OK PSI REAL ESTATE UPDATED EXAMINATION SETS
QUESTIONS AND SOLUTIONS GUARANTEE A+
✔✔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
✔✔"The present worth of future benefits arising from the ownership of real property," is
the definition of - ✔✔Value
✔✔Real Estate licenses are issued by - ✔✔the Oklahoma Real Estate Commission.
✔✔In which of the following situations would Fair Housing laws allow discrimination? -
✔✔A retirement community whose residents are all over 62 refuses to allow families
with children to buy in the community.
✔✔Which of the following is not included in Eminent Domain? - ✔✔Exercising of zoning
authority
✔✔A asked you to appraise their property. The property had no monthly income and
had no comparable in the market. You would most likely use - ✔✔cost approach
✔✔A zoning board of adjustment might give favorable consideration to a land use
variance if - ✔✔compliance would cause the owner undue and justified hardship
✔✔A lender determines that a homebuyer can afford to borrow $120,000 on a mortgage
loan. The lender requires an 80% loan-to-value ratio. How much can the borrower pay
for a property and still qualify for this loan amount? - ✔✔$150,000. ($120,000/.80)
✔✔A has his real estate license revoked by OREC. How many days does A have to
turn in his pocket card? - ✔✔on or before the date suspension/revocation becomes
effective.
, ✔✔Which of the following situations would not require holding a real estate license? -
✔✔All of the above (a buyer, an attorney working for a seller or buyer)
✔✔Open house or directional signs used in conjunction with broker's signs - ✔✔do not
have to contain the name or trade name of the associate's broker and broker's phone
number
✔✔Any interest in, or right to, land by third persons, adversely affecting the value of the
property is an - ✔✔encumbrance
✔✔Each branch office shall - ✔✔have a separate managing broker
✔✔How many acres are in the SE 1/4 of SW 1/4 & SW 1/4 of Sec 22 T11N, R2W - ✔✔
✔✔A zoning board of adjustment might give favorable consideration to a land use
variance if - ✔✔
✔✔Jim has an ACTIVE real estate license and personally puts an offer on a piece of
real property, - ✔✔
✔✔In this type of ownership, the owner holds fee-simple title - ✔✔
✔✔You have your license under a broker. Your broker is required to put your real estate
license on display in the office. Which of the following is your broker also required to
display? - ✔✔
✔✔If the GRM of a property is 120 and generates a semi-annual income of $15,000.00
what is the property sales price? - ✔✔
✔✔The Oklahoma real estate licensing law requires which of the following to have a
real estate license? - ✔✔
✔✔All of the following are illegal activities involving fair housing except... - ✔✔
✔✔How many acres are contained in the SE 1/4 of the SE 1/4 of Section 1, S 1/2 of the
S 1/2 of Section 2, and S 1/2 of the SE 1/4 of Section 4. - ✔✔280
✔✔Unless there is stipulation to the contrary, when real estate subject to a lease is
sold, that lease - ✔✔remains binding upon the new owner.
✔✔Albert sells his home to Ben which was built in 1977. Because this house was built
prior to 1978, Albert is required to - ✔✔provide B with signed lead based paint
disclosure form.
QUESTIONS AND SOLUTIONS GUARANTEE A+
✔✔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
✔✔"The present worth of future benefits arising from the ownership of real property," is
the definition of - ✔✔Value
✔✔Real Estate licenses are issued by - ✔✔the Oklahoma Real Estate Commission.
✔✔In which of the following situations would Fair Housing laws allow discrimination? -
✔✔A retirement community whose residents are all over 62 refuses to allow families
with children to buy in the community.
✔✔Which of the following is not included in Eminent Domain? - ✔✔Exercising of zoning
authority
✔✔A asked you to appraise their property. The property had no monthly income and
had no comparable in the market. You would most likely use - ✔✔cost approach
✔✔A zoning board of adjustment might give favorable consideration to a land use
variance if - ✔✔compliance would cause the owner undue and justified hardship
✔✔A lender determines that a homebuyer can afford to borrow $120,000 on a mortgage
loan. The lender requires an 80% loan-to-value ratio. How much can the borrower pay
for a property and still qualify for this loan amount? - ✔✔$150,000. ($120,000/.80)
✔✔A has his real estate license revoked by OREC. How many days does A have to
turn in his pocket card? - ✔✔on or before the date suspension/revocation becomes
effective.
, ✔✔Which of the following situations would not require holding a real estate license? -
✔✔All of the above (a buyer, an attorney working for a seller or buyer)
✔✔Open house or directional signs used in conjunction with broker's signs - ✔✔do not
have to contain the name or trade name of the associate's broker and broker's phone
number
✔✔Any interest in, or right to, land by third persons, adversely affecting the value of the
property is an - ✔✔encumbrance
✔✔Each branch office shall - ✔✔have a separate managing broker
✔✔How many acres are in the SE 1/4 of SW 1/4 & SW 1/4 of Sec 22 T11N, R2W - ✔✔
✔✔A zoning board of adjustment might give favorable consideration to a land use
variance if - ✔✔
✔✔Jim has an ACTIVE real estate license and personally puts an offer on a piece of
real property, - ✔✔
✔✔In this type of ownership, the owner holds fee-simple title - ✔✔
✔✔You have your license under a broker. Your broker is required to put your real estate
license on display in the office. Which of the following is your broker also required to
display? - ✔✔
✔✔If the GRM of a property is 120 and generates a semi-annual income of $15,000.00
what is the property sales price? - ✔✔
✔✔The Oklahoma real estate licensing law requires which of the following to have a
real estate license? - ✔✔
✔✔All of the following are illegal activities involving fair housing except... - ✔✔
✔✔How many acres are contained in the SE 1/4 of the SE 1/4 of Section 1, S 1/2 of the
S 1/2 of Section 2, and S 1/2 of the SE 1/4 of Section 4. - ✔✔280
✔✔Unless there is stipulation to the contrary, when real estate subject to a lease is
sold, that lease - ✔✔remains binding upon the new owner.
✔✔Albert sells his home to Ben which was built in 1977. Because this house was built
prior to 1978, Albert is required to - ✔✔provide B with signed lead based paint
disclosure form.
