Oklahoma real estate Study guides, Class notes & Summaries

Oklahoma Real Estate Broker Exam Study Ch 4-7 with Complete Solutions Under the new Oklahoma Brokerage Relationships Act the duties and responsibilities that were previously designated to transaction brokers are now "assigned" to all brokers. Section 858-363 The authority of Broker Associates deals with a clearer description of an associate's authority. Under the Brokerage Relationships Act which of the following actions is mandatory? Account for all money and property received b...

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Oklahoma Real Estate 2 (Begins with Chap. 6 terms) Exam!!

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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...

Sales Associate - Answer -The sales associate has a twenty-one (21)-clock-hour continuing education requirement each active license term. -The sales associate license is a three-year renewable license. Broker - Answer -Be of good moral character. -Possess two (2) years of active experience, or its equivalent, as a PSA or SA within the past five (5) years. -Submit evidence of successful completion of a Ninety (90)-hour course of advanced real estate instruction that is approved by the Comm...

Tenant Kelly has the right to use landlord bob's property according to the lease does kelly have an interest in the property? - No because they don't own the property If a life estate names a third party to receive title to the property upon termination of the life estate, the party who receives the interest is called what? - Remainder interest What is an example of an involuntary lien? - Judgement lien, Income tax liens, Mechanic's lien What date is used to establish lien priority for a...

Tenant Kelly has the right to use landlord bob's property according to the lease does kelly have an interest in the property? - No because they don't own the property If a life estate names a third party to receive title to the property upon termination of the life estate, the party who receives the interest is called what? - Remainder interest What is an example of an involuntary lien? - Judgement lien, Income tax liens, Mechanic's lien What date is used to establish lien priority for a...

A broker and sales person agree to a 40-60 commission spilt. This commission rate - Answer is probably a reflectin of competitive market conditions Which of the following ways of specializing is common in the real estate brokerage business? - Answer By type of property When a title to real estate is vested in one person or entity (such as a corporation), that person or organization is said to own a(n) - Answer estate in severalty