Supplemental Exam Part II
112. Under Oklahoma's Broker Relationships Act, a broker is permitted to do all of the following EXCEPT A. work for both the buyer and seller in the same transaction without providing written notice to both parties that the firm is providing brokerage services to both parties. to both parties. B. be paid a percentage of the sales price. C. be paid a referral fee. D. be paid by both sides in a-transaction.
a
113. Under Oklahoma's Broker Relationships Act, a broker must disclose A. any material defects known about the property. B. the race of the buyer. C. the religion of the seller. D. the reasons why the seller is selling.
a
114. Under Oklahoma's Broker Relationships Act, a broker providing services to the seller must disclose A. any material defects known about the property. B. that the buyer would pay more for the property. C. that the buyer is desperate to buy and close quickly. D. that the buyer would agree to less favorable financing terms.
a
115. Under Oklahoma's Broker Relationships Act, a broker working with the buyer must disclose A. that the property was once flooded. B. that the seller would accept a much lower price. C. that the seller would offer much better financing terms. D. the reasons why the seller is selling.
a
117. By state law, the word "agent" may be used in Oklahoma by the real estate industry A. in a trade name of a real estate company. B. by any licensed provisional sales associate. C. by any broker-associate. D. only by principal brokers in their own names.
a
120. Which brokerage relationship is allowed in Oklahoma when conducted by the same brokerage firm? A. A broker may provide brokerage services to one or both parties in a transaction. B. Single-party broker for the buyer, single-party broker for the seller C. Disclosed dual agency-brokerage represents both the buyer and seller with the approval of both D. Buyer agent for the buyer, single party for the seller
a
127. How are members of the Oklahoma Real Estate Commission selected? A. By the governor B. Public election C. By the Oklahoma Association of REALTORS® D. Elected by real estate licensees
a
128. In Oklahoma, which of the following would need to be a licensed real estate broker or salesperson? A. Someone who engages in apartment location B. A licensed attorney acting under a power of attorney to convey real estate C. A resident apartment manager working for an owner if the manager's primary residence is the apartment building being managed D. A partnership selling a building owned by the partners
a
135. After the first renewal, how much continuing education is required to renew an Oklahoma broker or sales associate license? A. 21 hours total of which 9 hours have to be "required" subjects B. 18 hours total of which 3 hours have to be "required" subjects C. Three 12-hour classes for listing, buying, and ethics D. There are no continuing education requirements for broker and sales associate licensees.
a
139. All of the following statements regarding the Oklahoma Real Estate Commission are true EXCEPT that A. members of the commission are selected by the Oklahoma Association of REALTORS®. B. the commission makes and enforces the rules by which all real estate licensees must abide. C. the examinations that must be taken by all applicants for real estate licensing are written and administered by the real estate commission. D. the operation of the commission's activities is administered by an executive director specifically hired for that purpose.
a
142. An individual wants to sell her own house. Which of the following statements is true? A. She does not need a real estate license to sell her house herself. B. In Oklahoma, anyone who sells real property must first have a real estate license issued by the real estate board. C. She may obtain a temporary real estate license in order to legally sell her house. D. She 'nay sell her house without obtaining a real estate license only if she is a licensed attorney.
a
155. A broker who wishes to place a "For Sale" sign on a listed property must first A. obtain the consent of the owner of the property. B. sell the property. C. list the property. D. get permission of the neighbors.
a
159. Commissions earned by a broker in a real estate sales transaction A. are determined by agreement of the broker and his or her principal. B. may be shared with an unlicensed person, provided that such person aided the broker in bringing the buyer and seller together. C. may be deducted from the earnest money deposit and claimed by the broker as soon as the buyer and seller execute the sales agreement. D. are based on a schedule of commission rates set by the Oklahoma Real Estate Commission.
a
167. A licensed salesperson may hold a concurrent license with more than one Oklahoma broker under which of the following circumstances? A. Under no circumstances B. With the permission of his or her sales manager C. With the written consent of the brokers being represented D. With the permission of the real estate commission
a
175. How is a broker's commission determined in a real estate sales transaction? A. It is negotiated between the broker and seller or broker and buyer depending on the situation. B. It is determined according to the standard rates set by agreement of local real estate brokers. C. If under dispute, it will be determined through arbitration by the Oklahoma Real Estate Commission. D. It must be paid with cash or a cashier's check upon closing.
a
177. In Oklahoma, the age of legal competence is A. 18. B. 19. C. 20. D. 21.
a
191. After a tenant's lease terminates in Oklahoma, he or she is entitled to the return of the security deposit A. within 30 days, without interest. B. within three weeks, without interest. C. unless the property has been transferred to a new owner. D. with no deductions withheld.
a
192. How soon must deeds of conveyance be recorded after closing? A. A reasonable time B. One business day C. Three business days D. One month
a
194. The conveyance tax levied by the state on property is based on A. the selling price. B. earnest money. C. the amount of the mortgage. D. the date of the purchase.
a
199. A house was purchased for $203,000 in cash. How much will the documentary stamps cost? A. $304.50 B. $500.00 C. $627.96 D. $845.56
a
200. A house was sold for $150,000, with the buyers assuming a $40,000 mortgage. How much will the documentary stamps cost? A. $225.00 B. $165.00 C. $344.28 D. $506.16
a
103. A "blind" ad in Oklahoma is one in which a real estate company does not A. pay for the ad but has the seller pay for the ad. B. give the name of the company. C. give the address of the company. D. give the name of the listing agent.
b
107. Under Oklahoma's Broker Relationships Act, the law of agency regarding real estate agents was A. kept in place with transaction brokerage being an option. B. abrogated. C. changed to allow only for disclosed dual agency. D. changed to allow only for buyer brokerage.
b
118. Which brokerage relationship is allowed in Oklahoma? A. Buyer agency B. Seller agency C. Disclosed dual sub-agency D. Providing broker services under the 2013 broker relationship act.
b
124. In a property management transaction, the tenant A. is a party to whom all party duties are not owed. B .is a party to whom all party duties are owed. C. is not affected by the property management agreement and therefore the duties to a party do not apply.. D. relationship to the property manager initiates a fiduciary relationship as defined under the agency law.
b
126. In Oklahoma, real estate license law is administered by the A. Council on Housing Matters. B. Oklahoma Real Estate Commission. C. Oklahoma Association of REALTORS®. D. Department of Housing and Urban Development (HUD).
b
129. Who requires a real estate license to do the following activities in Oklahoma? A. A resident manager who collects rent on behalf of a building owner B. A company, that for a fee (not a commission), matches individuals from different parts of the country who want to exchange properties and assists them in doing so C. A not-for-profit real estate referral service D. An executor selling a decedent's building
b
137. Regarding licensing and duties of personal real estate assistants in Oklahoma, they A. must be licensed. B. may insert factual information into form contracts under the employing broker's supervision and approval. C. may independently host open houses and home show booths. D. must be unlicensed individuals; licensees must be either salespeople or associate brokers.
b
141. All of the following are exempt from the provisions of the Oklahoma real estate license act EXCEPT a(n) A. property owner who sells or leases his or her own property. B. individual who receives compensation for procuring prospective buyers or renters of real estate. C. individual who is employed as a resident property manager. D. friend of the seller who, operating under a power of attorney, accepts a fee from the seller as compensation for selling the home.
b
150. In Oklahoma, a broker may have his or her license suspended or revoked for all of the following actions EXCEPT A. being declared mentally incompetent. B. depositing earnest money into the firm's escrow account. C. helping another person cheat on the licensing examination. D. displaying a "For Sale" sign on a property without the owner's consent.
b
152. Which of the following actions is legal and not a violation of license law? A. Encouraging a seller to reject an offer because the prospective buyer is a Methodist B. Placing a "For Sale" sign in front of a house after asking the seller's permission and receiving written permission to go ahead C. Advertising that individuals who attend a promotional presentation will receive a prize D. Standing in the hallway outside the testing room and offering employment to new licensees as soon as they receive their passing score at the testing center
b
157. A real estate salesperson decides to sell his or her own property in Oklahoma without using a broker. When advertising the property, the salesperson A. must disclose the name, address, and phone number of his employing broker. B. must disclose the fact that she or he is a real estate licensee. C. does not need to disclose licensed status if acting as a private citizen. D. is prohibited by license law from selling his or her own home in this manner.
b
162. Regarding listing agreements in Oklahoma, which of the following could result in the suspension or revocation of a licensee's license? A. A very high commission rate B. No specific termination date C. No broker protection clause D. A specific termination date
b
164. A seller listed his house for sale with the broker on February 1. The listing agreement was to last five months. In April, the seller decided that the house was no longer for sale. Which of the following statements is true? A. The seller has canceled the agreement and there are no penalties. B. The seller has withdrawn the listing broker's authority to sell the property and may be subject to a penalty. C. The seller is required by law to leave his house on the market until June. D. The Oklahoma Real Estate Commission will decide if the seller's action is justifiable.
b
166. An Oklahoma real estate salesperson may lawfully collect compensation from A. either a buyer or a seller. B. his or her employing broker only. C. any party to the transaction or the party's representative. D. a licensed real estate broker only.
b
171. When a licensed broker changes his or her place of business, A. a new license will be issued by the Oklahoma Real Estate Commission immediately. B. his or her license may be revoked if the Oklahoma Real Estate Commission is not notified. C. a new license will be issued for a full term. D. the new address must be approved by the Oklahoma Real Estate Commission.
b
172. Every Oklahoma real estate office is required to A. maintain escrow account records for ten years. B. keep transaction records for five years. C. display signage with at least 12" high lettering at the office location. D. employ at least one salesperson.
b
146. What is the expiration date of every salesperson's license in Oklahoma? A. January 31 of every even-numbered year B. March 31 of each odd-numbered year C. October 31 of each odd-numbered year D. 36 months after the month of issue, which includes the month of issue
d
148. In Oklahoma, all of the following would be grounds for revoking a broker's license EXCEPT A. being convicted of a felony or a crime involving moral turpitude. B. advertising in a newspaper that he or she is a member of the Oklahoma Association of Real Estate Professionals when in fact he or she is not. C. depositing escrow money in his or her personal checking account. D. agreeing with a seller to accept a listing for more than the normal commission rate.
d
149. The Oklahoma Real Estate Commission has the power to revoke a salesperson's license if the salesperson A. attempts to represent a real estate broker other than his or her employer, after obtaining the employer's consent. B. attempts to represent a buyer. C. enters into an exclusive listing contract. D. deposits a buyer's down payment in his or her own bank account.
d
151. The Oklahoma Real Estate Commission may suspend or revoke a licensee's license for all the following reasons EXCEPT A. failing to perform as promised in a guaranteed sales plan. B. having been found liable in a civil trial for illegal discrimination. C. commingling others' money or property with his or her own. D. failing to tell a buyer that a murder has occurred in a house listed by the licensee.
d
154. Salesperson Joe asked the telephone company to list his name in the directory under the "Real Estate" heading as "Joe, Real Estate Salesperson, Residential Property Is My Specialty." Joe Himself is also required to include A. his license number. B. the expiration date of his license. C. his street address. D. the name of his employing broker.
d
158. In Oklahoma, real estate commissions are A. set by law. B. set by the real estate commission. C. determined by local groups of brokers. D. negotiable between the seller and buyer and broker.
d
160. All funds received by a broker in Oklahoma on behalf of his or her principal must be deposited in an escrow or trust account within A. three days of receiving the offer. B. three days of obtaining all signatures for the contract. C. five working days of receiving the offer. D. before the end of the third banking day after the offer is accepted and the contract comes into being.
d
145. All Oklahoma real estate licenses A. are granted in perpetuity. B. do not need to be renewed unless previously revoked. C. expire annually on April 30. D. expire 36 months from the month of issue, which includes the month of issue.
d
143. Which of the following is a requirement to obtain a real estate salesperson's license in Oklahoma? A. Successful completion of 12 credit hours of real estate law, investments, finance, and appraisal -- B. An associate degree or certificate in real estate from an accredited college, university, or proprietary school C. United States and Oklahoma citizenship D. Successful completion of an approved course of 90 classroom, correspondence, or distance learning hours or its equivalent
d
176. A landlord has a "no pets" policy in his apartment building. If a visually impaired person wants to rent an apartment from the landlord, but owns a guide dog, which of the following statements is true? A. If the landlord's "no pets" policy is applied uniformly and in a nondiscriminatory manner, it may be legally applied to the person with the guide dog. B. The Oklahoma Landlord and Tenant Act specifically prohibits the landlord from refusing to rent the apartment to the visually impaired person on the basis of the "no pets" policy. C. Under the Oklahoma Landlord and Tenant Act, the landlord may not discriminate against the visually impaired person on the basis of a "no pets" policy, but the landlord may require the tenant to pay a damage fee in any amount the landlord chooses. D. The Oklahoma Landlord and Tenant Act does not address the issue of guide, hearing, or support dogs.
b
180. How old must a citizen of Oklahoma be before he or she may prepare a legally binding will? A. 15 B. 18 C. 21 D. Any age as long as the will is legally witnessed and recorded
b
183. In Oklahoma, an individual may enter into legally enforceable contracts (with no exceptions) when he or she reaches the age of A. 16. B. 18. C. 19. D. 21.
b
184. If a minor enters into a contract in Oklahoma, what is the customary period within which he or she may legally void the contract after reaching the age of majority? A. Six months B. One year C. The contract may be voided only up to the date when the minor reaches the age of majority; after that date, the contract is binding. D. There is no customary period.
b
188. A neighbor has a ten-foot wide easement through Will's forested lot for the purpose of walking to the bank of the river. The neighbor widens the path to 14 feet to accommodate his truck so he can launch his boat. Will is furious. Which of the following is true in this situation? A. The neighbor's original use was a right; Will can do nothing. B. The new use is hostile, and if not stopped within 15 years, it could become an easement by prescription. C. The additional four feet is a reasonable extension of the original easement and must be granted. D. If the neighbor uses the extension for five years, the original easement is his by adverse possession.
b
190. In Oklahoma, the landlord may terminate the rental agreement if a tenant fails to pay rent within how many days of the scheduled due date? A. 3 days B. 5 days C. 10 days D. 30 days
b
197. What is the transfer tax on a property that sells for $250,000? A. $225 B. $375 C. $575 D. $1,250
b
101. In Oklahoma, the initial point for the Indian Meridian is near which city? A. Oklahoma City B. Tulsa C. Davis D. Lawton
c
104. If a house for sale in Oklahoma is considered haunted by the neighbors, this A. must not be disclosed to buyers for any reason. B. must be disclosed to buyers. C. may be disclosed to buyers if they make a bona fide request in writing and the seller agrees to tell them. D. is not covered by law and a broker can do whatever seems best at the time.
c
105. If a house for sale in Oklahoma is on the market because the owners were murdered in the house, this fact A. must not be disclosed to buyers for any reason. B. must be disclosed to buyers. , C. may be disclosed to buyers if they make a bona fide request in writing and the seller agrees to disclose the information. D. is not covered by law and a broker can do whatever seems best at the time.
c
109. Under Oklahoma's Relationships Act, a licensee may A. be a sub-agent of the seller. B. become a transactional agent for both parties. C. offer the same services to both parties. D. represent one party and assist the other
c
116. Under Oklahoma's Broker Relationships Act, the party that the broker is assisting is A. vicariously liable for the actions of the broker. B. owed the fiduciary duty of obedience from the broker. C. not vicariously liable for the actions of the broker. D. only vicariously liable for the actions of the broker if a fee is paid to the broker.
c
119. All of the following brokerage relationships are allowed in Oklahoma EXCEPT A. brokerage services without a written agreement. B. brokerage services with a written agreement. C. sub-agency brokerage with a written agreement. D. brokerage services with a written agreement to both parties.
c
123. When the broker provides services to a landlord through a property management agreement, A. the broker is required to let every associate decide if they want to represent the tenant. B. the broker must provide the services through the special agent agency for the tenant. C. the services provided to the tenant will not be construed as creating a broker relationship. D. the services provided to the tenant will be construed as creating a broker relationship
c
131. In Oklahoma, all of the following are requirements for obtaining a broker's license EXCEPT A. having successfully completed 75 hours or its equivalent of approved real estate courses. B. being at least 18 years of age. C. having been actively engaged as a licensed salesperson for at least three years. D. being of good moral character.
c
132. A person successfully completed her real estate education requirement on November 1, 2014. What is the latest date on which she may apply for a salesperson's license? A. December 31, 2000 B. There is no limit unless, in the meantime, the school hour requirements are increased. C. October 31, 2017 D. November 1, 2002
c
133. An unlicensed individual who engages in activities for which a real estate license is required in Oklahoma is subject to which of the following penalties? A. A fine not to exceed $500 B. A fine not to exceed $1,000 and one year's imprisonment C. A fine of up to $1,000 and/or six months in jail as administrated by the courts D. A civil penalty not to exceed $5;000 and a mandatory prison term not to exceed five years
c
136. In Oklahoma, an unlicensed real estate assistant may perform all of the following activities EXCEPT A. compute commission checks. B. assemble legal documents required for a closing. C. explain simple contract documents to prospective buyers. D. prepare and distribute flyers and promotional materials.
c
144. Which of the following situations would satisfy the annual continuing education requirement in Oklahoma? A. A 12-hour community college course on using real estate office spreadsheet programs B. A 6-hour course on managing agricultural property, offered by an approved CE sponsor C. Retaking and passing the licensing exam D. 21 hours, or its equivalent, of approved continuing.
d
138. A broker's unlicensed assistant worked lute sights and weekends to help ensure the successful closing of a difficult transaction. The assistant's extra work included making several phone calls to the prospective buyers, and encouraging them to accept the seller's counteroffer. Largely because of the assistant's efforts, the sale went through with no problem. The broker wants to pay the assistant a percentage of the commission, "because the assistant has really earned it." Under Oklahoma law, the broker may A. compensate the assistant in the form of a commission under the circumstances described here. B. not pay the assistant a cash commission but is permitted to make a gift of tangible personal property. C. not pay a commission to the assistant under the facts presented here. They are both in violation of rules regarding unlicensed assistants. D. pay a commission to the assistant only if the assistant is an independent contractor.
c
140. The resident property manager for Acme Apartments is responsible for negotiating leases for the apartments. In this position, the resident manager A. must have a salesperson's license. B. must have a broker's license. C. is exempt from the licensing requirements. D. is violating the license law.
c
147. A person must be licensed as a real estate broker or salesperson if that person is A. selling his or her house. B. buying a house for his or her personal use. C. engaging in the real estate business. D. constructing houses.
c
153. If a broker tells a lender that the sales price on a property is something above its actual sales price, the broker A. has done nothing wrong as long as the appraisal substantiates this price. B. has done nothing wrong as long as he or she represents the buyer's best interest. C. can lose his or her license and be fined and imprisoned. D. has done nothing wrong if the buyer thereby can receive a higher mortgage amount.
c
156. When advertising real property, real estate licensees A. may state only the licensee's box number or street address. B. may simply give a telephone number to call for more information. C. must place the ads in the name of a licensed real estate broker. D. must identify the owner of the property.
c
178. Which of the following is not a protected class under the Oklahoma Fair Housing Law? A. Race B. Handicap C. Sexual preference D. Ancestry
c
185. In Oklahoma, the prescriptive period to acquire an easement is A. 100 months. B. 12 years. C. 15 years. D. 30 years.
c
186. The prescriptive period in Oklahoma to acquire title to real property by adverse possession is A. 7 years. B. 10 years. C. 15 years. D. 20 years.
c
193. To be eligible for recording in Oklahoma, a document must be A. in any language. B. witnessed by two persons who are not affected by the document. C. Acknowledged and notarized. D. drawn up by an attorney.
c
195. The real property conveyance tax may be paid by A. personal check, made out to the Department of Revenue. B. certified check, made out to the Housing Development Authority. C. purchasing transfer tax stamps. D. purchasing a "green sheet" from the county recorder for the total due.
c
198. What is the county transfer tax on a property that sells for $185,000? A. $37.00 B. $192.50 C. $277.50 D. $450.00
c
102. Any advertisement on a listing offered by a real estate company must include the A. name of the listing agent. B. phone number of the real estate company. C. name of the principal broker. D. name of the real estate company.
d
106. A broker in Oklahoma can guarantee that a buyer will make a profit from the resale of a property purchased through the broker under what conditions? A. When the broker has posted a bond equal to the profit B. When the broker can demonstrate the financial capacity to keep the guarantee C. When the broker has sufficient errors and omissions insurance coverage D. Never as this is an illegal buyer's inducement
d
108. Under Oklahoma's Broker Relationships Act, which of the following is a licensee permitted to be when dealing with buyers and sellers? A. Agent B. Disclosed dual agent C. Subagent D. Licensee offering broker services
d
110. Under Oklahoma law, a licensee can A. only be paid a percentage of the sales price when working as an agent for the buyer. B. never be paid a percentage of the sales price when representing the buyer. C. never be paid a percentage of the sales price when representing the seller. D. be paid a fee for service based on negotiations with the parties.
d
111. Under Oklahoma's Broker Relationships Act, a broker A. works for the benefit of the seller. B. works for the benefit of the buyer. C. works for the benefit of both the buyer and seller. D When working with both parties to a transaction will have the same duties and responsibilities.
d
121. If a seller pays a broker in a transaction, this would make the broker A. a broker to the buyer. B. a broker to the seller. C. a broker to both the buyer and seller. D. Payment of a commission does not determine a brokerage relationship.
d
122. The broker relationships act provides that the duties of a broker to a party will apply to which of the following transactions? A. a residential real estate transaction. B. a commercial real estate transaction. C. a farm and ranch transaction. D. all the above.
d
125. When may a buyer be told the seller is willing to accept a lower price? A. When the buyer has a single-party brokerage arrangement B. When the buyer has a transaction brokerage arrangement C. When the buyer has a buyer brokerage arrangement D. When the seller has authorized the broker to disclose this information
d
130. In Oklahoma, real estate license applications require all of the following EXCEPT A. all the different names used by an applicant in his or her lifetime. B. the applicant's photo. C. the applicant's signature with the application acknowledged and notarized. D. a sworn statement attesting to the applicant's character.
d
134. In Oklahoma, real estate licenses are renewed A. annually in the month issued. B. every two years in the month of the licensee's birthday. C. on June 30 of each even-numbered year. D. every 36 months, which includes the month of first licensure.
d
161. A broker receives an earnest money deposit From a buyer. Under Oklahoma law, the broker should A. open a special, separate escrow account that will contain funds for this transaction only, separate from funds received in any other transaction. B. deposit the money in an existing special non-interest bearing escrow account in which all earnest money received from buyers may be held at the same time. C. immediately (or by the next business day) commingle the funds by depositing the earnest money in the broker's personal interest-bearing checking or savings account. D. hold the earnest money deposit in a secure place in the broker's real estate brokerage office until the offer is accepted and becomes a contract. Then the money must be deposited before the end of the third banking day.
d
163. Upon obtaining a listing, a broker or licensed salesperson is obligated to A. set up a listing file and issue it a number in compliance with Oklahoma real estate license law and rules. B. place advertisements in the local newspapers. C. cooperate with every real estate office wishing to participate in the marketing of the listed property. D. give the person or persons signing the listing a legible, signed, true, and correct copy.
d
165. A person who believes that he or she has been illegally discriminated against may file a complaint with the A. board of REALTORS®. B. attorney general. C. The Oklahoma Real Estate Commission. D. Human Rights Commission or HUD.
d
168. Several weeks after a closing, an associate broker received a thank-you letter and a nice bonus check from the seller of the house. The associate broker cashed the check because he felt it was earned. In this situation, which of the following is true? A. The associate broker may accept the bonus because he is licensed as an associate broker. B. Accepting the money is allowed if more than 30 days have elapsed since the closing. C. The associate broker may accept the money if his broker permits him to do so. D. Accepting the money is a violation of Oklahoma Real Estate Commission regulations.
d
169. When a sole proprietor as employing broker has his or her license suspended in Oklahoma, what effect does this have on the associate brokers and salespeople affiliated with the proprietor? A. Affiliates' licenses will be revoked, subject to reinstatement after one year. B. Affiliates' licenses will also be suspended for a two-year period. C. Suspension has no effect on the affiliates' licenses. D. Affiliates' licenses are on inactive status until "hired" by a new broker.
d
170. A broker intends to open a branch office in a neighboring town. The broker applies for a branch office license, giving a name that clearly identifies its relationship with his main office. The broker names a licensed real estate salesperson as the branch office manager. Under these facts, will the broker receive approval for the branch office? A. Yes, the broker has fully complied with the requirements of the license law. B. No, under the license law, brokers cannot have branch offices in more than one municipality. C. Yes, by naming the salesperson as the branch's manager, the broker is in compliance with the requirement that a broker may be in direct operational control of only one office or branch. D. No, the manager of a branch office must be a licensed real estate broker.
d
173. An airline pilot told a broker about some friends who were looking for a new home. The broker contacted the friends and eventually sold them a house: When may the broker pay the airline pilot for this lead? A. As soon as a valid sales contract is signed by the parties B. Only after the sale closes C. After the funds are released from escrow D. When the airline pilot has a real estate license and the fee is paid to the pilot's principal broker
d
174. A buyer has just entered into a contract to buy a condominium unit from a person who originally bought the unit from the developer and has lived there for the past ten years. This new buyer has a right to cancel the contract within A. 5 days of receipt of resale documents. B. 15 days of receipt of resale documents. C. 5 days from the date of the newly executed contract. D. The new buyer does not have the right to cancel a signed contract in this situation.
d
179. A broker or salesperson may perform all of the following in preparation for the closing EXCEPT A. maintain a time schedule and provide new data. B. explain closing procedures to both buyer and seller and anticipate decision-making alternatives. C. coordinate inspections and deliver documents and escrow monies to the appropriate attorney. D. conduct any title searches that might be required.
d
181. All of the following legal descriptions are used in Oklahoma EXCEPT A. metes and bounds. B. the government rectangular survey system. C. recorded plats. D. the Torrens title description system.
d
182. After filing a lien in Oklahoma, the mechanic may enforce it by filing suit within A. three months. B. six months. C. nine months. D. one year.
d
187. To acquire land by adverse possession, the land must be used A. with the owner's permission. B. for a period of 30 years. C. privately so as to avoid being seen. D without the owner's permission.
d
189. When should a landlord first present the rules and regulations for tenants of leased property? A. When the tenant first violates them B. When the tenant requests them C. At any time during the rental agreement D. At the time the tenant enters into the rental agreement or at the time the rules or regulations are adopted
d
196. A recently recorded deed states that the purchase price was "$10 and other good and valuable consideration." The conveyance tax stamp indicates that $292.50 was paid for town conveyance tax. What was the property sold for? A. $10 B. $21,175 C. $175,000 D. $195,000
d
