OKLAHOMA REAL ESTATE COMPREHENSIVE EXAM 2026
QUESTIONS AND SOLUTIONS SCORED A+
✔✔Fee simple subject to an executory limitations - ✔✔A limited estate whereby the
ownership interest may be terminated upon occurrence or nonoccurrence of the stated
event. Rather than the residual estate to the grantor, passes to the remainderman
whose executory interest then becomes an estate in fee simple absolute
✔✔Feudal system - ✔✔A system of ownership usually associated with pre-colonial
England, in which the king or other sovereign is the source of all rights.
✔✔FHA insured loan - ✔✔Real estate loan insured by the federal housing
administration
✔✔Fiduciary - ✔✔A relationship of trust , responsibility, and confidence for another such
as a broker for a client
✔✔Fiduciary duty - ✔✔That duty owed by an agent to act in the highest good faith
toward the principal and not to obtain any advantage over the latter by the slightest
misrepresentation, concealment ,duress, or pressure. This is what the real estate
associate owes the employing Broker.
✔✔Finder's fee - ✔✔A fee paid by a real estate broker to another for procuring a buyer
or seller ; also called a referral or bird dog fee. State licensing laws prohibit payment of
fee to an unlicensed person.
✔✔Firm - ✔✔Section 858-351(5) a sole proprietorship, corporation,association or
partnership.
✔✔Estoppel cert - ✔✔
✔✔firm commitment - ✔✔A lender's agreement to make a loan to a specific borrower on
a specific property. An FHA or PMI agreement with a designated borrower to insure a
loan on a specific property.
✔✔first mortgage - ✔✔A legal document pledging collateral for a loan (See "mortgage")
that has first priority over all other claims against the property except taxes and bonded
indebtedness. That mortgage superior to any other.
✔✔fixtures - ✔✔Appurtenances attached to the land or improvements, which usually
cannot be removed without agreement as they become real property; examples —
plumbing fixtures, store fixtures built into the property, etc.
,✔✔flaw - ✔✔an apparent gap or break of title that creates a doubt as to the present
ownership of the property
✔✔forces influencing value - ✔✔Social, Economic Adjustment (price levels,
employment, etc.) Government Regulations (zoning, codes, etc.) Physical (climate, soil,
etc.)
✔✔foreclosure - ✔✔A legal procedure whereby property used as security for a debt is
sold to satisfy the debt in the event of default in payment of the mortgage note or default
of other terms in the mortgage document. The foreclosure procedure bring the rights of
all parties to a conclusion and passes the title in the mortgaged property to either the
holder of the mortgage or a third party who may purchase the realty at the foreclosure
sale, fee of all encumbrances affecting the property subsequent to the mortgage.
✔✔forfeiture - ✔✔Loss of money or anything of value, due to failure to perform.
✔✔form reports - ✔✔an appraiser report presented on a form such as those required by
financial institutions insurance companies and government agencies. standard FNMA
Form no 1004
✔✔fractional sections - ✔✔Irregular sections due to the curvature of the earth: There
are 11 Fractional and 25 Full Sections in a Township. ( Each _______section consists
of a parcel of land less than 160 acres, usually found at the edge of a rectangular
survey.)
Also known as Government Lots. These are parcels of land less than 160 acres, usually
found at the edge of a rectangular survey. Sections 6, 7, 18, 19, 30, and 31 are
corrected for curvature of earth. each would be slightly less than 640 acres. section 6 is
smallest section,
✔✔freddie mac - ✔✔an acronymic name for the federal Home Loan Mortgage Corp
(FHLMC)
✔✔freehold estate - ✔✔An estate in real property which continues for an indefinite
period of time.held by one who owns title
✔✔functional Obsolescence - ✔✔depreciation that results from improvements that are
inadequate, overly adequate, or improperly designed for present needs
✔✔General Agent - ✔✔Agent authorized by the principal to transact all affairs in
connection with a particular type of business or trade or to transact all business at a
certain place
✔✔General lien - ✔✔A lien that attaches to all property owned by an individual. Real
and personal.
, ✔✔General Partnership - ✔✔A partnership in which each member has an equal right to
manage the business and share in the profits, as well as an equal responsibility for
debts.
✔✔General Warranty Deed - ✔✔An instrument of conveyance in which the grantor
warrants good clear title
✔✔Gift Deed - ✔✔deed in which the consideration is not monetary, but is made in
return for love and affection.
✔✔Ginnie Mae (GNMA) - ✔✔government national mortgage association
HUD division, corporation without stock; administers special-assistance programs and
works in tandem with Fannie Mae by guaranteeing payments.
✔✔Going Concern Value - ✔✔The value of an established business property compared
with the value of just the physical assets of a business that is not yet established.
✔✔Good Consideration - ✔✔love and affection with no monetary measure of value.
E.g..., a father might use love and affection as consideration to grant an estate to his
son or daughter
✔✔Good Faith - ✔✔bona fide; something honestly and sincerely done
✔✔Good Faith Estimate GFE - ✔✔A preliminary accounting of expected closing costs
for both parties based on the offered price and terms of the contract
✔✔Goodwill - ✔✔An intangible but salable asset of a business derived from the
expectation of continued public patronage.
✔✔Government Lots - ✔✔Fractional sections in the rectangular (government) survey
system that are less than one quarter- section in area
✔✔Government National Mortgage Association - ✔✔ALSO KNOWN AS "GNMA" OR
"GINNIE MAE", IS A FEDERAL AGENCY THAT OPERATES AS PART OF THE U.S
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT(HUD) TO MAKE LOANS
AVAILABLE IN AREAS OF HIGHER RISK, SUCH AS FOR URBAN DEVELOPMENT,
SUBSIDY PROGRAMS AND LOW-AND-MODERATE-INCOME HOUSING
✔✔Graduated Payment Mortgage - ✔✔(GPM)
a mortgage with an interest rate and maturity that are fixed, but the monthly payment
gradually raises, because the initially monthly payments are insufficient to fully amortize
the loan
QUESTIONS AND SOLUTIONS SCORED A+
✔✔Fee simple subject to an executory limitations - ✔✔A limited estate whereby the
ownership interest may be terminated upon occurrence or nonoccurrence of the stated
event. Rather than the residual estate to the grantor, passes to the remainderman
whose executory interest then becomes an estate in fee simple absolute
✔✔Feudal system - ✔✔A system of ownership usually associated with pre-colonial
England, in which the king or other sovereign is the source of all rights.
✔✔FHA insured loan - ✔✔Real estate loan insured by the federal housing
administration
✔✔Fiduciary - ✔✔A relationship of trust , responsibility, and confidence for another such
as a broker for a client
✔✔Fiduciary duty - ✔✔That duty owed by an agent to act in the highest good faith
toward the principal and not to obtain any advantage over the latter by the slightest
misrepresentation, concealment ,duress, or pressure. This is what the real estate
associate owes the employing Broker.
✔✔Finder's fee - ✔✔A fee paid by a real estate broker to another for procuring a buyer
or seller ; also called a referral or bird dog fee. State licensing laws prohibit payment of
fee to an unlicensed person.
✔✔Firm - ✔✔Section 858-351(5) a sole proprietorship, corporation,association or
partnership.
✔✔Estoppel cert - ✔✔
✔✔firm commitment - ✔✔A lender's agreement to make a loan to a specific borrower on
a specific property. An FHA or PMI agreement with a designated borrower to insure a
loan on a specific property.
✔✔first mortgage - ✔✔A legal document pledging collateral for a loan (See "mortgage")
that has first priority over all other claims against the property except taxes and bonded
indebtedness. That mortgage superior to any other.
✔✔fixtures - ✔✔Appurtenances attached to the land or improvements, which usually
cannot be removed without agreement as they become real property; examples —
plumbing fixtures, store fixtures built into the property, etc.
,✔✔flaw - ✔✔an apparent gap or break of title that creates a doubt as to the present
ownership of the property
✔✔forces influencing value - ✔✔Social, Economic Adjustment (price levels,
employment, etc.) Government Regulations (zoning, codes, etc.) Physical (climate, soil,
etc.)
✔✔foreclosure - ✔✔A legal procedure whereby property used as security for a debt is
sold to satisfy the debt in the event of default in payment of the mortgage note or default
of other terms in the mortgage document. The foreclosure procedure bring the rights of
all parties to a conclusion and passes the title in the mortgaged property to either the
holder of the mortgage or a third party who may purchase the realty at the foreclosure
sale, fee of all encumbrances affecting the property subsequent to the mortgage.
✔✔forfeiture - ✔✔Loss of money or anything of value, due to failure to perform.
✔✔form reports - ✔✔an appraiser report presented on a form such as those required by
financial institutions insurance companies and government agencies. standard FNMA
Form no 1004
✔✔fractional sections - ✔✔Irregular sections due to the curvature of the earth: There
are 11 Fractional and 25 Full Sections in a Township. ( Each _______section consists
of a parcel of land less than 160 acres, usually found at the edge of a rectangular
survey.)
Also known as Government Lots. These are parcels of land less than 160 acres, usually
found at the edge of a rectangular survey. Sections 6, 7, 18, 19, 30, and 31 are
corrected for curvature of earth. each would be slightly less than 640 acres. section 6 is
smallest section,
✔✔freddie mac - ✔✔an acronymic name for the federal Home Loan Mortgage Corp
(FHLMC)
✔✔freehold estate - ✔✔An estate in real property which continues for an indefinite
period of time.held by one who owns title
✔✔functional Obsolescence - ✔✔depreciation that results from improvements that are
inadequate, overly adequate, or improperly designed for present needs
✔✔General Agent - ✔✔Agent authorized by the principal to transact all affairs in
connection with a particular type of business or trade or to transact all business at a
certain place
✔✔General lien - ✔✔A lien that attaches to all property owned by an individual. Real
and personal.
, ✔✔General Partnership - ✔✔A partnership in which each member has an equal right to
manage the business and share in the profits, as well as an equal responsibility for
debts.
✔✔General Warranty Deed - ✔✔An instrument of conveyance in which the grantor
warrants good clear title
✔✔Gift Deed - ✔✔deed in which the consideration is not monetary, but is made in
return for love and affection.
✔✔Ginnie Mae (GNMA) - ✔✔government national mortgage association
HUD division, corporation without stock; administers special-assistance programs and
works in tandem with Fannie Mae by guaranteeing payments.
✔✔Going Concern Value - ✔✔The value of an established business property compared
with the value of just the physical assets of a business that is not yet established.
✔✔Good Consideration - ✔✔love and affection with no monetary measure of value.
E.g..., a father might use love and affection as consideration to grant an estate to his
son or daughter
✔✔Good Faith - ✔✔bona fide; something honestly and sincerely done
✔✔Good Faith Estimate GFE - ✔✔A preliminary accounting of expected closing costs
for both parties based on the offered price and terms of the contract
✔✔Goodwill - ✔✔An intangible but salable asset of a business derived from the
expectation of continued public patronage.
✔✔Government Lots - ✔✔Fractional sections in the rectangular (government) survey
system that are less than one quarter- section in area
✔✔Government National Mortgage Association - ✔✔ALSO KNOWN AS "GNMA" OR
"GINNIE MAE", IS A FEDERAL AGENCY THAT OPERATES AS PART OF THE U.S
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT(HUD) TO MAKE LOANS
AVAILABLE IN AREAS OF HIGHER RISK, SUCH AS FOR URBAN DEVELOPMENT,
SUBSIDY PROGRAMS AND LOW-AND-MODERATE-INCOME HOUSING
✔✔Graduated Payment Mortgage - ✔✔(GPM)
a mortgage with an interest rate and maturity that are fixed, but the monthly payment
gradually raises, because the initially monthly payments are insufficient to fully amortize
the loan
