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OKLAHOMA REAL ESTATE EXAM PREP Questions Solved 100% Correct
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OKLAHOMA REAL ESTATE EXAM PREP Questions Solved 100% Correct
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OKLAHOMA REAL ESTATE EXAMPREP Questions Solved 100% Correct
THE SELLER ACCEPTS AND THE SIGNED CONTRACT IS DELIVERED TO THE BUYER -
Answer When is an offer to purchase property "accepted"?
OPTION TO BUY - CONTRACT FOR DEED - Answer The Buyer pays the Seller $5000 to
purchase within 120 days an apartment building containing 18 units. This action is a/an
BUYERS DEFAULT - Answer A Buyer had a contingency in a purchase contract to sell
the Buyer's house in 120 days. On day 121, the Seller informed the Buyer the Seller
would keep the Earnest Money but sell the house to another Buyer. What did the
original Buyer violate?
OPEN LISTING - Answer 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 - Answer 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 - Answer 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 - Answer 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 - Answer All of the following closing expenses
are allowed under the Real Estate Settlement Procedures Act, except
UNILATERAL CONTRACT - Answer WHAT TYPE OF CONTRACT IS A REAL ESTATE
OPTION CONTRACT?
SUBSTITUTION - Answer 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 - Answer ACCORDING TO THE STATUTE OF FRAUDS IN ORDER FOR A
REAL ESTATE SALES CONTRACT TO BE ENFORCEABLE IN COURT THEY MUST BE
LEGAL PURPOSE - Answer 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. - Answer 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. - Answer 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 - Answer 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 - Answer 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 - Answer AN
EXAMPLE OF A PROPERTY SUFFERING FROM EXTERNAL (ECONOMIC) OBSOLESCENCE IS
THE OWNERSHIP INTERESTS MAY BE CONVEYED SEPARATELY - Answer WHAT TYPE OF
OWNERSHIP INTEREST APPLIES TO PARTIES WHO OWN REAL PROPERTY AS TENANTS
IN COMMON
REVERSE ANNUITY - Answer 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 - Answer 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 - Answer THE PROVISIONS OF
THE AMERICANS WITH DISABILITIES ACT (ADA) APPLY TO OWNERS OF WHAT TYPES
OF PROPERTIES
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