PSI OKLAHOMA REAL ESTATE
PRACTICE TEST
MOST closed real estate transactions should be reported to the IRS. REQUIRED
information includes seller name(s) and social security number(s) and - correct
answer the sale price
An owner hired a construction company to build a swimming pool at a new home.
The owner failed to pay the bill once the work was completed and the
construction company filed a lien to obtain payment of the debt. The
encumbrance created is called - correct answer a mechanic's lien.
Legal descriptions using the government survey system are NOT generally used
in - correct answer the original 13 states.
Three people buy a house as tenants in common. Subsequently, two of the
owners want to sell, but the third discourages each potential purchaser. The two
owners who wish to sell the house can - correct answer file an action for partition
against the third owner.
A major difference between freehold and nonfreehold estates is that all freehold
estates - correct answer are of indeterminable duration.
A property is encumbered by a first mortgage of $60,000 and a second mortgage
of $23,500. The property has just been sold at a foreclosure auction to a
speculating investor for $88,000. Assume that all costs of the foreclosure sale are
included in these balances. Which of the following statements is FALSE
regarding the distribution of funds? - correct answer The second mortgagee
receives nothing unless he forced the foreclosure auction.
Although states make specific laws governing water rights and the rights in land
that borders water, most states generally follow one of two basic doctrines
regarding water rights. In many states, the common law doctrine of riparian and
littoral rights dictates that water rights are automatically conveyed with property.
, In others, all water rights are controlled by the state under the doctrine of -
correct answer prior appropriation.
In the sale of property, there is often confusion over whether an item is a fixture
or personal property. What is the best way to avoid this confusion? - correct
answer Specify questionable items of property in the written sales contract.
A landowner wishes to build a neighborhood grocery store on a busy street in an
area zoned for residential use. Which of the following would MOST likely be used
to obtain permission for this store? - correct answer Conditional use permit or
zoning variance.
An Environmental Impact Statement (EIS) - correct answer projects the impact on
the environment of a proposed project.
A deed restriction is applicable to the activities of - correct answer present and
future owners.
An escheat occurs when - correct answer a property owner dies without heirs or
a valid will.
Ordinances that specify construction standards are - correct answer building
codes.
When preparing a market data estimate of value, which of the following
categories of adjustment is NOT essential? - correct answer The original cost of
the building.
A competitive market analysis takes into consideration - correct answer square
footage of the subject property.
PRACTICE TEST
MOST closed real estate transactions should be reported to the IRS. REQUIRED
information includes seller name(s) and social security number(s) and - correct
answer the sale price
An owner hired a construction company to build a swimming pool at a new home.
The owner failed to pay the bill once the work was completed and the
construction company filed a lien to obtain payment of the debt. The
encumbrance created is called - correct answer a mechanic's lien.
Legal descriptions using the government survey system are NOT generally used
in - correct answer the original 13 states.
Three people buy a house as tenants in common. Subsequently, two of the
owners want to sell, but the third discourages each potential purchaser. The two
owners who wish to sell the house can - correct answer file an action for partition
against the third owner.
A major difference between freehold and nonfreehold estates is that all freehold
estates - correct answer are of indeterminable duration.
A property is encumbered by a first mortgage of $60,000 and a second mortgage
of $23,500. The property has just been sold at a foreclosure auction to a
speculating investor for $88,000. Assume that all costs of the foreclosure sale are
included in these balances. Which of the following statements is FALSE
regarding the distribution of funds? - correct answer The second mortgagee
receives nothing unless he forced the foreclosure auction.
Although states make specific laws governing water rights and the rights in land
that borders water, most states generally follow one of two basic doctrines
regarding water rights. In many states, the common law doctrine of riparian and
littoral rights dictates that water rights are automatically conveyed with property.
, In others, all water rights are controlled by the state under the doctrine of -
correct answer prior appropriation.
In the sale of property, there is often confusion over whether an item is a fixture
or personal property. What is the best way to avoid this confusion? - correct
answer Specify questionable items of property in the written sales contract.
A landowner wishes to build a neighborhood grocery store on a busy street in an
area zoned for residential use. Which of the following would MOST likely be used
to obtain permission for this store? - correct answer Conditional use permit or
zoning variance.
An Environmental Impact Statement (EIS) - correct answer projects the impact on
the environment of a proposed project.
A deed restriction is applicable to the activities of - correct answer present and
future owners.
An escheat occurs when - correct answer a property owner dies without heirs or
a valid will.
Ordinances that specify construction standards are - correct answer building
codes.
When preparing a market data estimate of value, which of the following
categories of adjustment is NOT essential? - correct answer The original cost of
the building.
A competitive market analysis takes into consideration - correct answer square
footage of the subject property.
