1
OK PSI TEST EXAM NEWEST VERSION -2025/2026- 100+
QUESTIONS AND VERIFIED ANSWERS 100% CORRECT
GUARANTEED SUCCESS
There are how many members on the Real Estate commission?
7
Which of the following can the OREC do upon its own motion?
Investigate the business transactions of any real estate licensee
The Oklahoma Real Estate license law requires which of the following to have a
real estate license?
Persons who manage or sell property for others including immediate family
members
What is the Residential Property Condition disclaimer statement?
The Seller states the Seller has never occupied the property, has no knowledge of
any defect concerning the property, and makes no disclosure
Lindsay passed her RE exam on Jan 25, 2020, and on Feb 7, 2020, Lindsay paid the
OREC her license fee. The OREC issued Lindsay her PSA license on Feb 8, 2020.
When does her license expire?
Jan 31, 2021 (12 months from month of passed exam)
Discount Rates
the interest rate that banks pay to the Fed to borrow from it
Which statement is true regarding FHA loans?
FHA insures approved lenders
The nature and import of the agency relationship should be disclosed to the client
, 2
prior to completing a listing agreement
The two (2) types of actual authority in the common law of agency are
expressed and implied
Agent
A person who acts or does business for another called the principal
Commingling is the practice of
mixing deposits from multiple transactions into a single account
You have your license under a broker. Your broker is required to put your real
estate license on display in the office. Which of the following is your broker also
required to display?
EHO Poster
A kind of insurance that provides coverage losses resulting from the criminal acts
of an employee is
surety bond
An easement by prescription
the use to be continuous known and permitted by the owner for a period of time
The landlord needs to serve the tenant w/ a notice to terminate the tenancy. To
whom shall the noticed be served?
Any family member over the age of 12
The landlord needs to perform a semi-annual inspection. How much notice of
entry must the landlord provide the tenant?
1 day
John and Megan rented a home and they are behind on their rent, when may the
landlord bring an action for recovery?
Anytime
, 3
When must a lender use form (H-25) Closing Disclosure?
When the loan is insured or guaranteed by a government agency
For a conveyance by deed between private parties to be valid, the deed must be
accepted by grantee
If a person dies with legal heirs and has left no valid will, what happens to the real
property owned by that person?
It is probated and passed to the heirs by laws of descent.
Mary wanted to sell her house which had a serious leak in the roof. The broker
told mary that she must replace the roof in order for the house to sell. The leaky
roof is considered what kind of depreciation?
Physical Deterioration
Chris buys a commercial building that is worth $3M. Five years later the city
changed the zoning surrounding the building which adversely affected the
building Chris bought. Which of the following describes the adverse affects from
the zoning?
Economic obsolescence
A major employer relocates, leaving many homes in an area vacant and
unmaintained. This is an example of
incurable economic obsolescence
Depreciation is
Loss in value from any cause
The function of a board of equalization is to
equalize millage rates
A landlord agrees to pay a broker for procuring tenant unless someone else finds
the tenant first. This is an example of a(n)
open listing
, 4
For a contract to be enforceable it should
have legal objective
The Realtor and Buyer had a written contract. After the contract expired, the
Buyer bought a house the Realtor had shown her but with another broker. The
Buyer had to pay Realtor #1 a commission. Why?
Exclusive Rights Agreement
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?
Time is of the Essence
The Buyer and Seller execute a purchase contract for $127,000. Five days later, the
Buyer asks the Seller to increase the sales price to $129,730.50 to cover a funding
fee. What is this to the contract?
Amendment
Once an agreement of sale is signed, the purchaser has
equitable title
The Buyer pays the Seller $5000 to purchase within 120 days an apartment
building containing 18 units. This action is an
option
Which of the following is the best explanation of an option?
An agreement granting exclusive right to buy, sell, or lease property at a given
price within a stated period of time
If a purchaser signs a contract under duress, it is generally
voidable by the buyer
OK PSI TEST EXAM NEWEST VERSION -2025/2026- 100+
QUESTIONS AND VERIFIED ANSWERS 100% CORRECT
GUARANTEED SUCCESS
There are how many members on the Real Estate commission?
7
Which of the following can the OREC do upon its own motion?
Investigate the business transactions of any real estate licensee
The Oklahoma Real Estate license law requires which of the following to have a
real estate license?
Persons who manage or sell property for others including immediate family
members
What is the Residential Property Condition disclaimer statement?
The Seller states the Seller has never occupied the property, has no knowledge of
any defect concerning the property, and makes no disclosure
Lindsay passed her RE exam on Jan 25, 2020, and on Feb 7, 2020, Lindsay paid the
OREC her license fee. The OREC issued Lindsay her PSA license on Feb 8, 2020.
When does her license expire?
Jan 31, 2021 (12 months from month of passed exam)
Discount Rates
the interest rate that banks pay to the Fed to borrow from it
Which statement is true regarding FHA loans?
FHA insures approved lenders
The nature and import of the agency relationship should be disclosed to the client
, 2
prior to completing a listing agreement
The two (2) types of actual authority in the common law of agency are
expressed and implied
Agent
A person who acts or does business for another called the principal
Commingling is the practice of
mixing deposits from multiple transactions into a single account
You have your license under a broker. Your broker is required to put your real
estate license on display in the office. Which of the following is your broker also
required to display?
EHO Poster
A kind of insurance that provides coverage losses resulting from the criminal acts
of an employee is
surety bond
An easement by prescription
the use to be continuous known and permitted by the owner for a period of time
The landlord needs to serve the tenant w/ a notice to terminate the tenancy. To
whom shall the noticed be served?
Any family member over the age of 12
The landlord needs to perform a semi-annual inspection. How much notice of
entry must the landlord provide the tenant?
1 day
John and Megan rented a home and they are behind on their rent, when may the
landlord bring an action for recovery?
Anytime
, 3
When must a lender use form (H-25) Closing Disclosure?
When the loan is insured or guaranteed by a government agency
For a conveyance by deed between private parties to be valid, the deed must be
accepted by grantee
If a person dies with legal heirs and has left no valid will, what happens to the real
property owned by that person?
It is probated and passed to the heirs by laws of descent.
Mary wanted to sell her house which had a serious leak in the roof. The broker
told mary that she must replace the roof in order for the house to sell. The leaky
roof is considered what kind of depreciation?
Physical Deterioration
Chris buys a commercial building that is worth $3M. Five years later the city
changed the zoning surrounding the building which adversely affected the
building Chris bought. Which of the following describes the adverse affects from
the zoning?
Economic obsolescence
A major employer relocates, leaving many homes in an area vacant and
unmaintained. This is an example of
incurable economic obsolescence
Depreciation is
Loss in value from any cause
The function of a board of equalization is to
equalize millage rates
A landlord agrees to pay a broker for procuring tenant unless someone else finds
the tenant first. This is an example of a(n)
open listing
, 4
For a contract to be enforceable it should
have legal objective
The Realtor and Buyer had a written contract. After the contract expired, the
Buyer bought a house the Realtor had shown her but with another broker. The
Buyer had to pay Realtor #1 a commission. Why?
Exclusive Rights Agreement
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?
Time is of the Essence
The Buyer and Seller execute a purchase contract for $127,000. Five days later, the
Buyer asks the Seller to increase the sales price to $129,730.50 to cover a funding
fee. What is this to the contract?
Amendment
Once an agreement of sale is signed, the purchaser has
equitable title
The Buyer pays the Seller $5000 to purchase within 120 days an apartment
building containing 18 units. This action is an
option
Which of the following is the best explanation of an option?
An agreement granting exclusive right to buy, sell, or lease property at a given
price within a stated period of time
If a purchaser signs a contract under duress, it is generally
voidable by the buyer
