Exam (elaborations)
OKLAHOMA REAL ESTATE EXAM PREP QUESTIONS WITH VERIFIED ANSWERS
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OKLAHOMA REAL ESTATE EXAM PREP QUESTIONS WITH VERIFIED ANSWERS
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OKLAHOMA REAL ESTATE EXAM PREPQUESTIONS WITH VERIFIED ANSWERS
UNILATERAL CONTRACT CORRECT ANSWERS WHAT TYPE OF CONTRACT IS A REAL ESTATE OPTION CONTRACT?
SUBSTITUTION CORRECT ANSWERS 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?
IN WRITING CORRECT ANSWERS ACCORDING TO THE STATUTE OF FRAUDS IN ORDER FOR A REAL ESTATE SALES CONTRACT TO BE ENFORCEABLE IN COURT THEY MUST BE
LEGAL PURPOSE CORRECT ANSWERS WHICH OF THE FOLLOWING TERMS IDENTIFIES AN ELEMENT THAT IS ESSENTIAL TO CREATING A VALID REAL ESTATE SALES CONTRACT?
An evaluation of a property's value based on a given point in time that is performed by a
professional appraiser during the mortgage origination process. CORRECT ANSWERS DEFINE APPRAISED VALUE
Generally, a contract for the sale of real property containing the phrase "time is of the essence" creates the requirement that both parties to the contract perform within the time specified. CORRECT ANSWERS DEFINE "TIME IS OF THE ESSENCE" CLAUSE
IN A REAL ESTATE SALES CONTRACT
A TENANT HAS LEFT A PROPERTY AFTER A LANDLORD HAS ALLOWED IT TO BECOME UNINHABITABLE CORRECT ANSWERS AS USED IN PROPERTY MANAGEMENT THE TERM "CONSTRUCTIVE EVICTION" IS BEST UNDERSTOOD TO MEAN
CREATES A PROPERTY LIEN AS SECURITY FOR THE NOTE WHICH GIVES THE DETAILS OF BOTH THE AMOUNT OF THE DEBT AND THE TERMS OF REPAYMENT CORRECT ANSWERS THE BEST STATEMENT ABOUT THE RELATIONSHIP BETWEEN A PROPERTY MORTGAGE AND A PROMISSORY NOTE
IS THAT THE MORTGAGE
A CAR DEALERSHIP LOCATED DOWNWIND FROM A NEW HOG FARM CORRECT ANSWERS AN EXAMPLE OF A PROPERTY SUFFERING FROM EXTERNAL (ECONOMIC) OBSOLESCENCE IS THE OWNERSHIP INTERESTS MAY BE CONVEYED SEPARATELY CORRECT ANSWERS WHAT TYPE OF OWNERSHIP INTEREST APPLIES TO PARTIES WHO OWN REAL PROPERTY AS TENANTS IN COMMON
REVERSE ANNUITY CORRECT ANSWERS A HOMEOWNER WITHOUT ANY LIENS ON THE PROPERTY ARRANGES FOR A LOAN THAT PROVIDES A SERIES OF SMALL MONTHLY PAYMENTS TO THE OWNER RATHER THAN A SINGLE LARGE PAYMENT THAT MUST BE PAID BACK IN INSTALLMENTS
90,000 X .08 = 7,200 (INT PER YEAR)
7,200/12 = 600 INT PER FIRST MONTH
745-600= 145 PRINCIPAL CORRECT ANSWERS A BUYER ARRANGES FOR A $90,000 MORTGAGE LOAN WITH AN ANNUAL INTEREST RATE OF 8% AND A FIXED MONTHLY PAYMENT OF $745. HOW MUCH OF THE PAYMENT WILL REPRESENT PRINCIPAL?
MULTIPLEX THEATERS, APARTMENT BUILDINGS ETC CORRECT ANSWERS THE PROVISIONS OF THE AMERICANS WITH DISABILITIES ACT (ADA) APPLY TO OWNERS OF WHAT TYPES OF PROPERTIES
AMERICANS WITH DISABILITIES ACT (ADA) CORRECT ANSWERS ACCESS RAMPS TO GOVERNMENT BUILDINGS, GRAB BARS IN PUBLIC REST ROOMS AND A ROW OF PAY PHONES WITH SEVERAL PLACED LOWER ARE EXAMPLES OF COMPLIANCE WITH WHAT FEDERAL LAW
BEST VIEW OF THE MOUNTAINS IN TOWN CORRECT ANSWERS PUFFING IS AN EXAGGERATION OF GOOD POINTS. AN EXAMPLE IS
250,000 FOR SINGLE FILERS
500,000 FOR MARRIED FILING JOINT CORRECT ANSWERS MAXIMUM AMOUNTS OF ANY PROFIT THAT WOULD BE EXEMPT FROM CAPITAL GAINS TAX IS
A SINGLE PARENT WITH AN INFANT CHILD CORRECT ANSWERS UNDER FEDERAL FAIR HOUSING ACT REQUIREMENTS A PROPERTY MANAGER OF A RESIDENTIAL MULTI-UNIT PROPERTY MAY LEGALLY REFUSE TO APPROVE RENTING A UNIT IN A PROPERTY EXCLUSIVELY OCCUPIED BY PERSONS OVER 65 TO
OFFICE SPACE RENT AND TELEPHONE CORRECT ANSWERS WHAT TYPE OF EXPENSES WILL A FIRM MOST LIKELY BE RESPONSIBLE FOR PAYING FOR A NEWLY LICENSED SALES PERSON WHO HAS CONTRACTED TO WORK FOR A BROKER OF THE FIRM
A DEFECT THAT WOULD AFFECT A BUYERS DECISION TO PURCHASE OR AFFECT THE PROPERTIES VALUE CORRECT ANSWERS WHAT BEST DEFINES A MATERIAL DEFECT FEDERAL RESERVE CORRECT ANSWERS THE TRUTH IN LENDING ACT ALSO KNOWN AS CONSUMER CREDIT PROTECTION ACT OF 1968 AND REGULATION Z
LATER IS A PART OF WHICH FEDERAL LAWS
CONSTRUCTIVE NOTICE OF TRANSFER CORRECT ANSWERS WHEN A DEED OR
LIEN IS PLACE IN PUBLIC RECORDS IN ORDER TO MAKE THEM AVAILABLE TO ANYONE SEARCHING IS KNOWN AS
BUYERS AGENCY CORRECT ANSWERS A BUYER - BROKER AGREEMENT IS MOST LIKELY TO CREATE WHAT TYPE OF AGENCY RELATIONSHIP
FINANCE COST AND CHARGES CORRECT ANSWERS ACCORDING TO THE TRUTH IN LENDING ACT (REGULATION Z) AN ADVERTISEMENT FOR REAL ESTATE FINANCING MUST INCLUDE SPECIFIC DISCLOSURES FOR
122,500 X 85% = 104,125
127,800 - 104,125 = 23,675
23,675 - 5,000 = 18,675 CORRECT ANSWERS 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?
DEATH, INSANITY, BANKRUPTCY, TIME LAPSE, MUTUAL AGREEMENT, AND ACHIEVED THE GOAL OF RELATIONSHIP CORRECT ANSWERS WHAT EVENTS WILL TERMINATE AGENCY RELATIONSHIP
must be entered into by competent parties, for a legal purpose and in writing. CORRECT ANSWERS Amy and Bob have entered into a contract for the sale of real estate. In order for this contract to be enforceable, the contract
CONTRACT IS ASSIGNABLE UNLESS SPECIFICALLY STATED IN THE CONTRACT CORRECT ANSWERS Bill has a 2 year lease on a piece of property from Cathy with an
option to purchase. Bill paid $1,500 for the option to purchase. If Bill wishes to purchase
the property at the end of the lease he must inform Cathy in writing within 60 days of the
lease expiration. Bill sells his option to purchase to Zepeda for $10,000. Cathy does not like Zepeda and would like to not sell the property to Zepeda. Zepeda decides to enact his option, Cathy can
EXCLUSIVE RIGHT AGREEMENT CORRECT ANSWERS The Realtor and Buyer had a written contract. After the contract expired, the Buyer bought a house the Realtor had shown her but with another Broker. The Buyer had to pay Realtor #1 a commission. Why?
Be in writing to be enforceable.
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