POST LICENSE EXAM WITH COMPLETE
SOLUTIONS ALREADY PASSED
When the purchase of real estate is financed through a contract for deed - Answer- the
legal title remains with the sellers until the contract is performed and the entire purchase
price is received by the sellers
The sales contract is silent as to who is to close the transaction. The listing broker
deposits the earnest money in a trust account and appoints a title company as closing
agent. The broker pays all earnest money to the title company. The title company -
Answer- the broker and sales associate is subject to disciplinary action under the
licensing code for failure to provide copies of closing documents to the parties
A broker deposits a client's earnest money in the business checking account. Because
the broker has not paid federal income taxes, Uncle Sam puts a lien on the checking
account, which prevents the broker from withdrawing any money, including that of the -
Answer- a trust account
Interests in Land - Answer- These interests may be present interests such as a fee
simple or a life estate, or future interests such as a reversion or a remainder
Rights to Land - Answer- These are leases, easements, rights of way, and licenses
Charges Against the Land - Answer- These are mortgages, tax liens and mechanic's
liens
Mineral Rights - Answer- These rights may be created by virtue of grant called a "lease"
or an absolute conveyance which is the "severance" of the mineral rights
Air Rights - Answer- Condominiums are a good example of a buyer purchasing an "air-
space.
A "chain of title" is a(n - Answer- A record of property's grantors and grantees
Which of the following statement is not correct? - Answer- the abstracter guarantees the
title to real estate
When investigating the history of the title to a given piece of real estate, the abstracter
checks - Answer- public records relating to judgments, zoning ordinances, the
, abstracter checks. And records maintained by the county recorder of deeds, mortgages,
mechanics liens, and the like
The concept of insurance is to - Answer- spread the risk among many persons, and
thus exchange the possibility of a major loss for a known cost of manageable
proportions.
The major purpose of the Oklahoma Real Estate Education and Recovery Fund is to -
Answer- reimburse any person adjudged by a court to have suffered loss due to a
licensee violating the Code
Investments in real estate are generally considered - Answer- Risky and a long term
investment
When new industry moves into a community - Answer- development of real estate
cannot respond to immediate demands
In general, when the supply of a certain commodity increase - Answer- prices tend to
drop
The real estate market is subject to - Answer- the law of supply and demand and the
cyclic changes in the national economy
When the costs of inputs necessary to manufacture a product or offer a service
increases, the resulting increase in price is known as - Answer- cost-push inflation.
Brokers or associates may advertise their own property - Answer- only as licensees
marketing their own property
The most effective medium for attracting potential customer calls is - Answer- a yard
sign
One cause for suspension or revocation of a real estate license is - Answer- placing a
blind ad (no disclosure of professional status
In dealings with the public, brokers may not - Answer- remain silent as to material facts
concerning the property known only to themselves
Which of the following advertising practices is allowed by law in Oklahoma - Answer-
offering free radios as a premium for listing with a firm
An associate receives two offers for a listed property within a ten- minute period. One
offer was 2% less than the listed price and the other was 6% less than the listed price.
The associate should present to the seller - Answer- both offers
SOLUTIONS ALREADY PASSED
When the purchase of real estate is financed through a contract for deed - Answer- the
legal title remains with the sellers until the contract is performed and the entire purchase
price is received by the sellers
The sales contract is silent as to who is to close the transaction. The listing broker
deposits the earnest money in a trust account and appoints a title company as closing
agent. The broker pays all earnest money to the title company. The title company -
Answer- the broker and sales associate is subject to disciplinary action under the
licensing code for failure to provide copies of closing documents to the parties
A broker deposits a client's earnest money in the business checking account. Because
the broker has not paid federal income taxes, Uncle Sam puts a lien on the checking
account, which prevents the broker from withdrawing any money, including that of the -
Answer- a trust account
Interests in Land - Answer- These interests may be present interests such as a fee
simple or a life estate, or future interests such as a reversion or a remainder
Rights to Land - Answer- These are leases, easements, rights of way, and licenses
Charges Against the Land - Answer- These are mortgages, tax liens and mechanic's
liens
Mineral Rights - Answer- These rights may be created by virtue of grant called a "lease"
or an absolute conveyance which is the "severance" of the mineral rights
Air Rights - Answer- Condominiums are a good example of a buyer purchasing an "air-
space.
A "chain of title" is a(n - Answer- A record of property's grantors and grantees
Which of the following statement is not correct? - Answer- the abstracter guarantees the
title to real estate
When investigating the history of the title to a given piece of real estate, the abstracter
checks - Answer- public records relating to judgments, zoning ordinances, the
, abstracter checks. And records maintained by the county recorder of deeds, mortgages,
mechanics liens, and the like
The concept of insurance is to - Answer- spread the risk among many persons, and
thus exchange the possibility of a major loss for a known cost of manageable
proportions.
The major purpose of the Oklahoma Real Estate Education and Recovery Fund is to -
Answer- reimburse any person adjudged by a court to have suffered loss due to a
licensee violating the Code
Investments in real estate are generally considered - Answer- Risky and a long term
investment
When new industry moves into a community - Answer- development of real estate
cannot respond to immediate demands
In general, when the supply of a certain commodity increase - Answer- prices tend to
drop
The real estate market is subject to - Answer- the law of supply and demand and the
cyclic changes in the national economy
When the costs of inputs necessary to manufacture a product or offer a service
increases, the resulting increase in price is known as - Answer- cost-push inflation.
Brokers or associates may advertise their own property - Answer- only as licensees
marketing their own property
The most effective medium for attracting potential customer calls is - Answer- a yard
sign
One cause for suspension or revocation of a real estate license is - Answer- placing a
blind ad (no disclosure of professional status
In dealings with the public, brokers may not - Answer- remain silent as to material facts
concerning the property known only to themselves
Which of the following advertising practices is allowed by law in Oklahoma - Answer-
offering free radios as a premium for listing with a firm
An associate receives two offers for a listed property within a ten- minute period. One
offer was 2% less than the listed price and the other was 6% less than the listed price.
The associate should present to the seller - Answer- both offers
