Oklahoma - Basic II Post License Course - Study Tests - Barnes Real Estate
How do you determine if a sales contact is a cash sale?
A Financing Supplement is not attached to the contract.
Which of the following individuals are exempt from having a real estate license?
A resident manager hired by the owner or employed by a broker that is engaged in the leasing of property
No applications for applicable HUD assisted programs may be funded without an approved
AFMH Plan
What does Executive Order 11246 require contractors to use to make sure that applicants are employed and employees are free from discrimination regarding color, race, religion, sex or national origin?
Affirmative action
In what management agreement section would you find information regarding under what conditions a property manager has the right to terminate an agreement?
Agreement Termination
Which entity governs a condo?
An elected board
Which form of dispute resolution is typically used to resolve problems between broker members of an association?
Arbitration
Which Article states that REALTORS® must ensure that their status as real estate professionals is readily apparent in their advertising, marketing, and other representations?
Article 12
Agent Wilson wanted to show a seller that a piece of property would sell for a certain price without authority to do so. Agent Wilson advertised the property and received several calls about the property. This would violate
Article 12-4 of the Code of Ethics
Which of these Articles deals with an agent's duty to other REALTORS®?
Article 17
Which of the following statements is TRUE?
Article 17 does not require REALTORS® to arbitrate in those circumstances when all parties to the dispute advise the Board in writing that they choose not to arbitrate before the Board.
In what type of lease does the tenant pay maintenance and taxes only?
Basic Net lease
Which body must approve a code change?
Board of Directors
Which of the following statements about discount points is (are) correct?
Both A and B , each point is equal to 1% increase and each point increases the yield of the lender by 1/8 percentage point.
Investments in real estate are generally considered
Both: Long term investments and risky
How many Standards of Practice are in Article 12 of the Code of Ethics?
13
How many Articles and related Standards of Practice make up the REALTOR® Code of Ethics?
17
How many days prior to the date the purchaser receives a copy can the Residential Property Disclosure Statement be completed?
180
The National Association of REALTORS® was formed in as the National Association of Real Estate Exchanges in
1908
An applicant has a right to know if the mortgage loan has been approved within how many days of the date of the application?
30
In Oklahoma, if either party to a contract for sale needs to cancel the contract what form should be used?
The Notice of Cancellation of Oklahoma Uniform Contract of Sale of Real Estate
If all requirements of the complaint process are met and the grievance committee establishes that a potential violation occurred, what happens next?
The committee submits the complaint for resolution by an ethics hearing panel.
What is the purpose of conducting periodic inspections?
To determine repair needs, safety hazards, code violations, and lease violations
Which of the following is a non-rental income source?
Vending machine income
A disabled tenant requesting permission to widen an interior hallway for a wheelchair to pass through is an example of
a reasonable modification request
Anti-density zoning is a type of zoning that
calls for large lot sizes for homes
Ombudsmen
do not establish whether ethics violations have taken place
REALTORS® must not provide specialized professional services concerning a type of property or service that is outside their field of competence unless they
employ the assistance of one who is competent on such types of property
Routine maintenance
is the most frequent type of maintenance.
As part of Article 12, REALTOR® firm websites must
must disclose the firm's name and state of licensure
All acts performed by a broker associate or provisional sales associate under the provisions of the Real Estate License Code must be done
only in the name of the associate's broker.
The practice of mortgage discrimination is also known as
redlining
A periodic tenancy lease
requires a notice to terminate.
The Office of the Comptroller of the Currency (OCC)
supervises bank operations to ensure fair and equal access to financial services for all Americans
Article 10-1 states that when involved in the sale or lease of a residence, REALTORS® cannot volunteer information regarding
the racial, religious, or ethnic composition of any neighborhood
Which of the following statements is TRUE?
you are permitted to use the word "agent" in a trade name
If a seller has never occupied a property and has no knowledge of defects, when should the Property Condition Disclaimer Statement be delivered to a potential buyer?
"as soon as practicable" but no later than before the seller accepts an offer
On the Sale Contract, if you leave Paragraph 7 - Investigations, Inspections and Reviews Section A blank, how many days does the buyer have to inspect the property?
10
Unless otherwise specified, the buyer has how long after the Time Reference Date to complete any investigations, inspections or reviews?
10 days
Which Standard of Practice states that when involved in the sale or lease of a residence, REALTORS® cannot volunteer information regarding the racial, religious or ethnic composition of any neighborhood, nor can they engage in any activity which may result in panic selling; however, REALTORS® may provide demographic information?
10-1
Which Standard of Practice states that REALTORS® may not print, display or circulate any statement or advertisement with respect to selling or renting of a property that indicates any preference, limitations or discrimination based on race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity?
10-3
When did the Association of REALTORS® adopt the first code of ethical conduct?
1913
A seller must complete a Disclosure and Acknowledgment of Lead-Based Paint for properties built before
1978
Jill has applied for a mortgage loan. She has a right to know whether or not the loan has been approved within how many days of the date of the application?
30
The Age Discrimination in Employment Act of 1967 protects discrimination based on age to employees and those applying for employment who are
40 years of age or older
According to the Tenancy Guidelines, how many days does a tenant have to furnish keys to the owner if he or she changes the locks?
5
How many basic design and construction requirements are outlined in the Fair Housing Act?
7
What section of the Fair Housing Act makes it illegal to make, print, or publish, or cause to be made, printed, or published, any notice or statement with respect to the sale or rental of a dwelling that indicates any preference, limitation, or discrimination based on race, color, religion, national origin, sex, disability, or familial status?
804(c)
What form does a third party buyer need to attach to his or her Contract for Sale when he or she wants to make an offer on a property that is currently under contract?
A Back-Up Supplement
What form will an owner use and give a tenant to sign when giving permission to keep a pet?
A Pet Addendum
A broker
A broker who is providing brokerage services to one or both parties must describe and disclose in writing the broker's duties and responsibilities prior to the party or parties signing a contract to sell, purchase, lease, option, or exchange real estate.
Which of the following statements best defines a capital budget?
A budget that is used to show a plan for long-term outlays
The Fair Housing Act will sometimes exempt sellers for which of the following buildings?
A building owned by a private club that limits residency to members [CORRECT]
What impact does foreclosure have on a lease?
A foreclosure extinguishes all prior interests in a property.
Which of the following statements best describes a shopping mall?
A large public area that attract shoppers with a complex of retailers
What is a ground lease?
A lease that deals with the land portion of a real property
What describes a characteristic of person, which cannot be targeted for discrimination, according to anti-discrimination law?
A protected class
Who is required to compete the Provisional Post-license Course of Real Estate, Part II of II?
A provisional sales associate
Which of the following statements best defines a rent schedule?
A statement of proposed rental rates based on a building's estimated expenses, market demand, and the owner's long-range property goals
What is anti-density zoning?
A type of zoning that calls for large lot sizes for houses causing limited supply of housing, increased housing prices, and reduced local supply of multifamily units
On which form does a buyer acknowledge receipt of a lead-based paint/hazards disclosure?
Acknowledgment and Confirmation of Disclosures
If a seller does not want the window treatments to remain with the property, what should he or she do?
Add the window treatments to the exclusions section of paragraph 4 when doing a counteroffer
Which U.S. minority group experiences the greatest amount of residential segregation compared to other minority groups?
African American
Which of the following property types would be a secondary market?
Agricultural land
Broker's are prohibited from I. repeated misrepresentation as a result of failure to inform themselves of pertinent facts. II. obtaining (buying) property listed with them without the seller's approval, or without putting forth their best effort to sell it so that they may buy it later. III. failure to inform the buyer and the seller of closing costs at the time of the offer.
All of them.
Which of the following actions is an example of not following respect for property?
Allow buyers to enter listed property unaccompanied
What type of agreement gives a broker the right to exclusively search for a home for a buyer and represent the buyer on the purchase?
An Exclusive Buyer Representation Agreement
What is the most widely used listing agreement?
An Exclusive Right to Sell
Which of the following best defines a lease?
An agreement that allows non-owners to occupy a space legally
What type of listing gives the seller or buyer the right to engage any number of brokers as agents?
An open listing
Zoning ordinances in suburban communities frequently include provisions that effectively bar the construction of affordable housing. This is often the case with which type of zoning?
Anti-density zoning
Who can file a complaint with the U.S. Department of Housing and Urban Development?
Anyone
What must be included when a listing of value is prepared?
Applicable market data
In what Article would you find rules regarding deliberately misleading a property owner as to market value?
Article 1
REALTORS® remain obligated to the duties of the Code when acting as principals; REALTORS® may not deliberately mislead the owner as to market value; and REALTORS® may represent both parties in the same transaction only after full disclosure and with informed consent of both parties; are Standards of Practice in
Article 1
Gender identity was added to which Article?
Article 10
Which Article of the Code of Ethics refers to REALTORS® that prepare opinions of real property value or price, other than in pursuit of a listing or to assist a potential purchaser in formulating a purchase offer?
Article 11
What Article does a REALTOR® violate if he or she offers a property for sale without authority?
Article 12
Agent Jones was working with Seller Sally and was asked to do a price opinion for listing purposes. Agent Jones showed Sally comparable sold properties in a different neighborhood that averaged $5,000 less than Sally's property in an effort to list it. Under which article is deliberate misleading not allowed?
Article 2
What Article belongs to the section of the Code that deals with the duties agents have to clients and customers?
Article 2
When, if ever, are amendments added to the Code and the Standards of Practice?
As needed
When is a transaction fee due in an Exclusive Right to Sell Agreement?
At closing
A decision to remove or reduce a hazardous situation is known as what?
Avoidance Risk Management
When must all escrow funds be deposited?
Before the end of the third banking day following acceptance of an offer
What describes an attitude of ignoring undesirable behavior and leaving people living in low-income neighborhoods with high crime rates to fend for themselves?
Benign neglect
a business practice in the mid 1900's where real estate agents and building developers convinced white property owners to sell their houses at low prices out of fear that colored people would move into the neighborhood. The agents then sold the houses at much higher prices to black families
Blockbusting
What one page document covers everything you need to know about broker services in Oklahoma?
Broker Services Informational Sheet
What 1954 ruling declared that state laws enforcing separate public schools for black and white students were unconstitutional?
Brown v. Board of Education
Which of these provisions would you find only on the New Home Construction contract?
Building Insulation Disclosure
When a property sale is being transacted, which person is most likely to write an Information Memorandum document?
Business Broker
If a buyer chooses to modify a counteroffer, what form should he or she use?
Buyer's Counteroffer to Seller's Counteroffer
What type of budget is used to show a plan for long-term outlays?
Capital budget
Which class of office buildings command the highest rents?
Class 1
What class is given to office buildings that are the least desirable and command the lowest rents?
Class 4
A detailed document that spells out the professional responsibilities of every REALTOR® is the
Code of Ethics
A detailed document that spells out the professional responsibilities of every REALTOR® refers to the
Code of Ethics
Which of these statements is TRUE?
Compensation does not determine the relationship between a broker and a party.
If a buyer makes an offer to purchase a property contingent on the sale of his or her existing property and the buyer's existing property is not currently under contract, what form would he or she use?
Conditioned on Sale-Not Under Contract
If a buyer makes an offer to purchase a property contingent on the sale of his or her existing property and the buyer's existing property is currently under contract, what form would he or she use?
Conditioned on Sale-Presently Under Contract
What type of housing units are designed for those people who want apartment-style living but with more control over their living space?
Condominiums
What is the name of the 24-page booklet which describes in detail the Residential Sale contract?
Contract Information Booklet
What type of housing offers shares of stock ownerships?
Cooperative
When the costs of inputs necessary to manufacture a product or offer a service increases, the resulting increase in price is known as
Cost-push inflation
What report lists any outstanding delinquent rents?
Delinquent accounts
ECOA originally gave the Federal Reserve Board responsibility for prescribing the implementing regulation. What 2010 Act transferred this authority to the Consumer Financial Protection Bureau?
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act)
Which of the following is not a category covered by the Articles?
Duties to Lending Institutions
Which program or group serves homeless individuals and families with supportive services, emergency shelter, and transitional housing; helps persons at risk of becoming homeless with homelessness prevention assistance; and provides permanent housing to the homeless population?
Emergency Solutions Grant (ESG) Program
Which of the following is NOT an approved use of funds for agencies granted money by the Fair Housing Assistance Program?
Employee bonuses
Realtors® should pledge to observe the spirit of the Code in all of their activities both personal and professional and to conduct their business in accordance with the tenets presented in the Articles. This statement exists in what part of the Preamble?
End
Agent Sam has won a hearing and is entitled to a disputed commission. Agent Bill has continued to refuse to pay after the hearing. What may Agent Sam do now to collect the commission?
Enforce the award judicially
Which of the following broker actions converts a customer into a client?
Entering into a listing agreement
What Act makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age; to the fact that all or part of the applicant's income derives from a public assistance program; or to the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act?
Equal Credit Opportunity Act
Which of the following statements best defines a trade fixture?
Equipment owned by the tenant
What action might a rental property owner take to create an income stream for life?
Establish a property donation trust.
What is it called when a tenant remains on the property without the owner's consent after the lease terminates?
Estate at Sufferance
What type of lease has no time limit?
Estate at Will
What is the name given to a lease that ends automatically and neither party is required to give notice?
Estate for Years
What type of hearing includes sworn testimony, counsel, witnesses, and evidence?
Ethics hearing
What type of discrimination excludes certain people from living in the housing they choose and qualify for?
Exclusionary discrimination
What type of software tool allows the manager to order, track, and document property maintenance, repairs, and renovations?
Facilities Management
What describes an Initiative designed to promote compliance with the Fair Housing Act design and construction requirements?
Fair Housing Accessibility FIRST
Which fair housing program emphasizes the importance of planning for design, engineering, and construction compliance before construction starts?
Fair Housing Accessibility FIRST
HUD created the Fair Housing Design Manual to assist designers, builders, and developers in understanding and conforming to fair housing design requirements. The Fair Housing Act requires that new construction of covered multifamily dwellings comply with the design requirements. It applies to housing that was designed or constructed for first occupancy after March 13, 1991
Fair Housing Design Manual
The two main government housing-related programs that enhance the enforcement of fair housing, prevent housing discrimination, and assist victims of housing discrimination are the Fair Housing Assistance Program and the
Fair Housing Initiative Program
What program is managed by the Office of Fair Housing and Equal Opportunity and provides funding to fair housing organizations and other non-profits who assist people who believe they have been victims of housing discrimination?
Fair Housing Initiatives Program
Executive Order 11063 forbids discrimination in the sale, rental, leasing or other disposition of properties and facilities owned or operated by whom?
Federal government
What software feature allows the user to track income, record all expenses, create tax statements, and make general ledger entries?
Financial Management
Which of the following tasks would be undertaken by a manager to determine rental rates?
Gather data on rental rates in the area
One addition was made to Article 10 (2014) dealing with REALTORS® not denying equal professional services to any person for reasons of race, etc. Which of the following is the addition?
Gender Identity
What software feature allows the manager to generate emails and search the web?
General Administration
Buyer Jim asked his REALTOR® George what was being built near the property he was considering buying. George stated."I think it's a shopping center but I'm not sure." Jim bought the property and later discovered the construction was for a new car factory. If Jim had known this he would not have purchased the property. How did George violate Article 2?
George should not have ventured a guess, and he should have made a commitment to find the answer to his client's question
What lease clause allows a tenant to be late on a payment without being charged a late fee?
Grace period
Executive Order 12892 established the President's Fair Housing Council which is chaired by the Secretary of
HUD
Under Section 109 of Title I of the Housing and Community Development Act of 1974, who enforces the rights of individuals to live in Community Development Block Grant (CDBG) funded housing free from discrimination?
HUD
The Property Disclosure Statement is not a warranty of condition; therefore, what should a purchaser do regarding the property?
Have an inspection
What section of the Landlord and Tenants "You Need to Know" Information Guide talks about the tenant's responsibility to provide insurance for personal property?
Hazard Insurance discusses the owner's responsibility to provide insurance
A mining disaster is an example of what type of risk?
Hazard-based risk
What describes groups of people revolting because their neighborhoods would be disrupted by the proposal of new highways?
Highway revolts
What action will the grievance committee take if criminal litigation is pending?
Hold the file as pending until legal action is completed.
In real estate, HMDA stands for what?
Home Mortgage Disclosure Act
Section 8 of what act authorizes a variety of project-based rental assistance programs, under which the owner reserves some or all of the units in a building for low income tenants, in return for a federal government guarantee to make up the difference between the tenant's contribution and the rent in the owner's contract with the government?
Housing Act of 1937
How did the Housing Act of 1937 create more racial segregation in housing?
However, the Act actually created more racial segregation in housing since minorities made up a majority of the poor population
Q: Which of the following actions by a licensed real estate associate constitutes a violation of Oklahoma licensing laws? I. Splitting fees with unlicensed persons. II. Working more hours per week selling used cars than selling real estate.
I only.
Q: Assuming that you have knowledge about the following conditions and circumstances, you would be required to disclose which ones? I. The subject property has a poor foundation. II. The stream across the property is subject to over flowing. III. The home is in an area proposed for expansion by the city airport. IV. The neighborhood has experienced a large influx of Vietnamese emigrants.
I, II, and III only.
According to the Preamble, how should opinions be presented?
In an objective and professional manner
Where are urban decay areas usually located?
In low-income neighborhoods at the outskirts of metropolitan cities
In the absence of a pending civil action, how many days must a broker wait before making a final decision to disburse disputed escrow funds?
In the absence of a pending civil action and upon the passage of thirty (30) days from the date of final termination of the contract, the broker may disburse escrow monies or valuables to either purchaser or seller based on a good decision by the broker that the opposite party has failed to perform the agreed upon action. Disbursement can be made after fifteen (15) days written notice to all parties concerned.
What type of lease is based on the performance of price index?
Index lease
A question that cannot be answered "yes" or "no" is probably a(n)
Indirect Question
What do you call a manager of a single large property that works for a property management company or directly for an owner?
Individual Building Manager
Property safety can be divided into what two areas?
Inside rental units and in common areas
What single action has the greatest impact on reducing pool drownings?
Installing four-sided isolation barriers with self-latching gates
The unjust and discriminatory mistreatment of an individual or group of individuals by organizations such as governments, corporations, financial institutions, public institutions, and social entities is called what?
Institutionalized discrimination
Filing a Fair Housing Complaint - Anyone can file a complaint for free through HUD via mail, phone, or online. After a complaint is submitted, there are five steps before it goes to trial:
Intake File Investigation Conciliation Investigation Results
How was the passing of the Equal Opportunity Act in 1974 important to fair housing?
It forbid creditors from discriminating on the basis of sex, race, marital status, religion, color, age, or national origin
How does state and local discrimination legislation different from federal discrimination legislation?
It typically deals with more specific areas of housing than federal legislation
What entity is created when an existing sole owner takes on a co-owner partner?
Joint ownership
When showing a property to a group, what should be your strategy
Keep all members of the group together
What two features increase the security in a common area?
Lighting and visibility
What is the favored dispute resolution method of REALTOR® organizations?
Mediation
What is the biggest advantage of a 1031 exchange?
Minimizes the capital gains tax burden on the sale of rental property
Which of the following statements is TRUE?
Most property managers are self-employed
Which of the following properties is NOT exempt from some federal fair housing laws?
Multi-unit apartment buildings
What group opposes discrimination in housing based on race, color, religion, sex, handicap, familial status, sexual orientation, gender identity, and national origin?
NAR
In what document would you find a listing of professional courtesies?
NAR Code of Ethics and Arbitration Manual
NFHA is the only national organization dedicated solely to ending discrimination in housing. What does NFHA stand for?
National Fair Housing Alliance
Which is the only national organization dedicated solely to ending discrimination in housing?
National Fair Housing Alliance (NFHA)
What describes treating people differently or unfavorably because they are from a particular country?
National origin discrimination
What type of lease requires the tenant to pay all taxes, insurance, maintenance and repairs?
Net-Net-Net lease
In the case of Gandolfo v. Hartman in 1892, the U.S. Supreme Court refused to impose a restrictive covenant in housing against individuals of
Chinese descent
What report lists any outstanding delinquent rents?
Delinquent Accounts
What is the suggested strategy for currently active brokerage agreements signed into effect prior to November 1, 2013?
Enter into a new agreement when it expires.
The statement "Do unto others as you would have them do unto you" is known as what rule? (10584)
Golden Rule
What 1940 case dealt with racially restrictive covenants that banned African Americans from leasing or purchasing land in a Chicago neighborhood?
Hansberry v. Lee
What is it called when an owner collects rent on a unit with an option for the tenant to become the new owner?
Lease with option to buy
What is the main issue in premise cases?
Liability
What software feature helps landlords fill vacancies quickly by posting listings on a variety of rental websites?
Marketing Support
When does OREC become involved in commission disputes?
Never
Installing a swimming pool would go under what budget heading?
New Construction
What is the annual budget that shows income and expenses called?
Operating budget
Standard of Practice 11-1 deals with what?
Opinions of real property value or price
What section of The Code of Ethics contains a number of concepts but no specific requirements for a licensee's conduct?
Preamble
When a broker is providing brokerage services, what must the parties do?
Provide in writing that they received the disclosure from the broker
occurs when real estate brokers attempt to limit potential homebuyers to neighborhoods where current residents are predominantly of their race
Racial Steering
Which housing providers must follow the laws outlined in the Fair Housing Act?
Real estate companies, landlords, lending institutions, insurance companies, and other housing entities
Which of the following statements best defines ethics?
Rules of behavior based on ideas about what is morally good and bad
What is the term given to the action of two or more vehicles passing through a control gate in one cycle?
Tailgating
What lease form is a legally binding contract which lists and describes the tenant's responsibilities for the care of the premises?
Tenancy Guidelines
A property syndicate is
a business entity that has been established to purchase and own investment property.
The Equal Credit Opportunity Act (ECOA) outlines that a lender cannot refuse credit to an applicant based on
a buyer's race or ethnic origin
According to federal anti-discrimination law, a protected class is
a characteristic of a person which cannot be targeted for discrimination
Disparate impact occurs when
a creditor invokes neutral policies or practices that have an adverse effect on a member of a protected class unless it meets a legitimate business need that cannot reasonably be achieved by means that are less disparate in their impact
Disparate treatment occurs when
a creditor treats an applicant differently based on a prohibited basis such as race or national origin
Typical tenants in a strip mall might include
a dentist office, beauty salon, dry cleaner, small restaurant, mini-mart, or hardware store.
A broker must maintain all records and files for
a minimum of five (5) years after consummation or termination of a transaction.
Redlining is
a practice where insurance companies limit the coverage available in certain neighborhoods
The Fair Housing Initiative Program (FHIP) is
a program that funds organizations that help people who have experienced housing discrimination
A structural modification to a building or unit in order for a disabled person to use and occupy the unit is called
a reasonable modification
Real estate is
a reputation business
The Office of Fair Housing and Equal Opportunity (FHEO) is responsible for
administering and enforcing federal fair housing laws
HUD's mission is to increase homeownership, support community development, and increase access to
affordable housing free from discrimination
Standard of Practice 17-5
allows arbitration of disputes between REALTORS® in different states
The policy of benign neglect was seen by many people as
an abandonment of neighborhoods with a high African American population
Making an effort to identify and take action to aid in the elimination of practices that are damaging to the public or those actions which might discredit the real estate industry is an example of
an idea in the Preamble as to how real estate licensees should conduct themselves
Fair Housing Accessibility FIRST is
an initiative to promote compliance with the Fair Housing Act design and construction requirements
To a real estate agent, prospecting is
an integral part of real estate wherein the agent is constantly seeking additional buyers and sellers to serve.
An ombudsman can
answer questions and research complaints
According to Article 3-6, REALTORS® must disclose the existence of accepted offers, including offers with unresolved contingencies, t.
any broker seeking cooperation
Who may file an ethics complaint against a licensee?
anyone
The group that conducts any due process hearings is the
arbitration hearing panel
Under Standard of Practice 17-4, if a dispute is not resolved through mediation, the
arbitration is the next step
Persons medically diagnosed with HIV/AIDS and their families are eligible to receive Housing Opportunities for Persons with AIDS (HOPWA) formula grants if they also
are at or below 80 percent of area median income
When advertising unlisted real property for sale/lease in which they have an ownership interest, REALTORS® must disclose their status
as both owner and licensee
Redline maps, at least in the earlier 1900's were often based on
assumptions about the individuals and households in particular neighborhoods
NAR is a strong supporter of fair housing laws
at both at the federal and state levels
The Affirmatively Fair Housing Marketing (AFHM) Plan
attracts buyers and renters of all groups to existing residential units
Article 2 states that REALTORS® must
avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction
The main objective of Title IX of the Education Amendments Act of 1972 is to
avoid the use of federal money that would support sex discrimination in education
In real estate communications, REALTORS® shall
be honest and truthful
When REALTORS® prepare opinions of real property value or price they must
be knowledgeable about the type of property being valued
Property condition reports should
be sent to the owner on a periodic basis.
Daniel Patrick Moynihan, an urban affairs advisor on President Nixon's staff, thought the crime of arson, in certain neighborhoods, would benefit from
benign neglect
REALTORS®
cannot be found in violation of a Standard of Practice.
According to the Civil Rights Act of 1964, public funds
cannot be spent to encourage or result in racial discrimination
Slip-and-fall accidents are classified as
common premise liability cases
The Community Development Block Grant (CDBG) offers funding for
community development
The Community Development Block Grant (CDBG) program offers
community development activities such as affordable housing, anti-poverty programs, and infrastructure development
Article 3 states that REALTORS® must cooperate with other brokers except when
cooperation is not in the client's best interest
A person with an emotional or mental impairment must be evaluated based on his or her rental history and
current qualifications
In website advertising, REALTORS® are prohibited from
deceptively using metatags, keywords or other devices/methods to direct, drive, or divert Internet traffic
The National Association of REALTORS® Code of Ethics
demands a higher standard of behavior than the laws.
The basic concept of benign neglect suggested that social programs, funded and endorsed by the federal government, created attitudes of
dependency
A housing provider is required by federal law to allow reasonable accommodation in rules, practices, services, and reasonable modifications to a dwelling for people with
disabilities
If a pool has a single main drain, the owner must
disable the drain or install a second anti-entrapment device
If an ethics complaint is settled through an ombudsman, the complaint is considered
discharged
When a creditor treats an applicant differently based on a prohibited basis such as race or national origin, this is called
disparate treatment
Ombudsmen
do not participate in any formal or adjudicative process.
In Oklahoma, an escrow account
does not have to earn interest.
Article 2 of the Code of Ethics
does not impose upon the REALTOR® the obligation of expertise in other professional or technical disciplines
According to Article 16-7, the fact that a prospect has retained a REALTOR® as an exclusive representative or exclusive broker in one or more past transactions
does not preclude other REALTORS® from seeking such prospect's future business
Article 17
does not require REALTORS® to arbitrate in those circumstances when all parties to the dispute advise the Board in writing that they choose not to arbitrate
Article 17
does not require REALTORS® to arbitrate in those circumstances when all parties to the dispute advise the Board in writing that they choose not to arbitrate before the Board
The Virginia Graeme Baker Pool and Spa Safety Act deals with
drain covers
Exclusionary discrimination occurs
during the process of a person searching for a home to rent or buy
Articles 15, 16, and 17 of the Code of Ethics put forth
duties to REALTORS®
The main objective of Title IX is to avoid the use of federal money that would support sex discrimination in
education
As defined by Article 10 "real estate employment practices" relate to
employees and independent contractors providing real estate-related services and the administrative and clerical staff directly supporting those individuals
Based on Article 1-13, the possibility that sellers or sellers' representatives may not treat the existence, terms, or conditions of offers as confidential must be disclosed when
entering into buyer/tenant agreements
Company policies regarding cooperation, amount of compensation to be paid by the client, and the potential for additional compensation to be paid by other brokers are items REALTORS® must advise potential clients of when
entering into buyer/tenant agreements
Inclusionary zoning teams the production of affordable housing to private development in order to
evenly distribute affordable housing throughout a region
Article 2 deals with
exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction
Exclusionary zoning is a discriminatory practice because it is designed to
exclude certain types of people from given areas in the community
The discriminatory practice of creating zoning ordinances to exclude certain types of people from given areas in the community is called
exclusionary zoning
Oral leases
for more than one year cannot be legally enforced in court.
A landlord may enter the a rental unit
for specified purposes such as inspections, but access must be reasonable and limited.
Article 10 (2014) was changed to read REALTORS® shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or
gender identity
Changes to Article 10 and Standard of Practice 10-3 have to do with
gender identity
REALTORS®, in their real estate employment practices, shall not discriminate against any person or persons on the basis of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, o
gender identity
Two groups of people are responsible for hearing complaints filed for violation of the Code of Ethics. They are the
grievance committee and the hearing panel
A person with a disability is defined as
having a physical or mental impairment that limits a major life activity
The practice of denying minority groups equal access to housing through the denial of realty and financial services, misinformation, and racial steering is called
housing segregation
The study of risk management deals with the practice of
identifying potential risks in advance and taking precautionary steps to reduce the liability
The Code
imposes duties above and in addition to the duties imposed by law or regulation
The concentration of households
is a major factor in deciding where a retail site should be located.
While on inactive status, the person
is required to pay regular renewal fees.
A tenant's lease
is void when a property is sold at foreclosure.
Every broker is obligated to post a HUD Equal Housing Opportunity Poster because it identifies
legal definitions of discrimination in real estate
Fair housing discrimination "testers" who receive unlawful discrimination from renters, sellers, or real estate agents have
legal standing to sue under the Fair Housing Act
The Home Mortgage Disclosure Act of 1975 required
lending institutions to annually disclose federally-related mortgage loan data
A high deductible insurance policy is usually combined with a
low insurance premium.
A manager acting as a general contractor overseeing work falls under the skill of
maintaining the property
Before entering into a formal agreement, a property manager would submit a
management proposal.
A previous broker
may pay compensation due a disassociated associate directly.
The Commission
may, upon its own motion investigate the business transactions of any real estate licensee.
A voluntary process which must be available to all REALTORS® is
mediation
A way to generate a mutually-acceptable decision regarding a disagreement without having a judgment imposed by a hearing panel refers to
mediation
Article 17 encourages REALTORS® to resolve dispute through
mediation or arbitration
A grievance committee is made up of
members of the association
Arbitration issues are typically
monetary disputes among broker members of the Association
Those standards of behavior or beliefs regarding right and wrong that define an individual's personal character are called
morals
The practice of banks, governments, or other lending institutions denying loans to one or more groups of people primarily on the basis of race, ethnic origin, sex, religion, familial status, or disability, is referred to as
mortgage discrimination
Any change in compensation offered for cooperative services
must be communicated to the other REALTOR® prior to the time that REALTOR® submits an offer to purchase the property
The Acknowledgement and Confirmation of Disclosures form
must be filled out prior to entering into a contract.
Landlords
must place tenants' security deposits in an escrow account.
An out-of-state REALTOR® requesting arbitration
must submit to the jurisdiction of, travel to, participate in, and be bound by any resulting award rendered in arbitration conducted by the respondent(s) REALTOR®'s association
When serving in a non-agency capacity, REALTORS
must treat all parties honestly
When a REALTOR® develops a market value opinion it is
not an appraisal
Listing brokers are
not obligated to continue to market the property after an offer has been accepted
Federal law has
not set permissible mold exposure limits in residential buildings.
According to Article 12-3, the offering of premiums, prizes, merchandise discounts or other inducements to list, sell, purchase, or lease i.
not, in itself, unethical
When REALTORS® provide consulting services to clients which involve advice or counsel for a fee, advice shall be rendered in a(n
objective manner
Article 1-6 states REALTORS® must submit offers and counter-offers
objectively and as quickly as possible
To foresee, recognize, and help settle misunderstandings and differences before they become full-fledged disputes that can result in charges of unethical behavior defines a
ombudsman
When someone files an ethics complaint against a licensee.
only Articles may be named.
Most property owner's insurance polices cover
only the actual structure of the building and grounds, not the possessions of tenants.
If the manager of a business refuses to hire or provide services to someone in public based on gender, race, religion, or age, this would be referred to as
overt discrimination
Housing discrimination based on marital status extends protection to
people in conjugal relationships outside marriage
The Fair Housing Accessibility FIRST initiative emphasizes the importance of
planning for design, engineering, and construction compliance before construction starts
The Code of Ethics aids in protecting the public and helps Realtors® by improving the
professionalism and reliability of the real estate industry
Section 109 of Title 1 of the Housing and Community Development Act of 1974 forbids discrimination on the grounds of race, color, national origin, disability, sex, or religion in
programs and activities that receive federal financial assistance
REALTORS® are
prohibited from presenting online content developed by others without either attribution or without permission
Inclusionary zoning is designed to
promote the creation of affordable housing by requiring developers to make a percentage of housing units in new residential developments available to low and moderate income households
If caught, failure to comply with the Equal Credit Opportunity Act's Regulation B can result in
punitive damages as much as $10,000 in individual actions and the lesser of $500,000 or 1% of the creditor's net worth in class actions
the practice of denying or limiting financial services to specific residents or neighborhoods based on race or income
redlining
When an opinion of value or price is prepared other than in pursuit of a listing, the disclosure of whether the REALTOR® has any conflicts of interest i
required
The purpose of corrective maintenance is to
restore a system back to operating standards in the shortest possible time.
If an insurer or lender targets minorities in order to charge more than they would to similar majority customers, they are practicing
reverse redlining
Hotels and motels are classified as
secondary real estate markets.
In an Exclusive Right to Sell Agreement, who is responsible for any loss that may occur through entry into the property?
seller
The Fair Housing Assistance Program (FHAP) provides annual funding to
state and local agencies that enforce fair housing laws
Mediation is often used to avoid
taking a case to court
Hotels and motels are considered to be
temporary residential property
When a landlord defaults on the terms of the lease
tenants may sue for damages.
The Housing Act of 1937 created public housing for the poor and working class who were suffering from
the Great Depression
The only Federal program dedicated to the housing needs of people living with HIV/AIDS is called
the Housing Opportunities for Persons with AIDS (HOPWA) Program
An Exclusive Right to Sell Agreement states that the buyer and/or seller cannot be held liable for the words or actions of the broker or
the broker's affiliated licensees
Planned shrinkage is a discriminatory practice referring to
the deliberate withdrawal of city services as a way to deal with decreasing tax revenue
Pursuant to Article 12-7 of the Standards of Practice, prior to closing, a cooperating broker may post a sold sign only with the consent of
the listing broker
Article 1 of the Code of Ethics states that
the obligation to the client is primary
Overt discrimination is
the open and public refusing to hire or provide services to someone based on gender, race, religion, or age
In a lease arrangement
the owner is the landlord, or lessor, and the renter is the tenant, or lessee
Redlining is
the practice of denying or limiting financial services to specific residents or neighborhoods
Discrimination in home valuation occurs when the appraiser bases it on
the religious or racial makeup of the neighborhood
Corrective maintenance deals with
the repair or replacement of major building equipment.
Article 17 deals with
the resolution of disputes that arise between REALTORS®
Institutionalized discrimination refers to
the unjust and discriminatory mistreatment of an individual or group of individuals by organizations such as governments, corporations, financial institutions, public institutions, and social entities
REALTORS® shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless
they engage the assistance of one who is competent on such types of property or service and have identified such person to the client, or unless the facts are fully disclosed to the client
One of the few requirements of receiving a Community Development Block Grant (CDBG) is
to hold public meetings to solicit input from the community
Article 1 requires that even when serving in a non-agency capacity, REALTORS® must
treat all parties honestly
Many landmark cases in the 1940s that had restrictive covenants forbidding African Americans from purchasing homes in certain areas were later deemed
unconstitutional by the Supreme Court
Article 12-1 states that REALTORS® may
use the term "free" and similar terms in their advertising and in other representations as long as all terms are clearly disclosed at the same time
Ethics complaints are usually based on
violations of the Code of Ethics.
One way to or prove lender discrimination is to show disparate treatment, which is
when a creditor treats an application differently for a prohibited reason, such as race or religion
REALTORS® shall cooperate with other brokers except
when cooperation is not in the client's best interest
A broker has an offer on a property and will close in 30 days. In reference to Article 1-7, the listing broker
will continue to submit all offers and counter-offers until closing
What is the cost associated with filing a fair housing complaint with the U.S. Department of Housing and Urban Development (HUD)?
Nothing, since filing a complaint is always free
What action should you take if you notice a listing error?
Notify the listing broker if there appears to be inaccurate information on the listing
Which of if the following advertising practices is allowed by law in Oklahoma?
Offering free radios as a premium listing with a firm.
In order to be in accordance with the Oklahoma Residential Property Disclosure Act a seller must complete either the Oklahoma Residential Disclaimer Statement or the
Oklahoma Residential Property Disclosure Statement
Who is subject to the Code of Ethics?
Only NAR members
The most common types of listing agreements used with sellers are the Exclusive Right to sell, the Exclusive Agency Agreement, and the
Open Listing Agreement
What type of property sells merchandise from name brand manufacturers at a discount?
Outlet mall
What type of information is typically not found on an opinion of value report?
Outstanding mortgage amount
What software feature allows owners to communicate with the property manager?
Owner Access
What section of a Counteroffer form states that all other terms and conditions of the contract of the Financing Supplement remain the same?
Paragraph 2 of a Counteroffer, titled Other Terms
Which of the following strategies is a legal method that might be used to induce a tenant to move out prior to lease termination?
Pay for the tenant's moving expenses.
Real estate is a reputation business. What you do today may affect your reputation—and business—for years to come. This is an example of Respect for
Peers
Who was granted civil rights protection by Section 504 of the Rehabilitation Act of 1973?
People with disabilities
What type of lease is based on a share of the monthly or annual gross sales made at the lease location?
Percentage lease
the deliberate withdrawal of city services as a means of coping with dwindling tax revenue
Planned Shrinkage
Which term describes the practice of deliberate withdrawal of city services as a means of coping with decreasing tax revenue?
Planned shrinkage
What is the major benefit of preventive maintenance?
Preventive maintenance lowers the cost of major repairs in the future.
In general, when supply of a certain commodity increases
Prices tend to drop.
Which Board committee wrote a list of professional courtesies that agents should follow?
Professional Standards Committee
Which group developed a list of professional courtesies that agents should follow?
Professional Standards Committee
Which of the following provisions would NOT be found on either the New Home Construction contract or the Vacant Lot/Land contract?
Property Condition Disclosure
What type of organization is formally-organized to purchase and own investment property?
Property Syndicate
Which type of information is NOT automatically considered confidential?
Proposed property zoning change
Buyer Ed made a statement about the poor condition of a roof on a house that licensee Sally was showing him. Sally walked on the roof and told Ed that it looked sound. What, if any, practice did Sally violate?
REALTORS® must not provide specialized professional advice outside their field of competence
Article 10 of the Code of Ethics is best described as
REALTORS® shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity
Be knowledgeable about the type of property being valued, have access to the information and resources necessary to formulate an accurate opinion, and be familiar with the area where the subject property is located are all items necessary for
REALTORS® to prepare opinions of real property value or price
What do you call a person who focuses on long-term strategic financial planning rather than on day-to-day operations of a property?
Real Estate Asset Manager
is a term related to individuals with disabilities having the legal right to request exceptions to housing rules or policies in order to access housing, maintain housing, or have full use and enjoyment of housing
Reasonable accommodation
is similar to reasonable accommodation, but involves a structural modification to a building or unit in order for a disabled person to use and occupy the unit
Reasonable modification
What is the primary reason to establish a neighborhood watch program?
Reduce liability
Which of the following determines whether licensees have violated any laws?
Regulatory authority or court
Which of the following should NOT be a factor that goes into evaluating the value of a home?
Religious makeup of the neighborhood
What is the main reason why renters move out?
Rent increases
What is the best course of action when a manager becomes aware of criminal activities such as drug dealing on the property?
Report such activities to the authorities.
What are the three professional courtesies outlined by the Professional Standards Committee?
Respect for the Public, Respect for Property, and Respect for Peers
Being aware of and respecting cultural differences is an example of what professional courtesy?
Respect for the public
Present a professional appearance at all times, dress appropriately, and drive a clean car fall under what professional courtesy?
Respect for the public
What are the three professional courtesies?
Respect for the public, respect for property, respect for peers
What type of maintenance deals with on-going cleaning and housekeeping tasks, such as pool cleaning, lawn mowing, and parking lot sweeping?
Routine Maintenance
What Section of the Rehabilitation Act of 1973 is legislation that provides rights to people with disabilities?
Section 504
What section of the Housing Act of 1937 authorizes the payment of rental housing assistance to private landlords on behalf of approximately 4.8 million low income households in the United States?
Section 8
What skill requires a manager to have a knowledge of space planning and floor design?
Space Allocation
Which of the following is NOT a general guideline for fair housing real estate advertisement?
Specifying the housing available in the neighborhood is illegal
The text which says that a listing broker may not attempt to unilaterally modify the offered compensation in a cooperative transaction was added to which Standard of Practice?
Standard of Practice 3-2
REALTOR® Mary presented an offer to her seller which the seller accepted, closing in 30 days. Two days later, Mary was presented another offer. Without directive from her seller, she told the other agent the home was sold and the seller was not looking at any other offers. Mary could be found in violation of Article 1
Standards of Practice 1-7
How do the Standards of Practice interface with NAR Articles?
Standards of Practice are designed to support, interpret, and amplify Articles
Which of the following is classified as a non-rental income source?
Storage fees
What 1947 complex became infamous for lawsuits being filed because the project was public or semi-public which violated anti-discrimination laws for New York public housing?
Stuyvesant Town-Peter Cooper Village
Which of the following is NOT a factor when deciding where a retail site should be located?
Subsoil rights
How should a manager respond to any report of criminal activity?
Take all complaints seriously.
Which of the following is NOT a type of risk?
Task-based risk
What type of software features allow a tenant an access portal to pay rent online, review lease documents, and make service requests?
Tenant Management
Which plan is a marketing strategy designed to attract buyers and renters of all majority and minority groups to existing residential units in the market place?
The AFMH Plan
What 1967 Act protects employees and those applying for employment, who are 40 years of age and older, from discrimination?
The Age Discrimination in Employment Act
What Act prohibits discrimination based on a disability and gives similar protection against discrimination to Americans with disabilities as the Civil Rights Act of 1964?
The Americans with Disabilities Act
What 1968 Act requires facilities built, designed, transformed or leased with funds supplied by the United States federal government to be accessible to the public?
The Architectural Barriers Act
What was one of the first efforts to ensure federally-funded buildings and facilities were constructed to be accessible to people with disabilities?
The Architectural Barriers Act (ABA)
What 1964 Act stopped inequality in voter registration requirements and racial segregation in schools, the workplace and public accommodations?
The Civil Rights Act
What was the first U.S. federal law to ensure that all U.S. citizens were equally protected by law?
The Civil Rights Act of 1866
Who was assigned the responsibility of enforcing Executive Order 11246 to prevent discrimination in contracts with private industry?
The Department of Labor
What Guidance Policy established compliance standards that recipients of federal financial assistance must follow to make sure their programs and activities that are normally provided in English are accessible to LEP individuals?
The Enforcement of Title VI of the Civil Rights Act of 1964-National Origin Discrimination Against Persons with Limited English Proficiency
What 1974 Act provided protection against discrimination in lending?
The Equal Opportunity Act
What law was passed in 1974 that forbids creditors from discriminating on the basis of sex, race, marital status, religion, color, age or national origin?
The Equal Opportunity Act
What section of a Sale of Buyer's Property-Not Under Contract form states what will happen if the buyer does not remove the termination condition in the time frame specified in the demand notice?
The Failure of Buyer to Remove Termination Condition states what happens when a buyer does not remove the termination condition in the specified time frame.
In 1968 what Act was passed in response to the assassination of Dr. Martin Luther King Jr.?
The Fair Housing Act
What did HUD create to assist designers, builders, and developers in understanding and conforming to fair housing design requirements?
The Fair Housing Design Manual
Wes believes he was a victim of housing discrimination so he decided to receive assistance from a fair housing organization. What program provides funding to fair housing organizations?
The Fair Housing Initiatives Program (FHIP)
What Fair Housing Program provides funding to fair housing organizations and other nonprofits that assist people who believe they have been victims of housing discrimination by helping them contact their local government agency?
The Fair Housing Initiatives Program (FHIP)
What corporation is an independent agency that prohibits insured state nonmember banks from engaging in discriminatory advertising with regard to residential real estate related transactions?
The Federal Deposit Insurance Corporation (FDIC)
Which federal law defines a foreign-born seller?
The Foreign Investments in Real Property Tax Act of 1980 (FIRPTA)
What 1975 Act was designed to supplement the Fair Housing Act and required lending institutions to disclose federally-related mortgage loan data?
The Home Mortgage Disclosure Act
What Act provided for subsidies to be paid from the U.S. government to local public housing agencies? i. The Equal Opportunity Actii. The Housing Segregation Actiii. The Housing Act of 1937iv. The 1937 Housing Authority Act
The Housing Act of 1937
What program provides tenant-based rental assistance, so a tenant can move from one unit of at least minimum housing quality to another?
The Housing Choice Voucher Program
What 1968 Act forbids discrimination against an applicant or employee because he or she is not a U.S. Citizen?
The Immigration Reform and Control Act
Which organization offers a certified property manager program?
The Institute for Real Estate Management
What residential lease addendum starts out with a statement in bold type that says it is the owner who will determine the expense of having a property re-keyed?
The Keys and Re-Keying Addendum
What is the federal agency that charters and supervises federal credit unions?
The National Credit Union Administration (NCUA)
What form states that the treatment cost for termites and other wood-destroying insects will be paid according to the terms of the Contract and gives places to check if such treatment is required or not required?
The Notice of Treatments, Repairs and Replacements
Who enforces Title IX to ensure that institutions comply with the law when receiving federal financial assistance?
The Office for Civil Rights
What Office conducts investigations regarding housing-related discrimination?
The Office of Fair Housing and Equal Opportunity
Which agency is chiefly responsible for the challenge of enforcing fair housing laws and protecting individuals from housing-related discrimination?
The Office of Fair Housing and Equal Opportunity (FHEO)
Who administers and enforces federal fair housing laws?
The Office of Fair Housing and Equal Opportunity (FHEO)
Under the conditions of the Oklahoma Residential Property Condition Disclosure Act, what form must be completed by a seller who has never lived on the property?
The Oklahoma Residential Property Disclaimer Statement
What 1978 Act forbids discrimination on the basis of pregnancy?
The Pregnancy Discrimination Act
What form should be used when all parties to a transaction have agreed to terminate the contract before consummation?
The Release of Contract and Disbursement of Earnest Money
Which of the following statement is not correct?
The abstracter guarantees the title to real estate
In an Exclusive Right to Sell Agreement, if the seller procured the buyer who receives the commission?
The broker
Which of the following statements is TRUE?
The code imposes duties above and in addition to the duties imposed by law or regulation.
The main agency tasked with the challenge of enforcing fair housing laws and protecting individuals from housing-related discrimination is
The main agency tasked with the challenge of enforcing fair housing laws and protecting individuals from housing-related discrimination is
Typically, who manages single-family rental homes?
The owner
According to the Tenancy Guidelines, what does a tenant need in order to have radio or television wires, antennas, or satellite dishes in or about the premises?
The owner's written permission
What is exclusionary zoning?
The practice of creating zoning ordinances to exclude certain types of people from given areas in the community
An Exclusive Right to Sell Agreement allows the broker to accept the delivery of contracts and documents on whose behalf?
The seller
When a landlord terminates a lease due to abandonment, what is the status of the renter?
The tenant is released from rent responsibility.
What does it mean when the purchasers sign and date the appropriate spaces at the end of a Residential Property Disclosure Statement?
They acknowledge reading and receiving the statement.
Which of the following statements best describes a constructive eviction?
This occurs when a tenant leaves the property and declares that the lease is canceled by default.
What does the Preamble contain?
Thoughts as to how licensees should conduct themselves
What section of a Back-Up Supplement states when the time periods for inspections, title, survey and financing will start?
Time Periods in Back-Up Contract
What is the purpose of the Fair Housing Design Manual?
To help designers, builders, and developers understand and conform to fair housing design requirements
In 1913, the National Association of Real Estate Exchanges, now known as The National Association of REALTORS®, adopted the industry's first code of ethical conduct for what reason?
To protect the public and encourage licensee professionalism and honesty
Why were standards of practice established?
To provide a standard of customer and client care
What is the purpose of the Emergency Solutions Grant (ESG) Program?
To serve homeless individuals and families with supportive services, emergency shelter, and transitional housing; help persons at risk of becoming homeless with homelessness prevention assistance; and provide permanent housing to the homeless population
What is the purpose of a standard of practice?
To support, interpret, and amplify a specific article
There are three supplements that deal with inspection of common elements, review of documents and association repair obligations for residences that have owner's associations. They are the Single Family Mandatory Homeowner's Association, the Condominium Association and the
Townhouse Association
Executive Order 11246 established requirements against discrimination practices in employment and hiring on the part of whom?
U.S. government contractors
The Office of Fair Housing and Equal Opportunity (FHEO) is an agency within the
United States Department of Housing and Urban Development (HUD)
Fair Housing Violation Penalties If a case is processed through HUD, a HUD Administrative Law Judge (ALJ) can issue the following civil penalties:
Up to $16,000 for first time violators Up to $42,000 for second time violators Up to $70,000 for violators with two or more previous violation U.S. Department of Justice civil penalties can reach as high as $150,000.
What describes the condition of a previously-functioning city or part of a city falling into disrepair?
Urban decay
Which of the following may REALTORS® use in their advertising and in other representations as long as all terms are clearly disclosed at the same time?
Use of the word "free" and similar terms
Which of the following may REALTORS® use in their advertising and in other representations as long as all terms are clearly disclosed at the same time
Use of the word"free" and similar terms
What type of information is typically found on an opinion of value report?
Value of the property
Which of the following statements is FALSE?
When a broker provides brokerage services to a buyer, he or she must describe and disclose in writing the broker's duties and responsibilities prior to showing any properties.
Under what condition must a licensee disclose real estate license status?
When attempting to purchase property for themselves
Which is an example of Respect for Property?
When the occupant is absent, leave the property as you found it (lights, heating, cooling, drapes, etc.). If you think something is amiss (e.g., vandalism) contact the listing broker immediately.
Which three provisions allow space write in information that is specific to the lease contract?
Which three provisions allow space write in information that is specific to the lease contract?
The sales contract is silent as to who is to close the transaction. The listing broker deposits the earnest money in a trust account and appoints a title company as closing agent. The broker pays all earnest money to the title company. The title company
Both B and C
Before brokers are entitled to claim or sue for commissions on the sale of real property, they must meet which of the following requirements? I. Be licensed as brokers prior to offering to sell. II. Be employed by a party through a valid listing agreement. III. Be members of the OAR.
Both I & II
What type of maintenance involves the repair or replacement of components which have failed?
Corrective maintenance
Broker Jones agreed to list his neighbors vacant lot. The agreement was not in writing, just an over-the-Fence handshake. What's the best advice that you can give to broker jones?
Good practice dictates that broker jones put the agreement in writing.
What type of lease starts at a fixed amount but rises as the lease term matures?
Graduated lease
What is the term given to a manager of a single large property that may work for a property management company or directly for an owner?
Individual Building Manager
What is the primary objective of a investment property owner?
To seek the highest rate of return from the property
Section 858-363, the Authority of Broker Associates deals with
a clearer description of an associate's authority
Management fees are often based on
a percentage of the collected rents
A broker deposits a client's earnest money in the business checking account. Because the broker has not paid federal income taxes, Uncle Sam puts a lien on the checking account, which prevents the broker from withdrawing any money, including that of the ... (11676)
a trust account
The OK Real Estate Education and Recovery Fund assessment is $15 per three year period. Payments from the fund for claims arising from a single transaction are limited to
all of these : $50k for any one transaction; $25k for any one claimant; $50k for all claims against one licensee.
Under the new Oklahoma Brokerage Relationships act the duties and responsibilities that were previously designated to transaction brokers
are now "assigned" to all brokers
An owner concerned with short-term cash flow will
be conservative in spending money for improvements or maintenance.
Brokers or associates may advertise their own property
only as licensees marketing their own property
When must a firm inform all parties in a transaction when providing services to both parties?
prior to the parties signing a contract to purchase, lease, option, or exchange real estate
People want to buy things from a(an)
real live person who is concerned with the needs of the consumer.
A "chain of title" is a(n)
record of a property's grantors and grantees
What instrument is used to transfer a portion of the leasehold's interest to another party?
sublease
Under what management skill set does the ability to execute and renew a lease fall?
tenant relations
Brokerage services means
those services provided by a broker to a party in a transaction
Personal promotion consists of
utilizing various methods of enhancing an image to the public, such as community service, coaching athletic teams, volunteering to work in fund drives, etc.
You will probably never get it if you don't ask for it.
A commitment to buy.
Which of the following individuals are NOT classified as a broker?
A provider of real estate industry related services
Under the brokerage agreement act which of the following actions is mandatory?
Account for all money and property received by the broker in a timely manner.
Which of the following statements about VA loans is (are) correct?
Both A and B: Repayment of loan is guaranteed if borrower defaults and VA loans are 100 percent of the property value established by the va.
An associate received two offers for a listed property within a ten-minute period. One offer was 2% less than the listed price and the other was 6% less than the listed price. The associate should present to the seller
Both offers
When a new industry moves into a community,
Development of real estate cannot respond to immediate demands
Persons who are highly decisive and seek to control people and situations may be classified by personalities as
Directors
Which of these provisions of the Brokerage Act has not changed?
Duties of Broker following termination, expiration, or completion of performance.
A prominent part or special attraction in a piece of real estate is known as a(n)
Feature
Under what management skill set does the ability to conduct a property appraisal, determine depreciation, and identify market trends fall?
Financial Affairs
Where would you find documentation that confirms that a client received the notice of the type of services provided by a broker
In a separate provision or document that is either incorporated into it attached to the contract to purchase, lease, option, or exchange real estate
Where would you find documentation that confirms that a client received notice of the type of services provided by a broker?
In a separate provision or document that is either incorporated into or attached to the contract to purchase, lease, option, or exchange real estate.
What is the best approach to maintain long-term tenants?
Keep them happy
In a lease arrangement, the owner is the landlord, or
Lessor
Which of these statements about the terms transaction broker and single party broker is FALSE?
Licensees are prohibited from using these terms.
What is a good practice to follow when instituting a rent increase?
Maintain the same level of services.
The real estate market is subject to
National Trends and Local Supply and Demand
If the original owner was released when their loan was assumed, this situation of liability is known as
Novation
What type of document is required for any business, institution, educational facility, retail establishment, commercial service provider, and industrial business prior to move in?
Occupancy permit
One of the simplest and best responses to an objection is
Oh?
Once cause for suspension or revocation of a real estate license is
Placing a blind ad (no disclosure of professional status) for the sale of real estate.
What type of maintenance involves doing periodic inspections and determining when minor issues need to be repaired?
Preventative maintenance
A person who appears to be interested in buying a particular piece of real estate is a(an)
Prospect
The major purpose of the OK Real Estate Education and Recovery Fund is to
Reimburse any person adjudged by a court to have suffered loss due to a licensee violating the Code.
Maslow heirarchy of needs include all of the following motivational factors, except
Self-Perpetuation
A security deposit
Should not be used as final month's rent
The concept of insurance is to
Spread the risk among many persons, and thus exchange the possibility of a major loss for a known cost of manageable proportions.
Cocooning to the agents in the profession of real estate means
The movement wherein people are seeking to spend more time at home and even develop home based businesses to work in their homes.
The term "transaction broker" has been removed from
The paragraph on vicarious liability
While showing a house to a prospective buyer, an associate told the buyer that the house was attractive, comfortable, and a good buy at the asking price.
The statement is probably just "sales talk" to which the doctrine of caveat emptor applies
After November 1, 2013 what happens to currently active brokerage agreements that were entered into prior to that date?
They remain in force until the expiration date state in the agreement.
All of the following statements about FHA and VA Loans are correct except
They require a prepayment penalty
What are the duties of broker following termination, expiration, or completion of performance?
To account for all monies and property relating to the transaction and maintain confidentiality
When a base industry located in a community, how many jobs may be expected to be created in the local economy for each one provided by the base industry?
Two
A seller's net sheet is best defined as a tool that is used to help
a property owner with a reasonable estimate of costs and net proceeds from the sale of the property
The most effective medium for attracting potential customer calls is
a yard sign
To be a successful property manager, the individual needs
above average communication skills
An alienation clause, if the mortgaged property is soldA. allows a lender the opportunity to accept or reject the purchaser as a substitute borrower.B. gives the lender an opportunity to eliminate low interest rate loans.C. Both A and B.D. Neither A nor B.
both A and B
In a sale by contract for deed, the buyer
both A and B
When investigating the history of the title to a given piece of real estate, the abstracter checks
both A and B
Target Marketing is
concentrating on a particular portion of a market only in a specific geographical area or confining activities to a specific price range of properties.
Fiduciary duties
do not take precedence over the duties defined in the Oklahoma law.
Most residential property managers
don't send out monthly billing notices to tenants.
A real estate asset manager
focuses on long-term strategic financial planning activities.
Q: can you disclose confidential information?
if the disclosure is required by law
After November 1, 2013,
if you use the terms "single party broker" and "transaction broker" you should clearly define the usage, since it is no longer defined in the law
When the purchase of real estate is financed through a contract for deed,
legal title to the property remains with the sellers until the contract is performed and the entire purchase prices is received by the sellers.
What is the primary objective of a property owner?
make money
High unemployment
means a greater number of vacancies
If a broker intends to provide fewer brokerage services than those required to complete a transaction, the broker
must include a description of those steps in the transaction for which he or she will not provide brokerage services.
In those cases when a broker is involved in a transaction but he or she does not prepare the contract, the broker
must still document that he or she has complied with the services provided disclosure requirements.
A broker must open a separate escrow account for
neither A nor B
In dealings with the public, brokers may not
remain silent as to material facts concerning the property known only to themselves.
