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Oklahoma Real Estate Test Questions With Correct Solutions |Verified
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Oklahoma Real Estate Test Questions With Correct Solutions |Verified
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Oklahoma Real Estate Test QuestionsWith Correct Solutions |Verified
Prices tend to drop CORRECT ANSWERS In general, when the supply of a certain commodity increases
The real estate market is subject to CORRECT ANSWERS The cyclic changes in the national economy & the law of supply and demand
Financing,Contracts & Valuation CORRECT ANSWERS The typical real estate licensee
must have specialized knowledge of a variety of subjects which include of the following
Oklahoma Real Estate Commission(OREC) CORRECT ANSWERS The regulatory body established by the legislature and empowered to carry out the provisions of the Oklahoma Real Estate License Code
Owners of real estate handling their own property, or delegating such right to an attorney-in-fact. CORRECT ANSWERS Which of the following is usually exempt from real estate licensure?
FICA tax, State unemployment tax & Federal income tax withheld CORRECT ANSWERS When brokers hire associates as employees, they are responsible for paying which of the following on behalf of the associates?
Independent contractors CORRECT ANSWERS Persons who are only responsible to their employer for the results of their work
Which of the following is an accurate statement regarding a successful career in real estate? CORRECT ANSWERS A successful career in real estate is based on ethical conduct and service to others.
A successful career in real estate is based on knowledge of a great variety of subjects.
Clients CORRECT ANSWERS The NAR Code of Ethics reflects the relations of the licensee to public, licensee to fellow brokers and licensee to
only members of NAR CORRECT ANSWERS The term REALTOR is a registered trademark term and can be used by
ARELLO CORRECT ANSWERS Association of Real Estate License Law Officials
Home sales CORRECT ANSWERS The largest number of licensed people in the real estate industry are in involved in Tenant relations, maintenance of property, negotiations CORRECT ANSWERS Property managers must be skilled in
Insurance CORRECT ANSWERS In Oklahoma, appraisers are licensed or certified by the Appraisal Board, administered under the Oklahoma Department of
Local Governments CORRECT ANSWERS Urban planners usually have an appropriate
degree and employed by
Manage property belonging to another & sell property belonging to another CORRECT ANSWERS Which is usually not exempt from real estate licensure?
Commission splits CORRECT ANSWERS May vary after meeting certain production goals
Administrative Law CORRECT ANSWERS Which specialized type of law sets forth the ground rules by which the Commission must function to ensure orderly procedures and equal treatment for all.
Sell their computer testing system to other states CORRECT ANSWERS The OREC has the power to
4 CORRECT ANSWERS How many years are the Oklahoma Real Estate Commissioners appointed to serve?
Primarily African Americans & Minority real estate licensees CORRECT ANSWERS The
National Association of Real Estate Brokers was established in 1947 (NAREB). Its members are REALTISTS
The main emphasis of ARELLO is the CORRECT ANSWERS Exchange of information, exchange of ideas regarding licensing, regulation and adoption of similar policies and standards for all states.
CCIM CORRECT ANSWERS Which association provides in-depth courses for persons interested in learning about commercial real estate?
70% CORRECT ANSWERS In the United States, about what percentage of the population lives within one hundred miles of a coastal line?
Types of mortgages available, interest rates, closing dates CORRECT ANSWERS For the individual, what factors would weigh heavily in determining an offer price?
A parcel of real property may include CORRECT ANSWERS Land and improvements. mineral rights, trees,houses and septic tanks. Airspace, surface, and ground beneath the surface. To use, sell, or lease the property.
To enter, give away, or do nothing with the property. CORRECT ANSWERS Which of the following are ownership rights as contemplated by the "bundle of rights"?
Right of unrestricted use. CORRECT ANSWERS Which of the following is NOT one of the "bundles of rights"?
Right of Possession Rights of Enjoyment Rights of Disposition CORRECT ANSWERS Which of the following are "Bundles of Rights"?
Non-Navigable rivers & streams CORRECT ANSWERS Riparian rights relate to the use
and ownership of water in
Littoral Rights CORRECT ANSWERS The right to the water and ownership of the land up to the tire high-water mark of land abutting or bordering navigable bodies are
Mobility CORRECT ANSWERS Personal property is most easily distinguished from real
property by its
Personal property CORRECT ANSWERS Owners are building a new enclosed front porch on a home. The lumber dealer with whom they are contracting has just unloaded a truckload of lumber in the front of their house that will be used to build the porch. At this point the lumber is considered to be
Crops produced annually by labor and industry CORRECT ANSWERS In discussing the
terms of the sale, a licensee makes reference to emblements. This has to do with
The adaptation of the the item to the premises.
An agreement between the parties involved.
The intention of the parties. CORRECT ANSWERS Which of the following tests would be used to determine if an item of personal property has become a fixture and, thus real
property?
Heterogeneity CORRECT ANSWERS The fact that no two parcels of land can occupy the same location gives land the characteristic of
Is considered permanent, fixed, and immovable. CORRECT ANSWERS As distinguished from personal property, real property
Improvements CORRECT ANSWERS Man-made permanent additions to land are called
Capital & Labor CORRECT ANSWERS When improving land, which of the following expenditures represents a fixed investment
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