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OKLAHOMA REAL ESTATE EXAM PREP Questions and Answers 100% Solved $13.89
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OKLAHOMA REAL ESTATE EXAM PREP Questions and Answers 100% Solved
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OKLAHOMA REAL ESTATE EXAM PREP Questions and Answers 100% Solved WHAT TYPE OF CONTRACT IS A REAL ESTATE OPTION CONTRACT? - UNILATERAL CONTRACT DURING AN APPRAISAL OF A RESIDENTIAL PROPERTY AN APPRAISER ESTIMATES THE COST OF REBUILDING THE SUBJECT PROPERTY SO THAT IT IS IDENTICAL TO ITS CURREN...

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  • December 24, 2024
  • 38
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Real Estate
  • Real Estate

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JOSHCLAY

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OKLAHOMA REAL ESTATE EXAM PREP

Questions and Answers 100% Solved


WHAT TYPE OF CONTRACT IS A REAL ESTATE OPTION CONTRACT?

- ✔✔UNILATERAL CONTRACT

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? - ✔✔SUBSTITUTION

ACCORDING TO THE STATUTE OF FRAUDS IN ORDER FOR A REAL

ESTATE SALES CONTRACT TO BE ENFORCEABLE IN COURT THEY

MUST BE - ✔✔IN WRITING

WHICH OF THE FOLLOWING TERMS IDENTIFIES AN ELEMENT THAT

IS ESSENTIAL TO CREATING A VALID REAL ESTATE SALES

CONTRACT? - ✔✔LEGAL PURPOSE




1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

,DEFINE APPRAISED VALUE - ✔✔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.

DEFINE "TIME IS OF THE ESSENCE" CLAUSE IN A REAL ESTATE

SALES CONTRACT - ✔✔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.

AS USED IN PROPERTY MANAGEMENT THE TERM "CONSTRUCTIVE

EVICTION" IS BEST UNDERSTOOD TO MEAN - ✔✔A TENANT HAS

LEFT A PROPERTY AFTER A LANDLORD HAS ALLOWED IT TO

BECOME UNINHABITABLE

THE BEST STATEMENT ABOUT THE RELATIONSHIP BETWEEN A

PROPERTY MORTGAGE AND A PROMISSORY NOTE IS THAT THE

MORTGAGE - ✔✔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

AN EXAMPLE OF A PROPERTY SUFFERING FROM EXTERNAL

(ECONOMIC) OBSOLESCENCE IS - ✔✔A CAR DEALERSHIP LOCATED

DOWNWIND FROM A NEW HOG FARM


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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

,WHAT TYPE OF OWNERSHIP INTEREST APPLIES TO PARTIES WHO

OWN REAL PROPERTY AS TENANTS IN COMMON - ✔✔THE

OWNERSHIP INTERESTS MAY BE CONVEYED SEPARATELY

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 -

✔✔REVERSE ANNUITY

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? - ✔✔90,000 X .08 = 7,200 (INT PER YEAR)

7,200/12 = 600 INT PER FIRST MONTH

745-600= 145 PRINCIPAL

THE PROVISIONS OF THE AMERICANS WITH DISABILITIES ACT (ADA)

APPLY TO OWNERS OF WHAT TYPES OF PROPERTIES -

✔✔MULTIPLEX THEATERS, APARTMENT BUILDINGS ETC

ACCESS RAMPS TO GOVERNMENT BUILDINGS, GRAB BARS IN

PUBLIC REST ROOMS AND A ROW OF PAY PHONES WITH SEVERAL


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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

, PLACED LOWER ARE EXAMPLES OF COMPLIANCE WITH WHAT

FEDERAL LAW - ✔✔AMERICANS WITH DISABILITIES ACT (ADA)

PUFFING IS AN EXAGGERATION OF GOOD POINTS. AN EXAMPLE IS -

✔✔BEST VIEW OF THE MOUNTAINS IN TOWN

MAXIMUM AMOUNTS OF ANY PROFIT THAT WOULD BE EXEMPT

FROM CAPITAL GAINS TAX IS - ✔✔250,000 FOR SINGLE FILERS

500,000 FOR MARRIED FILING JOINT

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 - ✔✔A SINGLE

PARENT WITH AN INFANT CHILD

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 - ✔✔OFFICE SPACE RENT AND TELEPHONE

WHAT BEST DEFINES A MATERIAL DEFECT - ✔✔A DEFECT THAT

WOULD AFFECT A BUYERS DECISION TO PURCHASE OR AFFECT

THE PROPERTIES VALUE


4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

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