Oklahoma real estate final exam Flashcards

Oklahoma real estate final exam Flashcards The OREC's revolving fund does NOT consist of money from the Oklahoma real estate education and recovery fund How long is a sales associate's license good for? 36 months To become a broker in Oklahoma you musthave 2 (of the last 5) years experience as a real estate agent The real estate commission may discipline licensees but may not issue a jail/prison sentence What may happen if you accept a gift from a person for selling their house?Suspension or revocation of license A tenant is called alessee (renter receives the lease) What is the clause on your home mortgage that requires you to pay the entire owed balance as soon as you sell the home?Alienation clause you are selling a house built prior to 1978. you are required to provide a signed lead based paint disclosure form Two people own a house together and each can decide to sell their interest at a later date. What type of ownership is this?Tenancy in common the term USPAP stands foruniform standards of professional appraisal practice The most comprehensive ownership of land is Fee Simple Absolute if you place a for sale sign on a property without owner's consent, what may happen?suspension or revocation of license A release clause in a mortgage allowsportions of the property to be released from the lien A provisional real estate license is good for how long?1 year You sell your house for $120,000. Your real estate agent made $7,200. How much was his/her commission rate?6% each branch office shall havea separate managing broker A dispute arises between buyer and seller in relation to a real estate purchase before the broker disperses money/valuables. The broker shall hold onto it until both parties grant him/her a written release A BUYER would prefer which deed?General warranty deed You get hired as the resident manager for the owner of a multi-family apartment building. Do you need a real estate license?No A term used to describe a buyer or a seller is A Principle A broker must maintain a bookkeeping system which does what?Accurately discloses full compliance with the law relating to maintaining trust accounts You sell the interest in any minerals located on your land to a mining company. Which rights do you no longer posses?Sub-surface rights The Oklahoma Residential Landlord and Tenant act says that unless a termination date is stated, your contract is

assumed on what basis?Month-to-month

When does legal title pass from seller to buyer? When the deed is delivered and accepted A new zoning ordinance is enacted where you built your home six years ago. What must you do?Nothing, your home is under non-conforming use the law's power to take land from an owner for state's use is eminent domain What is an area preference inside a larger geographical area?A situs You purchase a house for $26,500 and assume the existing mortgage of $25,950. What is the cost of documentary tax stamps for the deed?

$39.75

a right to purchase a property at fixed price for designated period of time after paying an amount for this privilege grants the interested party a option the seven members of the OREC includefive licensed real estate agents, one lay person, and one member of the Oklahoma real estate school Which type of title is a real estate purchaser entitled to receive today?Merchantable title Your house is sold for $150,000. How much will the documentary stamps cost?$225 What value approach would you use to appraise a government building or a church?The cost approach under what circumstances may a real estate associate receive a commission from a broker that isn't theirs?never while engaging in licensed activities on social networking, you must indicate your license status and make reference to your broker before a broker's license expires he/she must complete21 hours of continuing education Each member of OREC receives what payment? Travel expenses What loan is NOT insured by a government organization?Conventional loan Which duty requires the agent to look out for the buyer/seller's best interest?Fiduciary duty When is title to a sold property transferred? When the deed is delivered and accepted OREC has the power tosuspend licenses and approvals for a period of time Which type of contract passes possession but not ownership?Lease The best way to see if your property contains any encroachments or violations is to have a survey preformed If property is not real property, it is defined aspersonal property which of the following is not a latent(hidden) defect?a crack in the living room ceiling what may happen if you guarantee future profits from real estate?suspension or revocation of license Your real estate license has been revoked. How long do you have to turn in your pocket card?on or before the date of suspension/revocation even after the final payment on your home mortgage, the bank will still hold a lien on your property until the recording of what?satisfaction of the mortgage instrument

When appraising, comparable properties must be reasonably adjusted to match the subject property what is not included in the concept of eminent domain?exercise of zoning authority what is a hidden structural defect resulting from faulty construction a latent(hidden) defect A real estate agent changes his/her name. They must report to the commission within 10 days How much acreage is a lot 75'x145'?1/4 Acre (1 acre is 43,560 feet) for what reason may you be required to join the neighborhood association?because of a deed restriction The city forces you to sell them your land for public use.They do this by exercising what?Eminent domain What is the term that describes what happens when changing surroundings cause your house to lose value?Economic obsolescence what may happen if you make false statements on an application for your license?suspension or revocation of license when should you reveal your license status? in any real estate transaction A real estate broker is funneling buyers of a certain race to the rundown part of the city. This broker is practicing steering A deed that passes the grantor's title but contains no warranties is a Quitclaim deed How often is the revolving fund audited by the State auditor or inspector?Annually You sell a 2,300 square ft house for $192,000. What is the price per square ft?

$83.48 (192,000/2,300=83.48)

You own a property in a life estate which is to pass to your son when you die. You sell this property to someone. What happens to it when you die?Your son still gets it Members of the OREC have a term of how many years?4 years Which appraising approach finds sales prices of comparable properties to appraise value of the subject real estate?Comparison approach/Market data approach Which type of mortgage would cover a plot of land divided into multiple lots?Blanket mortgage You hire someone to replace your home's roof. He files a mechanic lien on your property. How long does he have to enforce the lien by filing suit?

• year

A licensee must register in writing to the commissiontrade names used in real estate activities before they are advertised or displayed which closing expense is not allowed under the real estate settlement procedures act (RESPA) fees paid by an escrow company to you for referring business a resident of an apartment may receive a referral fee of no more than $100 How is title insurance paid for?Only once, when the policy is issued A real estate associate is prohibited from advertising without what?Mentioning their broker