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Sam Seller sold his duplex for the sum of $40,635 on an assumption type sale. When the transaction was closed, the mortgage assumed was $20,000. What was the cost of documentary tax stamps attached to the deed? A. $61.50. B. $31.50. C. $41.50. D. None of the above.
$61.50.
Any person who desires to perform licensed activities in Oklahoma but maintains a place of business outside Oklahoma may obtain an Oklahoma nonresident license by complying with all applicable provisions of A. The OREC Code and Rules B. The laws from the state from which the licensee was licensed outside of Oklahoma C. The OAR rules D. None of the above
The OREC Code and Rules
A broker shall maintain all records and files for a minimum of A. 4 years after consummation B. 5 years after consummation C. 3 years after consummation D. 2 years after consummation
5 years after consummation
A complaint may be filed with the Commission A. by a oral complaint. B. by the legislature. C. by any person. D. by the Commission staff for too many phone calls.
by any person.
Open house or directional signs used in conjunction with broker\'s signs A. do not have to contain the name or trade name of the associate\'s broker and broker\'s telephone number. B. are only allowed to be displayed on Saturday\'s. C. must have permission from the Oklahoma Real Estate Commission. D. do have to contain the name or trade name of the associate\'s broker and broker\'s telephone number.
do not have to contain the name or trade name of the associate\'s broker and broker\'s telephone number.
A puts a fence between his and B\'s property. B discovers that the fence is three feet on his side of the property line. This is termed a(n) A. Lien. B. Encroachment. C. Easement. D. Appurtance.
Encroachment.
Economic obsolescence results from what factors? A. Conditions surrounding the property. B. Elevators not working. C. Lack of air conditioning or central heat? D. Racially integrated neighborhood.
Conditions surrounding the property.
Lindsay is a licensed real estate broker and is purchasing a piece of real property, Lindsay A. is not required to disclose that she is a licensed real estate broker. B. needs to inform both the OREC and the seller that she is licensed. C. is required to write her license number on all purchase contracts and disclose in writing that she is licensed. D. is not required to write her license number on all purchase contracts and is required to disclose in writing that she is licensed.
is required to write her license number on all purchase contracts and disclose in writing that she is licensed.
Any real estate broker who charges and collects any fees in advance of the services provided by the broker shall provide a detailed accounting of expenditures to the person such services are performed for within A. 15 days after the time specified to perform such services or upon written request from person for whom services are performed for, but no longer than one year from date of contract for such services. B. 2 days after the time specified to perform such services or upon written request from person for whom services are performed for, but no longer than one year from date of contract for such services. C. 10 days after the time specified to perform such services or upon written request from person for whom services are performed for, but no longer than one year from date of contract for such services. D. 5 days after the time specified to perform such services or upon written request from person for whom services are performed for, but no longer than one year from date of contract for such services.
10 days after the time specified to perform such services or upon written request from person for whom services are peformed for, but no longer than one year from date of contract for such services.
There are how many members on the Real Estate Commission? A. 7 B. 5 C. 10 D. 9
7
A sold his home for $26,500 to \"B\" who agreed to assume the existing mortgage of $25,950. Give the cost of documentary tax stamps \"A\" would be required to place on the deed. A. $39.00. B. $39.75. C. $ 3.90. D. 75 cents.
$39.75.
A township contains A. 36 miles square. B. 10 miles square. C. 36 square miles. D. 10 square miles.
36 square miles.
A has a mortgage on his property. 10 years after he receives his mortgage the note expires and he pays a lump sum of the principal. What type of promissory note did A have? A. Straight-Line. B. Adjustable Rate. C. Balloon. D. None of the above..
Balloon.
If an offeree makes any alteration in an offer before accepting it, A. the altered offer becomes a binding contract if the offeror does not object within three business days. B. the alteration is binding upon the offeror. C. the initial offer has been turned down and a counteroffer is being made. D. none of the above.
the initial offer has been turned down and a counteroffer is being made.
Earl is a real estate broker and has recently changed his business address, Earl has notified the Commission in the proper time frame and now must A. pay $30 for each license to be changed. B. pay $45 for each license to be changed. C. pay $25 for each license to be changed. D. pay $35 for each license to be changed.
pay $25 for each license to be changed.
A mortgagee may include in a mortgage items which, when they occur, are considered a default by the mortgagor and grounds for a foreclosure action. Such items include all of the following except A. non-payment of real property taxes. B. negligence in caring for the property. C. detrimental zoning by a city or county. D. illegal use of the property.
detrimental zoning by a city or county.
B is a broker and has a trust account. B mixes his personal and business funds in this account. This is A. a common practice in Oklahoma however it is frowned upon in the real estate community. B. prohibited by the Oklahoma Real Estate Commission. C. a common practice and allowed by the Oklahoma Real Estate Commission if all parties connected the trust account are notified. D. a common practice and allowed if proper accounting is made.
prohibited by the Oklahoma Real Estate Commission. Physical deterioration
Mary wanted to sell her house which had a serious leak in the roof. The broker told Mary that she must replace the roof in order for the house to sell. The leaky roof is considered what kind of depreciation. A. Curable external oblescence B. Incurable external oblescence C. Incurable functional obsolescence D. Physical deterioration
Physical deterioration
In the completion of a printed form of sales contract, several words were crossed out and other inserted. In order to eliminate future controversy as to whether the changes were made before or after the contract was signed, the broker should do which of the following? A. Have the entire contract re-drawn. B. Have both parties initial or sign on the margin near each change. C. Have each party write a letter to the other approving the changes. D. Write a letter to each party listing the changes that were made.
Have both parties initial or sign on the margin near each change.
The broker receives an earnest deposit on an offer to purchase. The offer is accepted. The broker must place the earnest deposit in his A. operating account until the buyer has loan approval. B. special savings account for earnest deposits. C. trust account before the end of the third banking day after acceptance. D. trust account within 72 hours.
trust account before the end of the third banking day after acceptance.
There are certain things which can consistently be said about property. One of these is that property is always A. Personal if it is not real. B. Real if it is tangible. C. Personal if it is a fixture. D. None of the above.
Personal if it is not real.
The applicant for a real estate examination shall A. Take a written exam at the Capital. B. appear in person. C. take the exam at the Oklahoma Real Estate Commission office. D. take the exam on the internet.
appear in person.
Which of the following practices could have the effect of being discriminatory? A. Coding applications and qualifying forms in order to identify different groups of people. B. Using delaying tactics and being unwilling to provide assistance. C. Limiting privileges or use of facilities on a property. D. All of the above.
All of the above.
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? A. Requiring B to pay a $750 deposit because B has a child under 18 months of age. B. Requiring B to pay a $750 deposit because B has more than 2 children. C. Asking B to rent a home in another neighborhood because B has children. D. Declining to rent to B because of his lack of income.
Declining to rent to B because of his lack of income.
Truth-in-Lending statutes require disclosure of A. the finance charge as an annual percentage. B. the number, amount, and due date of all payments. C. the method of computing unearned finance charges. D. all of the above.
all of the above.
The Oklahoma Residential Landlord and Tenant Act provides that if the rental agreement does not specify the terms of the tenancy, the tenancy for all other than a roomer, the tenancy will be A. week-to-week. B. month-to-month. C. year-to-year. D. day-to-day.
month-to-month.
A sells his home to B which was built in 1977. Because this house was built prior to 1978, A is required to A. provide B with a signed lead based paint disclosure form. B. re-paint the entire house before B moves in, so that any lead based paint that may be present will be covered and protected. C. provide B with a signed radon test disclosure form. D. pay for a structural home inspection.
provide B with a signed lead based paint disclosure form.
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 A. 1656 B. 3864 C. 1104 D. 5520
5520
Any acknowledgment before a notary public must be made A. in person. B. by mail. C. in the presence of a licensed real estate broker. D. by certified mail.
in person.
Which mineral has been linked to cancer and was used as insulation in older homes? A. Asbestos. B. Radon. C. Lead. D. fiber glass insulation.
Asbestos.
The real estate brokers operation account should include which of the following? A. Deposits from the funds of his personal real estate rentals. B. Trust funds. C. Money from the broker to operate the business. D. None of the above.
Money from the broker to operate the business.
Claire who is a real estate broker closes her office, Claire A. must terminate all advertising in the name of her firm and offering signs must be removed within 30 days. B. must terminate all advertising in the name of her firm and offering signs must be removed within 72 hours. C. must terminate all advertising in the name of her firm and offering signs must be removed immediately. D. must terminate all advertising in the name of her firm and offering signs must be removed two weeks.
must terminate all advertising in the name of her firm and offering signs must be removed within 30 days.
A who is a real estate broker has been funneling buyers of a certain race to a certain part of the city. This practice is known as A. blockbusting. B. steering. C. panic selling. D. redlining.
steering.
All members of the Oklahoma Real Estate Commission must be citizens of the United States and residents of Oklahoma for how long before appointment to the Oklahoma Real Estate Commission? A. 10 years. B. 5 years. C. 7 years. D. 3 years.
3 years
A has a mortgage on his home. The clause in A\'s mortgage which calls the entire balance of his mortgage immediately due if his home is sold is called A. the accelerations clause. B. the subordination clause. C. the alienation clase. D. the payout clause.
the alienation clase.
Members of NAREB are referred to as A. REALTORS. B. BROKERS. C. REALTISTS. D. MULTILINGUAL BROKERS.
BROKERS
The hazardous substance which can damage the brain, kidneys, nervous system and red blood cells is A. asbestos. B. radon. C. formaldehyde. D. lead.
lead.
Each branch office shall A. remain open at least 7 days a week. B. be owned and operated by the managing broker. C. remain under direction and supervision of the broker at the primary location. D. have a separate managing broker.
have a separate managing broker.
The Oklahoma Real Estate Commission shall A. conduct an annual review of the Oklahoma Association of REALTORS. B. conduct an annual performance review of all employees of the Oklahoma Real Estate Commission. C. conduct an annual review of the Real Estate License Code and submit it to the legislature. D. conduct an annual performance review of the Executive Director and submit it to the legislature.
conduct an annual performance review of the Executive Director and submit it to the legislature.
Which of the following are generally considered competent to enter into a contract? A. An emancipated minor. B. 17 year old female. C. A minor. D. An inebriate.
An emancipated minor.
Any interest in, or right to, land by third persons, adversely affecting the value of the property is an A. escrow. B. encumbrance. C. encroachment. D. appurtenance.
encumbrance.
Agents having a wide authority to conduct a series of transactions of a continuous nature on behalf of their clients are A. special agents. B. specific agents. C. sub-agents. D. general agents.
general agents.
If a seller makes any changes in an offer from a buyer prior to acceptance, the buyer, A. may withdraw the offer within the time specified in the offer B. is relieved of the original offer. C. must forfeit the earnest money if the counteroffer is not accepted. D. is still bound by the original offer.
is relieved of the original offer.
Real property described by beginning at a certain point and measuring and indicating the direction and length of the boundaries of the property until the point of beginning is again reached is called A. metes and bounds. B. monuments. C. government survey. D. lot and block.
metes and bounds.
The formation of ethics is driven by A. governmental rules and regulations. B. morality, values and principles. C. statutory law. D. leaders of a group.
morality, values and principles.
In appraising a single-purpose building, such as a church, the most reliable approach to an indication of its value would generally be the A. income approach. B. cost approach. C. market data approach. D. none of the above.
cost approach
Earl who is a real estate broker, decides to close his office and cease real estate business, A. Earl is required to shred all records of his clients and notify the Commission within 72 hours. B. Earl is required to notify the Commission of the effective date and where records will be stored. C. Earl is required to post a public notice in any local newspaper and notify the Commission. D. Earl is required to notify the Commission within 72 hours.
Earl is required to notify the Commission of the effective date and where records will be stored.
A is a resident manager for a local apartment complex and is responsible for negotiating leases for the apartment complex. A is A. not violating the law because A is exempt. B. violating the law because A\'s real estate license is on inactive. C. violating the law and can be prosecuted by up to six months in the county jail. D. violating the law because A does not hold a real estate broker license.
not violating the law because A is exempt.
Which of the following situations would not require holding a real estate license? A. To renovate buildings. B. To appraise real estate. C. To act as attorney-in-fact for the owner of real estate. D. All of the above.
All of the above.
Larry is a real estate broker and decides to open a office in his home residence, this A. is not acceptable and may lead to revocation of license. B. is not acceptable according to OREC Code and Rules. C. is acceptable according to OREC Code and Rules. D. is acceptable according to OREC Code and Rules, so long as the broker has fewer than 5 sales associates.
is acceptable according to OREC Code and Rules.
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