Oklahoma Real Estate Exam Questions with 100% Correct Answers
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Course
Oklahoma Real Estate
Institution
Oklahoma Real Estate
Fee Simple Determinable - Answer "Special limitation" a grant to an owner where the
duration of the owners interest can be determined by the terms of the grant usually
with the words "so long as" if the condition is broken, there is an automatic reversion to
the grantor of his/her heirs
Fee sim...
Oklahoma Real Estate Exam Questions with
100% Correct Answers
Fee Simple Determinable - Answer "Special limitation" a grant to an owner where the
duration of the owners interest can be determined by the terms of the grant usually
with the words "so long as" if the condition is broken, there is an automatic reversion to
the grantor of his/her heirs
Fee simple on a condition subsequent - Answer "Never to be used as" if the condition is
breached, the grantor or the heir would have to take proper legal steps to regain the
possession of the property. The possible future of the grantor or heirs is called the right
of re-entry
Life estate - Answer An estate based on the lid of another
Legal life estates - Answer Dower
Curtesy
Homestead
Dower - Answer A wife's interest in the estate of her deceased husband, where the
property was owned in his name only
Curtesy - Answer A husbands interest in the property of his deceased wife, where the
property was owned in her name only
Homestead - Answer A type of legal life estate that provides a partial exemption from
real estate taxes, bankruptcy laws and partial protection from certain creditors.
, Severalty - Answer Ownership of real estate by one person or entity
Declarant - Answer The name given to the landowner who creates the condominium
Unity of title - Answer When the title is transferred to all owners at the same time, this
unity is created
By-laws - Answer These rules of operation will govern a condominium community
Joint tenancy - Answer Type of ownership identified by the unities of time, title, interest
and possession
Suit for partition - Answer When owners cannot divide the property, one owner will
need to file this type of court action to divide the property
Master of Deed - Answer This type of deed is filed to establish the ownership as a
condominium
Planned unit development - Answer A mixed -land use that blends different types of
residential properties and usually includes commercial uses
Limited common element - Answer Only the owner of the condominium would be
allowed to use the area of this property (example patio attached to a unit)
Deed in trust - Answer This type of trust is established as a type of management
agreement which is used to provide anonymity and/or control an estate even after the
death of the trustee
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