OKLAHOMA REAL ESTATE EXAM PREP/ 200
Q&A/ 2024-2025.
WHAT TYPE OF CONTRACT IS A REAL ESTATE OPTION CONTRACT? - Answer:
UNILATERAL CONTRACT
DURING AN APPRAISAL OF A RESIDENTIAL PROPERTY AN APPRAISER ESTIMATES
THE COST OF REBUILDING THE SUBJECT PROPERTY SO THAT IT IS IDENTICAL TO ITS
CURRENT SIZE AND CONDITION IS AN EXAMPLE OF WHAT TYPE OF APPRAISAL
PRINCIPLE? - Answer: SUBSTITUTION
ACCORDING TO THE STATUTE OF FRAUDS IN ORDER FOR A REAL ESTATE SALES
CONTRACT TO BE ENFORCEABLE IN COURT THEY MUST BE - Answer: IN WRITING
Page 1 of 36
,WHICH OF THE FOLLOWING TERMS IDENTIFIES AN ELEMENT THAT IS ESSENTIAL
TO CREATING A VALID REAL ESTATE SALES CONTRACT? - Answer: LEGAL PURPOSE
DEFINE APPRAISED VALUE - Answer: An evaluation of a property's value based on
a given point in time that is performed by a professional appraiser during the
mortgage origination process.
DEFINE "TIME IS OF THE ESSENCE" CLAUSE IN A REAL ESTATE SALES CONTRACT -
Answer: Generally, a contract for the sale of real property containing the phrase
"time is of the essence" creates the requirement that both parties to the contract
perform within the time specified.
AS USED IN PROPERTY MANAGEMENT THE TERM "CONSTRUCTIVE EVICTION" IS
BEST UNDERSTOOD TO MEAN - Answer: A TENANT HAS LEFT A PROPERTY AFTER A
LANDLORD HAS ALLOWED IT TO BECOME UNINHABITABLE
THE BEST STATEMENT ABOUT THE RELATIONSHIP BETWEEN A PROPERTY
MORTGAGE AND A PROMISSORY NOTE IS THAT THE MORTGAGE - Answer:
CREATES A PROPERTY LIEN AS SECURITY FOR THE NOTE WHICH GIVES THE DETAILS
OF BOTH THE AMOUNT OF THE DEBT AND THE TERMS OF REPAYMENT
AN EXAMPLE OF A PROPERTY SUFFERING FROM EXTERNAL (ECONOMIC)
OBSOLESCENCE IS - Answer: A CAR DEALERSHIP LOCATED DOWNWIND FROM A
NEW HOG FARM
Page 2 of 36
,WHAT TYPE OF OWNERSHIP INTEREST APPLIES TO PARTIES WHO OWN REAL
PROPERTY AS TENANTS IN COMMON - Answer: THE OWNERSHIP INTERESTS MAY
BE CONVEYED SEPARATELY
A HOMEOWNER WITHOUT ANY LIENS ON THE PROPERTY ARRANGES FOR A LOAN
THAT PROVIDES A SERIES OF SMALL MONTHLY PAYMENTS TO THE OWNER RATHER
THAN A SINGLE LARGE PAYMENT THAT MUST BE PAID BACK IN INSTALLMENTS -
Answer: REVERSE ANNUITY
A BUYER ARRANGES FOR A $90,000 MORTGAGE LOAN WITH AN ANNUAL
INTEREST RATE OF 8% AND A FIXED MONTHLY PAYMENT OF $745. HOW MUCH OF
THE PAYMENT WILL REPRESENT PRINCIPAL? - Answer: 90,000 X .08 = 7,200 (INT
PER YEAR)
7,200/12 = 600 INT PER FIRST MONTH
745-600= 145 PRINCIPAL
THE PROVISIONS OF THE AMERICANS WITH DISABILITIES ACT (ADA) APPLY TO
OWNERS OF WHAT TYPES OF PROPERTIES - Answer: MULTIPLEX THEATERS,
APARTMENT BUILDINGS ETC
ACCESS RAMPS TO GOVERNMENT BUILDINGS, GRAB BARS IN PUBLIC REST ROOMS
AND A ROW OF PAY PHONES WITH SEVERAL PLACED LOWER ARE EXAMPLES OF
COMPLIANCE WITH WHAT FEDERAL LAW - Answer: AMERICANS WITH
DISABILITIES ACT (ADA)
Page 3 of 36
, PUFFING IS AN EXAGGERATION OF GOOD POINTS. AN EXAMPLE IS - Answer: BEST
VIEW OF THE MOUNTAINS IN TOWN
MAXIMUM AMOUNTS OF ANY PROFIT THAT WOULD BE EXEMPT FROM CAPITAL
GAINS TAX IS - Answer: 250,000 FOR SINGLE FILERS
500,000 FOR MARRIED FILING JOINT
UNDER FEDERAL FAIR HOUSING ACT REQUIREMENTS A PROPERTY MANAGER OF
A RESIDENTIAL MULTI-UNIT PROPERTY MAY LEGALLY REFUSE TO APPROVE
RENTING A UNIT IN A PROPERTY EXCLUSIVELY OCCUPIED BY PERSONS OVER 65 TO
- Answer: A SINGLE PARENT WITH AN INFANT CHILD
WHAT TYPE OF EXPENSES WILL A FIRM MOST LIKELY BE RESPONSIBLE FOR PAYING
FOR A NEWLY LICENSED SALES PERSON WHO HAS CONTRACTED TO WORK FOR A
BROKER OF THE FIRM - Answer: OFFICE SPACE RENT AND TELEPHONE
WHAT BEST DEFINES A MATERIAL DEFECT - Answer: A DEFECT THAT WOULD
AFFECT A BUYERS DECISION TO PURCHASE OR AFFECT THE PROPERTIES VALUE
THE TRUTH IN LENDING ACT ALSO KNOWN AS CONSUMER CREDIT PROTECTION
ACT OF 1968 AND REGULATION Z LATER IS A PART OF WHICH FEDERAL LAWS -
Answer: FEDERAL RESERVE
Page 4 of 36
Q&A/ 2024-2025.
WHAT TYPE OF CONTRACT IS A REAL ESTATE OPTION CONTRACT? - Answer:
UNILATERAL CONTRACT
DURING AN APPRAISAL OF A RESIDENTIAL PROPERTY AN APPRAISER ESTIMATES
THE COST OF REBUILDING THE SUBJECT PROPERTY SO THAT IT IS IDENTICAL TO ITS
CURRENT SIZE AND CONDITION IS AN EXAMPLE OF WHAT TYPE OF APPRAISAL
PRINCIPLE? - Answer: SUBSTITUTION
ACCORDING TO THE STATUTE OF FRAUDS IN ORDER FOR A REAL ESTATE SALES
CONTRACT TO BE ENFORCEABLE IN COURT THEY MUST BE - Answer: IN WRITING
Page 1 of 36
,WHICH OF THE FOLLOWING TERMS IDENTIFIES AN ELEMENT THAT IS ESSENTIAL
TO CREATING A VALID REAL ESTATE SALES CONTRACT? - Answer: LEGAL PURPOSE
DEFINE APPRAISED VALUE - Answer: An evaluation of a property's value based on
a given point in time that is performed by a professional appraiser during the
mortgage origination process.
DEFINE "TIME IS OF THE ESSENCE" CLAUSE IN A REAL ESTATE SALES CONTRACT -
Answer: Generally, a contract for the sale of real property containing the phrase
"time is of the essence" creates the requirement that both parties to the contract
perform within the time specified.
AS USED IN PROPERTY MANAGEMENT THE TERM "CONSTRUCTIVE EVICTION" IS
BEST UNDERSTOOD TO MEAN - Answer: A TENANT HAS LEFT A PROPERTY AFTER A
LANDLORD HAS ALLOWED IT TO BECOME UNINHABITABLE
THE BEST STATEMENT ABOUT THE RELATIONSHIP BETWEEN A PROPERTY
MORTGAGE AND A PROMISSORY NOTE IS THAT THE MORTGAGE - Answer:
CREATES A PROPERTY LIEN AS SECURITY FOR THE NOTE WHICH GIVES THE DETAILS
OF BOTH THE AMOUNT OF THE DEBT AND THE TERMS OF REPAYMENT
AN EXAMPLE OF A PROPERTY SUFFERING FROM EXTERNAL (ECONOMIC)
OBSOLESCENCE IS - Answer: A CAR DEALERSHIP LOCATED DOWNWIND FROM A
NEW HOG FARM
Page 2 of 36
,WHAT TYPE OF OWNERSHIP INTEREST APPLIES TO PARTIES WHO OWN REAL
PROPERTY AS TENANTS IN COMMON - Answer: THE OWNERSHIP INTERESTS MAY
BE CONVEYED SEPARATELY
A HOMEOWNER WITHOUT ANY LIENS ON THE PROPERTY ARRANGES FOR A LOAN
THAT PROVIDES A SERIES OF SMALL MONTHLY PAYMENTS TO THE OWNER RATHER
THAN A SINGLE LARGE PAYMENT THAT MUST BE PAID BACK IN INSTALLMENTS -
Answer: REVERSE ANNUITY
A BUYER ARRANGES FOR A $90,000 MORTGAGE LOAN WITH AN ANNUAL
INTEREST RATE OF 8% AND A FIXED MONTHLY PAYMENT OF $745. HOW MUCH OF
THE PAYMENT WILL REPRESENT PRINCIPAL? - Answer: 90,000 X .08 = 7,200 (INT
PER YEAR)
7,200/12 = 600 INT PER FIRST MONTH
745-600= 145 PRINCIPAL
THE PROVISIONS OF THE AMERICANS WITH DISABILITIES ACT (ADA) APPLY TO
OWNERS OF WHAT TYPES OF PROPERTIES - Answer: MULTIPLEX THEATERS,
APARTMENT BUILDINGS ETC
ACCESS RAMPS TO GOVERNMENT BUILDINGS, GRAB BARS IN PUBLIC REST ROOMS
AND A ROW OF PAY PHONES WITH SEVERAL PLACED LOWER ARE EXAMPLES OF
COMPLIANCE WITH WHAT FEDERAL LAW - Answer: AMERICANS WITH
DISABILITIES ACT (ADA)
Page 3 of 36
, PUFFING IS AN EXAGGERATION OF GOOD POINTS. AN EXAMPLE IS - Answer: BEST
VIEW OF THE MOUNTAINS IN TOWN
MAXIMUM AMOUNTS OF ANY PROFIT THAT WOULD BE EXEMPT FROM CAPITAL
GAINS TAX IS - Answer: 250,000 FOR SINGLE FILERS
500,000 FOR MARRIED FILING JOINT
UNDER FEDERAL FAIR HOUSING ACT REQUIREMENTS A PROPERTY MANAGER OF
A RESIDENTIAL MULTI-UNIT PROPERTY MAY LEGALLY REFUSE TO APPROVE
RENTING A UNIT IN A PROPERTY EXCLUSIVELY OCCUPIED BY PERSONS OVER 65 TO
- Answer: A SINGLE PARENT WITH AN INFANT CHILD
WHAT TYPE OF EXPENSES WILL A FIRM MOST LIKELY BE RESPONSIBLE FOR PAYING
FOR A NEWLY LICENSED SALES PERSON WHO HAS CONTRACTED TO WORK FOR A
BROKER OF THE FIRM - Answer: OFFICE SPACE RENT AND TELEPHONE
WHAT BEST DEFINES A MATERIAL DEFECT - Answer: A DEFECT THAT WOULD
AFFECT A BUYERS DECISION TO PURCHASE OR AFFECT THE PROPERTIES VALUE
THE TRUTH IN LENDING ACT ALSO KNOWN AS CONSUMER CREDIT PROTECTION
ACT OF 1968 AND REGULATION Z LATER IS A PART OF WHICH FEDERAL LAWS -
Answer: FEDERAL RESERVE
Page 4 of 36
