OK REAL ESTATE TEST (PSI TEST
QUESTIONS) QUESTIONS AND
CORRECT ANSWERS VERIFIED LATEST
2023-2024 GRADE A +
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
>>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. - CORRECT 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 services. C. 10 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. D. 5
days after the time specified to perform such services or upon
written request from person for whom servi - CORRECT
ANSWER >>10 days after the time specified to perform such
services or upon written request from person whom services are
performed for, but no longer than one year from date of contract
for such services.
, A release clause in a mortgage - CORRECT ANSWER >>Allows
portions of the property, given as security, to be released from the
mortgage lien upon performance of a specified act
The minimum age to get a Provisional Real Estate License in
Oklahoma is? - CORRECT ANSWER >>18 years of age or older
A provisional sales associate is - CORRECT ANSWER >>allowed
to enter into an agreement in the name of the real estate broker.
The taxable income from an investment property is estimated by
using which of the following formulas? - CORRECT ANSWER
>>Net income minus interest and depreciation
You list a lot which is 170 feet by 300 feet. How many acres are in
the lot? - CORRECT ANSWER >>1.17 acres
You sell a lot which is 75 feet by 145 feet. What part of an acre is
it? - CORRECT ANSWER >>1/4 acre
The supreme power inherent in the state to take land from the
owner by due process of law when necessary for the states use in
the public welfare is - CORRECT ANSWER >>eminent domain
QUESTIONS) QUESTIONS AND
CORRECT ANSWERS VERIFIED LATEST
2023-2024 GRADE A +
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
>>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. - CORRECT 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 services. C. 10 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. D. 5
days after the time specified to perform such services or upon
written request from person for whom servi - CORRECT
ANSWER >>10 days after the time specified to perform such
services or upon written request from person whom services are
performed for, but no longer than one year from date of contract
for such services.
, A release clause in a mortgage - CORRECT ANSWER >>Allows
portions of the property, given as security, to be released from the
mortgage lien upon performance of a specified act
The minimum age to get a Provisional Real Estate License in
Oklahoma is? - CORRECT ANSWER >>18 years of age or older
A provisional sales associate is - CORRECT ANSWER >>allowed
to enter into an agreement in the name of the real estate broker.
The taxable income from an investment property is estimated by
using which of the following formulas? - CORRECT ANSWER
>>Net income minus interest and depreciation
You list a lot which is 170 feet by 300 feet. How many acres are in
the lot? - CORRECT ANSWER >>1.17 acres
You sell a lot which is 75 feet by 145 feet. What part of an acre is
it? - CORRECT ANSWER >>1/4 acre
The supreme power inherent in the state to take land from the
owner by due process of law when necessary for the states use in
the public welfare is - CORRECT ANSWER >>eminent domain
