OKLAHOMA REAL ESTATE TEST
QUESTIONS
Prices tend to drop - correct answer In general, when the supply of a certain
commodity increases
The real estate market is subject to - correct answer The cyclic changes in the
national economy & the law of supply and demand
Financing,Contracts & Valuation - correct answer The typical real estate licensee
must have specialized knowledge of a variety of subjects which include of the
following
Oklahoma Real Estate Commission(OREC) - correct answer The regulatory body
established by the legislature and empowered to carry out the provisions of the
Oklahoma Real Estate License Code
Owners of real estate handling their own property, or delegating such right to an
attorney-in-fact. - correct answer Which of the following is usually exempt from
real estate licensure?
FICA tax, State unemployment tax & Federal income tax withheld - correct answer
When brokers hire associates as employees, they are responsible for paying
which of the following on behalf of the associates?
Independent contractors - correct answer Persons who are only responsible to
their employer for the results of their work
Which of the following is an accurate statement regarding a successful career in
real estate? - correct answer A successful career in real estate is based on ethical
conduct and service to others.
A successful career in real estate is based on knowledge of a great variety of
subjects.
,Clients - correct answer The NAR Code of Ethics reflects the relations of the
licensee to public, licensee to fellow brokers and licensee to
only members of NAR - correct answer The term REALTOR is a registered
trademark term and can be used by
ARELLO - correct answer Association of Real Estate License Law Officials
Home sales - correct answer The largest number of licensed people in the real
estate industry are in involved in
Tenant relations, maintenance of property, negotiations - correct answer Property
managers must be skilled in
Insurance - correct answer In Oklahoma, appraisers are licensed or certified by
the Appraisal Board, administered under the Oklahoma Department of
Local Governments - correct answer Urban planners usually have an appropriate
degree and employed by
Manage property belonging to another & sell property belonging to another -
correct answer Which is usually not exempt from real estate licensure?
Commission splits - correct answer May vary after meeting certain production
goals
Administrative Law - correct answer Which specialized type of law sets forth the
ground rules by which the Commission must function to ensure orderly
procedures and equal treatment for all.
,Sell their computer testing system to other states - correct answer The OREC has
the power to
4 - correct answer How many years are the Oklahoma Real Estate Commissioners
appointed to serve?
Primarily African Americans & Minority real estate licensees - correct answer The
National Association of Real Estate Brokers was established in 1947 (NAREB). Its
members are REALTISTS
The main emphasis of ARELLO is the - correct answer Exchange of information,
exchange of ideas regarding licensing, regulation and adoption of similar policies
and standards for all states.
CCIM - correct answer Which association provides in-depth courses for persons
interested in learning about commercial real estate?
70% - correct answer In the United States, about what percentage of the
population lives within one hundred miles of a coastal line?
Types of mortgages available, interest rates, closing dates - correct answer For
the individual, what factors would weigh heavily in determining an offer price?
A parcel of real property may include - correct answer Land and improvements.
mineral rights, trees,houses and septic tanks. Airspace, surface, and ground
beneath the surface.
To use, sell, or lease the property.
To enter, give away, or do nothing with the property. - correct answer Which of the
following are ownership rights as contemplated by the "bundle of rights"?
Right of unrestricted use. - correct answer Which of the following is NOT one of
the "bundles of rights"?
, Right of Possession
Rights of Enjoyment
Rights of Disposition - correct answer Which of the following are "Bundles of
Rights"?
Non-Navigable rivers & streams - correct answer Riparian rights relate to the use
and ownership of water in
Littoral Rights - correct answer The right to the water and ownership of the land
up to the tire high-water mark of land abutting or bordering navigable bodies are
Mobility - correct answer Personal property is most easily distinguished from real
property by its
Personal property - correct answer Owners are building a new enclosed front
porch on a home. The lumber dealer with whom they are contracting has just
unloaded a truckload of lumber in the front of their house that will be used to
build the porch. At this point the lumber is considered to be
Crops produced annually by labor and industry - correct answer In discussing the
terms of the sale, a licensee makes reference to emblements. This has to do with
The adaptation of the the item to the premises.
An agreement between the parties involved.
The intention of the parties. - correct answer Which of the following tests would
be used to determine if an item of personal property has become a fixture and,
thus real property?
Heterogeneity - correct answer The fact that no two parcels of land can occupy
the same location gives land the characteristic of
QUESTIONS
Prices tend to drop - correct answer In general, when the supply of a certain
commodity increases
The real estate market is subject to - correct answer The cyclic changes in the
national economy & the law of supply and demand
Financing,Contracts & Valuation - correct answer The typical real estate licensee
must have specialized knowledge of a variety of subjects which include of the
following
Oklahoma Real Estate Commission(OREC) - correct answer The regulatory body
established by the legislature and empowered to carry out the provisions of the
Oklahoma Real Estate License Code
Owners of real estate handling their own property, or delegating such right to an
attorney-in-fact. - correct answer Which of the following is usually exempt from
real estate licensure?
FICA tax, State unemployment tax & Federal income tax withheld - correct answer
When brokers hire associates as employees, they are responsible for paying
which of the following on behalf of the associates?
Independent contractors - correct answer Persons who are only responsible to
their employer for the results of their work
Which of the following is an accurate statement regarding a successful career in
real estate? - correct answer A successful career in real estate is based on ethical
conduct and service to others.
A successful career in real estate is based on knowledge of a great variety of
subjects.
,Clients - correct answer The NAR Code of Ethics reflects the relations of the
licensee to public, licensee to fellow brokers and licensee to
only members of NAR - correct answer The term REALTOR is a registered
trademark term and can be used by
ARELLO - correct answer Association of Real Estate License Law Officials
Home sales - correct answer The largest number of licensed people in the real
estate industry are in involved in
Tenant relations, maintenance of property, negotiations - correct answer Property
managers must be skilled in
Insurance - correct answer In Oklahoma, appraisers are licensed or certified by
the Appraisal Board, administered under the Oklahoma Department of
Local Governments - correct answer Urban planners usually have an appropriate
degree and employed by
Manage property belonging to another & sell property belonging to another -
correct answer Which is usually not exempt from real estate licensure?
Commission splits - correct answer May vary after meeting certain production
goals
Administrative Law - correct answer Which specialized type of law sets forth the
ground rules by which the Commission must function to ensure orderly
procedures and equal treatment for all.
,Sell their computer testing system to other states - correct answer The OREC has
the power to
4 - correct answer How many years are the Oklahoma Real Estate Commissioners
appointed to serve?
Primarily African Americans & Minority real estate licensees - correct answer The
National Association of Real Estate Brokers was established in 1947 (NAREB). Its
members are REALTISTS
The main emphasis of ARELLO is the - correct answer Exchange of information,
exchange of ideas regarding licensing, regulation and adoption of similar policies
and standards for all states.
CCIM - correct answer Which association provides in-depth courses for persons
interested in learning about commercial real estate?
70% - correct answer In the United States, about what percentage of the
population lives within one hundred miles of a coastal line?
Types of mortgages available, interest rates, closing dates - correct answer For
the individual, what factors would weigh heavily in determining an offer price?
A parcel of real property may include - correct answer Land and improvements.
mineral rights, trees,houses and septic tanks. Airspace, surface, and ground
beneath the surface.
To use, sell, or lease the property.
To enter, give away, or do nothing with the property. - correct answer Which of the
following are ownership rights as contemplated by the "bundle of rights"?
Right of unrestricted use. - correct answer Which of the following is NOT one of
the "bundles of rights"?
, Right of Possession
Rights of Enjoyment
Rights of Disposition - correct answer Which of the following are "Bundles of
Rights"?
Non-Navigable rivers & streams - correct answer Riparian rights relate to the use
and ownership of water in
Littoral Rights - correct answer The right to the water and ownership of the land
up to the tire high-water mark of land abutting or bordering navigable bodies are
Mobility - correct answer Personal property is most easily distinguished from real
property by its
Personal property - correct answer Owners are building a new enclosed front
porch on a home. The lumber dealer with whom they are contracting has just
unloaded a truckload of lumber in the front of their house that will be used to
build the porch. At this point the lumber is considered to be
Crops produced annually by labor and industry - correct answer In discussing the
terms of the sale, a licensee makes reference to emblements. This has to do with
The adaptation of the the item to the premises.
An agreement between the parties involved.
The intention of the parties. - correct answer Which of the following tests would
be used to determine if an item of personal property has become a fixture and,
thus real property?
Heterogeneity - correct answer The fact that no two parcels of land can occupy
the same location gives land the characteristic of
