Oklahoma Real Estate
Actual Exam
Prep
TestBank
(Complete Accurate Quizzes)
Questions with Correct Expert
Verified Detailed Answers
latest updated version 2025
, Oklahoma Real Estate Actual Exam Prep
TestBank (Complete Accurate Quizzes)
Questions with Correct Expert Verified
Detailed Answers latest updated version
2025
When is an offer to purchase property "accepted"? --- correct precise
answer ---THE SELLER ACCEPTS AND THE SIGNED CONTRACT IS
DELIVERED TO THE BUYER
The Buyer pays the Seller $5000 to purchase within 120 days an
apartment building containing 18 units. This action is a/an --- correct
precise answer ---OPTION TO BUY - CONTRACT FOR DEED
A Buyer had a contingency in a purchase contract to sell the Buyer's
house in 120 days. On day 121, the Seller informed the Buyer the Seller
would keep the Earnest Money but sell the house to another Buyer.
What did the original Buyer violate? --- correct precise answer ---
BUYERS DEFAULT
,What is this ... A Seller may employ any number of Brokers. Only the
Broker who produces a Buyer earns a commission. The Seller may sell
the property. --- correct precise answer ---OPEN LISTING
A landlord agrees to pay a broker for procuring a tenant unless
someone else finds the tenant first. This is an example of a(n) ---
correct precise answer ---OPEN LISTING
A Realtor agrees by a "handshake" to sell the house of his former high
school Chemistry teacher. The Realtor finds a Buyer who submits a
full price offer with no provisions. The house sells, but the Seller
refuses to pay a commission to the Realtor. What kind of contract does
the Realtor have with the Seller? --- correct precise answer ---
UNENFORCEABLE
A person who has secured the right to purchase a property at a fixed
price for a designated period of time and has paid a consideration for
this privilege would own a(n) --- correct precise answer ---CONTRACT
FOR DEED - OPTION TO PURCHASE
All of the following closing expenses are allowed under the Real
Estate Settlement Procedures Act, except --- correct precise answer --
-UNEARNED FEES AND KICKBACKS
, In general, the borrower no longer pays Mortgage Insurance when the
Loan-to-Value equals --- correct precise answer ---LESS THAN 80%
WHAT AGENCY INVESTIGATES MORTGAGE FRAUD --- correct precise
answer ---FBI
The Veteran's Administration assists numerous qualified mortgage
loan applicants because it --- correct precise answer ---GUARANTEES
loans made by approved lenders
Albert has a mortgage on his property. Ten years after he receives his
mortgage, the note expires, and he pays a lump sum of the principal.
What type of promissory note did Albert have? --- correct precise
answer ---BALLOON
The Truth in Lending Act (TILA) of 1968 is United States federal law
designed to promote the informed use of consumer credit, by
requiring disclosures about its terms and cost to standardize the
manner in which costs associated with borrowing are calculated and
disclosed. --- correct precise answer ---REGULATION Z
Actual Exam
Prep
TestBank
(Complete Accurate Quizzes)
Questions with Correct Expert
Verified Detailed Answers
latest updated version 2025
, Oklahoma Real Estate Actual Exam Prep
TestBank (Complete Accurate Quizzes)
Questions with Correct Expert Verified
Detailed Answers latest updated version
2025
When is an offer to purchase property "accepted"? --- correct precise
answer ---THE SELLER ACCEPTS AND THE SIGNED CONTRACT IS
DELIVERED TO THE BUYER
The Buyer pays the Seller $5000 to purchase within 120 days an
apartment building containing 18 units. This action is a/an --- correct
precise answer ---OPTION TO BUY - CONTRACT FOR DEED
A Buyer had a contingency in a purchase contract to sell the Buyer's
house in 120 days. On day 121, the Seller informed the Buyer the Seller
would keep the Earnest Money but sell the house to another Buyer.
What did the original Buyer violate? --- correct precise answer ---
BUYERS DEFAULT
,What is this ... A Seller may employ any number of Brokers. Only the
Broker who produces a Buyer earns a commission. The Seller may sell
the property. --- correct precise answer ---OPEN LISTING
A landlord agrees to pay a broker for procuring a tenant unless
someone else finds the tenant first. This is an example of a(n) ---
correct precise answer ---OPEN LISTING
A Realtor agrees by a "handshake" to sell the house of his former high
school Chemistry teacher. The Realtor finds a Buyer who submits a
full price offer with no provisions. The house sells, but the Seller
refuses to pay a commission to the Realtor. What kind of contract does
the Realtor have with the Seller? --- correct precise answer ---
UNENFORCEABLE
A person who has secured the right to purchase a property at a fixed
price for a designated period of time and has paid a consideration for
this privilege would own a(n) --- correct precise answer ---CONTRACT
FOR DEED - OPTION TO PURCHASE
All of the following closing expenses are allowed under the Real
Estate Settlement Procedures Act, except --- correct precise answer --
-UNEARNED FEES AND KICKBACKS
, In general, the borrower no longer pays Mortgage Insurance when the
Loan-to-Value equals --- correct precise answer ---LESS THAN 80%
WHAT AGENCY INVESTIGATES MORTGAGE FRAUD --- correct precise
answer ---FBI
The Veteran's Administration assists numerous qualified mortgage
loan applicants because it --- correct precise answer ---GUARANTEES
loans made by approved lenders
Albert has a mortgage on his property. Ten years after he receives his
mortgage, the note expires, and he pays a lump sum of the principal.
What type of promissory note did Albert have? --- correct precise
answer ---BALLOON
The Truth in Lending Act (TILA) of 1968 is United States federal law
designed to promote the informed use of consumer credit, by
requiring disclosures about its terms and cost to standardize the
manner in which costs associated with borrowing are calculated and
disclosed. --- correct precise answer ---REGULATION Z
