OK Real Estate Test (PSI Test Questions & Answers).
Under what condition can confidential info be released? - answer;-The party gives
consent to the disclosure in writing.
The seller makes a counteroffer. The Buyer accepts and decides to reply using "snail
mail". When is a valid purchase contract created using the post office? - answer;-When
the offeree puts the acceptance in the mail.
Title insurance is always paid... - answer;-By the buyer.
The revolving fund is under the management of? - answer;-The Oklahoma Real Estate
Commission (OREC)
When a form of real estate sales contract has been agreed to and signed by the
purchasers and given to the seller's broker with an earnest money check, - answer;-this
transaction is considered an offer.
A property owner in a development is required to have a shake roof. This requirement is
most likely to come from - answer;-A deed restriction.
A borrower grosses $4,000 per month and pays $600 monthly for debt obligations.
What monthly payment for housing expenses (principal, interest, taxes, insurance) can
this person afford based on an FHA debt ratio of 41%? - answer;-$1,040
What must an associate include in all advertising? - answer;-associate's Broker's name
Real Estate described as the NE 1/4 of the SW 1/4 of Section 4, Township 3 North,
Range 2 East of the Cimarron Meridian would be which legal description? - answer;-
Rectangular survey
One member of the Oklahoma Real Estate Commission is set aside for A. a layman B.
a lawyer. C. a member of the OAR. D. none of the above. - answer;-layman
Any real estate broker who charges and collects any fees in advance of the services
provided by the broker shall provide a detailed accounting of expenditures to the person
such services are performed for within A. 15 days after the time specified to perform
such services or upon written request from person for whom services are performed for,
but no longer than one year from date of contract for such services. B. 2 days after the
time specified to perform such services or upon written request from person for whom
services are performed for, but no longer than one year from date of contract for such
services. C. 10 days after the time specified to perform such services or upon written
request from person for whom services are performed for, but no longer than one year
from date of contract for such services. D. 5 days after the time specified to perform
such services or upon written request from person for whom servi - answer;-10 days
after the time specified to perform such services or upon written request from person
,OK Real Estate Test (PSI Test Questions & Answers).
whom services are performed for, but no longer than one year from date of contract for
such services.
A release clause in a mortgage - answer;-Allows portions of the property, given as
security, to be released from the mortgage lien upon performance of a specified act
The minimum age to get a Provisional Real Estate License in Oklahoma is? - answer;-
18 years of age or older
A provisional sales associate is - answer;-allowed to enter into an agreement in the
name of the real estate broker.
The taxable income from an investment property is estimated by using which of the
following formulas? - answer;-Net income minus interest and depreciation
You list a lot which is 170 feet by 300 feet. How many acres are in the lot? - answer;-
1.17 acres
You sell a lot which is 75 feet by 145 feet. What part of an acre is it? - answer;-1/4 acre
The supreme power inherent in the state to take land from the owner by due process of
law when necessary for the states use in the public welfare is - answer;-eminent domain
Claire, who is a real estate broker, closes her office. Claire - answer;-Must terminate all
advertising in the name of her firm and offering signs must be removed within 30 days.
Which of the following deeds would be most preferred by the buyer? - answer;-General
warranty deed
The Real Estate commission May discipline licensees, instructors, and real estate
schools by which of the following? - answer;-All of the above
A Licensee imbibed to liberally at the Brokerage Christmas Party; on the way home,she
drove into another car killing the driver; got charged with vehicular homicide; and enter
a Nolo Contendre plea. What's next? (7762) - answer;-Both 1 and 2 are correct
Albert who is a broker went to get a listing on a piece of property Bill was wanting to
sell. Bill indicated to Albert that he did not want his house sold to a Hispanic. Which
should Albert do? - answer;-Refuse to list the property.
A property owner wants to put $240,000 in the bank after selling a property and
accounting for all expenses. A broker finds a buyer and sells the property for $280,000.
Closing costs come to $10,000, not including broker's commission. According to the
, OK Real Estate Test (PSI Test Questions & Answers).
agreement, the remainder of the amount over $240,000 goes to the broker commission.
The listing agreement is probably a - answer;-Net listing
In appraisal, comparable properties are those which - answer;-Can be adjusted to
reasonably match the subject property.
Highest and best use of a property is that which - answer;-Is legal, physically and
financially feasible, and most productive.
A broker must notify the Oklahoma Real Estate Commission of their trust account(s).
How many trust accounts is a broker allowed? - answer;-Unlimited
Which of the following may the Oklahoma Real Estate Commission Do upon its own
motion? - answer;-Investigate the business transactions of any real estate licensee.
The decision as to what the highest and best use to which a particular property could be
put is determined by which of the following? - answer;-That use which would produce
the greatest amount of amenities or net income in future years.
The fact that no two parcels of land can occupy the same location is referred to as -
answer;-Heterogeneity
Which of the Which of the following is not a characteristic of value? - answer;-
Transaction
When is a lender is required by FIRREA To directly engage the services of an
appraiser? - answer;-Anytime the transaction is federally related
Tenancy at will is? - answer;-An estate which allows the tenant to continue in
possession and the landlord can terminate at his will.
In accordance with the statute of frauds - answer;-A five-year lease must be in writing to
be enforceable
You sell a 2,300 square foot house for $192,000. What is the price per square foot? -
answer;-$83.48
Zane is the broker who has a listing a property for Ben. The property is listed at
$310,000. Zane find a potential buyer who submits an offer to Ben for the full listing
price with an additional stipulation that been replacing the carpet in the property. Ben
refuses, Zane can? - answer;-Collect no commission.
Which of the following is true of a Homestead? - answer;-A homestead interest if a form
of legal life Estate.
Under what condition can confidential info be released? - answer;-The party gives
consent to the disclosure in writing.
The seller makes a counteroffer. The Buyer accepts and decides to reply using "snail
mail". When is a valid purchase contract created using the post office? - answer;-When
the offeree puts the acceptance in the mail.
Title insurance is always paid... - answer;-By the buyer.
The revolving fund is under the management of? - answer;-The Oklahoma Real Estate
Commission (OREC)
When a form of real estate sales contract has been agreed to and signed by the
purchasers and given to the seller's broker with an earnest money check, - answer;-this
transaction is considered an offer.
A property owner in a development is required to have a shake roof. This requirement is
most likely to come from - answer;-A deed restriction.
A borrower grosses $4,000 per month and pays $600 monthly for debt obligations.
What monthly payment for housing expenses (principal, interest, taxes, insurance) can
this person afford based on an FHA debt ratio of 41%? - answer;-$1,040
What must an associate include in all advertising? - answer;-associate's Broker's name
Real Estate described as the NE 1/4 of the SW 1/4 of Section 4, Township 3 North,
Range 2 East of the Cimarron Meridian would be which legal description? - answer;-
Rectangular survey
One member of the Oklahoma Real Estate Commission is set aside for A. a layman B.
a lawyer. C. a member of the OAR. D. none of the above. - answer;-layman
Any real estate broker who charges and collects any fees in advance of the services
provided by the broker shall provide a detailed accounting of expenditures to the person
such services are performed for within A. 15 days after the time specified to perform
such services or upon written request from person for whom services are performed for,
but no longer than one year from date of contract for such services. B. 2 days after the
time specified to perform such services or upon written request from person for whom
services are performed for, but no longer than one year from date of contract for such
services. C. 10 days after the time specified to perform such services or upon written
request from person for whom services are performed for, but no longer than one year
from date of contract for such services. D. 5 days after the time specified to perform
such services or upon written request from person for whom servi - answer;-10 days
after the time specified to perform such services or upon written request from person
,OK Real Estate Test (PSI Test Questions & Answers).
whom services are performed for, but no longer than one year from date of contract for
such services.
A release clause in a mortgage - answer;-Allows portions of the property, given as
security, to be released from the mortgage lien upon performance of a specified act
The minimum age to get a Provisional Real Estate License in Oklahoma is? - answer;-
18 years of age or older
A provisional sales associate is - answer;-allowed to enter into an agreement in the
name of the real estate broker.
The taxable income from an investment property is estimated by using which of the
following formulas? - answer;-Net income minus interest and depreciation
You list a lot which is 170 feet by 300 feet. How many acres are in the lot? - answer;-
1.17 acres
You sell a lot which is 75 feet by 145 feet. What part of an acre is it? - answer;-1/4 acre
The supreme power inherent in the state to take land from the owner by due process of
law when necessary for the states use in the public welfare is - answer;-eminent domain
Claire, who is a real estate broker, closes her office. Claire - answer;-Must terminate all
advertising in the name of her firm and offering signs must be removed within 30 days.
Which of the following deeds would be most preferred by the buyer? - answer;-General
warranty deed
The Real Estate commission May discipline licensees, instructors, and real estate
schools by which of the following? - answer;-All of the above
A Licensee imbibed to liberally at the Brokerage Christmas Party; on the way home,she
drove into another car killing the driver; got charged with vehicular homicide; and enter
a Nolo Contendre plea. What's next? (7762) - answer;-Both 1 and 2 are correct
Albert who is a broker went to get a listing on a piece of property Bill was wanting to
sell. Bill indicated to Albert that he did not want his house sold to a Hispanic. Which
should Albert do? - answer;-Refuse to list the property.
A property owner wants to put $240,000 in the bank after selling a property and
accounting for all expenses. A broker finds a buyer and sells the property for $280,000.
Closing costs come to $10,000, not including broker's commission. According to the
, OK Real Estate Test (PSI Test Questions & Answers).
agreement, the remainder of the amount over $240,000 goes to the broker commission.
The listing agreement is probably a - answer;-Net listing
In appraisal, comparable properties are those which - answer;-Can be adjusted to
reasonably match the subject property.
Highest and best use of a property is that which - answer;-Is legal, physically and
financially feasible, and most productive.
A broker must notify the Oklahoma Real Estate Commission of their trust account(s).
How many trust accounts is a broker allowed? - answer;-Unlimited
Which of the following may the Oklahoma Real Estate Commission Do upon its own
motion? - answer;-Investigate the business transactions of any real estate licensee.
The decision as to what the highest and best use to which a particular property could be
put is determined by which of the following? - answer;-That use which would produce
the greatest amount of amenities or net income in future years.
The fact that no two parcels of land can occupy the same location is referred to as -
answer;-Heterogeneity
Which of the Which of the following is not a characteristic of value? - answer;-
Transaction
When is a lender is required by FIRREA To directly engage the services of an
appraiser? - answer;-Anytime the transaction is federally related
Tenancy at will is? - answer;-An estate which allows the tenant to continue in
possession and the landlord can terminate at his will.
In accordance with the statute of frauds - answer;-A five-year lease must be in writing to
be enforceable
You sell a 2,300 square foot house for $192,000. What is the price per square foot? -
answer;-$83.48
Zane is the broker who has a listing a property for Ben. The property is listed at
$310,000. Zane find a potential buyer who submits an offer to Ben for the full listing
price with an additional stipulation that been replacing the carpet in the property. Ben
refuses, Zane can? - answer;-Collect no commission.
Which of the following is true of a Homestead? - answer;-A homestead interest if a form
of legal life Estate.
