OKLAHOMA REAL ESTATE BROKER
EXAM CH 18-26
A Brick fence straddles the property line of two neighbors. The neighbors agree
not to damage it in any way. This is an example of: - correct answer A Party Wall.
A court renders a judgement which authorizes a lien to be placed against the
defendant's house, car and personal belongings. This is an example of - correct
answer A general judgement lien.
Among junior liens, the order or priority is generally established accordint to -
correct answer the date of recordation.
A property owner allows Betty Luanne to cross his property as a shortcut to her
kindergarten school bus. One day the property owner dies. What right was Betty
given and what happens to it in the future? - correct answer A license, which
terminates at the owner's death.
Which of the following describes a situation in which an easement might be
created against the wishes of the property owner? - correct answer The property
has been continuously used as an easement with the knowledge but without the
permission of the owner for a period of time.
An affirmative easement gives the benefited party - correct answer the right to a
defined use of a portion of another's
real property.
An important legal characteristic of an option-to-buy agreement is that - correct
answer the optionor must perform if the optionee take the option but the optionee
is under no obligation to do so.
Which of the following is true regarding the legal nature of option contracts? -
correct answer They give the optinee an Equitable interest in the property.
, Which of the following best characterizes a conventional sale contract? - correct
answer Voluntary, bilateral, and executory
A sale contract may specifically deal with tax
withholding responsibility if the seller is a foreigner.
What is this responsibility? - correct answer The Buyer must withhold 10% of the
sale price to pay the Seller's capital gain tax.
A potential danger in a Contract for Deed is that - correct answer Vendee may not
have a right of redemption
Several buyers are competing for the last available
home in a desirable new subdivision. One buyer calls the owner-developer
directly on the phone and offers $10,000 over and above the listed price. The
developer accepts the offer. At this point, - correct answer the parties have
completed a verbal, executory contract.
An owner completes a contract to sell her property.
Before closing, the seller runs into financial trouble
and assigns the contract to her principal creditor.
The buyer cries foul, fearing the property will be
lost. Which of the following is true? - correct answer The assignor has completed
a legal action.
A tenant exercises an option to buy a condominium.
The landlord agrees, but raises the agreed price by
$3,000, claiming financial distress. The landlord
does, however, offer the tenant two months of free
rent before closing as an offset. Which of the
EXAM CH 18-26
A Brick fence straddles the property line of two neighbors. The neighbors agree
not to damage it in any way. This is an example of: - correct answer A Party Wall.
A court renders a judgement which authorizes a lien to be placed against the
defendant's house, car and personal belongings. This is an example of - correct
answer A general judgement lien.
Among junior liens, the order or priority is generally established accordint to -
correct answer the date of recordation.
A property owner allows Betty Luanne to cross his property as a shortcut to her
kindergarten school bus. One day the property owner dies. What right was Betty
given and what happens to it in the future? - correct answer A license, which
terminates at the owner's death.
Which of the following describes a situation in which an easement might be
created against the wishes of the property owner? - correct answer The property
has been continuously used as an easement with the knowledge but without the
permission of the owner for a period of time.
An affirmative easement gives the benefited party - correct answer the right to a
defined use of a portion of another's
real property.
An important legal characteristic of an option-to-buy agreement is that - correct
answer the optionor must perform if the optionee take the option but the optionee
is under no obligation to do so.
Which of the following is true regarding the legal nature of option contracts? -
correct answer They give the optinee an Equitable interest in the property.
, Which of the following best characterizes a conventional sale contract? - correct
answer Voluntary, bilateral, and executory
A sale contract may specifically deal with tax
withholding responsibility if the seller is a foreigner.
What is this responsibility? - correct answer The Buyer must withhold 10% of the
sale price to pay the Seller's capital gain tax.
A potential danger in a Contract for Deed is that - correct answer Vendee may not
have a right of redemption
Several buyers are competing for the last available
home in a desirable new subdivision. One buyer calls the owner-developer
directly on the phone and offers $10,000 over and above the listed price. The
developer accepts the offer. At this point, - correct answer the parties have
completed a verbal, executory contract.
An owner completes a contract to sell her property.
Before closing, the seller runs into financial trouble
and assigns the contract to her principal creditor.
The buyer cries foul, fearing the property will be
lost. Which of the following is true? - correct answer The assignor has completed
a legal action.
A tenant exercises an option to buy a condominium.
The landlord agrees, but raises the agreed price by
$3,000, claiming financial distress. The landlord
does, however, offer the tenant two months of free
rent before closing as an offset. Which of the
