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Oklahoma Real Estate Exam Questions with 100% Correct Answers | Graded A+ $12.49
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Oklahoma Real Estate Exam Questions with 100% Correct Answers | Graded A+
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Oklahoma Real Estate Exam Questions with 100% Correct Answers | Graded A+ Abrogate - To abolish in a public manner or end something when formal steps are needed Abstract of Title - A summary or copy of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of ...

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  • December 24, 2024
  • 66
  • 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 Questions

with 100% Correct Answers | Graded A+


Abrogate - ✔✔To abolish in a public manner or end something when formal

steps are needed

Abstract of Title - ✔✔A summary or copy of all transfers, conveyances,

legal proceedings, and any other facts relied on as evidence of title,

showing continuity of ownership, together with any other elements of record

which may impair title.

Abutting - ✔✔The joining, reaching or touching of adjoining land, Abutting

parcels of land have a common boundary.

accelerated Depreciation - ✔✔(tax term) Depreciation taken at any rate

higher then provided by the straight-line method

Acceleration Clause - ✔✔An acceleration clause in a loan gives the lender

the right to declare the full amount of debt due and payable based on the

happening of a certain event.

acceptance - ✔✔A voluntary act by the offeree that shows assent, or

agreement, to the terms of an offer; may consist of words or conduct.

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,"meeting of the minds"

access rights - ✔✔The right of a property owner to have ingress or egress

to and from his property over adjoining properties

Accession - ✔✔An addition to property through the efforts of man or by

natural forces.

accord and satisfaction - ✔✔A method of discharging a contract whereby

the parties agree to give and accept something in a settlement of a dispute

over the performance of the agreement

accretion - ✔✔Growth in size by addition or accumulation of soil to land by

gradual, natural deposits

accrued depreciation - ✔✔The difference between the cost of replacement

and market value.

accrued items of expense - ✔✔Those incurred expenses which are not yet

payable. The seller's accrued expenses are credited to the purchaser in a

closing statement.

Acknowledgement - ✔✔A formal declaration before a public official, usually

a notary public, by a person who has signed a deed, contract, or other

document that the execution was a voluntary act.

acquisition - ✔✔The act or process by which a person procures property.

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,acres - ✔✔a land measurement that equals to 160 square rods, 4,840

square yards or 43,560 square feet or tracts about 208.71 feet sq

actual authority - ✔✔Authority given an agent either expressly or impliedly

by a principal

actual delivery - ✔✔transferring a deed from the grantor to the grantee by

handing the deed to the grantee or sending it by certified mail.

actual notice - ✔✔the express or direct knowledge acquired in the course

of a transaction.

Ad Valorem - ✔✔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 - ✔✔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 - ✔✔Adjustments to comparable property sales to

estimate sale price of a subject property.




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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

, adjustments - ✔✔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 - ✔✔The process in the market approach of

changing dollar or percentage value of similar properties to make them

more comparable

administrator/administratrix - ✔✔A person appointed by the probate court

to take charge of the estate of a decreased person who died intestate

advance - ✔✔Transfer of funds from a lender to a borrower in advance on

a loan.

adverse possession - ✔✔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 - ✔✔Any paid form of nonpersonal presentation and promotion

of ideas, goods, or services by an identified sponsor.

affiant - ✔✔One who makes an affidavit or gives evidence.

affidavit - ✔✔A statement of facts reduced to writing, sworn to or affirmed

before some officer--usually a notary public--who is authorized to

administer oath.

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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

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