PSI Oklahoma Real Estate Practice Test
(2022/2023) Already Passed
MOST closed real estate transactions should be reported to the IRS. REQUIRED information
includes seller name(s) and social security number(s) and ✔✔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 ✔✔a mechanic's lien.
Legal descriptions using the government survey system are NOT generally used in ✔✔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 ✔✔file an action for partition against the third owner.
A major difference between freehold and nonfreehold estates is that all freehold estates ✔✔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? ✔✔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 ✔✔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? ✔✔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? ✔✔Conditional use permit or zoning variance.
(2022/2023) Already Passed
MOST closed real estate transactions should be reported to the IRS. REQUIRED information
includes seller name(s) and social security number(s) and ✔✔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 ✔✔a mechanic's lien.
Legal descriptions using the government survey system are NOT generally used in ✔✔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 ✔✔file an action for partition against the third owner.
A major difference between freehold and nonfreehold estates is that all freehold estates ✔✔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? ✔✔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 ✔✔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? ✔✔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? ✔✔Conditional use permit or zoning variance.
