Oklahoma - Basic II Post License Course - Study Tests - Barnes Real

Oklahoma - Basic II Post License Course - Study Tests - Barnes Real Estate Flashcards 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.Maslow heirarchy of needs include all of the following motivational factors, except Self-Perpetuation All of the following statements about FHA and VA Loans are correct except They require a prepayment penalty 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.In general, when supply of a certain commodity increasesPrices tend to drop.What is the primary objective of a property owner?make money An owner concerned with short-term cash flow will be conservative in spending money for improvements or maintenance.The most effective medium for attracting potential customer calls is a yard sign Under what management skill set does the ability to conduct a property appraisal, determine depreciation, and identify market trends fall?Financial Affairs What type of lease has no time limit?Estate at Will You will probably never get it if you don't ask for it.A commitment to buy.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.Brokerage services meansthose services provided by a broker to a party in a transaction Under what management skill set does the ability to execute and renew a lease fall?tenant relations In a sale by contract for deed, the buyer both A and B Fiduciary dutiesdo not take precedence over the duties defined in the Oklahoma law.What type of budget is used to show a plan for long-term outlays?Capital budget Most residential property managersdon't send out monthly billing notices to tenants.When a broker is providing brokerage services, what must the parties do?Provide in writing that they received the disclosure from the broker A question that cannot be answered "yes" or "no" is probably a(n) Indirect Question 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.

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 A prominent part or special attraction in a piece of real estate is known as a(n) Feature 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.What type of lease is based on a share of the monthly or annual gross sales made at the lease location?Percentage lease A broker must open a separate escrow account for neither A nor B Q: can you disclose confidential information? if the disclosure is required by law A real estate asset managerfocuses on long-term strategic financial planning activities.When a new industry moves into a community, Development of real estate cannot respond to immediate demands When investigating the history of the title to a given piece of real estate, the abstracter checks both A and B Which of these statements about the terms transaction broker and single party broker is FALSE?Licensees are prohibited from using these terms.Which of the following individuals are NOT classified as a broker?A provider of real estate industry related services Which of these provisions of the Brokerage Act has not changed?Duties of Broker following termination, expiration, or completion of performance.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 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.Persons who are highly decisive and seek to control people and situations may be classified by personalities as Directors High unemploymentmeans a greater number of vacancies A security depositShould not be used as final month's rent Investments in real estate are generally consideredBoth: Long term investments and risky What is the annual budget that shows income and expenses called?Operating budget What type of maintenance involves the repair or replacement of components which have failed?Corrective maintenance What impact does foreclosure have on a lease? A foreclosure extinguishes all prior interests in a property.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.Personal promotion consists ofutilizing various methods of enhancing an image to the public, such as community service, coaching athletic

teams, volunteering to work in fund drives, etc.

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.What type of maintenance involves doing periodic inspections and determining when minor issues need to be repaired?Preventative maintenance People want to buy things from a(an)real live person who is concerned with the needs of the consumer.Which of the following statements is TRUE? you are permitted to use the word "agent" in a trade name One of the simplest and best responses to an objection isOh?Which of the following statement is not correct? The abstracter guarantees the title to real estate Management fees are often based ona percentage of the collected rents The concept of insurance is toSpread the risk among many persons, and thus exchange the possibility of a major loss for a known cost of manageable proportions.The term "transaction broker" has been removed fromThe paragraph on vicarious liability 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 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.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 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 Which of if the following advertising practices is allowed by law in Oklahoma?Offering free radios as a premium listing with a firm.What is a good practice to follow when instituting a rent increase?Maintain the same level of services.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 instrument is used to transfer a portion of the leasehold's interest to another party?sublease If the original owner was released when their loan was assumed, this situation of liability is known as Novation 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.