Real Estate Final Exam Questions And Answers(Charles Barnes)
An important function of the secondary mortgage market is to? - answer;-Sell mortgage-
backed securities in order to buy pools of loans
Calculate NOI (net operating income) - answer;-Effective gross income - total operating
expenses (fixed, variable,occupied or vacant expenses)
A stream running north to south separates two parcels of land, The owner of the east
bank claims all water to the western bank. The owner of the western bank can legally
dispute this claim based on what doctrine? - answer;-Riparian Rights
Benefits of cost approach - answer;-1.- Very accurate with properties with new
improvements 2.- upper limit of the subject's value based on un-depreciated cost of
reproducing the improvement
Cons of cost approach - answer;-cost to improve is not the same as market value &
depreciation is difficult to measure; especially older buildings.
A principal instructs an agent to inform any minority buyer that the property was just put
under contact a hour ago - answer;-the agent has not violated fiduciary duty
A special agent is best described as a person who - answer;-has authority to represent
the principal in a specific transaciton
Albert sells his home to ben which was built in 1977 Albert has to - answer;-provide B
with a signed lead based paint disclosure form
A licensee may accept a commission from - answer;-A sponsoring broker
At the direction of a seller client a agent tells a pregnant working woman that the
property is not in a good neighborhood for a single woman - answer;-Engaged in
steering
A condominium estate is distinguished by (7489) - answer;-fee simple ownership of a
unit and an undivided share of the common areas. [CORRECT]
Any interest in, or right to, land by third persons, adversely affecting the value of the
property is an (7397) - answer;-encumbrance. [CORRECT]
At a restaurant you overhear a Realtor bragging about the $12,000 commission on an
8% rate. You wonder for how much did the house sell? (7742) - answer;-$150,000
[CORRECT]
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
,Real Estate Final Exam Questions And Answers(Charles Barnes)
a Nolo Contendre plea. What's next? (7762) - answer;-Both 1 and 2 are correct.
[CORRECT]
Any real estate broker who charges and collects any fees in advance of the services
provided by the broker shall provide a detailed accountaing of expenditures to the
person such services are performed for within (7406) - answer;-10 days after the time
specified to perform such services or upon written request from person for whom
services are peformed for, but no longer than one year from date of contract for such
services.
A has his real estate license revoked by the Oklahoma Real Estate Commission. How
many days does A have to turn in his pocket card? - answer;-on or before the date the
suspension/revocation becomes effective.
A licensee who is engaged in licensed activities through social networking mediums
must - answer;-indicate their license status and include their broker's reference as
required in the Code and Rules.
A Realtor received a reprimand and $500 fine from OREC. After contemplating the
action overnight, the Licensee decided to appeal. By what day must the appeal be filed
after notice of OREC's action? - answer;-30 days after
A broker may cooperate with other brokers in a transaction, under Sections 858-351
through 858-363 of The Oklahoma Real Estate License Code. However, - answer;-a
broker shall not be an agent, subagent, or dual agent and an offer of subagency shall
not be made to other brokers.
A is a real estate broker and changes her name. When must A report this change to the
Oklahoma Real Estate Commission? - answer;-Within 10 business days.
Allen receives a sales associate license, Allen's license will expire - answer;-in 36
months.
A is a licensed real estate broker and should reveal her license status under which of
the following conditions? - answer;-In any real estate transaction A is involved with.
An associate is prohibited from advertising - answer;-under only his or her name.
A house increases in value because of proximity to employment, schools, shopping, etc.
These neighborhood sites are referred to as: - answer;-amenities
A strength of the sales comparison approach to value is that - answer;-the approach is
based on the principle of substitution.
,Real Estate Final Exam Questions And Answers(Charles Barnes)
A's lender denied him a home loan. Which of the following conditions could A's lender
have legally denied him? - answer;-Credit history.
ARELLO stands for - answer;-Association of Real Estate License Law Officials.
For a contract to be enforceable it should - answer;-have legal objective.
Five members of the Oklahoma Real Estate Commission shall be - answer;-licensed
real estate brokers.
If a purchaser signs a contract under duress, it is generally - answer;-voidable by the
buyer.
In agency the fiduciary duty requires the agent to - answer;-look out for the principal's
best interest.
In which of the following situations would Fair Housing laws allow discrimination? -
answer;-A retirement community whose residents are all over 62 refuses to allow
families with children to buy in the community.
If you list a 2,300 square foot house with 2 baths, a three car garage and a den for
$184,000 with a 6% commission. The seller accepts a full price offer from another
company. There is a 50/50 commission split between your company and the selling
company. Your commission is - answer;-5520
It may be cause for suspension or revocation of license to - answer;-accept a gift from
an unlicensed neighbor for selling their house.
It may be cause for suspension or revocation of license to - answer;-guarantee future
profits from resale of real estate.
It may be cause for suspension or revocation of license to - answer;-place a for sale
sign on property without consent of the owner.
Earl who is a real estate broker must - answer;-maintain records for a minimum of five
years.
Earl is a real estate broker and has recently bought a new home and his personal
residence address has now changed. Earl - answer;-must notify the Commission office
within 10 days.
Economic obsolescence results from what factors? - answer;-Conditions surrounding
the property.
, Real Estate Final Exam Questions And Answers(Charles Barnes)
Leading prospective buyers to specific areas or avoiding areas to either maintain or
change the area's character is a definition of ... - answer;-Steering
Lindsay is a licensed real estate broker and is purchasing a piece of real property,
Lindsay - answer;-is required to write her license number on all purchase contracts and
disclose in writing that she is licensed.
On September 27 of this year, a broker closed the sale of a house. The sales price was
$63,500. The buyer paid $500 down, assumed a loan of $52,000, and agreed to pay the
balance at closing. How much transfer tax was paid? - answer;-$95.25
Under new law changes, the duties and responsibilities that were previously designated
as belonging to transaction brokers - answer;-are now "assigned" to all brokers.
Under what condition can confidential information be released? - answer;-The party
gives consent to the disclosure in writing.
Under new law changes, the terms single-party broker and transaction broker (7867) -
answer;-have gone away.
When a Seller makes a Counter-Offer, what is the "essence" of such an action? -
answer;-The Seller rejects the Buyer's offer.
When is an offer to purchase property "accepted"? - answer;-The Seller accepts, and
the signed contract is delivered to the Buyer.
Which of the following is the best explanation of an option? - answer;-An agreement
granting exclusive right to buy, sell, or lease property at a given price within a stated
period of time.
Which of the following best describes Regulation Z? - answer;-Disclosure of credit
charges.
When the government gave or sold land to individual persons the government gave up
almost all rights to land except: - answer;-the rights of police power, escheat, eminent
domain, taxation
What is the critical specific issue with houses built before 1978? - answer;-Lead Based
Paint
Which of the following methods describes land by stating the compass directions and
distances of the boundaries? - answer;-Surveyors method of metes and bounds.
An important function of the secondary mortgage market is to? - answer;-Sell mortgage-
backed securities in order to buy pools of loans
Calculate NOI (net operating income) - answer;-Effective gross income - total operating
expenses (fixed, variable,occupied or vacant expenses)
A stream running north to south separates two parcels of land, The owner of the east
bank claims all water to the western bank. The owner of the western bank can legally
dispute this claim based on what doctrine? - answer;-Riparian Rights
Benefits of cost approach - answer;-1.- Very accurate with properties with new
improvements 2.- upper limit of the subject's value based on un-depreciated cost of
reproducing the improvement
Cons of cost approach - answer;-cost to improve is not the same as market value &
depreciation is difficult to measure; especially older buildings.
A principal instructs an agent to inform any minority buyer that the property was just put
under contact a hour ago - answer;-the agent has not violated fiduciary duty
A special agent is best described as a person who - answer;-has authority to represent
the principal in a specific transaciton
Albert sells his home to ben which was built in 1977 Albert has to - answer;-provide B
with a signed lead based paint disclosure form
A licensee may accept a commission from - answer;-A sponsoring broker
At the direction of a seller client a agent tells a pregnant working woman that the
property is not in a good neighborhood for a single woman - answer;-Engaged in
steering
A condominium estate is distinguished by (7489) - answer;-fee simple ownership of a
unit and an undivided share of the common areas. [CORRECT]
Any interest in, or right to, land by third persons, adversely affecting the value of the
property is an (7397) - answer;-encumbrance. [CORRECT]
At a restaurant you overhear a Realtor bragging about the $12,000 commission on an
8% rate. You wonder for how much did the house sell? (7742) - answer;-$150,000
[CORRECT]
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
,Real Estate Final Exam Questions And Answers(Charles Barnes)
a Nolo Contendre plea. What's next? (7762) - answer;-Both 1 and 2 are correct.
[CORRECT]
Any real estate broker who charges and collects any fees in advance of the services
provided by the broker shall provide a detailed accountaing of expenditures to the
person such services are performed for within (7406) - answer;-10 days after the time
specified to perform such services or upon written request from person for whom
services are peformed for, but no longer than one year from date of contract for such
services.
A has his real estate license revoked by the Oklahoma Real Estate Commission. How
many days does A have to turn in his pocket card? - answer;-on or before the date the
suspension/revocation becomes effective.
A licensee who is engaged in licensed activities through social networking mediums
must - answer;-indicate their license status and include their broker's reference as
required in the Code and Rules.
A Realtor received a reprimand and $500 fine from OREC. After contemplating the
action overnight, the Licensee decided to appeal. By what day must the appeal be filed
after notice of OREC's action? - answer;-30 days after
A broker may cooperate with other brokers in a transaction, under Sections 858-351
through 858-363 of The Oklahoma Real Estate License Code. However, - answer;-a
broker shall not be an agent, subagent, or dual agent and an offer of subagency shall
not be made to other brokers.
A is a real estate broker and changes her name. When must A report this change to the
Oklahoma Real Estate Commission? - answer;-Within 10 business days.
Allen receives a sales associate license, Allen's license will expire - answer;-in 36
months.
A is a licensed real estate broker and should reveal her license status under which of
the following conditions? - answer;-In any real estate transaction A is involved with.
An associate is prohibited from advertising - answer;-under only his or her name.
A house increases in value because of proximity to employment, schools, shopping, etc.
These neighborhood sites are referred to as: - answer;-amenities
A strength of the sales comparison approach to value is that - answer;-the approach is
based on the principle of substitution.
,Real Estate Final Exam Questions And Answers(Charles Barnes)
A's lender denied him a home loan. Which of the following conditions could A's lender
have legally denied him? - answer;-Credit history.
ARELLO stands for - answer;-Association of Real Estate License Law Officials.
For a contract to be enforceable it should - answer;-have legal objective.
Five members of the Oklahoma Real Estate Commission shall be - answer;-licensed
real estate brokers.
If a purchaser signs a contract under duress, it is generally - answer;-voidable by the
buyer.
In agency the fiduciary duty requires the agent to - answer;-look out for the principal's
best interest.
In which of the following situations would Fair Housing laws allow discrimination? -
answer;-A retirement community whose residents are all over 62 refuses to allow
families with children to buy in the community.
If you list a 2,300 square foot house with 2 baths, a three car garage and a den for
$184,000 with a 6% commission. The seller accepts a full price offer from another
company. There is a 50/50 commission split between your company and the selling
company. Your commission is - answer;-5520
It may be cause for suspension or revocation of license to - answer;-accept a gift from
an unlicensed neighbor for selling their house.
It may be cause for suspension or revocation of license to - answer;-guarantee future
profits from resale of real estate.
It may be cause for suspension or revocation of license to - answer;-place a for sale
sign on property without consent of the owner.
Earl who is a real estate broker must - answer;-maintain records for a minimum of five
years.
Earl is a real estate broker and has recently bought a new home and his personal
residence address has now changed. Earl - answer;-must notify the Commission office
within 10 days.
Economic obsolescence results from what factors? - answer;-Conditions surrounding
the property.
, Real Estate Final Exam Questions And Answers(Charles Barnes)
Leading prospective buyers to specific areas or avoiding areas to either maintain or
change the area's character is a definition of ... - answer;-Steering
Lindsay is a licensed real estate broker and is purchasing a piece of real property,
Lindsay - answer;-is required to write her license number on all purchase contracts and
disclose in writing that she is licensed.
On September 27 of this year, a broker closed the sale of a house. The sales price was
$63,500. The buyer paid $500 down, assumed a loan of $52,000, and agreed to pay the
balance at closing. How much transfer tax was paid? - answer;-$95.25
Under new law changes, the duties and responsibilities that were previously designated
as belonging to transaction brokers - answer;-are now "assigned" to all brokers.
Under what condition can confidential information be released? - answer;-The party
gives consent to the disclosure in writing.
Under new law changes, the terms single-party broker and transaction broker (7867) -
answer;-have gone away.
When a Seller makes a Counter-Offer, what is the "essence" of such an action? -
answer;-The Seller rejects the Buyer's offer.
When is an offer to purchase property "accepted"? - answer;-The Seller accepts, and
the signed contract is delivered to the Buyer.
Which of the following is the best explanation of an option? - answer;-An agreement
granting exclusive right to buy, sell, or lease property at a given price within a stated
period of time.
Which of the following best describes Regulation Z? - answer;-Disclosure of credit
charges.
When the government gave or sold land to individual persons the government gave up
almost all rights to land except: - answer;-the rights of police power, escheat, eminent
domain, taxation
What is the critical specific issue with houses built before 1978? - answer;-Lead Based
Paint
Which of the following methods describes land by stating the compass directions and
distances of the boundaries? - answer;-Surveyors method of metes and bounds.
