Real Estate Final Exam Charles Barnes Flashcards

Real Estate Final Exam (Charles Barnes) Flashcards ARELLO stands forAssociation of Real Estate License Law Officials.When is an offer to purchase property "accepted"? The Seller accepts, and the signed contract is delivered to the Buyer.Under new law changes, the duties and responsibilities that were previously designated as belonging to transaction brokers are now "assigned" to all brokers.The two (2) types of actual authority in the common law of agency are expressed and implied A Licensee imbibed to liberally at the Brokerage Christmas Party; on the way home,she drove into another car killing the driver; got charged with vehicular homicide; and enter a Nolo Contendre plea. What's next? (7762) Both 1 and 2 are correct. [CORRECT] Lindsay is a licensed real estate broker and is purchasing a piece of real property, Lindsay is required to write her license number on all purchase contracts and disclose in writing that she is licensed.Calculate NOI (net operating income)Effective gross income - total operating expenses (fixed, variable,occupied or vacant expenses) By when must the Residential Property Condition Disclosure Statement be delivered to the Purchaser?

(7812)

before the Seller accepts an offer to purchase The decision as to what the highest and best use to which a particular property could be put is determined by which of the following?That use which would produce the greatest amount of amentias or net income in future years.The term REALTOR applies toany member of the National Association of REALTORS.The duty of treating all parties with honesty and exercising reasonable skill and care is a mandatory requirement.A strength of the sales comparison approach to value is that the approach is based on the principle of substitution.Title insurance is always paidonly once, when the policy is issued.There are how many members on the Real Estate Commission?7 The Veteran's Administration assists numerous qualified mortgage loan applicants because it guarantees loans made by approved lenders Any interest in, or right to, land by third persons, adversely affecting the value of the property is an (7397) encumbrance. [CORRECT] Earl who is a real estate broker mustmaintain records for a minimum of five years.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.At the direction of a seller client a agent tells a pregnant working woman that the property is not in a good neighborhood for a single woman Engaged in steering

A has his real estate license revoked by the Oklahoma Real Estate Commission. How many days does A have to turn in his pocket card?on or before the date the suspension/revocation becomes effective.aaaDisclose the foundation crack.On September 27 of this year, a broker closed the sale of a house. The sales price was $63,500. The buyer paid $500 down, assumed a loan of $52,000, and agreed to pay the balance at closing. How much transfer tax was paid?

$95.25

A condominium estate is distinguished by (7489) fee simple ownership of a unit and an undivided share of the common areas. [CORRECT] Under what condition can confidential information be released?The party gives consent to the disclosure in writing.If a purchaser signs a contract under duress, it is generallyvoidable by the buyer.When a Seller makes a Counter-Offer, what is the "essence" of such an action?The Seller rejects the Buyer's offer.The listing broker receives two offers on the same property at the same time. The broker is required to present each offer to the seller promptly on receipt.A principal instructs an agent to inform any minority buyer that the property was just put under contact a hour ago the agent has not violated fiduciary duty What new section has been added to the law section on broker compensation?In the event a broker receives a fee or compensation from any party to the transaction based on a selling price or lease cost of a transaction, such receipt does not constitute a breach of duty or obligation to any party to the transaction.Which of the following is NOT a requirement to obtain a Provisional Sales Associate License?High School Diploma or GED The revolving fund is under the management of the Oklahoma Real Estate Commission.The revolving fund consists of all monies received by the Oklahoma Real Estate Commission except the Oklahoma Real Estate Education and Recovery Fund.For a contract to be enforceable it should have legal objective.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.At a restaurant you overhear a Realtor bragging about the $12,000 commission on an 8% rate. You wonder for how much did the house sell? (7742)

$150,000 [CORRECT]

The nature and import of the agency relationship should be disclosed to the client prior to completing a listing agreement.The house of your friend that cost $185,000 has appreciated 12% over time. With a balance of $150,000, what is the equity in the house?

$57,200

Three people have identical rights in a property, share an indivisible interest, but may sell or transfer their interest without consent of the others. This type of ownership is tenancy in common.

What are the requirements of a firm when providing services to both sides of the transaction?The firm must ensure that it is complying with all the broker duties and responsibilities owed to each of the parties.The landlord sells a 24 unit apartment complex. The Grantee ....becomes liable for all lease covenants.Which of the following methods describes land by stating the compass directions and distances of the boundaries?Surveyors method of metes and bounds.Which one of the following best describes a contract for deed?A method of selling real estate whereby the purchaser pays for the property in regular installments, while the seller retains title to the property until full purchase price has been made.Confirmation of brokerage services agreement termsmust be provided in a separate provision or document that is either incorporated into or attached to the contract to purchase, lease, option, or exchange real estate.Real Estate licenses are issued bythe Oklahoma Real Estate Commission.Earl is a real estate broker and has recently bought a new home and his personal residence address has now changed. Earl must notify the Commission office within 10 days.Under new law changes, the terms single-party broker and transaction broker (7867) have gone away.This program permits investors to defer taxes. 1031 Exchange In which of the following situations would Fair Housing laws allow discrimination?A retirement community whose residents are all over 62 refuses to allow families with children to buy in the community.When a value estimate is obtained by comparing the subject property with recent sales of comparable properties, this is a definition of ...Market/Data Approach An associate is prohibited from advertising under only his or her name.It may be cause for suspension or revocation of license toaccept a gift from an unlicensed neighbor for selling their house.Which of the following are examples of items typically prorated between seller and buyer at closing?Real estate taxes The real estate brokers operation account should include which of the following?Money from the broker to operate the business.Benefits of cost approach1.- Very accurate with properties with new improvements 2.- upper limit of the subject's value based on un-depreciated cost of reproducing the improvement The primary jeopardy of overpricing a property is thatthe client's expectations may not be achieved.What must an associate include in all advertising?associate's Broker's name Which statement is FALSE?OREC is exempt from being sued but may sue.An important function of the secondary mortgage market is to?Sell mortgage-backed securities in order to buy pools of loans A licensee may accept a commission fromA sponsoring broker A special agent is best described as a person who has authority to represent the principal in a specific transaciton

What action, if any, must a broker take if he or she is involved in a transaction but did not prepare the contract to purchase document?The broker must still document that he or she has complied with the disclosure requirements.Leading prospective buyers to specific areas or avoiding areas to either maintain or change the area's character is a definition of ...Steering Which of the following may the Oklahoma Real Estate Commission do upon its own motion?Investigate the business transactions of any real estate licensee.Members of the Oklahoma Real Estate Commission are appointed for

• years.

It may be cause for suspension or revocation of license toplace a for sale sign on property without consent of the owner.The primary purpose of the Truth-in-Lending Act is toDisclose the true costs of obtaining credit.------disclose to the consumer the cost and conditions of the installment purchase.The Oklahoma Real Estate Commission office(s) are located Oklahoma City A broker may cooperate with other brokers in a transaction, under Sections 858-351 through 858-363 of The Oklahoma Real Estate License Code. However, a broker shall not be an agent, subagent, or dual agent and an offer of subagency shall not be made to other brokers.In agency the fiduciary duty requires the agent tolook out for the principal's best interest.A stream running north to south separates two parcels of land, The owner of the east bank claims all water to the western bank. The owner of the western bank can legally dispute this claim based on what doctrine?Riparian Rights A is a real estate broker and changes her name. When must A report this change to the Oklahoma Real Estate Commission?Within 10 business days.Five members of the Oklahoma Real Estate Commission shall be licensed real estate brokers.What factor would be necessary in the equation to determine the Gross Rent Multiplier (GRM) contrasted to calculating the Gross Income Multiplier (GIM)?Monthly Rental Income Which of the following best describes Regulation Z?Disclosure of credit charges.The minimum age to get a Provisional Real Estate License in Oklahoma is?18 or older Albert sells his home to ben which was built in 1977 Albert has to provide B with a signed lead based paint disclosure form A's lender denied him a home loan. Which of the following conditions could A's lender have legally denied him?Credit history.If you list a 2,300 square foot house with 2 baths, a three car garage and a den for $184,000 with a 6% commission.The seller accepts a full price offer from another company.There is a 50/50 commission split between your company and the selling company. Your commission is 5520