OK PSI REAL ESTATE UPDATED END OF COURSE
QUESTIONS AND SOLUTIONS GUARANTEE A+
✔✔The Oklahoma Real Estate license law requires which of the following to have a real
estate license? - ✔✔Attorney at law performing real estate services in his or her law
practice.
✔✔When must a lender use HUD's Form (HUD-1) Uniform Settlement Statement? -
✔✔When the loan is insured or guaranteed by a federal agency
✔✔A sale transaction on rental property closes on December 10th. The landlord
received the December rent of $713 on December 1. Assuming the closing day is the
buyer's, and that the 365-day method is used for prorating, which of the following entries
would appear on the settlement statement? - ✔✔Credit Buyer $368 ($713 rent/31days
=$23/day x 16 days=$368)
✔✔The primary purpose of the Truth-In-Lending Act is to - ✔✔disclose to the consumer
the cost and conditions of the installment purchase.
✔✔Which is NOT a requirement for establishing a Real Estate office? - ✔✔Exist with at
least 3 Licensees including the Broker
✔✔A Realtor has his license revoked by OREC on Feb. 14 2010. What is the earliest
date the former licensee can apply for reissuance? - ✔✔2/14/2013 (3 years)
✔✔What is the critical specific issue with houses built before 1978 - ✔✔Lead based
paint
✔✔Jim has an ACTIVE real estate license and personally puts an offer on a piece of
real property, - ✔✔Jim needs to disclose in writing that he is licensed
✔✔Which of the following reflects the stages through with a neighborhood passes? -
✔✔Growth, stability, decline, and revitalization
✔✔It may be cause for suspension or revocation of license to - ✔✔make false
statements in advertising
✔✔If a purchaser signs a contract under duress, it is generally - ✔✔voidable by the
buyer
✔✔In agency the fiduciary duty requires the agent to - ✔✔look out for the principal's
best interest.
, ✔✔When does a security deposit revert to the landlord in consideration if the former
tenant has not made a written demand? - ✔✔6 months after tenancy termination
✔✔By the comparison (market data) approach to appraising, we mean value derived
from A. comparison of loans on area properties. B. original costs of comparable
properties. C. comparison of architecture of properties. D. sales of comparable
properties. - ✔✔sales of comparable properties
✔✔A resident of an apartment building may receive a referral fee for referring the
property for lease of not more than? A. $50 B. $500 C. It is illegal to pay a referral fee to
an unlicensed person. D. $100 - ✔✔$100
✔✔The real estate brokers operation account should include which of the following? -
✔✔Money from the broker to operate the business
✔✔A licensee may accept a commission from - ✔✔the sponsoring broker
✔✔Select the choice which is NOT a requirement for a valid lease. - ✔✔Defines the
terms of termination
✔✔A principal instructs an agent to inform any minority buyer that the property was just
put under contract an hour ago and is no longer available. The agent refuses to comply.
In this case, - ✔✔the agent has not violated fiduciary duty
✔✔Once an agreement of sale is signed, the purchaser has - ✔✔equitable title
✔✔What is the suggested strategy in dealing with brokerage agreements signed into
effect and extending past November 1, 2013 - ✔✔Have your clients enter into new
agreements
✔✔A stream running north to south separates two parcels of land. The owner of the
eastern bank claims all the water to the western bank. The owner of the western bank
can legally dispute this claim based on what Doctrine? - ✔✔Riparian Rights
✔✔Which of the following best describes a "Blanket Mortgage"? - ✔✔A mortgage that
covers more than one piece of property.
✔✔The advertisement said the land measured "3/4 of a mile by 3/4 of a mile". How
many acres of land are for sale? - ✔✔360 (5280 feet in a mile/4=1320, 1320*3=3960,
3960*3960=15,681,600/43650(feet in an acre)= 360 Acres
✔✔Albert and Brenda enter into a verbal contract, this is an - ✔✔expressed contract
QUESTIONS AND SOLUTIONS GUARANTEE A+
✔✔The Oklahoma Real Estate license law requires which of the following to have a real
estate license? - ✔✔Attorney at law performing real estate services in his or her law
practice.
✔✔When must a lender use HUD's Form (HUD-1) Uniform Settlement Statement? -
✔✔When the loan is insured or guaranteed by a federal agency
✔✔A sale transaction on rental property closes on December 10th. The landlord
received the December rent of $713 on December 1. Assuming the closing day is the
buyer's, and that the 365-day method is used for prorating, which of the following entries
would appear on the settlement statement? - ✔✔Credit Buyer $368 ($713 rent/31days
=$23/day x 16 days=$368)
✔✔The primary purpose of the Truth-In-Lending Act is to - ✔✔disclose to the consumer
the cost and conditions of the installment purchase.
✔✔Which is NOT a requirement for establishing a Real Estate office? - ✔✔Exist with at
least 3 Licensees including the Broker
✔✔A Realtor has his license revoked by OREC on Feb. 14 2010. What is the earliest
date the former licensee can apply for reissuance? - ✔✔2/14/2013 (3 years)
✔✔What is the critical specific issue with houses built before 1978 - ✔✔Lead based
paint
✔✔Jim has an ACTIVE real estate license and personally puts an offer on a piece of
real property, - ✔✔Jim needs to disclose in writing that he is licensed
✔✔Which of the following reflects the stages through with a neighborhood passes? -
✔✔Growth, stability, decline, and revitalization
✔✔It may be cause for suspension or revocation of license to - ✔✔make false
statements in advertising
✔✔If a purchaser signs a contract under duress, it is generally - ✔✔voidable by the
buyer
✔✔In agency the fiduciary duty requires the agent to - ✔✔look out for the principal's
best interest.
, ✔✔When does a security deposit revert to the landlord in consideration if the former
tenant has not made a written demand? - ✔✔6 months after tenancy termination
✔✔By the comparison (market data) approach to appraising, we mean value derived
from A. comparison of loans on area properties. B. original costs of comparable
properties. C. comparison of architecture of properties. D. sales of comparable
properties. - ✔✔sales of comparable properties
✔✔A resident of an apartment building may receive a referral fee for referring the
property for lease of not more than? A. $50 B. $500 C. It is illegal to pay a referral fee to
an unlicensed person. D. $100 - ✔✔$100
✔✔The real estate brokers operation account should include which of the following? -
✔✔Money from the broker to operate the business
✔✔A licensee may accept a commission from - ✔✔the sponsoring broker
✔✔Select the choice which is NOT a requirement for a valid lease. - ✔✔Defines the
terms of termination
✔✔A principal instructs an agent to inform any minority buyer that the property was just
put under contract an hour ago and is no longer available. The agent refuses to comply.
In this case, - ✔✔the agent has not violated fiduciary duty
✔✔Once an agreement of sale is signed, the purchaser has - ✔✔equitable title
✔✔What is the suggested strategy in dealing with brokerage agreements signed into
effect and extending past November 1, 2013 - ✔✔Have your clients enter into new
agreements
✔✔A stream running north to south separates two parcels of land. The owner of the
eastern bank claims all the water to the western bank. The owner of the western bank
can legally dispute this claim based on what Doctrine? - ✔✔Riparian Rights
✔✔Which of the following best describes a "Blanket Mortgage"? - ✔✔A mortgage that
covers more than one piece of property.
✔✔The advertisement said the land measured "3/4 of a mile by 3/4 of a mile". How
many acres of land are for sale? - ✔✔360 (5280 feet in a mile/4=1320, 1320*3=3960,
3960*3960=15,681,600/43650(feet in an acre)= 360 Acres
✔✔Albert and Brenda enter into a verbal contract, this is an - ✔✔expressed contract
