OKLAHOMA REAL ESTATE EXAM
QUESTIONS WITH ANSWERS.
Which of the following government powers provides for the transfer of
ownership of real property from an owner to the state in the event the property
owner dies without a will or known heirs?
- correct answer -escheat
A developer approaches a municipality with a plan to purchase an available lot
in a growing neighborhood if they will allow it to be used for a combination
laundry and convenience store. Which of the following characteristics of value
is most apparent in this developer's plan? - correct answer -utility
Usefulness, desire for possession
A person who owns a house in severalty dies intestate. This person's spouse
has also passed away, and one of their three children ran away from home and
has not been heard from in over twenty years. Which of the following
statements about the transfer of this property is correct? - correct answer -
passes to his heirs
Severalty = possession by one person, sole owner
Which of the following types of listing agreements allows a seller to contract
with multiple licensees and only compensate the one that produces the buyer?
- correct answer -open listing
A lender is most likely to require a borrower to pay for private mortgage
,insurance in which of the following situations? - correct answer -the loan
amount is for 90% of the property's value
An appraiser determines that a subject thirty-year-old residence has a
replacement cost of $185,000 and is on a parcel of land worth $47,000. The
structure's accrued depreciation from physical deterioration and functional
obsolescence is estimated at approximately 40%. Given this information, which
of the following best represents the property's value? - correct answer -158,000
185,000*40%=74,000 depre
185,000-74,000= 111,000 value
111,000 + 47,000 land = 158,000 total value
In the preparation of a competitive market analysis (cma) or appraisal, which of
the following situations is most likely to be interpreted as a stigmatizing
property condition - correct answer - a history of major crime on the site
When applied to a real estate sales contract, the term "rescission" is most likely
to indicate that the contract has been - correct answer -terminated
The recording of an instrument gives: - correct answer - constructive notice
For the past 30 years, the ls have operated a neighborhood grocery store. Last
week the city council passed a zoning ordinance that prohibits packaged food
sales in the area where the ls' grocery store is located. The store is now an
example of a/an: - correct answer -non conforming use
,The total collection of rights which may be claimed by private ownership is
best described as: - correct answer -bundle of rights
In order to be valid all exclusive listings must include: - correct answer -
definite date of expiration
When factors unrelated to the property itself and outside of the owner's control
diminish its value is what? (a quick way to judge whether or not a property has
become economically obsolete is to analyze whether, under the new
circumstances, the location would still be chosen as a home site and, if yes, at
what value compared with the current property) - correct answer -economic
obsolescence
The primary purpose of truth in lending is to: - correct answer - disclose the
cost of obtaining credit
A property owner buys an adjacent parcel and combines it with the original
parcel to create a property with a higher value than the total of the two
separate property values. The operative principle of value in this situation is
called - correct answer - assemblage
Add the estimated land value and cost of improvements and subtract the
accrued depreciation of the improvements. This best describes what type of
approach to appraisel - correct answer - cost approach
, How much is a discount point? - correct answer -1% of loan amount
As an example of using the mill rate to calculate the dollar amount of property
tax payable, consider a property with an assessed value of $300,000 that is
located in a jurisdiction with a mill rate of
15. The property tax levied would therefore be $4,500. - correct answer -the
property tax would be 4,500
Mill rate /1000 then multiply assessed value to get tax amount 15/1000=.015
.015 x 300,000= 4,500
What type of contract is a real estate option contract? - correct answer -
unilateral contract
During an appraisal of a residential property an appraiser estimates the cost of
rebuilding the subject property so that it is identical to its current size and
condition is an example of what type of appraisal principle? - correct answer -
substitution
According to the statute of frauds in order for a real estate sales contract to be
enforceable in court they must be - correct answer - in writing
Which of the following terms identifies an element that is essential to creating a
valid real estate sales contract? - correct answer - legal purpose
QUESTIONS WITH ANSWERS.
Which of the following government powers provides for the transfer of
ownership of real property from an owner to the state in the event the property
owner dies without a will or known heirs?
- correct answer -escheat
A developer approaches a municipality with a plan to purchase an available lot
in a growing neighborhood if they will allow it to be used for a combination
laundry and convenience store. Which of the following characteristics of value
is most apparent in this developer's plan? - correct answer -utility
Usefulness, desire for possession
A person who owns a house in severalty dies intestate. This person's spouse
has also passed away, and one of their three children ran away from home and
has not been heard from in over twenty years. Which of the following
statements about the transfer of this property is correct? - correct answer -
passes to his heirs
Severalty = possession by one person, sole owner
Which of the following types of listing agreements allows a seller to contract
with multiple licensees and only compensate the one that produces the buyer?
- correct answer -open listing
A lender is most likely to require a borrower to pay for private mortgage
,insurance in which of the following situations? - correct answer -the loan
amount is for 90% of the property's value
An appraiser determines that a subject thirty-year-old residence has a
replacement cost of $185,000 and is on a parcel of land worth $47,000. The
structure's accrued depreciation from physical deterioration and functional
obsolescence is estimated at approximately 40%. Given this information, which
of the following best represents the property's value? - correct answer -158,000
185,000*40%=74,000 depre
185,000-74,000= 111,000 value
111,000 + 47,000 land = 158,000 total value
In the preparation of a competitive market analysis (cma) or appraisal, which of
the following situations is most likely to be interpreted as a stigmatizing
property condition - correct answer - a history of major crime on the site
When applied to a real estate sales contract, the term "rescission" is most likely
to indicate that the contract has been - correct answer -terminated
The recording of an instrument gives: - correct answer - constructive notice
For the past 30 years, the ls have operated a neighborhood grocery store. Last
week the city council passed a zoning ordinance that prohibits packaged food
sales in the area where the ls' grocery store is located. The store is now an
example of a/an: - correct answer -non conforming use
,The total collection of rights which may be claimed by private ownership is
best described as: - correct answer -bundle of rights
In order to be valid all exclusive listings must include: - correct answer -
definite date of expiration
When factors unrelated to the property itself and outside of the owner's control
diminish its value is what? (a quick way to judge whether or not a property has
become economically obsolete is to analyze whether, under the new
circumstances, the location would still be chosen as a home site and, if yes, at
what value compared with the current property) - correct answer -economic
obsolescence
The primary purpose of truth in lending is to: - correct answer - disclose the
cost of obtaining credit
A property owner buys an adjacent parcel and combines it with the original
parcel to create a property with a higher value than the total of the two
separate property values. The operative principle of value in this situation is
called - correct answer - assemblage
Add the estimated land value and cost of improvements and subtract the
accrued depreciation of the improvements. This best describes what type of
approach to appraisel - correct answer - cost approach
, How much is a discount point? - correct answer -1% of loan amount
As an example of using the mill rate to calculate the dollar amount of property
tax payable, consider a property with an assessed value of $300,000 that is
located in a jurisdiction with a mill rate of
15. The property tax levied would therefore be $4,500. - correct answer -the
property tax would be 4,500
Mill rate /1000 then multiply assessed value to get tax amount 15/1000=.015
.015 x 300,000= 4,500
What type of contract is a real estate option contract? - correct answer -
unilateral contract
During an appraisal of a residential property an appraiser estimates the cost of
rebuilding the subject property so that it is identical to its current size and
condition is an example of what type of appraisal principle? - correct answer -
substitution
According to the statute of frauds in order for a real estate sales contract to be
enforceable in court they must be - correct answer - in writing
Which of the following terms identifies an element that is essential to creating a
valid real estate sales contract? - correct answer - legal purpose
