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OKLAHOMA REAL ESTATE EXAM PREP
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OKLAHOMA REAL ESTATE EXAM PREP
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OKLAHOMA REAL ESTATE EXAM PREPUnilateral contract - answers -what type of contract is a real estate option contract?
Substitution - 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 - 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 - 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. - 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. - 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 -
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 - 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 - answers -an example of a
property suffering from external (economic) obsolescence is
The ownership interests may be conveyed separately - answers -what type of
ownership interest applies to parties who own real property as tenants in common
Reverse annuity - 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 - 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 - answers -the provisions of the americans
with disabilities act (ada) apply to owners of what types of properties
Americans with disabilities act (ada) - 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 - answers -puffing is an exaggeration of good points.
An example is
250,000 for single filers
500,000 for married filing joint - answers -maximum amounts of any profit that would be
exempt from capital gains tax is
A single parent with an infant child - 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 - 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 -
answers -what best defines a material defect
Open listing - answers -what is this ... A seller may employ any number of brokers. Only
the broker who produces a buyer earns a commission. The seller may sell the property.
Open listing - answers -a landlord agrees to pay a broker for procuring a tenant unless
someone else finds the tenant first. This is an example of a(n)
Unenforceable - answers -a realtor agrees by a "handshake" to sell the house of his
former high school chemistry teacher. The realtor finds a buyer who submits a full price
offer with no provisions. The house sells, but the seller refuses to pay a commission to
the realtor. What kind of contract does the realtor have with the seller?
Contract for deed - option to purchase - answers -a person who has secured the right to
purchase a property at a fixed price for a designated period of time and has paid a
consideration for this privilege would own a(n)
Unearned fees and kickbacks - answers -all of the following closing expenses are
allowed under the real estate settlement procedures act, except
Less than 80% - answers -in general, the borrower no longer pays mortgage insurance
when the loan-to-value equals
, Fbi - answers -what agency investigates mortgage fraud
Guarantees loans made by approved lenders - answers -the veteran's administration
assists numerous qualified mortgage loan applicants because it
Balloon - answers -albert has a mortgage on his property. Ten years after he receives
his mortgage, the note expires, and he pays a lump sum of the principal. What type of
promissory note did albert have?
Regulation z - answers -the truth in lending act (tila) of 1968 is united states federal law
designed to promote the informed use of consumer credit, by requiring disclosures
about its terms and cost to standardize the manner in which costs associated with
borrowing are calculated and disclosed.
A mortgage that covers more than one piece of property - answers -which of the
following best describes a "blanket mortgage"?
Financial capability and value of collateral - answers -in evaluating a loan application, a
mortgage lender is most concerned about
Secondary mortgage lenders
Fnma
Va
Life ins
Pension funds
Gnma
Fhlmc - answers -of the following sources of loan money, which does not service their
loans?
Bridge loan - answers -albert is a home-builder and seeks financing from his local bank
to fund his houses so he can sell them to a customer in the near future. What type of
financing did albert receive?
Riparian rights - stream or creek not navigable - answers -a stream running north to
south separates two parcels of land. The owner of the eastern bank claims all the water
to the western bank. The owner of the western bank can legally dispute this claim based
on what doctrine?
Avulsion - answers -when land is torn from a bank by the action of a violent river it is
called
Describes a "master plan" - answers -a fusion of land use laws and local land use
objectives and strategies.
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