OK PSI REAL ESTATE UPDATED COMPREHENSIVE TESTED
QUESTIONS AND SOLUTIONS GUARANTEE A+
✔✔Over time, a parcel of land lost access to a county road. The land owner had to
obtain access to the road by court action. This is an example of - ✔✔Easement by
Necessity
✔✔A good way to determine if violations or encroachments exist is to - ✔✔have a
survey performed
✔✔When the title to real estate is vested in one person or entity (such as a corporation),
that person or organization is said to own an - ✔✔estate in severalty
✔✔A property has a net income of $50,000, interest payments of $35,000, principal
payments of $7,000. The property's tax rate is 28%. What is the property's annual tax
on income? - ✔✔$2,240
✔✔Ten years ago, an office building cost $500,000 to build plus $200,000 for the land.
Yesterday an appraiser estimated the replacement cost at $the 650,000 and a useful
life of 50 years. What is the depreciation to date? - ✔✔$130,000
✔✔A borrower grosses $4,000/month and pays $600/month for debt obligations. What
monthly payment for housing expenses (principal, interest, taxes, insurance) can this
person afford based on an FHA debt ratio of 41%? - ✔✔$1,040
✔✔What is the value of a commercial building that generates a monthly net operating
income of $4,000 on a 15 year loan at 8% interest? The Cap rate is 6%. - ✔✔$800,000
✔✔How many acres are in the SE 1/4 of SW 1/4 & SW 1/4 of SE 1/4 of Sec 22 T11N,
R2W - ✔✔80 acres
✔✔You list a lot which is 170 feet by 300 feet. How many acres are in the lot? - ✔✔1.17
acres
✔✔What is a Residential Property Condition DISCLAIMER statement? - ✔✔The seller
states that the seller has never occupied the property, has no actual knowledge of any
defect concerning the property, and makes no disclosure
✔✔By when must the Residential Property Condition Disclosure Statement be delivered
to the Purchaser? - ✔✔before the seller accepts an offer to purchase
✔✔Stewart is working with a broker and is in the process of making an offer on a home
located in Tulsa, Oklahoma. Stewart asks his broker if anyone has ever been murdered
,in the house he wants to purchase. Stewarts broker - ✔✔should follow the steps as
described in the OREC rules concerning requirements for furnishing psychological
factors
✔✔Who is responsible for the accuracy of the Residential Property Condition Disclosure
Statement? - ✔✔the seller
✔✔What is the minimum height of the letters on a real estate office's identification sign?
- ✔✔1 inch
✔✔Jim has an INACTIVE real estate license and personally puts an offer on a piece of
real property, - ✔✔Jim needs to disclose in writing he is licensed
✔✔Which of the following may the OREC do upon its own motion? - ✔✔Investigate the
business transactions of any real estate licensee
✔✔A realtor had his license revoked by OREC on Feb 14, 2010. What is the earliest
date the former licensee can apply for re-issuance? - ✔✔2/14/2013 (36 months)
✔✔Jim has an ACTIVE real estate license and personally puts an offer on a piece of
real property, - ✔✔Jim needs to disclose in writing he is licensed
✔✔The applicant for a real estate examination shall - ✔✔appear in person
✔✔When may a licensee begin operations in the real estate business? - ✔✔After being
issued a numbered active license certificate
✔✔The MLS Property Details said. "As Is." The listing broker, who once owned the
house, neglected to tell anyone about the old well that he had covered over 7 years
earlier. The new owner dog fell through the rotted well cover and drown. Did the realtor
do anything wrong according to the Code and Rules? - ✔✔Yes. The agent is probably
guilty of substantial misrepresentation
✔✔All of the following must possess a valid license except? - ✔✔a real estate broker's
employee who leases affordable housing
✔✔Richard has been a real estate broker for the past 15 years. On Jan 20, 2020,
Richard's brokerage had three transactions close. Richard shall maintain all records for
a minimum of - ✔✔5 years after consummation
✔✔The OREC shall have the powers and duties of - ✔✔suspending real estate
licensees and approvals for a specified period of time
,✔✔Earl is a real estate broker and has recently bought a new home and his personal
residence address has now changed. Earl - ✔✔must notify the commission office within
10 days
✔✔Any person who desires to perform licensed activities in OK but maintains a place of
business outside OK may obtain OK non-resident license by complying with all
applicable provisions of - ✔✔The OREC Code and Rules
✔✔Lindsay is a licensed real estate broker and is purchasing a piece of real property,
Lindsay - ✔✔is required to write her license number on all purchase contracts and
disclose in writing that she is licensed
✔✔A person is not required to hold a real estate license to - ✔✔be a resident manager
for the owner of a multi-family apartment building
✔✔A who is a broker has an interest bearing trust account. A having this interest
bearing trust account has - ✔✔not violated the law because A has disclosed in writing to
all parties that the trust account bears interest and who receives the interest
✔✔A new Realtor received the Provisional Sales Associate License on June 25, 2012.
When does the License expire? - ✔✔at midnight on 5/31/2021
✔✔Which choice must possess a valid license? - ✔✔The Cooperating Sales Associate
in a land deal exceeding $1 million
✔✔The OREC shall - ✔✔conduct an annual performance review of the Executive
Director and submit it to the legislature
✔✔It may be cause for suspension or revocation of license to - ✔✔accept a gift from an
unlicensed neighbor for selling their house
✔✔Each branch office shall - ✔✔have a separate managing broker
✔✔A broker must notify the Oklahoma Real Estate Commission of their trust
account(s). How many trust accounts is a broker allowed? - ✔✔Unlimited
✔✔What defines the minimal physical characteristics and construction of each OREC
sanctioned real estate office? - ✔✔at least one enclosed room of stationary construction
✔✔When hearing a complaint before the commission, upon whom does the burden of
proof fall? - ✔✔The moving party
, ✔✔All members of the Oklahoma Real Estate Commission must be citizens of the
United States and residents of Oklahoma for how long before appointment to the
Oklahoma Real Estate Commission? - ✔✔3 years
✔✔Which of the following classes must a provisional sales associate take in order to
renew their license and become a sales associate? - ✔✔45 hour Basic II Post-License
Course
✔✔OREC has all these powers of EXCEPT - ✔✔Spend Revolving Fund Money only
with Legislative approval
✔✔Albert has his real estate license revoked by the Oklahoma Real Estate
Commission. How many days does Albert have to turn in his pocket card? - ✔✔on or
before the date the suspension/revocation becomes effective
✔✔Which of the following is NOT required to obtain a Provisional Sales Associate
License? - ✔✔High School Diploma or GED
✔✔The revolving fund shall be audited by the State Auditor and Inspector - ✔✔annually
✔✔What must an associate include in all advertising? - ✔✔associate's Broker's name
✔✔What new section has been added to the law section on broker compensation? -
✔✔In the event a broker receives a fee or compensation from any party to the
transaction based on a selling price or lease cost of a transaction, such receipt does not
constitute a breach of duty or obligation to any party to the transaction
✔✔How does the Brokerage Relationship Act define a firm? - ✔✔a sole proprietor,
corporation, association or partnership
✔✔Under what condition can confidential info be released? - ✔✔The party gives
consent to the disclosure in writing
✔✔Confirmation of brokerage services agreement terms - ✔✔must be provided in a
separate provision or document that is either incorporated into or attached to the
contract to purchase, lease, option, or exchange real estate
✔✔What action, if any, must a broker take if he or she is involved in a transaction but
did not prepare the contract to purchase document? - ✔✔The broker must still
document that he or she has complied with the disclosure requirements
QUESTIONS AND SOLUTIONS GUARANTEE A+
✔✔Over time, a parcel of land lost access to a county road. The land owner had to
obtain access to the road by court action. This is an example of - ✔✔Easement by
Necessity
✔✔A good way to determine if violations or encroachments exist is to - ✔✔have a
survey performed
✔✔When the title to real estate is vested in one person or entity (such as a corporation),
that person or organization is said to own an - ✔✔estate in severalty
✔✔A property has a net income of $50,000, interest payments of $35,000, principal
payments of $7,000. The property's tax rate is 28%. What is the property's annual tax
on income? - ✔✔$2,240
✔✔Ten years ago, an office building cost $500,000 to build plus $200,000 for the land.
Yesterday an appraiser estimated the replacement cost at $the 650,000 and a useful
life of 50 years. What is the depreciation to date? - ✔✔$130,000
✔✔A borrower grosses $4,000/month and pays $600/month for debt obligations. What
monthly payment for housing expenses (principal, interest, taxes, insurance) can this
person afford based on an FHA debt ratio of 41%? - ✔✔$1,040
✔✔What is the value of a commercial building that generates a monthly net operating
income of $4,000 on a 15 year loan at 8% interest? The Cap rate is 6%. - ✔✔$800,000
✔✔How many acres are in the SE 1/4 of SW 1/4 & SW 1/4 of SE 1/4 of Sec 22 T11N,
R2W - ✔✔80 acres
✔✔You list a lot which is 170 feet by 300 feet. How many acres are in the lot? - ✔✔1.17
acres
✔✔What is a Residential Property Condition DISCLAIMER statement? - ✔✔The seller
states that the seller has never occupied the property, has no actual knowledge of any
defect concerning the property, and makes no disclosure
✔✔By when must the Residential Property Condition Disclosure Statement be delivered
to the Purchaser? - ✔✔before the seller accepts an offer to purchase
✔✔Stewart is working with a broker and is in the process of making an offer on a home
located in Tulsa, Oklahoma. Stewart asks his broker if anyone has ever been murdered
,in the house he wants to purchase. Stewarts broker - ✔✔should follow the steps as
described in the OREC rules concerning requirements for furnishing psychological
factors
✔✔Who is responsible for the accuracy of the Residential Property Condition Disclosure
Statement? - ✔✔the seller
✔✔What is the minimum height of the letters on a real estate office's identification sign?
- ✔✔1 inch
✔✔Jim has an INACTIVE real estate license and personally puts an offer on a piece of
real property, - ✔✔Jim needs to disclose in writing he is licensed
✔✔Which of the following may the OREC do upon its own motion? - ✔✔Investigate the
business transactions of any real estate licensee
✔✔A realtor had his license revoked by OREC on Feb 14, 2010. What is the earliest
date the former licensee can apply for re-issuance? - ✔✔2/14/2013 (36 months)
✔✔Jim has an ACTIVE real estate license and personally puts an offer on a piece of
real property, - ✔✔Jim needs to disclose in writing he is licensed
✔✔The applicant for a real estate examination shall - ✔✔appear in person
✔✔When may a licensee begin operations in the real estate business? - ✔✔After being
issued a numbered active license certificate
✔✔The MLS Property Details said. "As Is." The listing broker, who once owned the
house, neglected to tell anyone about the old well that he had covered over 7 years
earlier. The new owner dog fell through the rotted well cover and drown. Did the realtor
do anything wrong according to the Code and Rules? - ✔✔Yes. The agent is probably
guilty of substantial misrepresentation
✔✔All of the following must possess a valid license except? - ✔✔a real estate broker's
employee who leases affordable housing
✔✔Richard has been a real estate broker for the past 15 years. On Jan 20, 2020,
Richard's brokerage had three transactions close. Richard shall maintain all records for
a minimum of - ✔✔5 years after consummation
✔✔The OREC shall have the powers and duties of - ✔✔suspending real estate
licensees and approvals for a specified period of time
,✔✔Earl is a real estate broker and has recently bought a new home and his personal
residence address has now changed. Earl - ✔✔must notify the commission office within
10 days
✔✔Any person who desires to perform licensed activities in OK but maintains a place of
business outside OK may obtain OK non-resident license by complying with all
applicable provisions of - ✔✔The OREC Code and Rules
✔✔Lindsay is a licensed real estate broker and is purchasing a piece of real property,
Lindsay - ✔✔is required to write her license number on all purchase contracts and
disclose in writing that she is licensed
✔✔A person is not required to hold a real estate license to - ✔✔be a resident manager
for the owner of a multi-family apartment building
✔✔A who is a broker has an interest bearing trust account. A having this interest
bearing trust account has - ✔✔not violated the law because A has disclosed in writing to
all parties that the trust account bears interest and who receives the interest
✔✔A new Realtor received the Provisional Sales Associate License on June 25, 2012.
When does the License expire? - ✔✔at midnight on 5/31/2021
✔✔Which choice must possess a valid license? - ✔✔The Cooperating Sales Associate
in a land deal exceeding $1 million
✔✔The OREC shall - ✔✔conduct an annual performance review of the Executive
Director and submit it to the legislature
✔✔It may be cause for suspension or revocation of license to - ✔✔accept a gift from an
unlicensed neighbor for selling their house
✔✔Each branch office shall - ✔✔have a separate managing broker
✔✔A broker must notify the Oklahoma Real Estate Commission of their trust
account(s). How many trust accounts is a broker allowed? - ✔✔Unlimited
✔✔What defines the minimal physical characteristics and construction of each OREC
sanctioned real estate office? - ✔✔at least one enclosed room of stationary construction
✔✔When hearing a complaint before the commission, upon whom does the burden of
proof fall? - ✔✔The moving party
, ✔✔All members of the Oklahoma Real Estate Commission must be citizens of the
United States and residents of Oklahoma for how long before appointment to the
Oklahoma Real Estate Commission? - ✔✔3 years
✔✔Which of the following classes must a provisional sales associate take in order to
renew their license and become a sales associate? - ✔✔45 hour Basic II Post-License
Course
✔✔OREC has all these powers of EXCEPT - ✔✔Spend Revolving Fund Money only
with Legislative approval
✔✔Albert has his real estate license revoked by the Oklahoma Real Estate
Commission. How many days does Albert have to turn in his pocket card? - ✔✔on or
before the date the suspension/revocation becomes effective
✔✔Which of the following is NOT required to obtain a Provisional Sales Associate
License? - ✔✔High School Diploma or GED
✔✔The revolving fund shall be audited by the State Auditor and Inspector - ✔✔annually
✔✔What must an associate include in all advertising? - ✔✔associate's Broker's name
✔✔What new section has been added to the law section on broker compensation? -
✔✔In the event a broker receives a fee or compensation from any party to the
transaction based on a selling price or lease cost of a transaction, such receipt does not
constitute a breach of duty or obligation to any party to the transaction
✔✔How does the Brokerage Relationship Act define a firm? - ✔✔a sole proprietor,
corporation, association or partnership
✔✔Under what condition can confidential info be released? - ✔✔The party gives
consent to the disclosure in writing
✔✔Confirmation of brokerage services agreement terms - ✔✔must be provided in a
separate provision or document that is either incorporated into or attached to the
contract to purchase, lease, option, or exchange real estate
✔✔What action, if any, must a broker take if he or she is involved in a transaction but
did not prepare the contract to purchase document? - ✔✔The broker must still
document that he or she has complied with the disclosure requirements
