Oklahoma Real Estate Final Test Practice Questions with Verified Answers

Oklahoma Real Estate Final Test Practice Questions with Verified Answers Tenant Kelly has the right to use landlord bob's property according to the lease does kelly have an interest in the property? No because they don't own the property If a life estate names a third party to receive title to the property upon termination of the life estate, the party who receives the interest is called what? Remainder interest What is an example of an involuntary lien? Judgement lien, Income tax liens, Mechanic's lien What date is used to establish lien priority for a mechanic's lien? The date of the beginning or ending of the contractor's work How is a testamentary trust different from a living trust? A testamentary trust only takes effect when the truster dies Jamal recently purchased a cooperative's stock and moved into one of the cooperative's units. What type of lease does Jamal have with the cooperative cooperation? Proprietary lease What form of ownership is held by business partners, as provided by the uniform Partnership Act (UPA) Tenancy in partnership Homeowner Jan just passed away testate. What legal instrument dictates how her personal assets and property will be distributed? Jan's last will and testament Mayor Rodney is unsure how real estate taxes are calculated for a particular residential property. How do you calculate real estate taxes? Take the assessment value and multiply it by the mill levy. Some taxing bodies recognize that local assessments can lead to unfairly high or low values for properties in certain areas. therefore the jurisdiction may establish what to level out the unevenness of valuations? Equalization factors Beginning at the NW Corner of the intersection of Pine & 675, thence north 950 feet, thence west 380 feet, thence south 50 feet, thence east 380 feet. Is this an acceptable metes and bounds description? No, because it does not begin and end at the point of beginning. If a contractor is planning to build a new apartment complex, he or she needs to consult with what to avoid any potential fines by the united states attorney general for any building violations? Sherman Fair Housing Act Standards What is true regarding the platform-frame construction method? It is the type of construction generally used in home building Soho Ranch is a newly incorporated town. What agency will be responsible for reviewing and approving the site plans, subdivision plans, and zoning of Soho Ranch? Planning Commission Which U.S document guarantees a person's right to own land in the United States? The U.S Constitution Commercial zoning primarily regulates ___________ of usage? Intensity What is the best definition of market value? The price that a willing, informed and unpressured seller and buyer agree upon for a property, assuming a cash or equivalent offer and the property's reasonable exposure to the market If an investor anticipates an annual rental income from a leasehold property to be $400,000 dollars, this expected sum has a direct bearing on what the investor will pay for the property. This is an example of what? The principle of anticipation Which of the following is one of the three approaches to value? The Sales comparison approach What is the primary problem of using distressed sales as comparable? Distressed properties tend to sell for less and have contingencies.