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Oklahoma Real Estate Exam Questions with 100% Correct Answers
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Oklahoma Real Estate Exam Questions with 100% Correct Answers
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Oklahoma Real Estate ExamQuestions with 100% Correct
Answers
Leasehold condominiums - Answer This term is given to a condominium community,
that is built on land that was leased, the purchasers should determine if the lease is
99 years and renewable forever, or if it ends at a certain time
What is land - Answer Surface, subsurface, and air rights
Real property - Answer Real estate and the interests associated with ownership
Real Estate - Answer Land and all appurtenances attached to the land
Physical characteristics of real estate - Answer Heterogeneity
Immobility
Durability
, Heterogenity - Answer Every parcel of land is unique
Immobility - Answer Ownership is transferred but the land is not
Durability - Answer The improvements can be destroyed but not the land
4 economic characteristics of land - Answer Scarcity
Improvements
Permanence of investments
Location
Scarcity - Answer Availability of land in a particular area is limited
Improvements
Permanence of investments - Answer Made for site development such as streets,
sewer lines, etc will increase the value of land
Location - Answer Also known as situs, a buyer will increase his or her price for the
right location
Personal Property - Answer Moveable property also known as chattele
Emblements/fructus industrials - Answer Annual crops which are considered to be real
property
Fixture - Answer An item of personal property that it's use or attachment is considered
to be real estate
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