OK Real Estate Test PSI Test Questions Flashcards

OK Real Estate Test (PSI Test Questions) Flashcards The seller makes a counteroffer. The Buyer accepts and decides to reply using "snail mail". When is a valid purchase contract created using the post office?When the offeree puts the acceptance in the mail.When is a lender is required by FIRREA To directly engage the services of an appraiser?Anytime the transaction is federally related A borrower grosses $4,000 per month and pays $600 monthly for debt obligations. What monthly payment for housing expenses (principal, interest, taxes, insurance) can this person afford based on an FHA debt ratio of 41%?

$1,040

A is a resident manager for a local apartment complex and is responsible for negotiating leases for the apartment complex. A is?Not violating the law because A is exempt.The advertisement said the land measured "3/4 of a mile by 3/4 of a mile". How many acres of land are for sale?360 (5280 feet in a mile/4=1320, 13203=3960, 39603960=15,681,600/43650(feet in an acre)= 360 Acres Depreciation isLoss of value from any cause The taxable income from an investment property is estimated by using which of the following formulas?Net income minus interest and depreciation When writing a contract you are inserting the legal description into the contract. You should not based illegal description on?The street address.The minimum age to get a Provisional Real Estate License in Oklahoma is?18 years of age or older A is a licensed real estate broker and should reveal her license status under which of the following conditions?In any real estate transaction A is involved with Which is NOT a requirement for establishing a Real Estate office?Exist with at least 3 Licensees including the Broker The term REALTOR applies toany member of the National Association of REALTORS."Without both parties' written consent, The broker is prohibited from representing both the seller and the buyer

in the same transaction," defines:

Dual Agency It may be cause for suspension or revocation of license tomake false statements in advertising The supreme power inherent in the state to take land from the owner by due process of law when necessary for the states use in the public welfare is eminent domain You sell a 2,300 square foot house for $192,000. What is the price per square foot?

$83.48

An important function of the secondary mortgage market is to sell mortgage-backed securities in order to buy pools of loans The real estate brokers operation account should include which of the following?Money from the broker to operate the business

A and B signed a contract that was based on illegal consideration, this contract is Void Which of the following reflects the stages through with a neighborhood passes?Growth, stability, decline, and revitalization Albert who is a broker went to get a listing on a piece of property Bill was wanting to sell. Bill indicated to Albert that he did not want his house sold to a Hispanic. Which should Albert do?Refuse to list the property.A sale transaction on rental property closes on December 10th. The landlord received the December rent of $713 on December 1. Assuming the closing day is the buyer's, and that the 365-day method is used for prorating, which of the following entries would appear on the settlement statement?Credit Buyer $368 ($713 rent/31days =$23/day x 16 days=$368) The Oklahoma Real Estate Commission shall have the powers and duties of imposing administrative fines in accordance with state statutes The realtor and buyer had a written contract. The contract expired, the buyer bought a house the realtor had shown her but with another broker. The buyer had to pay a realtor number one commission why?Exclusive Right Agreement What is the time limitation for reporting alleged violations of the federal fair housing act in amendments?365 days The Oklahoma Real Estate license law requires which of the following to have a real estate license?Attorney at law performing real estate services in his or her law practice.The Real Estate commission May discipline licensees, instructors, and real estate schools by which of the following?All of the above Which of the following deeds would be most preferred by the buyer?General warranty deed B is 45 years old and wants to rent a house from you.Under the Fair Housing Law which of the following would be legal?Declining to rent to B because of his lack of income A Realtor has his license revoked by OREC on Feb. 14

• What is the earliest date the former licensee can

apply for reissuance?2/14/2013 (3 years) What agency promulgates regulation Z?Federal Reserve System The primary purpose of the Truth-In-Lending Act is todisclose to the consumer the cost and conditions of the installment purchase.You sell a lot which is 75 feet by 145 feet. What part of an acre is it?1/4 acre A release clause in a mortgageAllows portions of the property, given as security, to be released from the mortgage lien upon performance of a specified act An agent feels to discover crumbling tiles on the basement ceiling do beneath a bathroom. The agent sells the

property, and the buyer later she's the agent for not discovering and disclosing a clearly visible an obvious problem. In this case the agent?Has an exposure to negligent misrepresentation

A real estate broker changes her name. When must a she report this change to the Oklahoma real estate commission Within 10 business days All the following closing expenses are allowed under the real estate settlement procedures act, except?

A: fees paid by an escrow company to a sales associate for

referring business.A major employer relocates, leaving many homes in an area vacant and unmaintained. This is an example of incurable economic obsolescence What is the critical specific issue with houses built before 1978 Lead based paint The buyer purchased a property. For years, neighbors had considered the house strange with odd happenings. The house has been rented for eight years and only one owner, but no one would live there very long. Neither the realtor nor the seller disclosed that a murder suicide had occurred at the residence 10 years earlier as a type of ritual. What should the realtor have done?The broker has no obligation to disclose.Jim has an ACTIVE real estate license and personally puts an offer on a piece of real property, Jim needs to disclose in writing that he is licensed Of the following sources of loan money, which does not service their loans?Mortgage Broker A principal instructs an agent to inform any minority buyer that the property was just put under contract an hour ago and is no longer available. The agent refuses to comply. In this case, the agent has not violated fiduciary duty Real Estate licenses are issued bythe Oklahoma Real Estate Commission.In accordance with the statute of frauds A five-year lease must be in writing to be enforceable A Provisional Real Estate license shall be issued a term oftwelve months What signed document changes a customer into a client?A brokerage service agreement (can be oral) A property owner in a development is required to have a shake roof. This requirement is most likely to come from A deed restriction.A retailer installs a special display canister exhibit her progress. At the end of the lease term the retailer moves to another state, leaving the counters in the store. At this point the counters are considered which of the following?Real property since the trade fixtures were abandoned.How does the Brokerage Relationships Act define a firm?A sole proprietor, corporation, association or partnership A broker must notify the Oklahoma Real Estate Commission of their trust account(s). How many trust accounts is a broker allowed?Unlimited Your friend has a current balance of $150,000 on a $185,000 loan st 6% interest for 30 years. The monthly P & I is $1109.17. I'll be the mortgage balance off for the next payment?

$149,640.83

The landlord needs to perform a semi annual inspection.How much notice of entry must the landlord provide the tenant?

• day