NNprice? The NNfirst NNsold. A NNformal NNappraisal NNwill NNALWAYS NNbe NNREQUIRED NNwhen NNthe lender NNwants NNto NNsell NNthe NNmortgage NNto NNthe NNsecondary NNmarket. A NNcompetitive NNmarket NNanalysis NNis NNMOST NNoften NNused NNfor setting NNa NNlisting NNprice. According NNto NNthe NNprinciple NNof NNprogression, NNa NNthree -bedroom, NNone-story NNhome NNis NNMOST NNlikely NNto NNbring NNthe NNhighest NNsales NNprice NNif NNlocated NNin NNa NNneighborhood NNin NNwhich most NNhomes NNare NNlarger NNthan NNthe NNsale NNhome. If NNan NNolder NNbuilding NNcannot NNbe NNair-conditioned, NNit NNis NNan NNexample NNof functional NNobsolescence. A NNprospective NNseller NNasks NNa NNsalesperson NNto NNrecommend NNa NNlisting NNprice NNfor NNa NNproperty. NNThe NNsalesperson NNshould NNsuggest a NNcompetitive NNmarket NNanalysis NNto NNdetermine NNthe NNproperty's NNvalue. The NNFHA NNfunctions NNMOST NNlike an NNinsurance NNcompany.