Oklahoma real estate exam Study guides, Class notes & Summaries

How much does the OREC earn while serving in an OREC capacity - Answer Travel expenses essential to performing the duties to his office What are the OREC Leadership positions - Answer Chairman, Vice chairman, secretary- treasurer, What is the OREC revolving fund - Answer Consist of all monies received by the OREC How often in the revolving fund audited and by whom? - Answer once a year and by the state auditor and inspector

Oklahoma Real Estate Broker License exam ch. 1-3 Latest Update Graded A+ Doc Stamp Calculation .75 per $500 Purchase price divided by $500 X .75 = Doc stamp cost OREC Jurisdiction extends to the license it issues. OREC's office inspection system is to assist brokers in operating their businesses in a professional and legally acceptable way. When a complaint is filed against a licensee, what is true the licensee is notified and must respond within 15 days. The maximum administr...

OKLAHOMA REAL ESTATE EXAM STUDY SET |Graded A+| # LATEST UNILATERAL CONTRACT *Ans* WHAT TYPE OF CONTRACT IS A REAL ESTATE OPTION CONTRACT? SUBSTITUTION *Ans* 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 *Ans* ACCORDING TO THE STATUTE OF FRAUDS IN ORDER FOR A REAL ESTATE SALES CONTRACT TO BE ENFOR...

OKLAHOMA REAL ESTATE EXAM|UPDATED&VERIFIED|100% SOLVED|GUARANTEED SUCCESS

OKLAHOMA REAL ESTATE EXAM PREP|UPDATED&VERIFIED|100% SOLVED|GUARANTEED SUCCESS

Fee Simple Determinable - Answer "Special limitation" a grant to an owner where the duration of the owners interest can be determined by the terms of the grant usually with the words "so long as" if the condition is broken, there is an automatic reversion to the grantor of his/her heirs Fee simple on a condition subsequent - Answer "Never to be used as" if the condition is breached, the grantor or the heir would have to take proper legal steps to regain the possession of the property...

OKLAHOMA REAL ESTATE EXAM PREP Questions 2023 Solution WHAT TYPE OF CONTRACT IS A REAL ESTATE OPTION CONTRACT? - CORRECT ANS - 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? - CORRECT ANS - SUBSTITUTION ACCORDING TO THE STATUTE OF FRAUDS IN ORDER FOR A REAL ESTATE SALES CONTRACT TO BE ENFOR...

All money received by OREC other than RE Education and Recovery Fund fees or approved funds - Answer What is the Oklahoma Real Estate Commission Revolving Fund? Annually by state auditor - Answer How often is the revolving fund audited and by whom? Yes - Answer Can OREC sue and be sued?

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