OKLAHOMA REAL ESTATE
EXAM PREP
a
,OKLAHOMA REAL ESTATE EXAM PREP WITH ANSWERS
.75 FOR EVERY $500
THEREFORE 40,635/500=81.27
81.25*.75=60.96 (ROUND UP) - answer-Sam Seller sold his duplex for the sum of $40,635 on an
assumption type sale. When the transaction was closed, the mortgage assumed was $20,000. What
was the cost of documentary tax stamps attached to the deed
$15,000
180,000+7,000+18,000=205,000 (TOTAL EXPENSES)
220,000 - 180,000= 15,000 - answer-A principal residence is bought for $180,000. A new porch is
added, costing $7,000. Five years later the home sells for $220,000, and the closing costs $18,000.
What is the homeowner's capital gain?
$2,000 - answer-What is the maximum administrative fine OREC may impose for a SINGLE violation
1 YEAR - answer-A Provisional Real Estate license shall be issued a term of
1 YEAR (365 DAYS) - answer-What is the time limitation for reporting alleged violations of the
Federal Fair Housing Act and Amendments?
1% OF LOAN AMOUNT - answer-How much is a discount point?
1031 EXCHANGE - answer-This program permits investors to defer taxes
12,000/8% = 150,000 - answer-At a restaurant you overhear a Realtor bragging about the $12,000
commission on an 8% rate. You wonder for how much did the house sell
122,500 X 85% = 104,125
127,800 - 104,125 = 23,675
23,675 - 5,000 = 18,675 - answer-A PROSPECTIVE BUYER HAS OFFERED $127,800 FOR A CONDO
THAT APPRAISES FOR $122,500 AND HAS MADE A DEPOSIT OF $5,000. IF THE BUYER ARRANGES A
MORTGAGE FOR 85% OF THE APPRAISED VALUE AND ASKS THE OWNER FOR SELLER FINANCING ON
THE DIFFERENCE HOW MUCH WILL THAT BE?
158,000
185,000*40%=74,000 DEPRE
185,000-74,000= 111,000 VALUE
111,000 + 47,000 LAND = 158,000 TOTAL VALUE - answer-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?
170*300=51,000
51, = 1.17
1.17 ACRES - answer-You list a lot which is 170 feet by 300 feet. How many acres are in the lot
180 DAYS AFTER THE SELLER COMPLETES IT - answer-At what date is the Residential Property
Condition Disclosure Statement no longer valid?
, 250,000 FOR SINGLE FILERS
500,000 FOR MARRIED FILING JOINT - answer-MAXIMUM AMOUNTS OF ANY PROFIT THAT WOULD
BE EXEMPT FROM CAPITAL GAINS TAX IS
250,000*80%=200,000
200,000/1,000=200
200*27=5,400 ANNUAL
5,400/12=450 MONTHLY - answer-The $250,000 house is taxed at 80% Assessed Value. If the house
is taxed at $27 per $1,000, what is the MONTHLY property tax?
30 DAYS - answer-With a Tenancy at Will, how many days notice is mandated to terminate the
tenancy?
4,000 * 41% = 1,640
1,640 - 600 = 1,040 - answer-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%?
5 WILL BE LICENSED REAL ESTATE BROKERS
1 WILL BE A LAY PERSON
1 WILL BE A MEMBER OF AN APPROVED REAL ESTATE SCHOOL - answer-MEMBERS OF REAL ESTATE
COMMISSION SHALL BE MADE UP OF
5 YEARS - answer-Earl who is a real estate broker must keep records for a minimum
5,280 FT IN A MILE
43,560 SQ FT IN AN ACRE
1/4 ACRE = 5280/4 = 1320 FT
3/4 ACRE = 1320 X 3 = 3960 FT
3/4 BY 3/4 = 1320 X 1320 = 15,681,600
15,681,600/ 43,560 = 360 ACRES - answer-The advertisement said the land measured "3/4 of a mile
by 3/4 of a mile." How may acres of land are for sale?
57,000
185,000*12%=22,200 (APPRECIATION)
185,000-150,000=35,000 (EQUITY)
22,200 + 35,000 = 57,000 TOTAL EQUITY - answer-The house of your friend that cost $185,000 has
appreciated 12% over time. With a balance of $150,000, what is the equity in the house?
6%
7,200/120,000=.06
COMMISSION / SALE AMOUNT - answer-You sell your house for $120,000. The commission is $7,200.
What is the commission rate?
640 ACRES
A SECTION IS 1 MILE BY 1 MILE WHICH EQUALS 640 ACRES - answer-A husband and wife own a piece
of property that measures 1 mile by 1 mile. The couple owns how many acres
7 - answer-THERE ARE HOW MANY MEMBERS ON THE REAL ESTATE COMMISSION
75*145=10,875
