Oklahoma Real Estate Test 1 Study Questions with 100% Correct Answers
7 views 0 purchase
Course
Oklahoma Real Estate
Institution
Oklahoma Real Estate
actual authority - Answer Authority given an agent either expressly or impliedly by a
principal
actual delivery - Answer transferring a deed from the grantor to the grantee by handing
the deed to the grantee or sending it by certified mail.
actual notice - Answer the express or direct knowledge...
Oklahoma Real Estate Test 1 Study Questions
with 100% Correct Answers
actual authority - Answer Authority given an agent either expressly or impliedly by a
principal
actual delivery - Answer transferring a deed from the grantor to the grantee by handing
the deed to the grantee or sending it by certified mail.
actual notice - Answer the express or direct knowledge acquired in the course of a
transaction.
Ad Valorem - Answer Latin term meaning "according to value" and referring to a way of
assessing duties or taxes on goods or property. For example, ad valorem tax assessment
is based on value of real property.
adjustable rate mortgage - Answer Home loan secured by a deed of trust or mortgage in
which the interest rate will change periodically (i.e. annually); typically adjusted based
on a published index such as the Treasury Bill or LIBOR; brought on as a result of high
interest rates in the early 1980s as a way for banks to transfer the risk of higher interest
rates to the consumer.
adjusted market value - Answer Adjustments to comparable property sales to estimate
sale price of a subject property.
adjustments - Answer In appraising, a means by which characteristics of a residential
property are regulated by dollar amount or percentage to conform to similar
characteristics of another residential property.
,adjustments in appraising - Answer The process in the market approach of changing
dollar or percentage value of similar properties to make them more comparable
administrator/administratrix - Answer A person appointed by the probate court to take
charge of the estate of a decreased person who died intestate
advance - Answer Transfer of funds from a lender to a borrower in advance on a loan.
adverse possession - Answer A person takes possession & use of a property belonging to
another. Possession must be open, notorious, hostile & uninterrupted for a certain
period of time.
advertising - Answer Any paid form of nonpersonal presentation and promotion of
ideas, goods, or services by an identified sponsor.
affiant - Answer One who makes an affidavit or gives evidence.
affidavit - Answer A statement of facts reduced to writing, sworn to or affirmed before
some officer--usually a notary public--who is authorized to administer oath.
affirm - Answer to confirm, to aver, to ratify. to make declaration
agency - Answer A relationship in which one party (the principal) authorizes another
party (the agent) to act as the principal's representative in dealing with third parties.
agent - Answer A person who acts or does business for another called the principal
,agents in production - Answer The four agents in production are labor, capitol,
coordination and land, the last one of which to be paid in land.
agreement of sale - Answer A written agreement or contract between seller and
purchaser in which they reach a "meeting of minds" on the terms and conditions of the
sale. The parties concur; are in harmonious opinion.
air rights - Answer The rights in real property to the reasonable use of the air space
above the surface of the land.
air space - Answer the area from the surface of land upward
alienation - Answer (law) the voluntary and absolute transfer of title and possession of
real property from one person to another
alienation clause (due-on-sale) - Answer A clause in a contract giving the lender certain
rights in the event of a sale or other transfer of mortgaged property.
alienee - Answer the person to whom ownership, title or interest in real estate is
transferred. they have the same legal rights, objectives and remedies as the grantor.
allodial system - Answer A legal system that gives full property ownership rights to
individuas. It is the basis of land ownership in the United States.
alluvion - Answer The increase of soil on a shore or bank of a river as a result of
accretion.
amended plat - Answer an original plat re-subdivided or changed
, amortizing mortgage - Answer a mortgage featuring periodic repayment of a debt,
including partial payment of principle plus accrued interest, in a manner calculated to
pay off the obligation by maturity.
annual percentage rate (APR) - Answer The cost of borrowing money on an annual basis.
Takes into account the interest rate and other related fees on a loan. includes interim
discount points
principal of anticipation - Answer Affirms that value is created by anticipated benefits to
be derived in the future.
apparent authority - Answer The appearance or the assumption of authority based on
the actions, words, or deeds of the principal or because of circumstances the principal
created.
approaches to value - Answer three methods used by appraiser to form an estimate of
value such as cost, market and income approaches
appurtenance - Answer That which has been added to a property, which becomes an
inherent part of the property, and will pass with it when conveyed; includes
improvements
arm's length transaction - Answer Negotiated between 2 independent and unrelated
parties, each working to protect his own best interest, without one being under the
infuence or control of the other; affects market value.
artifice - Answer (n.) a skillful or ingenious device; a clever trick; a clever skill; trickery
accessed value - Answer The property value as determined by county assessor as the
basis for determining ad valorem taxes
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Examsplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.