real estate
the landlord needs to perform a semi-annual inspection. how much notice of entry must the landlord provide to the tenant
1 day
what is the minimum height of the letters on real estate offices identification sign
1 inch
any real estate broker who charges and collects fees in advance of the services provided by the broker shall provide a detailed accounting of expenditures to the person such services are performed within
10 days after the time specified to perform such services or upon written requests from person for whom services are performed for, but no longer than one year from date of contract for such services.
a resident of an apartment building may receive a referral fee for referring the property of lease of not more than.
100
your negotiating a listing agreement. at what price should you list the property if the seller wants to leave the closing with 25,000. you estimate the closing costs at 5,000. the existing loan payoff is 90000. you charge 6% commision. Round to the nearest 10th.
127700
your friend has a current balance of 150000 on a 180000 loan at 6% interest. the monthly P&I is 1109.17. what will be the mortgage balance after the next payment.
148890.83
A licensee stood in the shadow of the OREC justice for violating the Code and Rules. What is the maximum administrative fine OREC may impose for a single violation?
2,000
a realtor had his license revoked by OREC on february 14, 2010. what is the earliest date the former licensee can apply for reissuance
2/14/2015
what is the total interest your friend will pay over the life of 185,000 loan at 6% interest for 30 years. the monthly P&I is 1109.17. the monthly income taxes are $321
214301.20
A property has a net income of $50,000, interest payments of $35,000, principal payments of $3,000, and annual cost recovery of $7,000. The property's tax rate is 28%. What is the property's annual tax on income?
2240
how many acres are contained in the SE 1/4 of the SE 1/4 of section 1, S 1/2 of the S 1/2 of section 2, and S 1/2 of the SE 1/4 of section 3
280
Adam was trying to get a home loan and was rejected. Because of the Federal Equal Credit Opportunity Act, Adam must be notified in writing for the reason she was denied within
30 days
a realtor receive a reprimand and a 500 dollar fine from OREC. After contemplating the action overnight, the licensee decided to appeal. By what day must the appeal be filed after notifying OREC action
30 days after
a township contains
36 square miles
the 250,000 house is taxed at 80% assessed value. if the house is taxed at $27 per $1,000 what is the monthly property tax
450
richard has been a real estate agent for the past 15 years. On january 20,2020, richards brokerage had three transactions close. Richard shall maintain all records for a minimum of
5 years after consummation
section 7 of a township is directly below section
6
When does a security deposit revert to the landlord in consideration if the former tenant has not made a written demand?
6 months after tenancy
there are how many members on the real estate commission
7
all of the following establish independent contractor status except
90% of all licensee's income must be based on production
which of the following secondary mortgage market entities can purchase an FFA and VA loan.
All of them
A release clause in a mortgage:
Allows portions of the property, given as security, to be released from the mortgage lien upon performance of a specified act
A sales agreement to be enforceable must have
Competent parties
which statement is true regarding FHA loans?
FHA insures approved lenders
While a property is under a contract for deed, the buyer, or vendee, takes possession of the property and makes timely payments of principal and interest. At the end of the term, the vendee obtains a loan and uses the funds to pay off the vendor. Given these circumstances, what option does the seller have?
He may offer to repurchase the property after conveying the title.
when is an offer to purchase property accepted?
The Seller accepts, and the signed contract is delivered to the Buyer.
a buyer submits an offer to the seller. While the seller is considering the offer, the buyer calls and cancels the offer,saying the home was to expensive. The seller protests, claiming she was going to accept the contract. which of the following is true.
The original offer is canceled and the protest means nothing.
One member of the Oklahoma Real Estate Commission is set aside for _____
a lay person
One member of the Oklahoma Real Estate Commission shall be
a lay person
the real estate settlements and procedures act prohibits
a lender from paying a fee to a broker for referring a borrower to the lender.
which of the following best describes a contract for deed
a method of selling real estate whereby the purchaser pays for the property in regular installments, while the retains title to the property until full purchase
all of the following must possess a valid Oklahoma Real estate license except.
a real estate brokers employee who leases affordable housing.
How does the Brokerage Relationship Act define a firm?
a sole proprietor, corporation, association or partnership
a homeowner wants to enclose a patio, however the roof line of the enclosed patio would violate the building code prescribing the minimum distance for a roof from the property line. what should the homeowner apply for
a variance
The Buyer signs a Contract for Deed; but five years after making all monthly payments, the buyer fails to submit a payment. The Seller gets a judgement to reclaim the property because of what?
acceleration clause
It may be cause for suspension or revocation of license to
accept a gift from an unlicensed neighbor for selling their house.
John and Megan rented a home and they are behind on their rent, when may the landlord bring an action for recovery?
after 45 years
a sales associate lists a property. Three weeks later the sales associate is tragically killed in a car accident on the way to show the property. what is the status of the listing contract
agency remains unaltered
a provisional sales associate is
allowed to enter into an agreement in the name of the real estate broker.
If the seller discovers another defect to the property a month after completing the property disclosure statement, what must the seller do?
amend the disclosure statement
which statement best describes the definition of a trust account
an account for not commingling general business funds
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.
there are different employments relationships which exist in our economy. A person who is only responsible to an employer for the results of the work is
an independent contractor
The revolving fund shall be audited by the State Auditor and Inspector
annually
the landlord needs to serve the tenant with a notice to terminate the tenancy. to whom shall notice be served,
any family member over the age of 12
the 2 types of actual authority in the common law of agency are
apparent and implied
this law prohibited racial discrimination in buying, selling, holding, or conveying of real and personal property.
civil rights act of 1866
Zane is the broker who has a listing on a property for Ben. The property is listed for $310,000. Zane finds a potential buyer who submits an offer to Ben for the full listing price, with an additional stipulation that Ben replaces the carpet in the property. Ben refuses, Zane can
collect no comission
a zoning board of adjustment might give favorable consideration to a land use variance if
compliance would cause the owner undue and unjustified hardships.
A kind of insurance that provides coverage for losses resulting from the criminal acts of an employee is
consequential loss
a sale transaction on a rental property closes on Dec 16th. The landlord received the december rent of 713 on december 1st. assuming the closing day is the buyers, and that the 365 day method is used for prorating, which of the following entries would appear on the settlement statement.
credit buyer 368.00
all of the following are illegal activities involving fair housing except
declaring an apartment complex only for 62 year olds and older
what transfers real property
deed
One investment advantage of owning a principal residence is that the owner may be able to
defer capital gain tax
albert bought a piece of property from brian. the title to the property was transferred when the deed was.
delivered and accepted.
a broker is liquidating the brokerage to retire in florida. to dispose of his personal house, what must the broker do?
disclose the broker is a licensed realtor.
The Seller has prepared a Property Condition Disclosure Statement. The Realtor notices a foundation crack which the Seller did not disclose. What should the Realtor do?
disclose the foundation crack
Allen who is a lender wishes to make the yield on a loan lower than the current market value. What would Allen charge to make the loan more competitive
discount points
Open house or directional signs used in conjunction with broker's signs
do not have to contain the name or trade of the associates broker and brokers telephone number.
Earl who is a real estate broker, decides to close his office and cease real estate business, Earl
earl is required to notify the commision of the effective date and where records will be stored.
When changed surroundings cause an existing house to lose value, there is
economic obsolescence
At the direction of a seller-client, an agent tells a pregnant working woman that the property is not in a good neighborhood for a single woman, particularly if she regularly works late hours. The neighborhood has an increasing crime rate, and people are moving out. What has this agent done wrong?
engaged in steering
During the executory period of a sale contract, the buyer enjoys which of the following interests?
equitable title
Two important tasks in identifying value through the cost approach are
estimating the cost and depreciation of the land and improvements.
a seller and a broker signed a contract to market a house. After 63 days on the market the seller called the broker to say, thanks but the seller had found a buyer, what kind of listing is this.
exclusive agency listing.
the most common kind of landlord default is
failure to maintain the property and provide services
John Smith willed five (5) acres of prime land to the city "So long as" the city maintains the property as a public park with unrestricted use. Which of the following best describes this type of estate?
fee defeasible
all of the following closing expenses are allowed under the real estate settlement procedures act, except
fees paid by an escrow company to a sales associate for referring business.
The Oklahoma Real Estate Commission shall have the powers and duties of
forcing brokers to comply with the National Association of realtors code of conduct.
the veterans administration assists numerous qualified mortgage loan applications because it
guarantees loans by approved lenders.
which of the following is not a requirement for a valid conveyance of real property.
habendum clause
An agent fails to discover crumbling tiles on the basement ceiling beneath a bathroom. The agent sells the property, and the buyer later sues the agent for not discovering and disclosing a clearly visible and obvious problem. In this case, the agent
has an exposure to negligent misrepresentation.
A good way to determine if violations or encroachments exist is to
have a survey performed
a family is looking for a house in a certain price range. the wife suggests several listings on the eastside of town, and the agent agrees to show the family the suggested properties en route to the targeted neighborhood the agent drives a certain route to show the family certain retail services and two schools. what has this agent done wrong.
he has done nothing wrong
allen receives a sales associates license, allens license will expire
in 36 months
the oklahoma real estate commision office is located
in oklahoma city
Bill and John bought a piece of property, and they took title as joint tenants. John later died. Bill now owns the property
in severalty
what new section has been added to the law section on broker compensation
in the event a broker receives a fee or compensation from any party to the transaction based on a selling price or leasing cost of a transaction, such receipt does not constitute a breach of duty or obligation to any party to the transaction
a special warranty deed is a conveyance instrument which
includes some, but not all of the promises made in a general warranty deed.
Both the abstract and opinion method of assuring title and title insurance
inform or protect the buyer against defects of record.
which of the following may the oklahoma real estate commission do upon its own motion
investigate the business transactions of any real estate licensee
if a person dies with legal heirs and has left no valid will, what happens to real property owned by that person.
it is taken by the state according to the process called escheat.
depreciation is
loss of value from any cause
How does the Equal Credit Opportunity Act (ECOA) affect property managers?
managers must be consistent and nondiscriminatory in evaluating the creditworthiness of tenant applications.
the most probable price a property will bring in a competitive market , allowing for reasonable time to find a knowledgeable purchaser with neither party under duress and payment in cash or the equivalent, is associated with...
market value
The Oklahoma Real Estate Commission
may be sued.
Commingling is the practice of
mixing escrow funds with the broker's operating funds.
of the following sources of loan money, which does not service their loans.
mortgage broker
Confirmation of brokerage services agreement terms
must be provided in a separate provision or document that is either incorporated into or attached to the contract to purchase, lease, option, or exchange real estate.
Earl is a real estate broker and his license expires next month, Earl
must complete 21 hours of continuing education
Earl who is a real estate broker, decides to close his office and cease real estate business, Earl
must return the brokers license certificate and pocket identification card and all license certificates of those associated with the broker to the commision and advise the commision as to the circumstances involving any not returned.
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 the brokers commision. according to the the agreement, the remainder of the amount over 240,000 goes to the broker as commision. The listing agreement is probably not a(n).
net listing
the AD reads, "your new home has the most stunning view in the country", is there a problem
no this is considered "puffing"
A who is a broker that has an interest bearing trust account. A having this interest bearing trust account has.
not violated the law because A has disclosed in writing to all parties that the trust account bears interest and who receives this interest.
a licensee imbibed too liberally at the brokerage christmas party; on the way home, she drove into another car killing the driver; got charged with vehicular homicide and entered nolo contendre plea. whats next?
notify OREC within the next 30 days after the plea and notify OREC within 30 days of sentencing.
all of the following advertising statements are unacceptable under truth-in-lending, except
only $1,000 down.
under the oklahoma brokerage act, a person who is a seller ,buyer, landlord, or tenant or a person who is involved in an option or exchange is called a
party
The nature and import of the agency relationship should be disclosed to the client
prior to completing a listing agreement
which of the following deeds would be less restrictive to the seller.
quitclaim deed.
which of the following is a six mile strip running parallel to the median
range
the house your client is considering for purchase was built in 1951 and has a detached garage. the garage would be considered.
real property
A retailer installs special display counters to exhibit her products. At the end of the lease term, the retailer moves to another state, leaving the counters in the store. At this point the counters are considered which of the following?
real property, since the trade fixtures were abandoned
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 an Hispanic. Which of the following should Albert do?
refuse to list the property
Which of the following best describes regulation Z?
regulation of mortgage interest rates.
an agency relationship may be terminated by all the following except
revocation by the principal
Allan has just made the final payment on his mortgage loan to the bank. Regardless of this fact, the bank will still hold a lien on Allan's property until which of the following is recorded?
satisfaction of the mortgage instruments.
real estate brokers authorized to conduct a single transaction for their principals are usually classed as.
special agents.
typically befor a mortgage company will finance a home they will make sure there are no encroachments on the property they are financing. To check for any encroachments the mortgage company should order a
survey
The Oklahoma Real Estate Commission shall have the powers and duties of
suspending real estate licensees and approvals for a specified period of time.
which of the following items could serve as a lien by the landlord against a tenant who has refused to pay rent.
television
A Buyer inquires to the listing broker (who represents the Seller) why the Seller is selling and what is the lowest price the seller would accept in an offer. The Listing Broker should...
tell the buyer to ask the seller directly as care and account
a principal instructs an agent to inform any minority buyer that the property was just put under contract an hour ago and is no longer available. the agent refuses to comply in this case
the agent has not violated fiduciary duty.
Albert has a mortgage on his home. The clause in Albert's mortgage which calls the entire balance of his mortgage immediately due if his home is sold is called
the alienation clause
what action, if any, must a broker take if he or she is involved in a transaction but did not prepare the contract to purchase document.
the broker must still document that he or she complied with the disclosure requirements.
The Buyer discovers, after closing, that the Seller failed to disclose several problems existing with the property. The Buyer demands the Seller take back the property and refund the Buyer's money. The Seller refuses. What is the probable outcome?
the buyer may sue for damages but not recesion of the property purchase
the primary jeopardy of overpricing a property is that
the clients expectations may not be achieved
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 required to display.
the equal housing opportunity poster
truth-in-lending statues requires disclosure of
the finance charge as an annual percentage, the number, the amount, and due dates of all payments, and the method of computing unearned finance charges
If a fine imposed by OREC is not paid within 30 days, what are the consequences.
the fine is doubled and if not paid in another 30 days, the license is automatically revoked.
Exceeding the limits of the authority granted is a major risk in
the fulfilling of listing agreements.
which statement is true regarding the residential property condition disclosure statement.
the information is a declaration of the seller.
drafts and revisions of real estate purchase contract forms are created by
the oklahoma real estate contract form comittee
who is responsible for the accuracy of the residential property condition disclosure statement.
the seller
When a Seller makes a Counter-Offer, what is the "essence" of such an action?
the seller rejects the buyers offer
what is a residential property condition disclaimer statement
the seller states that the seller has never occupied the property, has no actual knowledge of any defect concerning the property, and makes no disclosure.
Ted and Sandy build a home on a 75' x 100' lot six years ago. A new zoning ordinance was recently connected which requires the minimum lot size in their zoning district to be 15,000 ft.² with a minimum frontage of 100 feet. Which of these statements is most correct regarding their situation?
their use is a nonconforming use, and they don't have to do anything.
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,
this transaction is considered an offer
what is the primary aim of a marketing program for a managed property.
to find and attract the right kind of tenants
The broker receives an earnest deposit on an offer to purchase. the offer is accepted. the broker must place the earnest deposit in his
trust account before the end of the third banking day after the accept.
A Provisional Real Estate license shall be issued a term of
twelve months
a licensed real estate associate may receive a commission from a broker other than their sponsoring broker under which of the following conditions
under no circumstance
The Listing Agent decided to "spice-up" the advertisement by stating, "Only $50 down and $500 a month get you a new Home!" Whats the problem?
violates regulation z
when a license is sued by the federal trade commision, it usually is for
violating anti-trust laws
Allison and Barbara signed a contract that was based on illegal consideration, this contract is
void
If a purchaser signs a contract under duress, it is generally
void
Amy coerces Bill to enter into a contract with him. This contract is generally
voidable by bill
Zelda signs a contract with Billie who is a minor. The contract Zelda signed with Billie is
voidable by the minor
Legal title ALWAYS passes from the seller to the buyer
when the deed is delivered and accepted
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?
when the offeree puts the acceptance in the mail.
If a broker intends to provide fewer brokerage services than those required to complete a transaction, the broker must provide a
written disclosure to the party for whom the broker is providing brokerage services for
A Realtor goes through the entire transaction with a Buyer without signing a contract to represent the Buyer. Is this legal; and if so, what type of agency exists?
yes, implied agency
An industrious Realtor advertised a house listed for $125,000 as, "Move-in for Only $671.00 /Month." Did the Realtor violate any restriction?
yes, regulation z
