Oklahoma Real Estate Exam
1,493+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the Oklahoma real estate salesperson exam.
Real Estate Math
167 questions- A home sells for $275,000. The total commission is 6%, split equally between the listing broker and the buyer's broker. The listing agent earns 60% of their broker's share. How much does the listing agent earn?
- A buyer wants to borrow $240,000 at 7% annual interest on a 30-year mortgage. What is the monthly interest due for the first month?
- A seller lists a property at $320,000 and agrees to pay a 5.5% commission. The property sells for $305,000. How much commission is paid?
- A property is assessed at 11% of its market value of $400,000. The mill rate is 85 mills. What is the annual property tax?
- A buyer purchases a home for $185,000 with a 10% down payment. What is the loan amount?
- A property's net operating income is $36,000 per year. If the cap rate is 8%, what is the estimated value?
- A rectangular lot measures 150 feet wide by 200 feet deep. How many square feet does it contain?
- A 30,000 square foot lot is what fraction of an acre? (1 acre = 43,560 sq ft)
- A seller wants to net $210,000 after paying a 6% commission. At what price must the home sell?
- A property sells for $350,000 today. The seller originally paid $220,000. What is the percentage of appreciation?
- If a lender requires a maximum DTI of 43% and the borrower's gross monthly income is $6,500, what is the maximum total monthly debt payment allowed?
- A property generates $48,000 in annual gross rent. The vacancy rate is 5% and operating expenses are $18,000. What is the net operating income (NOI)?
- A buyer obtains a $200,000 mortgage at 6.5% for 30 years. The monthly payment factor is $6.32 per $1,000. What is the approximate monthly payment?
- A house has 1,800 square feet of living space and sold for $270,000. What is the price per square foot?
- A property's assessed value is $65,000 and the tax rate is 120 mills. What is the annual property tax?
- An investor buys a rental home for $180,000. After one year, appreciation has increased the value by 4%. What is the new value?
- A commercial building has 10,000 rentable square feet leased at $15 per square foot per year. What is the annual gross rent?
- A buyer's closing costs are estimated at 3% of the purchase price of $240,000. How much should the buyer set aside for closing costs?
- A property has a potential gross income of $60,000, vacancy loss of 7%, and operating expenses of $20,000. What is the NOI?
- An agent earns a 3% commission on a $420,000 sale. How much is the commission?
- A 2,400 sq ft home is listed at $168 per square foot. What is the list price?
- A 20-unit apartment complex has potential gross income of $192,000 per year. What is the average monthly rent per unit?
- A property sold for $325,000, which was 5% more than the appraised value. What was the appraised value?
- A commission of 6% is earned on a $275,000 sale. The listing and selling brokers split the commission 50/50, and the selling agent receives 60% of the selling broker's share. How much does the selling agent receive?
- A rectangular lot measures 150 feet wide by 200 feet deep. What is the lot area in acres? (1 acre = 43,560 sq ft)
- If an investor purchases a property for $180,000 and sells it two years later for $207,000, what is the percentage gain on the investment?
- A property generates monthly gross rents of $3,600. Annual operating expenses are $18,000. What is the annual net operating income (NOI)?
- An Oklahoma property is assessed at 11% of its fair market value of $240,000. The mill rate is 85 mills. What are the annual property taxes?
- A buyer obtains a 30-year mortgage at 7% interest on a loan amount of $200,000. Using a factor of $6.65 per $1,000 borrowed, what is the approximate monthly principal and interest payment?
- A salesperson earned $11,250 in commission. If this represents a 3% commission rate, what was the sales price?
- A 320-acre farm in western Oklahoma sells for $2,400 per acre. What is the total sales price?
- A property with an NOI of $52,000 and a cap rate of 6.5% has an estimated value of approximately:
- A buyer puts down 20% on a $350,000 purchase. What is the loan amount?
- A property sold for $412,500. The seller agreed to pay a 5.5% commission. The listing broker and buyer's broker split the commission 50/50. What does each broker receive?
- A property has a gross annual income of $60,000, a vacancy rate of 5%, and operating expenses of $22,000. What is the NOI?
- An investor buys a property for $500,000, makes $50,000 in improvements, and sells for $620,000. What is the profit (before taxes)?
- A home was purchased for $210,000. After 3 years, it appreciated at 4% per year compounded. What is the approximate value after 3 years?
- A broker's trust account starts with $5,000 in earnest money from Buyer A. Buyer B deposits $8,000. Buyer C deposits $3,500. What is the total in the trust account?
- If an Oklahoma property is assessed at $28,600 and the mill rate is 92 mills, what are the annual property taxes?
- An Oklahoma property's sale price is $388,000. The seller pays the buyer 2% of the sale price in closing cost concessions. How much are the concessions?
- A commercial property leases 4,000 square feet at $18 per square foot per year on a net basis. What is the annual base rent?
- A property is listed at $265,000. After 30 days with no offers, the seller reduces the price by 4%. What is the new listing price?
- Property taxes for a year are $3,600. The property closes on April 30. Using a 365-day year, how much are the seller's prorated taxes (Jan 1 - Apr 30 = 120 days)?
- A borrower has a monthly gross income of $5,500. The lender's maximum front-end DTI is 28%. What is the maximum monthly housing payment allowed?
- A seller nets $285,000 after paying a 6% commission. What was the original sale price?
- An Oklahoma property has a GRM of 120 and monthly gross rent of $1,750. What is the estimated value?
- An investor receives a $14,400 annual net income on a $180,000 investment. What is the capitalization rate?
- A landlord collects 12 months of rent at $1,850/month. After paying a 10% management fee, how much does the landlord net from rent annually?
- A home is appraised at $320,000. The lender will lend 80% of appraised value or purchase price, whichever is less. The purchase price is $330,000. What is the maximum loan amount?
- An Oklahoma commercial property has 20,000 leasable square feet and a 92% occupancy rate. How many square feet are occupied?
- A property sells for $450,000. The seller owes $185,000 on their mortgage. After paying a 5% commission and $4,200 in other closing costs, what are the seller's approximate net proceeds?
- A 40-acre parcel of Oklahoma land sells for $1,200 per acre. The agent earns a 5% commission. What is the total commission?
- An Oklahoma apartment building has 12 units, each renting for $875/month. At 95% occupancy, what is the annual effective gross income?
- An Oklahoma seller paid $3,400 in property taxes for the full year. The property closes on September 30. How much of the property tax is the seller responsible for (Jan 1 - Sep 30 = 273 days, 365-day year)?
- A buyer's agent in Oklahoma earns 3% of the $298,000 sale price. After paying a 20% desk fee to their broker, what does the agent net?
- An Oklahoma property was bought for $155,000 and sold for $192,500. What was the percentage appreciation?
- A property has 3,500 sq ft of living space. At $95 per square foot, what would be the estimated replacement cost?
- An Oklahoma condo owner pays a monthly HOA fee of $285. What is the annual HOA cost?
- A seller in Oklahoma accepts an offer for $245,000. The buyer's earnest money is 1% of the purchase price. How much is the earnest money?
- A rectangular commercial building measures 120 ft x 80 ft. What is the gross building area?
- A property's assessed value is $33,000. The mill rate is 95.5 mills. What are the annual property taxes?
- A buyer makes a $15,000 down payment on a $195,000 home. What is the LTV ratio?
- An Oklahoma commercial tenant leases 2,500 sq ft at a base rent of $14/sq ft/year plus $3.50/sq ft/year in CAM charges. What is the total annual rent?
- A property in Tulsa sells for $415,000. After paying a 5.5% commission, how much does the seller net from the commission alone (before other costs)?
- A homeowner in Oklahoma City borrows $45,000 with a home equity loan at 8% simple interest for 1 year. What is the total interest paid?
- An Oklahoma investor buys a duplex for $185,000. Monthly gross rent per unit is $900. What is the annual GRM for this property?
- A property has an annual NOI of $38,500 and a cap rate of 7.7%. What is the estimated value?
- An Oklahoma agent closes 18 transactions in a year with an average sale price of $215,000. At a 3% buyer's agent commission, what is the agent's total gross commission for the year?
- A property was listed at $299,000 and sold at a 2.3% discount. What was the sale price?
- A property in Oklahoma has a potential gross income of $72,000. Vacancy and collection loss is 6%. Operating expenses are $18,500. What is the NOI?
- A one-section (640 acres) parcel of land in western Oklahoma is worth $850/acre. What is the total value?
- A buyer puts 5% down on a $215,000 home purchase. What is the loan amount, and approximately what LTV would require PMI?
- An Oklahoma seller received $378,000 from the sale of their home. The original purchase price was $295,000. What was the percentage gain?
- A property's gross rent multiplier (monthly) is 108 and the monthly rent is $2,100. What is the estimated value?
- An Oklahoma property worth $475,000 depreciates at 3% per year. What will it be worth after 2 years?
- An Oklahoma agent earns 2.5% as the buyer's agent on a $338,000 sale. The agent keeps 70% and the broker keeps 30%. How much does the agent keep?
- A seller in Tulsa accepts an offer $12,000 below the list price of $268,000. The commission rate is 6%. What is the commission on the actual sale price?
- A property has annual property taxes of $4,200 and is assessed at 11% of its market value. If the mill rate is 80 mills, what is the property's market value?
- An Oklahoma investor gets a 10% return on a $650,000 investment property. What is the annual return?
- A commercial property in Tulsa has 5 retail tenants each paying $2,200/month. Annual expenses are $55,000. What is the monthly NOI?
- An Oklahoma property sells for $520,000 with seller concessions of 3%. What is the net amount the seller receives before other costs?
- A duplex in Oklahoma City has 2 units each renting for $1,150/month. If the monthly expenses are $850 and vacancy is 5%, what is the annual NOI?
- An Oklahoma seller wants to net $235,000 after paying a 6% commission. What must the property sell for?
- A 5-acre commercial parcel in Norman, Oklahoma sells for $125,000 per acre. What is the total sale price?
- An Oklahoma agent listed a property and earned a 3% listing commission on the $345,000 sale. After paying a 25% referral fee to the referring agent, what does the listing agent net?
- A 1/4 section of Oklahoma farmland (160 acres) sells for $2,100 per acre. What is the total sale price?
- An Oklahoma commercial property produces annual NOI of $96,000. If similar properties sell at a 7.5% cap rate, what is the estimated value?
- A tenant in Tulsa signs a 3-year lease at $1,800/month with a 3% annual increase. What is the rent in year 3?
- An Oklahoma broker has $42,000 in three separate client trust accounts: $15,000, $18,500, and $8,500. After closing one transaction, $15,000 is disbursed. How much remains?
- An Oklahoma homeowner's property taxes are $3,960/year. How much should be escrowed monthly for property taxes?
- A property's monthly rent is $1,475. The management fee is 9% of collected rent. What is the monthly fee?
- A buyer in Edmond, Oklahoma purchases a home for $385,000 with a 15% down payment. What is the loan amount?
- An Oklahoma investor pays $225,000 for a rental property that generates $1,900/month net income. What is the annual cash-on-cash return?
- A closing in Oklahoma City occurs on March 15. The annual property tax of $3,000 has not been paid. What is the seller's prorated tax responsibility using a 360-day year?
- A property is listed for $425,000. After 45 days, the price is reduced by $17,000. What is the percentage reduction?
- An Oklahoma broker earns 6% on a $178,000 sale and shares equally with a cooperating broker. The cooperating broker's salesperson receives 55% of that broker's share. How much does the salesperson earn?
- A property in Oklahoma has a lot size of 75 ft x 135 ft. What is the lot area in square feet?
- An Oklahoma property owner pays $5,760 annually in property taxes. The assessment ratio is 11% and the mill rate is 80 mills. What is the market value?
- An Oklahoma investor receives a 12% annual return on their $380,000 investment. What is the annual income?
- An Oklahoma home sold for $298,500. The buyer's lender required a 10% down payment. What was the down payment?
- A property in Broken Arrow is listed at $289,000 and sells at 98% of list price. What is the sale price?
- A rental property in Oklahoma generates $24,000 annual gross rent. The owner wants a 9% cap rate. What would the property need to sell for, assuming expenses are 35% of gross rent?
- An Oklahoma property owner wants to sell their home and net $195,000 after paying a 6% commission. What price must they list at minimum?
- A 6-unit building in Oklahoma City has an average rent of $925/month per unit. At 93% occupancy, what is the annual EGI?
- An Oklahoma agent earned a total of $54,000 in commissions during the year and was on a 70/30 split with the broker. How much did the broker receive?
- A property has a land value of $45,000 and improvements value of $185,000 (before depreciation). Physical depreciation is estimated at 15%. What is the depreciated improvement value?
- An Oklahoma property with a market value of $265,000 is assessed at 11%. The mill rate is 78.5 mills. What are the annual taxes?
- An Oklahoma agent receives a 6% commission on a $357,500 home sale and splits 50/50 with the cooperating broker. The listing agent retains 65% of their broker's half. How much does the listing agent earn?
- A 10-unit apartment building in Oklahoma sells at a 6.8% cap rate. The annual NOI is $68,000. What is the sale price?
- An Oklahoma seller needs to pay off a $128,000 mortgage, $4,500 in closing costs, and a 5.5% commission. If the house sells for $234,000, what does the seller net?
- A property in Stillwater is purchased for $187,500. The buyer makes an 8% down payment. What is the LTV on the resulting loan?
- A buyer in Oklahoma pays $6,500 in discount points to reduce their interest rate. If one point equals 1% of the loan amount and the loan is $260,000, how many points did they buy?
- An Oklahoma property manager charges 8% of monthly collected rent for management. In a month when rent is $7,800, the management fee is:
- A salesperson in Oklahoma lists 10 homes in a year. Three sell for $210,000, four for $275,000, and three for $340,000. At a 3% listing commission, what is their total listing commission?
- A property's assessed value has increased from $22,000 to $25,300. What is the percentage increase in assessed value?
- An Oklahoma buyer's monthly gross income is $6,200. The lender allows a 36% total DTI. The buyer has $450/month in existing debt. What is the maximum monthly housing payment?
- A commercial building in Tulsa has 15,000 sq ft of gross leasable area. The building is 88% occupied. How many square feet are vacant?
- An Oklahoma commercial lease requires rent of $22/sq ft/year on 3,200 sq ft with 3% annual escalations. What is the rent in year 2?
- A home in Moore, Oklahoma is purchased for $224,900 and 3 years later sells for $262,000. What is the total appreciation?
- An Oklahoma apartment's market rent is $950/month but the current tenant is paying $875/month under an old lease. What is the monthly loss to lease?
- A property is valued at $198,000. The owner wants to sell for 103% of the value. What is the asking price?
- An Oklahoma homeowner pays 2 points on a $280,000 loan to reduce their interest rate. How much did they pay in points?
- A commercial property in Tulsa generates a net operating income of $120,000 per year. If an investor requires an 8% capitalization rate, what is the indicated value?
- A property in Norman, Oklahoma sells for $275,000. The buyer pays 5% down and the seller agrees to pay 3% of the purchase price in closing costs. How much are the seller-paid closing costs?
- A home in Edmond, Oklahoma was purchased for $320,000 and sold three years later for $368,000. What was the percentage increase in value?
- A broker in Oklahoma charges a 6% commission on the sale of a $450,000 property. The listing agent's split is 60% of the listing side's commission (half the total). What does the listing agent earn?
- A duplex in Oklahoma City produces gross annual rents of $24,000. Using a gross rent multiplier (GRM) of 10, what is the estimated value?
- An Oklahoma property has an assessed value of $45,000 (after assessment ratio) and the mill rate is 85 mills. What is the annual property tax?
- A property in Broken Arrow, Oklahoma has a market value of $280,000, is assessed at 11% for residential homestead, and has a mill rate of 90 mills. What is the annual property tax?
- A buyer in Oklahoma obtains a $200,000 mortgage at 7% annual interest. What is the first month's interest payment?
- An Oklahoma property sold for $385,000 with a 5.5% commission. The listing broker and selling broker split the commission 50/50. The selling agent receives 55% of the selling broker's half. How much does the selling agent receive?
- A buyer in Oklahoma City is purchasing a $350,000 home with a 20% down payment. What is the loan amount?
- A property in Lawton, Oklahoma has an NOI of $55,000. The purchase price was $650,000. What is the overall capitalization rate?
- An Oklahoma house was listed at $425,000 and sold for 97% of list price. What was the sale price?
- An Oklahoma property generates gross rental income of $3,200/month. Vacancy and credit losses run 5%. Operating expenses are $14,400/year. What is the annual net operating income (NOI)?
- A buyer obtains a 30-year, $240,000 mortgage at 6.5% annual interest. Using the factor of $6.32 per $1,000 borrowed for a 30-year loan at 6.5%, what is the monthly principal and interest payment?
- An Oklahoma buyer's loan-to-value ratio is 80% and the purchase price is $300,000. What is the down payment?
- An Oklahoma property owner wants to net $250,000 after paying a 6% broker commission. At what price must the property sell?
- An Oklahoma property sold for $495,000. The seller paid a 5.5% commission, $3,200 in closing costs, and had a mortgage payoff of $310,000. What were the seller's net proceeds?
- An Oklahoma investor purchases a property for $180,000, puts $20,000 into renovation, and sells it for $240,000. What is the return on investment (ROI)?
- An Oklahoma commercial building has 12 units. 10 are occupied at $950/month each. The vacancy rate is:
- An Oklahoma apartment building with 20 units each renting for $850/month has an effective gross income of $190,800 (after 6% vacancy). What is the monthly gross potential income?
- An Oklahoma property was assessed at $33,000 (after the 11% homestead ratio). The homestead exemption of $1,000 is applied. With a mill rate of 95 mills, what is the annual tax?
- An Oklahoma home is listed at $375,000. The seller offers to pay 2 discount points to buy down the buyer's interest rate. Each point costs 1% of the loan amount. If the loan is $300,000, what is the cost of 2 points?
- An Oklahoma investor pays $550,000 for a commercial property producing $44,000 NOI. They finance it with a $400,000 mortgage at a 7.5% annual constant (debt service). What is the annual mortgage debt service?
- An Oklahoma buyer wants to pay no more than $1,500/month total for a mortgage. Using a factor of $7.16 per $1,000 for a 30-year loan at 7.5%, what is the maximum loan amount?
- An Oklahoma buyer's lender requires a debt-to-income ratio no greater than 43%. The buyer has gross monthly income of $5,500 and existing monthly debts of $650. What is the maximum monthly mortgage payment (PITI) allowed?
- An Oklahoma seller wants to price their home to yield a $15,000 profit after paying off a $185,000 mortgage, $12,000 in closing costs, and a 6% commission. What must the minimum sales price be?
- A Tulsa rental property has an effective gross income of $72,000 and operating expenses of $28,800. What is the operating expense ratio?
- An Oklahoma commercial property has 15,000 square feet of leasable space, with 12,750 square feet currently leased. What is the occupancy rate?
- An Oklahoma property's gross potential income is $96,000/year. Vacancy/credit loss is 7%. Operating expenses are $32,000. What is the net operating income?
- An Oklahoma property is purchased for $180,000 with a 10% down payment on a 30-year loan at 6% annual interest. Using a monthly payment factor of $5.99 per $1,000 for a 30-year loan at 6%, what is the monthly principal and interest payment?
- An Oklahoma investor's property has cash flow before debt service of $45,000 and annual debt service of $32,400. What is the debt coverage ratio (DCR)?
- An Oklahoma property manager charges 8% of gross collected rents as their management fee. The property collects $4,200/month in rent with one unit vacant (potential $4,800/month if fully occupied). What is the monthly management fee?
- An Oklahoma buyer is in the 22% federal income tax bracket and 5% Oklahoma income tax bracket. They pay $14,400 in mortgage interest annually. What is their total annual tax savings from the mortgage interest deduction (assuming they itemize)?
- An Oklahoma property manager deposits $8,500 in a tenant's security deposit to the trust account on March 1st. The tenant vacates on August 31st with $1,200 in documented damage. When must the remaining deposit be returned?
- An Oklahoma broker earns a 6% commission on a $425,000 sale. The cooperating broker receives 50% of the total commission. The cooperating broker's sales agent gets 65% of the cooperating broker's share. What does the cooperating agent earn?
- An Oklahoma buyer makes a purchase offer of $365,000. The appraiser values the home at $358,000. The lender will finance 80% LTV. How much cash must the buyer bring to closing (down payment + appraisal gap), ignoring closing costs?
- An Oklahoma property has a list price of $299,000 and has been on the market for 75 days. The seller reduces the price by 4.5%. What is the new list price?
- An Oklahoma buyer offers to pay $8 per square foot for 2,250 square feet of commercial retail space in Oklahoma City. The annual lease cost is:
- An Oklahoma investor pays $625,000 for a property producing $68,750 NOI. They can sell a similar property for $650,000 when its NOI is $71,500. What is the approximate cap rate used in both transactions?
- An Oklahoma buyer obtains a 30-year mortgage of $310,000 at 6.75% annual interest. The first monthly payment consists of interest plus a small principal payment. Using the formula, the first month's principal portion of the payment on a fully amortizing loan is approximately $78 (with total P&I of $2,010). After the first payment, the remaining balance is approximately:
- An Oklahoma residential lot measures 125 feet wide by 200 feet deep. If the zoning requires a 15-foot rear setback and 10-foot side setbacks on each side, what is the maximum buildable width at the rear portion of the lot?
- An Oklahoma lender uses the income approach to qualify a rental property for financing. The property has gross rents of $2,800/month. The lender applies a 25% vacancy/expense factor. What is the qualifying net income used for the debt service calculation?
- An Oklahoma homeowner's property has a current market value of $315,000. The county assessed it at 11% of market value. After applying the $1,000 homestead exemption, what is the net taxable assessed value?
- An Oklahoma property has 6 units renting at $925/month each. Annual operating expenses are $22,320. Vacancy rate is 8%. At a 9% cap rate, what is the indicated value?
- An Oklahoma investor buys a property for $420,000 with 25% down. Using a 7% annual interest rate on a 30-year mortgage, and a payment factor of $6.65 per $1,000, what is the approximate monthly P&I payment?
Oklahoma License Law
161 questions- Which state agency is responsible for licensing and regulating real estate professionals in Oklahoma?
- How many hours of pre-license education are required to obtain an Oklahoma real estate sales associate license?
- The Oklahoma real estate salesperson licensing exam consists of how many questions?
- What is the minimum passing score for the Oklahoma real estate licensing exam?
- In Oklahoma, a real estate sales associate license must be held under:
- How long is the initial term of an Oklahoma real estate sales associate license?
- Which of the following is NOT exempt from needing a real estate license in Oklahoma?
- Under Oklahoma license law, the penalty for acting as a real estate broker or sales associate without a license is:
- How many hours of continuing education must Oklahoma licensees complete per 3-year renewal cycle?
- What is the Oklahoma Real Estate Education and Recovery Fund designed to do?
- In Oklahoma, which of the following actions can result in license revocation by the OREC?
- Oklahoma's oil and gas mineral rights are treated as real property. When a property is sold, what is the default rule regarding mineral rights?
- How many years of active sales associate experience are required before an Oklahoma licensee can apply for a broker's license?
- What is the total pre-license education requirement for an Oklahoma broker's license?
- OREC is composed of how many members appointed by the Governor?
- An Oklahoma real estate licensee who wishes to operate as an independent contractor must hold which type of license?
- Under Oklahoma law, how quickly must a broker deposit earnest money into a trust account after receiving it?
- Which of the following activities requires a real estate license in Oklahoma?
- An Oklahoma licensee's license is suspended. During the suspension period, the licensee may:
- In Oklahoma, advertising by a sales associate must include:
- What happens to an Oklahoma sales associate's license if their sponsoring broker's license is revoked?
- The Oklahoma Real Estate Education and Recovery Fund pays a maximum of how much to any one claimant per transaction?
- A licensee in Oklahoma fails to complete continuing education before their license renewal date. Their license will be:
- Which of the following best describes a 'provisional' sales associate license in Oklahoma?
- OREC's authority to discipline licensees includes which of the following actions?
- A licensee who wishes to place their Oklahoma license on inactive status must:
- When a sales associate in Oklahoma changes their sponsoring broker, they must:
- Oklahoma requires licensees to retain transaction records for a minimum of:
- Which of the following is a requirement for a real estate school in Oklahoma to receive OREC approval?
- A real estate licensee in Oklahoma is required to disclose their license status when:
- Under Oklahoma law, a broker must maintain a trust account if they:
- Oklahoma's license law requires that a licensee promptly disclose to all parties in a transaction any material facts including:
- An Oklahoma real estate licensee who is also a licensed attorney need only comply with:
- When must an Oklahoma licensee disclose their representation status to a FSBO (for sale by owner) seller?
- An Oklahoma broker who changes the location of their office must notify OREC:
- The Oklahoma Residential Property Condition Disclosure Act applies to which type of property?
- The Oklahoma Real Estate Commission (OREC) is composed of how many members?
- How many hours of pre-license education are required for an Oklahoma salesperson license?
- Under Oklahoma law, a real estate salesperson license must be held under a:
- The Oklahoma Real Estate License Code requires licensees to complete how many hours of continuing education per renewal period?
- Which of the following actions requires an Oklahoma real estate license?
- A licensee whose license has expired may NOT perform real estate activities until they:
- Under OREC rules, a broker must keep transaction records for a minimum of:
- An Oklahoma real estate license is required to perform which activity?
- OREC has the authority to do all of the following EXCEPT:
- Which of the following persons is exempt from the Oklahoma real estate licensing requirement?
- The Oklahoma Real Estate License Code prohibits a licensee from practicing real estate under a trade name unless:
- OREC's disciplinary process begins when:
- An Oklahoma associate broker is a licensee who:
- How long must an Oklahoma salesperson be licensed before becoming eligible to apply for a broker license?
- If an Oklahoma broker's license is suspended, salespersons affiliated with that broker:
- Under Oklahoma law, a broker may NOT share a commission with:
- Oklahoma salesperson license applicants must pass which examination?
- Oklahoma's Real Estate Education and Recovery Fund provides:
- Under Oklahoma law, a broker who manages their own properties is:
- Under OREC rules, earnest money must be deposited into a broker's trust account within how many days of acceptance of the contract?
- An Oklahoma licensee who is found guilty of misrepresentation may face:
- Oklahoma law requires all real estate brokerage firms operating under a company name to:
- A salesperson who wishes to change sponsoring brokers in Oklahoma must:
- Under OREC regulations, which of the following is considered commingling?
- A licensee who engages in 'conversion' has:
- Oklahoma law requires a licensee to disclose their license status when:
- The OREC-approved agency disclosure form must be provided:
- An Oklahoma broker who receives a referral from an out-of-state licensee may pay a referral fee to the out-of-state licensee if:
- Under OREC rules, a property management company must hold which type of account for client security deposits?
- Under OREC rules, a licensee who advertises a property must include which information in the advertisement?
- OREC's jurisdiction covers all of the following EXCEPT:
- Oklahoma law requires a licensee to provide a copy of the signed purchase contract to all parties:
- A real estate licensee in Oklahoma who operates a personal real estate investment business must:
- Under OREC rules, a property manager's trust account must be reconciled:
- A licensee who has been convicted of a felony in Oklahoma may:
- Oklahoma's Broker Relationships Act defines which relationships a broker may have with parties in a transaction. Under this law, a written agreement is required for:
- Under OREC rules, a licensee who changes their home address must notify OREC within:
- Under Oklahoma law, the unauthorized practice of real estate (performing licensed activities without a license) can result in:
- Under OREC rules, a 'pocket listing' (property marketed without MLS exposure) is:
- An Oklahoma broker who acts as a property manager without a proper property management trust account is subject to:
- Oklahoma OREC allows which type of brokerage business structure?
- When an Oklahoma broker's license is revoked, what happens to any ongoing client transactions?
- When OREC audits a broker's trust account and finds a shortage, OREC may:
- Oklahoma requires real estate brokers to maintain errors and omissions (E&O) insurance. E&O insurance protects against:
- An Oklahoma licensee who represents a buyer in the purchase of a property listed by another broker in the same office would be practicing:
- Under OREC rules, a virtual office website (VOW) used by an Oklahoma broker to display MLS listings must:
- An Oklahoma broker who employs independent contractors must ensure that these independent contractors:
- Oklahoma's Real Estate License Code prohibits a licensee from:
- An Oklahoma broker is responsible for which of the following regarding their affiliated salespersons?
- Oklahoma requires that a real estate brokerage maintain a designated qualifying broker who:
- Under Oklahoma's Broker Relationships Act, a licensee who acts as a transaction broker must provide which minimum services?
- OREC's Education Trust Fund is funded by:
- The Oklahoma Real Estate Commission may grant an inactive license to a licensee who:
- Oklahoma's reciprocal license agreement with other states allows:
- Which of the following activities does NOT require an Oklahoma real estate license?
- Oklahoma's OREC requires that broker supervision of affiliated salespersons include:
- When must an Oklahoma licensee renew their real estate license?
- Oklahoma's Broker Relationships Act requires brokers to provide the agency disclosure to a consumer:
- An Oklahoma real estate licensee who acts as a property manager must have the owner's written authorization (property management agreement) before they can:
- Under OREC rules, a licensee who fails to include their broker's name in an advertisement could face:
- Under OREC rules, which type of advertising is prohibited for Oklahoma real estate licensees?
- When an Oklahoma licensee transfers from one broker to another, their license:
- Oklahoma's OREC requires that listing agreements include an expiration date because:
- Under Oklahoma license law, a broker's failure to supervise affiliated salespersons properly could result in:
- An Oklahoma broker who holds a real estate license in another state wishes to engage in a real estate transaction in Oklahoma for compensation. They must:
- Oklahoma's consumer protection laws that OREC enforces protect consumers from:
- An Oklahoma real estate salesperson may NOT receive a commission or compensation directly from:
- OREC's jurisdiction includes the authority to regulate:
- Oklahoma law requires that a real estate purchase contract must be signed by:
- Oklahoma law requires licensees to provide clients with a copy of any document the client has signed:
- Oklahoma's OREC maintains which of the following for public access?
- An Oklahoma broker's duty to supervise extends to ensuring affiliated salespersons:
- Under Oklahoma law, the Oklahoma Real Estate Commission has the power to issue subpoenas for documents and testimony related to:
- A licensee in Oklahoma who has been suspended by OREC may:
- An Oklahoma broker who allows an unlicensed assistant to negotiate contracts or present offers would be:
- Oklahoma OREC rules require all real estate advertisements to be truthful and not misleading. Which advertisement would violate this rule?
- Oklahoma's E&O insurance requirement for licensees was implemented to:
- Under Oklahoma law, a sales associate who wishes to transfer from one broker to another must:
- OREC's Real Estate Education and Recovery Fund provides compensation to:
- Under Oklahoma law, which of the following individuals would NOT need a real estate license to sell real property?
- Under Oklahoma law, a broker who receives a complaint about a licensee in their firm must:
- A real estate licensee in Oklahoma who is found guilty of commingling client funds with their own personal funds faces:
- How many hours of continuing education must Oklahoma real estate licensees complete each renewal period?
- Oklahoma requires that all real estate advertising by licensees must:
- The Oklahoma Real Estate Commission (OREC) has jurisdiction over:
- In Oklahoma, a real estate license expires and the licensee fails to renew it. If the licensee continues to perform licensed activities after expiration, they are:
- Oklahoma's 90-hour pre-license education requirement for sales associates must be completed:
- An Oklahoma licensee who acts as an independent contractor for their broker:
- An Oklahoma licensee who receives a referral fee from an out-of-state broker for referring an Oklahoma client must:
- In Oklahoma, which of the following requires a real estate license?
- An Oklahoma real estate licensee who is convicted of a felony involving fraud:
- An Oklahoma broker's trust account must be maintained:
- Oklahoma OREC's disciplinary process for a licensee violation typically begins with:
- Oklahoma requires real estate licensees who handle property management to:
- Oklahoma real estate licensees are prohibited from practicing law. This means a licensee should NOT:
- An Oklahoma real estate licensee who wants to place a sign on a listed property must:
- When an Oklahoma broker retires and closes their brokerage, all affiliated licensees must:
- An Oklahoma licensee who pays a fee to a non-licensee for referring a buyer or seller client is:
- Oklahoma requires real estate licensees to maintain their license on active status in order to:
- Under Oklahoma law, an unlicensed assistant can help a licensed broker by:
- In Oklahoma, the term 'broker associate' (or 'associate broker') refers to a licensee who:
- In Oklahoma, which activity does NOT require a real estate license?
- An Oklahoma licensee who serves on the OREC as a commissioner must be:
- An Oklahoma real estate licensee who is convicted of a crime of moral turpitude will likely:
- When an Oklahoma real estate brokerage is a limited liability company (LLC), which parties must hold broker licenses?
- Oklahoma OREC publishes an annual report and maintains records of all licensees. The primary purpose of this is to:
- Oklahoma's OREC can assess a civil fine against a licensee of up to:
- Under Oklahoma law, a real estate broker who wants to operate from a home office must:
- OREC's authority to discipline a licensee does NOT include the power to:
- In Oklahoma, what happens to an inactive licensee's license?
- An Oklahoma real estate licensee who advertises on social media must ensure that:
- Under Oklahoma law, an Oklahoma broker who wants to open a branch office must:
- Oklahoma law requires real estate licensees to use OREC-promulgated contract forms or attorney-drafted forms. Using unapproved forms could:
- An Oklahoma licensee who witnesses their broker engage in fraudulent practices affecting clients should:
- Oklahoma's OREC issues licenses to all of the following EXCEPT:
- OREC's 'Broker Relationships Act' in Oklahoma governs:
- An Oklahoma licensee's license is automatically suspended when:
- An Oklahoma real estate licensee who becomes incapacitated and cannot work should:
- An Oklahoma licensee who is found to have discriminated against buyers or tenants based on a protected class may face discipline from:
- When an Oklahoma broker's license is revoked, all sales associates affiliated with that broker:
- OREC's annual license renewal deadline for Oklahoma licensees is typically:
- An Oklahoma sales associate who obtains their broker's license but continues working under their original broker is classified as:
- An Oklahoma real estate licensee who wants to become a broker must meet which additional requirements beyond sales associate licensure?
- When an Oklahoma licensee receives a complaint filed with OREC, they have the right to:
- The Oklahoma Real Estate Commission (OREC) requires sales associate applicants to complete how many hours of pre-license education?
Property Ownership
147 questions- Two unmarried individuals own a property together with equal shares and the right of survivorship. This form of ownership is called:
- In Oklahoma, the concept of 'separate property' in marriage refers to:
- A fee simple defeasible estate differs from a fee simple absolute estate in that a fee simple defeasible:
- An easement appurtenant benefits:
- Which of the following is an example of personal property (chattel)?
- Oklahoma recognizes the concept of 'severed mineral rights.' This means:
- A life estate conveys property ownership:
- Tenants in common in Oklahoma differ from joint tenants primarily because tenants in common:
- An encroachment occurs when:
- In Oklahoma, tribal land held in trust for Native American tribes:
- A restrictive covenant placed by a developer on a subdivision lot is a type of:
- Which of the following best describes a leasehold estate?
- Oklahoma's homestead exemption protects:
- A prescriptive easement is created by:
- Adverse possession in Oklahoma requires use that is open, hostile, actual, exclusive, and continuous for a period of:
- A condominium owner owns:
- The bundle of rights associated with property ownership typically includes the rights to:
- Real property in Oklahoma is legally transferred by:
- In Oklahoma, property held in 'fee simple absolute' is best described as:
- A license in real estate law (not to be confused with an occupational license) refers to:
- An oil and gas lease in Oklahoma grants the lessee the right to:
- In Oklahoma, two unmarried individuals who take title together with equal undivided interests and the right of survivorship hold title as:
- Oklahoma does NOT recognize which form of co-ownership?
- A fee simple absolute estate in Oklahoma is best described as:
- In Oklahoma, when a property owner dies intestate (without a will) and has no heirs, the property:
- Mineral rights in Oklahoma that have been separated from surface rights are known as:
- Oklahoma's Five Civilized Tribes hold certain lands as:
- Oklahoma's homestead exemption for property tax purposes reduces the assessed value of an owner-occupied primary residence by:
- Which type of deed in Oklahoma provides the buyer with the greatest protection against title defects?
- Oklahoma is unique in that title abstractors must be licensed under:
- A life estate in Oklahoma terminates upon:
- Oklahoma's prior appropriation doctrine for water rights means:
- Under Oklahoma law, a deed must be acknowledged before which official in order to be recorded?
- Oklahoma's Condominium Ownership Act governs the creation and operation of condominiums. Under this Act, the 'common elements' are owned by:
- A deed restriction (restrictive covenant) running with the land in Oklahoma:
- In Oklahoma, adverse possession requires the claimant to occupy the property:
- An easement appurtenant in Oklahoma:
- An easement in gross in Oklahoma is held by:
- In Oklahoma, oil and gas leases on surface-owned property are granted by:
- Oklahoma's Residential Property Condition Disclosure Act requires sellers to complete a disclosure form addressing:
- Tornado and natural disaster disclosures in Oklahoma real estate transactions are addressed by:
- An oil and gas royalty interest in Oklahoma entitles the interest holder to:
- The dominant estate in an easement relationship is:
- In Oklahoma, title to real property is conveyed (transferred) from seller to buyer by delivery and acceptance of a:
- Oklahoma's 'race-notice' recording statute means that a subsequent purchaser is protected if they:
- Which Oklahoma deed form conveys only whatever interest the grantor holds, with no warranties?
- A prescriptive easement in Oklahoma is acquired through:
- In Oklahoma, surface rights and mineral rights may be owned separately. The mineral estate owner has the right to:
- Oklahoma's Surface Damage Act requires oil and gas operators to:
- In Oklahoma, property owned as tenants by the entirety can only be held by:
- Oklahoma recognizes the concept of 'after-acquired title,' which means:
- Oklahoma's homestead exemption also provides which important legal protection for homeowners?
- An Oklahoma property that straddles two counties must be recorded in:
- The right of first refusal in Oklahoma real estate gives a party:
- Oklahoma tribal allotment lands (allotted under the Dawes Act) may have restrictions on alienation (sale) that are managed by:
- In Oklahoma, which Five Civilized Tribe has the largest land base and significant real estate jurisdiction in northeastern Oklahoma?
- When purchasing property in eastern Oklahoma that may overlap with tribal trust lands, a buyer's agent should recommend:
- A lis pendens filed against an Oklahoma property provides notice that:
- Oklahoma's Condominium Ownership Act requires condominium developers to provide buyers with:
- An Oklahoma property owner who wants to give a neighbor the permanent right to cross their land should create a(n):
- The Bundle of Rights in real estate includes all of the following EXCEPT:
- An easement by necessity in Oklahoma may be created when:
- Oklahoma's probate process is relevant to real estate because:
- Oklahoma's law regarding water rights recognizes two types of water rights. Which applies to groundwater (not surface water)?
- An Oklahoma deed that contains the phrase 'to A and the heirs of his body' creates a:
- A lien on an Oklahoma property is best described as:
- Oklahoma's Public Trust Doctrine holds that certain waters and tidelands are:
- A monument in a metes and bounds legal description refers to:
- Oklahoma's Land Run of 1889 opened which territory to homesteaders?
- The Dawes Act of 1887 affected Oklahoma real estate by:
- Oklahoma's Homestead Act claims required settlers to:
- An Oklahoma developer who wants to create a planned unit development (PUD) must typically:
- The Osage Nation in Oklahoma holds a unique interest in which type of mineral right that cannot be severed from allotted lands?
- When an Oklahoma property owner grants an oil company the right to enter their land and drill, the document that grants this right is called a(n):
- A working interest in Oklahoma oil and gas means:
- In Oklahoma, an appurtenant easement is transferred with the dominant estate. If the dominant estate is sold, the easement:
- Oklahoma's Condominium Ownership Act allows a condominium homeowners' association to:
- Oklahoma's Quiet Title action is a legal proceeding used to:
- Oklahoma's 'no man's land' (the Oklahoma Panhandle) has a unique land title history because it was:
- Oklahoma's property tax (ad valorem tax) is administered by which government level?
- In Oklahoma, a judgment lien created by recording a court judgment may be challenged through a:
- Oklahoma's Surface Damage Act requires oil and gas operators to negotiate damages with surface owners. If the parties cannot agree on compensation, either party may request:
- Oklahoma's Condominium Ownership Act requires which financial document to be provided to potential buyers?
- Oklahoma's Mortgage Finance Authority (MFA) programs assist:
- When Oklahoma tribal land is involved in a real estate transaction, buyers should work with:
- Oklahoma's tax sale process allows the county to sell property when:
- Oklahoma homeowners have which right during a tax sale proceeding?
- Under Oklahoma law, the duty to support groundwater quantity for adjacent property owners is based on:
- Oklahoma's title abstracting system is so firmly established that Oklahoma is sometimes called the 'abstract state.' This means:
- Oklahoma's Scenic Rivers Act restricts which type of development near designated rivers?
- A license in real estate law (as opposed to an easement) is:
- Oklahoma's five-year statute of limitations on mortgage foreclosure means a lender must commence foreclosure proceedings:
- A partition action in Oklahoma is a legal proceeding that allows:
- An Oklahoma property owner who dedicates land for a public road is:
- Oklahoma's oil and gas leases typically run for a primary term (e.g., 3-5 years) and thereafter as long as:
- Oklahoma's Condominium Act (Title 60, Chapter 16) governs which type of real property interest?
- In Oklahoma, property held in a living (revocable) trust passes at death:
- Oklahoma's 'right-of-way' for public roads is typically obtained through:
- Oklahoma's 'Quiet Title' statute of limitations generally provides that a plaintiff must commence a quiet title action within:
- Oklahoma's 'Sooner State' nickname comes from settlers who illegally entered land run territories before the official start time. This historical event relates to which modern real estate issue?
- In Oklahoma, a general warranty deed contains which covenants (promises) by the grantor?
- An Oklahoma property owner who wants to exclude adjacent landowners from an established path across their property that has been used informally for years should:
- Oklahoma's Tulsa Hills area and similar mixed-use development corridors represent what type of real estate development trend?
- In Oklahoma, when a property owner dies intestate (without a will) and has no surviving spouse or children, the property typically passes to:
- Oklahoma recognizes the concept of a life estate. The person who holds a life estate:
- Oklahoma tribal trust lands are unique because:
- In Oklahoma, a joint tenancy must have the four unities of:
- In Oklahoma, a property owner who posts 'No Trespassing' signs and maintains fences generally prevents which type of adverse possession claim?
- In Oklahoma, a condominium owner's interest includes:
- Oklahoma's homestead exemption reduces the assessed value of a primary residence for property tax purposes by:
- Oklahoma recognizes tenancy by the entirety for married couples. This form of ownership:
- In Oklahoma, a fee simple defeasible estate differs from a fee simple absolute estate because:
- In Oklahoma, a deed restriction (restrictive covenant) that limits property to single-family residential use:
- Oklahoma recognizes oil and gas leases as a form of property interest. Under a standard lease, the lessor (landowner) receives:
- In Oklahoma, a property owner can create a private easement by:
- A prescriptive easement in Oklahoma is established by:
- A condominium association in Oklahoma levies a special assessment to fund a major roof replacement. A unit owner who refuses to pay:
- In Oklahoma, the Bundle of Rights concept means a property owner has the right to:
- In Oklahoma, when property is inherited through a will and the heir wants to sell it, the heir must first:
- Oklahoma's allodial title system means that:
- Oklahoma's marketable record title act can extinguish old easements and restrictions if:
- In Oklahoma, an easement appurtenant runs with the land, meaning:
- In Oklahoma, the recording of a deed transfers:
- An Oklahoma easement by necessity arises when:
- Oklahoma's oil and gas mineral rights can be severed from surface rights and separately conveyed. When purchasing Oklahoma property, a buyer should:
- Under Oklahoma's Condominium Ownership Act, common elements that are for the exclusive use of one unit owner are called:
- In Oklahoma, the doctrine of 'waste' means that a life tenant or holder of a lesser interest in property must:
- Oklahoma's Uniform Residential Landlord and Tenant Act specifies that a landlord's failure to maintain the unit in a habitable condition gives the tenant the right to:
- In Oklahoma, the doctrine of equitable conversion means that once a real estate contract is signed:
- In Oklahoma, an appurtenant easement can be extinguished by all of the following EXCEPT:
- In Oklahoma, a property owner who wants to convey property to a trust for estate planning purposes should:
- In Oklahoma, a pur autre vie life estate is one that lasts:
- Oklahoma's law regarding water rights to streams and rivers classifies navigable waterways as:
- In Oklahoma, a 'time-share' ownership interest is regulated under:
- In Oklahoma, the allotment history of tribal lands created what is known as 'restricted Indian allotments.' Today, a real estate licensee working in areas with these historical allotments should:
- In Oklahoma, a real estate licensee who receives property as payment for services must:
- Oklahoma's Condominium Ownership Act allows a homeowners association to foreclose on a unit for:
- In Oklahoma, a trustee's deed is used to convey property that:
- Under Oklahoma law, a property owner who wants to establish a conservation easement on their land to preserve agricultural or natural resource values permanently must:
- In Oklahoma, when two or more people own property as tenants in common and cannot agree on use or sale, any co-owner may file a lawsuit for:
- In Oklahoma, the government's power of 'escheat' can apply to real property when:
- In Oklahoma, when community property state rules do NOT apply (Oklahoma is not a community property state), marital property rights are governed by:
- In Oklahoma, a property owner can voluntarily encumber their property with a covenant running with the land to ensure future owners maintain certain standards. For such a covenant to run with the land, it must:
- In Oklahoma, a 'right of way' easement for a public utility (power line, gas pipeline) grants the utility company the right to:
- In Oklahoma, a property owner's right to exclude others from their property is:
- In Oklahoma, an easement 'in gross' is held by:
- In Oklahoma, which of the following best describes the concept of 'seisin' as it relates to real property?
Finance
145 questions- Which federal law requires lenders to provide borrowers with a Loan Estimate within 3 business days of receiving a loan application?
- A buyer obtains an FHA-insured loan. Which of the following is a key feature of FHA loans?
- The loan-to-value (LTV) ratio is calculated as:
- A conventional loan that exceeds the conforming loan limit set by the FHFA is known as a:
- Which of the following best describes a buyer's debt-to-income (DTI) ratio?
- A VA-guaranteed home loan requires the borrower to pay:
- The Truth in Lending Act (TILA) requires lenders to disclose the Annual Percentage Rate (APR), which reflects:
- Which type of mortgage features a fixed interest rate for an initial period, then adjusts periodically based on an index?
- The Federal Housing Administration (FHA) does which of the following?
- Private Mortgage Insurance (PMI) is typically required on conventional loans when the borrower's down payment is:
- In Oklahoma, oil and gas production on a mortgaged property may affect the loan because:
- A 'due-on-sale' clause in a mortgage requires:
- Points paid on a mortgage loan are best described as:
- USDA Rural Development loans are available for properties located in:
- The SAFE Act requires that mortgage loan originators:
- A balloon mortgage features:
- The Community Reinvestment Act (CRA) was enacted to:
- In a purchase money mortgage, the seller acts as the:
- What does it mean when a mortgage loan is 'amortized'?
- Which index is commonly used to adjust rates on adjustable-rate mortgages?
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:
- Regulation Z implements which consumer protection law?
- Which of the following statements about VA home loans is accurate?
- Oklahoma primarily uses which instrument to secure a mortgage loan on real property?
- Non-judicial foreclosure in Oklahoma under a deed of trust is also known as:
- What is the primary purpose of discount points on a mortgage loan?
- An Oklahoma buyer obtains a VA loan. Which statement is correct regarding the down payment?
- The loan-to-value (LTV) ratio on a property appraised at $200,000 with a loan of $160,000 is:
- An adjustable-rate mortgage (ARM) that adjusts once a year after an initial fixed period is most accurately described as:
- In Oklahoma, the right of redemption after a non-judicial trustee's sale:
- Private mortgage insurance (PMI) is typically required when the LTV ratio exceeds:
- An FHA loan in Oklahoma requires a minimum down payment of:
- The Truth in Lending Act (TILA) requires lenders to disclose to borrowers:
- A balloon mortgage in Oklahoma requires the borrower to:
- Regulation Z (Truth in Lending Act) gives a consumer a 3-day right of rescission when:
- The debt-to-income (DTI) ratio used in Oklahoma mortgage underwriting measures:
- An Oklahoma USDA Rural Development loan is available:
- A prepayment penalty on an Oklahoma mortgage loan is a charge imposed when:
- Secondary mortgage market participants in Oklahoma purchase loans from primary lenders primarily to:
- Under the Equal Credit Opportunity Act (ECOA), lenders may NOT discriminate based on:
- A wraparound mortgage in Oklahoma involves:
- An Oklahoma USDA loan's primary geographic eligibility requirement is that:
- A home equity line of credit (HELOC) in Oklahoma is best described as:
- Bridge financing in Oklahoma real estate is short-term financing used to:
- The Community Reinvestment Act (CRA) encourages banks to:
- An assumable mortgage in Oklahoma allows:
- A due-on-sale clause in an Oklahoma mortgage requires:
- An Oklahoma borrower with a 780 credit score, 20% down payment, and stable income would most likely qualify for:
- Points on a mortgage loan are most commonly paid to:
- A conforming loan in Oklahoma is a mortgage that:
- A jumbo loan in Oklahoma is a mortgage that:
- The initial interest rate on an ARM is often called the:
- Negative amortization on a mortgage occurs when:
- Amortization in a mortgage loan refers to:
- In Oklahoma, a lender who makes a mortgage loan in a flood zone must require the borrower to obtain:
- Oklahoma Housing Finance Agency (OHFA) programs are designed to assist:
- A home equity loan in Oklahoma differs from a HELOC in that it:
- Fannie Mae and Freddie Mac are known as:
- An Oklahoma borrower's PITI payment includes:
- A private mortgage in Oklahoma is a loan made by:
- Hard money loans in Oklahoma are typically used for:
- Under TRID (TILA-RESPA Integrated Disclosure) rules, a borrower must receive the Loan Estimate within:
- The Closing Disclosure under TRID must be provided to the borrower at least:
- A USDA Rural Development Guaranteed loan in Oklahoma guarantees:
- An Oklahoma buyer's net worth includes:
- A construction loan in Oklahoma is typically converted to a permanent mortgage upon:
- In Oklahoma, a purchase money mortgage (PMM) is a mortgage given to:
- An Oklahoma buyer wants to use a 1031 exchange to defer capital gains taxes when selling an investment property. To qualify, the replacement property must be:
- A reverse mortgage in Oklahoma is available to homeowners who are:
- The Home Mortgage Disclosure Act (HMDA) requires mortgage lenders to:
- An Oklahoma seller who carries back a second mortgage for the buyer is acting as a:
- Oklahoma's usury laws set limits on:
- The annual percentage rate (APR) differs from the stated interest rate because:
- A 'teaser rate' on an Oklahoma ARM can lead to payment shock when:
- Oklahoma borrowers who use FHA financing must pay:
- An Oklahoma buyer who uses a land contract (contract for deed) to purchase a home receives:
- Seller financing in Oklahoma (when the seller extends credit to the buyer) may be subject to which federal regulation?
- In Oklahoma, a second mortgage is subordinate to the first mortgage meaning:
- Oklahoma's Home Ownership Assistance Program helps which type of buyers?
- Private mortgage insurance (PMI) in Oklahoma may be cancelled when:
- An Oklahoma buyer's debt-to-income ratio is 48%. A conventional lender with a maximum DTI of 43% would:
- A homeowner in Oklahoma who is facing foreclosure and has equity in their home should consider:
- The Oklahoma First Lien Position for a construction-to-permanent loan means:
- An Oklahoma investor evaluating a potential rental property should calculate which metric to compare the initial income yield to the purchase price?
- A lender's yield spread premium (YSP) in Oklahoma was historically paid to mortgage brokers for originating loans at above-market interest rates. Under Dodd-Frank, this practice:
- Under the Federal Reserve's regulation of credit, Regulation B (Equal Credit Opportunity Act) prohibits lenders from:
- Oklahoma lenders who offer 'no-closing-cost' mortgages typically recoup those costs by:
- Oklahoma lenders who originate residential mortgage loans must be licensed under:
- An Oklahoma homebuyer who qualifies for multiple loan programs should evaluate:
- Under Oklahoma law, a mortgage lender who fails to release a satisfied mortgage lien from the public records within the required time may be subject to:
- Mortgage forbearance in Oklahoma allows a borrower to:
- The Oklahoma Veterans Land Board (VLB) provides programs for Oklahoma veterans to:
- Oklahoma's ad valorem tax may be deducted from federal income taxes for:
- In an Oklahoma judicial foreclosure, after the court orders a sale, the property is sold:
- Oklahoma's mortgage escrow account for taxes and insurance is collected monthly with the mortgage payment and held by the:
- An Oklahoma bank that makes residential mortgage loans is subject to examination by:
- The Consumer Financial Protection Bureau (CFPB) oversees compliance with which mortgage-related laws?
- In Oklahoma, which type of foreclosure requires a court proceeding and typically takes longer than the alternative?
- A first mortgage in Oklahoma has a lien priority that is generally determined by:
- Oklahoma's usury laws historically capped interest rates on certain loans. Today, most mortgage interest rates in Oklahoma are governed by:
- An Oklahoma borrower is applying for a conventional loan. The lender requires private mortgage insurance (PMI) when:
- The Truth in Lending Act (TILA) requires lenders to disclose the Annual Percentage Rate (APR) to mortgage borrowers. The APR differs from the interest rate because:
- In Oklahoma, a wraparound mortgage (all-inclusive deed of trust) is a form of seller financing where:
- An Oklahoma homebuyer is using an FHA loan. FHA loans require payment of:
- A VA loan in Oklahoma provides which benefit that makes homeownership more accessible for eligible veterans?
- RESPA (the Real Estate Settlement Procedures Act) prohibits which practice in Oklahoma real estate transactions?
- An adjustable-rate mortgage (ARM) in Oklahoma typically features a periodic cap that:
- USDA Rural Development loans in Oklahoma are designed to assist buyers in:
- Oklahoma has no state transfer tax on real estate sales. This means that at closing in Oklahoma:
- A balloon mortgage common in Oklahoma seller financing arrangements requires the borrower to:
- A home equity line of credit (HELOC) in Oklahoma is:
- The debt-to-income (DTI) ratio is used by Oklahoma mortgage lenders to:
- An Oklahoma buyer's lender orders an appraisal. The appraisal comes in $15,000 below the purchase price. The most common outcomes are:
- Oklahoma property taxes create a lien on real estate. This lien is:
- A point paid on an Oklahoma mortgage loan equals:
- When an Oklahoma lender conducts a title search and finds a prior recorded deed of trust that was never released, the lender should:
- A reverse mortgage in Oklahoma allows eligible homeowners to:
- An Oklahoma property owner is behind on mortgage payments. Before foreclosure, the lender must typically provide the borrower with:
- In Oklahoma, a mortgage lender who discovers after closing that the borrower misrepresented their income on the loan application may:
- An Oklahoma homebuyer's loan officer tells them their gross monthly income is $6,000 and their maximum housing payment (front-end ratio) should not exceed 28%. The maximum monthly PITI payment is:
- The Community Reinvestment Act (CRA) affects Oklahoma banks by:
- An Oklahoma lender's loan-to-value ratio of 95% on a conventional mortgage without PMI would be:
- An Oklahoma buyer is obtaining a 'jumbo' mortgage. Jumbo loans differ from conforming loans because they:
- In Oklahoma, a seller who 'takes back' a mortgage or deed of trust from the buyer is engaging in:
- Oklahoma's mortgage foreclosure on a standard mortgage (not a deed of trust) is typically:
- Oklahoma's mortgage lenders are required by TILA to provide the Loan Estimate (LE) to borrowers within:
- An Oklahoma homeowner who has built significant equity may access it through a cash-out refinance, which means:
- Oklahoma borrowers who have a loan balance of more than 80% LTV on a conventional loan and want to eliminate PMI should know that:
- Oklahoma's homestead laws protect a primary residence from forced sale for certain types of debt. These protections generally do NOT apply to:
- An Oklahoma buyer's pre-approval letter from a lender differs from pre-qualification in that pre-approval typically involves:
- An Oklahoma buyer uses an interest-only loan for a commercial property purchase. This means:
- An Oklahoma borrower who has defaulted on their mortgage may avoid foreclosure through a short sale, which means:
- Oklahoma's usury law exemptions for agricultural loans allow lenders to charge interest rates that might otherwise exceed state limits. This is important for:
- Under Oklahoma law, a lender who forecloses on a property but the sale proceeds are insufficient to pay off the loan may seek a deficiency judgment against the borrower. This means:
- An Oklahoma homeowner receives an offer from a company to buy their home through an iBuyer or 'cash offer' program. These programs typically:
- An Oklahoma real estate investor who purchases rental properties in an LLC or corporation should understand that for Fannie Mae/Freddie Mac conventional financing:
- An Oklahoma homebuyer who is purchasing a historic home under the federal Historic Tax Credit program should know that renovation costs that qualify:
- An Oklahoma commercial property owner who wants to extract equity without selling can use which financing strategy that does NOT trigger a due-on-sale clause?
- An Oklahoma borrower who is 'underwater' on their mortgage (owes more than the home is worth) wants to refinance to a lower rate. They may qualify for:
- Oklahoma's Housing Finance Agency (OHFA) Homebuyer Down Payment Assistance program provides funds for down payment and closing costs. These funds are typically structured as:
- Oklahoma's interest rate environment affects real estate markets because:
- An Oklahoma commercial real estate lender evaluating a loan request typically analyzes what underwriting factors?
- Oklahoma buyers using FHA financing should be aware that FHA appraisals serve a dual purpose:
- A Tulsa-area borrower is using a 'bridge loan' to finance the purchase of a new home before their current home sells. Bridge loans are characterized by:
- An Oklahoma homeowner who received a 2-1 buydown from the builder when purchasing their home should understand that:
Contracts
138 questions- Under the statute of frauds, which of the following real estate contracts MUST be in writing to be enforceable in Oklahoma?
- A buyer makes an offer on a home and the seller responds with different terms. This seller response is best described as:
- Which element is NOT required for a valid real estate contract in Oklahoma?
- In Oklahoma, earnest money deposited by a buyer is:
- A contract that is voidable differs from a void contract in that a voidable contract:
- An Oklahoma purchase contract includes an inspection contingency that expires in 10 days. On day 9, the buyer's inspector finds foundation issues. The buyer requests repairs; the seller refuses. The buyer can:
- In Oklahoma, the standard residential purchase contract typically gives the buyer how many days to obtain financing after contract acceptance, unless otherwise specified?
- Specific performance is a legal remedy in real estate contracts that means:
- An option contract in real estate gives the optionee the:
- A contract signed under duress is best classified as:
- The Oklahoma Residential Property Condition Disclosure Act requires sellers to:
- In a real estate contract, 'time is of the essence' means:
- A land contract (contract for deed) in Oklahoma is a method of seller financing where:
- When a buyer's offer is accepted exactly as written by the seller, the contract becomes:
- Under Oklahoma's parol evidence rule, oral agreements made before a written contract is signed:
- An Oklahoma seller accepts a purchase offer and both parties sign. Before the buyer delivers the earnest money, the seller receives a higher offer. The seller may:
- An addendum to a purchase contract is used to:
- A buyer's earnest money is typically forfeited when the buyer:
- What is the legal effect of a counteroffer on the original offer?
- Under what circumstances may a buyer rescind (cancel) a contract in Oklahoma after all contingencies have been removed?
- The doctrine of equitable conversion in real estate means that after a valid purchase contract is signed:
- A listing agreement that automatically renews unless cancelled is known as a:
- A net listing in Oklahoma is a listing agreement where:
- Liquidated damages in a purchase contract refer to:
- An Oklahoma real estate purchase contract becomes enforceable once it has:
- A seller who breaches a purchase contract by refusing to close may be subject to:
- An open listing agreement gives the seller the right to:
- When a seller accepts an offer and deposits the earnest money, the contract is in which stage?
- Under Oklahoma contract law, what is required for a real estate purchase contract to be enforceable?
- In Oklahoma, earnest money deposited on a purchase contract is typically held by:
- Which of the following is an example of a unilateral contract in real estate?
- A contract contingency that protects a buyer if they cannot obtain financing is known as a:
- Under Oklahoma law, what happens to a purchase contract if the property is destroyed by fire before closing?
- A counteroffer in a real estate transaction legally:
- The Oklahoma Uniform Vendor and Purchaser Risk Act provides that risk of loss passes to the buyer when:
- An 'as-is' clause in an Oklahoma purchase contract means:
- Under Oklahoma law, a listing agreement is a contract between the seller and:
- Under Oklahoma law, a minor (under 18) who signs a real estate contract may:
- Specific performance as a remedy for breach of a real estate contract means:
- Under Oklahoma law, an exclusive right-to-sell listing agreement means:
- Time is of the essence in a real estate contract means:
- In Oklahoma, a buyer's right to inspect a property under the purchase contract is typically exercised within the:
- Novation in a real estate contract means:
- An addendum to a real estate contract in Oklahoma:
- In Oklahoma real estate, an 'escape clause' or 'kick-out clause' in a purchase contract allows:
- A backup offer in an Oklahoma transaction is an offer submitted:
- In Oklahoma, mutual rescission of a purchase contract means:
- Liquidated damages in an Oklahoma real estate contract refers to:
- An Oklahoma seller who accepts a buyer's offer with conditions or changes has legally:
- Under the Oklahoma parol evidence rule, prior oral agreements that contradict the written purchase contract are generally:
- Under Oklahoma law, an offer becomes a binding contract when:
- An Oklahoma purchase contract that contains a home inspection contingency allows the buyer to:
- An Oklahoma real estate contract that is 'void' is:
- A 'subject to' real estate transaction in Oklahoma means the buyer:
- An interpleader action in Oklahoma real estate is filed when:
- In Oklahoma, a buyer who defaults on a purchase contract after removal of all contingencies will most likely forfeit their:
- A 'dead' offer in Oklahoma real estate refers to an offer that:
- An escalation clause in an Oklahoma purchase contract allows the buyer to:
- When an Oklahoma purchase contract contains a 'subject to appraisal' contingency, the buyer may terminate if:
- The Oklahoma Statute of Frauds applies to real estate contracts, which means a contract for the sale of real estate must be in writing to be:
- In Oklahoma, the closing date specified in a purchase contract is:
- In Oklahoma, a real estate broker's commission is earned when the broker has:
- A net listing in Oklahoma is a type of listing where:
- A release clause in an Oklahoma blanket mortgage allows the borrower to:
- An Oklahoma open listing agreement allows the seller to:
- A 'time is of the essence' clause in an Oklahoma contract makes the closing date:
- Under Oklahoma law, an exclusive agency listing differs from an exclusive right-to-sell listing in that:
- In Oklahoma, an option to purchase is typically:
- In Oklahoma, a real estate contract that lacks consideration is:
- The legal doctrine of caveat emptor ('buyer beware') as applied to Oklahoma real estate has been significantly modified because:
- In Oklahoma, the seller's obligation under a purchase contract to provide clear (marketable) title at closing means:
- Oklahoma real estate purchase contracts typically include a dispute resolution clause providing for:
- A contract for the sale of Oklahoma mineral rights must be:
- An Oklahoma home inspection contingency gives the buyer the right to negotiate repairs or credits. If the seller refuses all repairs, the buyer may:
- Oklahoma real estate contracts may include a 'seller's right to continue showing' clause that allows the seller to:
- Oklahoma's Residential Property Condition Disclosure form must be completed by the seller and delivered to the buyer:
- A buyer in Oklahoma who receives the property condition disclosure and then makes an offer has:
- In Oklahoma, earnest money disputes between buyer and seller are typically resolved by:
- Oklahoma's 'as-is' clause means the buyer accepts the property in its current condition. However, the buyer typically retains the right to:
- An Oklahoma purchase contract that contains a financing contingency is NOT 'firm' until:
- The seller's disclosure in Oklahoma reveals the home has had previous termite damage that was treated. A buyer who wants to verify the treatment should:
- Oklahoma's Statute of Frauds (12 O.S. Section 136) requires which real estate contracts to be in writing?
- A 'subject to inspection and approval' contingency in an Oklahoma contract differs from a standard inspection contingency because:
- Under Oklahoma law, who has the authority to terminate a listing agreement before its expiration date?
- An Oklahoma property that closes on November 30. Rent for the month of November was collected by the seller at the beginning of the month. The monthly rent is $1,500. How much is the seller's rent proration credit to the buyer at closing?
- A condition precedent in an Oklahoma real estate contract must be satisfied:
- In Oklahoma, a purchase contract becomes 'fully executed' when:
- Under Oklahoma's statute of frauds, an oral agreement to convey real property is:
- A 'subject to financing' clause in an Oklahoma purchase contract typically specifies:
- Under Oklahoma contract law, an offer lapses (terminates) when:
- An Oklahoma real estate broker who drafts custom contract provisions beyond the standard form should:
- Under Oklahoma contract law, if a buyer's earnest money check is returned for insufficient funds after the seller has accepted the offer:
- In Oklahoma, the statute of frauds requires that contracts for the sale of real property must be:
- In an Oklahoma real estate purchase contract, a financing contingency protects the buyer by:
- An Oklahoma sales contract includes an 'as-is' clause. This clause means:
- Under Oklahoma law, a contract entered into under duress is:
- In Oklahoma, the earnest money in a real estate transaction is:
- Oklahoma uses a standard residential purchase contract that typically includes a seller's property condition disclosure. This disclosure requirement is based on:
- When an Oklahoma seller makes a counteroffer in response to a buyer's offer, which statement is true?
- In Oklahoma, an option contract gives the optionee (the party receiving the option) the right to:
- In Oklahoma, a real estate contract is considered 'executory' when:
- In Oklahoma, specific performance as a remedy in a real estate contract breach means:
- An Oklahoma real estate contract provision stating 'time is of the essence' means:
- An Oklahoma buyer submits an offer with a home inspection contingency. The inspection reveals a cracked foundation. The buyer now wants to terminate. Under a properly written contingency, the buyer:
- In Oklahoma, a contract for deed (land contract or installment sale) is a form of seller financing where:
- In Oklahoma, the closing date in a real estate purchase contract is:
- An Oklahoma contract for the purchase of real estate signed by a minor is:
- Under the Oklahoma Residential Property Condition Disclosure Act, the seller's disclosure form must be provided to the buyer:
- An Oklahoma real estate purchase contract can be assigned (transferred to a new buyer) unless:
- In Oklahoma, a buyer who commits fraud to obtain a mortgage loan may face:
- In an Oklahoma real estate transaction, the buyer's right of rescission under TILA (Truth in Lending Act) applies to:
- An Oklahoma buyer waives their right to an inspection during a multiple-offer situation to make their offer more competitive. The seller's disclosure form was provided. If problems are discovered after closing, the buyer:
- Under the Oklahoma Electronic Transactions Act, electronic signatures on real estate contracts are:
- A 'kick-out clause' (right of first refusal contingency) in an Oklahoma purchase contract allows the seller to:
- In Oklahoma, a 'merger' in real estate contracts means that when the transaction closes:
- In Oklahoma, the buyer's right to cure any default notice from the seller typically depends on:
- An Oklahoma property is under contract and the buyer's lender requires repairs identified by the appraiser before funding. This is called a:
- In Oklahoma, a purchase contract provision that requires disputes to be settled through binding arbitration:
- When an Oklahoma purchase contract includes a 'survey contingency,' the buyer has the right to:
- An Oklahoma purchase contract for a new construction home often includes a builder warranty. Under Oklahoma's implied warranty of habitability for new homes, a builder:
- In Oklahoma, a real estate purchase contract that states the property is sold 'subject to' existing leases means:
- In Oklahoma, a power of attorney authorizing someone to execute real estate contracts or deeds on behalf of another must be:
- In Oklahoma, a buyer and seller agree to modify a signed purchase contract by adding a provision for seller-paid closing costs. This modification must be:
- An Oklahoma seller's counteroffer includes a 48-hour expiration deadline. If the buyer does not accept within 48 hours:
- In Oklahoma, a purchaser's right to receive a clear title at closing means the seller must:
- An Oklahoma buyer discovers after signing a purchase contract that the property has a deed restriction prohibiting commercial use. The buyer wanted to operate a business there. The buyer's best remedy may be:
- In Oklahoma, a buyer's earnest money check is made payable to the listing brokerage. If the offer is not accepted:
- In Oklahoma, a commercial lease that includes an 'estoppel certificate' provision requires the tenant to:
- An Oklahoma commercial tenant's lease includes a 'right of first refusal' (ROFR) for the purchase of the property. When the landlord gets a bona fide purchase offer, they must:
- Under the Oklahoma Residential Property Condition Disclosure Act, which type of property is EXEMPT from the disclosure requirement?
- Under Oklahoma's Deceptive Trade Practices Act, a real estate agent who makes materially false statements to induce a sale may face:
- An Oklahoma lease with a right to purchase option contains a 'rent credit' provision. This means:
- Oklahoma's Landlord and Tenant Act provision for 'constructive eviction' means that if a landlord's failure to maintain the property renders it uninhabitable:
- An Oklahoma builder offers a buyer a 'spec home' (speculation home) already under construction. The purchase contract for a spec home differs from a new construction contract because:
- Under Oklahoma law, a purchase contract that is 'void' differs from one that is 'voidable' in that a void contract:
- An Oklahoma buyer who has a signed purchase contract on a property discovers that the seller recently obtained a permit to drill an oil well on the property that was not disclosed. The buyer may:
- An Oklahoma residential seller is legally required to disclose which of the following on the Residential Property Condition Disclosure form?
- Under Oklahoma law, a contract for the purchase and sale of real estate is considered 'bilateral' because:
Agency
112 questions- In Oklahoma, when must a licensee provide the 'Disclosure of Brokerage Relationship' form to a consumer?
- A single broker represents both the buyer and seller in the same transaction in Oklahoma. This is known as:
- Which duty does an Oklahoma licensee owe to ALL parties in a transaction, regardless of who they represent?
- An Oklahoma buyer's agent learns that her client plans to offer significantly below asking price because the client is a cash buyer and can close in 14 days. Regarding the seller, the agent should:
- In an Oklahoma designated agency arrangement, the broker:
- Agency by ratification occurs when:
- Which of the following best describes a 'transaction broker' or 'facilitator' relationship in Oklahoma?
- An agent's duty of 'obedience' to a client means:
- An Oklahoma listing agent discovers a crack in the foundation that the seller did not mention. The agent must:
- Implied agency is created when:
- Under Oklahoma law, what written document is used to create a seller agency relationship?
- The fiduciary duty of 'accounting' requires an Oklahoma agent to:
- An agent represents a buyer in Oklahoma. The seller's agent offers the buyer's agent a bonus to 'push' the deal through. The buyer's agent should:
- Which of the following would terminate an agency relationship in Oklahoma?
- A buyer's agent discovers that the seller's property is subject to a zoning violation. The agent should:
- An Oklahoma listing agent who learns the seller is under extreme financial pressure to sell should:
- Ostensible agency (apparent authority) arises when:
- In Oklahoma, buyer representation agreements should ideally be:
- When a principal broker dies, what happens to the listing agreements held by the brokerage?
- In Oklahoma, a sub-agent represents:
- The duty of loyalty in agency law requires the agent to:
- An agent who purchases property from their own client without full disclosure and the client's informed consent may be found to have violated the duty of:
- In Oklahoma, a seller's agent owes which of the following duties to a buyer who is not a client?
- Oklahoma's real estate agency disclosure law requires that licensees provide a written agency disclosure:
- When a single broker represents both the buyer and seller in the same transaction with informed consent, this is called:
- Under Oklahoma law, a designated agency arrangement means:
- A buyer's agent in Oklahoma owes which fiduciary duty that a seller's agent does NOT owe to the buyer?
- An Oklahoma listing agent who learns that the seller's property has foundation damage is required to:
- Which statement best describes a transaction broker in Oklahoma?
- Under Oklahoma agency law, which action would constitute a breach of the duty of confidentiality?
- Oklahoma requires agency disclosure to be provided in which form?
- A subagent in Oklahoma owes fiduciary duties to:
- Under Oklahoma law, an agent who exceeds the authority granted by their principal is:
- The duty of 'obedience' in an Oklahoma agency relationship requires the agent to:
- In Oklahoma, when an agent represents the seller, the agent should NOT:
- Under Oklahoma law, a buyer's broker agreement creates what type of agency relationship?
- Puffing in real estate is best described as:
- In Oklahoma, which statement about a buyer's representation agreement is TRUE?
- In Oklahoma, an agent who makes an innocent misrepresentation is:
- Oklahoma law allows a broker to act as an intermediary (transaction broker) provided:
- Material facts that a seller's agent in Oklahoma MUST disclose include:
- In Oklahoma, when an agent knows the property has been tested for radon and the results were elevated, the agent:
- An Oklahoma seller's agent who receives two offers simultaneously must:
- An Oklahoma agent who represents a seller must present all offers regardless of:
- Oklahoma's law requires that the OREC agency disclosure form be signed by:
- Which statement is TRUE about gratuitous agency in Oklahoma real estate?
- Under Oklahoma law, a listing broker is required to submit all written offers to the seller:
- The difference between actual authority and apparent authority in Oklahoma agency law is:
- Under Oklahoma's agency disclosure requirements, which of the following must be disclosed by a dual agent?
- In Oklahoma, when a buyer's agent writes an offer on behalf of the buyer, who is the agent's client?
- Oklahoma's Broker Relationships Act (BRA) allows which of the following agency options for a broker?
- Which duty does an Oklahoma buyer's agent owe that is NOT owed by a transaction broker?
- Oklahoma law requires that all listing agreements be:
- An Oklahoma buyer's agent who fails to present a counter offer to their buyer in a timely manner may be guilty of:
- Under Oklahoma's agency law, a licensee has a duty of 'skill, care, and diligence' that requires:
- A buyer's agent in Oklahoma who discovers that the seller's property has an unpermitted addition should:
- In Oklahoma, which of the following would terminate an agency relationship automatically?
- Oklahoma's real estate license law imposes a duty of accounting on licensees. This means the licensee must:
- In Oklahoma, an agent who receives instructions from their principal (seller) that would violate fair housing law should:
- An Oklahoma seller who tells their listing agent 'don't show the house to any foreigners' is asking the agent to:
- An Oklahoma real estate agent who is also a licensed attorney may:
- In Oklahoma, if a listing agent discovers during a listing that the property has a major structural defect, the agent's primary duty is to:
- Under Oklahoma law, when a licensee represents a buyer in a new construction transaction, the licensee should advise the buyer to:
- An Oklahoma property manager acts as which type of agent for the property owner?
- Oklahoma's OREC agency disclosure requirement is intended primarily to ensure:
- In Oklahoma, a buyer's agent who represents a purchaser in a transaction where the seller is also represented must:
- Under Oklahoma's brokerage relationships law, a transaction broker (non-agent facilitator) owes the parties:
- An Oklahoma listing agent receives two offers simultaneously — one from a buyer working with a cooperating agent and one from an unrepresented buyer. The listing agent must:
- When an Oklahoma real estate agent represents both the buyer and seller in the same transaction (dual agency), they must:
- Under Oklahoma brokerage law, the duty of 'accounting' requires a real estate agent to:
- An Oklahoma seller's agent learns that the seller has accepted an offer that is contingent on the buyer selling their current home. The agent's fiduciary duty requires the agent to:
- An Oklahoma real estate agent's duty of 'loyalty' to their client means the agent must:
- An Oklahoma real estate agent who is a designated buyer's agent in a firm that also has a designated seller's agent for the same transaction (designated agency) means:
- An Oklahoma real estate agent who is a buyer's agent discovers that the property their buyer client wants to purchase has an encroachment from a neighbor's fence. The agent's duty requires them to:
- An Oklahoma seller instructs their listing agent not to disclose that the basement has flooded twice. The agent's legal and ethical obligation is to:
- Oklahoma's brokerage disclosure requirements are triggered:
- When an Oklahoma listing agent holds an open house, unrepresented visitors who inquire about purchasing the property should be:
- An Oklahoma buyer's agent who earns a commission from the seller's proceeds is:
- An Oklahoma real estate broker who supervises sales associates is responsible for:
- An Oklahoma real estate agent learns that a property they are showing has an active neighborhood dispute about a planned commercial development nearby. This information is:
- Under Oklahoma's agency disclosure requirements, the Oklahoma Broker Relationships disclosure form must be provided:
- If an Oklahoma listing agreement is an exclusive right to sell, the listing broker earns a commission if:
- An Oklahoma real estate agent acting as a buyer's agent discovers the seller has priced the property well below market value due to a divorce situation. The agent's duty to the buyer:
- An Oklahoma buyer's representative agreement typically includes:
- An Oklahoma seller refuses to accept a full-price offer because the buyer is of a different religion. The seller's listing agent should:
- An Oklahoma real estate agent who represents a seller must disclose which of the following to potential buyers?
- An Oklahoma agent's duty of 'obedience' to their client means the agent must:
- An Oklahoma listing agent who represents the seller must still treat the buyer with:
- An Oklahoma buyer's agent who knows the seller is financially distressed and desperate to sell should:
- Under Oklahoma agency law, an agent's authority can be terminated by all of the following EXCEPT:
- In Oklahoma, when a licensee serves as both the listing agent for the seller and the agent for the buyer in the same transaction without proper disclosure or consent, this is:
- An Oklahoma listing agent tells a buyer that the property has 'no known defects' without personally inspecting or verifying this statement. This could be:
- An Oklahoma licensee who facilitates a transaction as a transaction broker (non-agent) is NOT required to:
- An Oklahoma agent who represents a buyer in a new construction purchase from a builder should:
- An Oklahoma buyer's agent who helps the buyer negotiate price reductions based on inspection findings is:
- When an Oklahoma listing agent presents a lowball offer to the seller, the agent's professional obligation is to:
- An Oklahoma buyer signs a buyer's representation agreement with an agent. The buyer then works directly with a seller's agent without informing their buyer's agent. The buyer may:
- In Oklahoma, a real estate agent's duty of 'disclosure' to their client requires the agent to:
- An Oklahoma seller's agent who advises the seller on a fair listing price is providing which type of service?
- An Oklahoma real estate licensee who discloses a seller's confidential information — such as the minimum price the seller will accept — to a buyer without authorization is:
- An Oklahoma buyer's agent who is aware that comparable homes in the area are selling well below the asking price of the property their client wants to buy has a duty to:
- An Oklahoma listing agent who is approached by a buyer at an open house must disclose their agency relationship. If the buyer wishes to make an offer, the agent should:
- An Oklahoma seller who lists their property but then changes their mind about selling (before receiving any offers) may:
- In Oklahoma, when does a buyer's agent's fiduciary duty to the buyer begin?
- An Oklahoma licensee who represents a buyer in purchasing a business that includes real estate must:
- An Oklahoma real estate agent who provides clients with referrals to mortgage lenders, inspectors, or other service providers should:
- In Oklahoma, a real estate agent may represent a buyer and also act as the selling agent for a builder's new development if:
- An Oklahoma buyer's agent discovers that the property their buyer wants to purchase is being sold by the agent's own family member, creating a personal interest. The agent should:
- An Oklahoma listing broker's fiduciary duty to the seller includes the duty to:
- An Oklahoma real estate agent who accepts an offer of lunch from a title company representative must:
- An Oklahoma real estate licensee working as a transaction broker (limited non-agent) can assist with which of the following activities?
- An Oklahoma seller's agent who signs a purchase agreement on behalf of the seller without actual written authority to do so has acted:
Property Valuation
112 questions- Which appraisal approach is most commonly used to value single-family residential properties?
- When using the sales comparison approach, an appraiser finds a comparable that sold for $300,000. The comparable has a 2-car garage worth $10,000 but the subject property does not. The appraiser should:
- Functional obsolescence in real estate refers to a loss in value due to:
- Principles of value state that value is created by the interaction of supply and demand. Which principle holds that value is influenced by what a prudent buyer would pay for a similar property?
- The income capitalization approach to value is most appropriate for valuing:
- Capitalization rate (cap rate) is calculated as:
- In the cost approach, accrued depreciation includes which three types?
- An appraiser determines a subject property's value using the gross rent multiplier (GRM). The property rents for $1,800/month and comparable properties sell for 120 times monthly rent. The estimated value is:
- Regression is an appraisal principle that states:
- Which type of depreciation is generally considered incurable?
- The 'highest and best use' of a property is defined as the reasonably probable use that is:
- When an appraiser uses the cost approach, what is added to the site value to determine the property's total value?
- A recently sold comparable property is 200 square feet larger than the subject property. If the market indicates a value of $75 per square foot, what adjustment should the appraiser make to the comparable?
- Plottage (assemblage) value refers to:
- Market value is defined as the most probable price a property will bring under which conditions?
- External obsolescence differs from functional obsolescence in that external obsolescence:
- The sales comparison approach to value is most appropriate for:
- An Oklahoma appraiser reconciles the three approaches to value by:
- Functional obsolescence in real estate refers to:
- In Oklahoma's oil and gas economy, the value of a property that includes producing mineral rights is most accurately captured by:
- The term 'highest and best use' in appraisal means the use that is:
- The income capitalization approach calculates value by:
- External obsolescence in Oklahoma might be caused by:
- A capitalization rate of 7% applied to an NOI of $42,000 produces an estimated value of:
- An appraisal report prepared for federally related transactions in Oklahoma must be completed by:
- The cost approach to value is most reliable for:
- In Oklahoma, the county assessor determines the assessed value of property for ad valorem tax purposes. Residential property is assessed at:
- The gross rent multiplier (GRM) method estimates value by:
- Paired sales analysis in Oklahoma appraisal is used to:
- Effective age in real estate appraisal refers to:
- Accrued depreciation in the cost approach to appraisal is the sum of:
- An appraisal adjustment for a feature in the sales comparison approach is made to:
- The principle of substitution states that:
- Contribution in real estate appraisal refers to:
- Regression and progression are appraisal principles that state:
- When using the income approach, potential gross income (PGI) is different from effective gross income (EGI) because:
- Market value in real estate appraisal is defined as:
- The principle of conformity in real estate value states that:
- The Oklahoma City and Tulsa real estate markets are often referred to as:
- When appraising residential property in Oklahoma City's Plaza District or Midtown neighborhoods, an appraiser should consider:
- An Oklahoma property's value is depressed because the neighborhood is transitioning from residential to commercial use. This is an example of which type of depreciation?
- The term 'as-improved' value means:
- Plottage (assemblage) value in Oklahoma refers to:
- Reproduction cost in the cost approach is:
- A 'drive-by' appraisal or exterior-only appraisal in Oklahoma is:
- USPAP (Uniform Standards of Professional Appraisal Practice) requires Oklahoma appraisers to:
- A Comparative Market Analysis (CMA) performed by an Oklahoma real estate agent differs from a formal appraisal in that:
- The principle of anticipation in appraisal holds that value is:
- When appraising an Oklahoma City neighborhood in a rapidly appreciating market, an appraiser must ensure comparables are:
- Gross income multiplier (GIM) analysis differs from GRM analysis in that:
- When appraising a property for insurance purposes in Oklahoma, the relevant value standard is typically:
- An Oklahoma appraiser who uses a comparable sale that is more than one mile from the subject property in a densely developed suburban area should:
- When an Oklahoma appraisal is being performed for estate tax purposes, the relevant date of value is:
- Land value in the cost approach to appraisal is estimated as if the land were:
- An Oklahoma appraiser who values agricultural land must consider which unique income source beyond typical residential factors?
- An 'as-if-stabilized' value in an Oklahoma commercial appraisal represents:
- An Oklahoma appraiser performing a retrospective appraisal for a date in the past must:
- In Oklahoma's residential market, comparable sales are typically chosen within what timeframe to best reflect current market conditions?
- An Oklahoma appraiser must comply with USPAP's Competency Rule if they are asked to appraise a type of property they have not previously appraised. This means they must:
- When analyzing Oklahoma rental properties, what is the difference between economic rent and contract rent?
- The Uniform Appraisal Dataset (UAD) standards used on Fannie Mae/Freddie Mac forms affect Oklahoma residential appraisals by:
- An Oklahoma appraisal that comes in below the contract price can result in:
- When an Oklahoma appraiser values an older historic property in Tulsa's Brady Village or Midtown Oklahoma City, they must consider:
- Assessed value for Oklahoma ad valorem tax purposes is determined annually by the:
- An Oklahoma oil and gas royalty income stream would most likely be valued using which appraisal approach?
- When an Oklahoma appraiser identifies an 'overimprovement' on a property, they are identifying:
- When an appraiser in Oklahoma uses the sales comparison approach for a single-family residence, adjustments are made for differences between the subject property and comparables. A positive adjustment means:
- The cost approach to value is most reliable for appraising which type of Oklahoma property?
- In Oklahoma, a county assessor values property for ad valorem tax purposes. Residential property is typically assessed at:
- When appraising an income-producing property in Tulsa, the gross rent multiplier (GRM) is calculated as:
- Functional obsolescence in an Oklahoma property refers to:
- When comparing comparable sales for a single-family home in Oklahoma, an appraiser makes adjustments for differences. Which statement about adjustments is correct?
- In Oklahoma, the principle of 'contribution' in real estate appraisal means:
- The principle of 'substitution' is the foundation of all three appraisal approaches because it states:
- Economic (external) obsolescence in an Oklahoma property is caused by:
- When an Oklahoma appraiser performs a drive-by appraisal (exterior-only inspection), the appraiser's limitations include:
- The income approach to value is most appropriate for which Oklahoma property?
- An Oklahoma appraiser performing a market analysis finds that homes with swimming pools in a particular neighborhood sell for only $10,000 more than comparable homes without pools, even though pools cost $40,000 to install. This demonstrates:
- When an Oklahoma appraiser determines the effective age of a building, this refers to:
- When an Oklahoma appraiser reconciles the three approaches to value, they:
- In Oklahoma, when an appraiser calculates the replacement cost of a building, they estimate:
- The principle of 'anticipation' in Oklahoma real estate appraisal means value is:
- An Oklahoma appraiser determines that a commercial property's highest and best use is office development, even though it is currently used as a parking lot. Highest and best use analysis considers:
- An Oklahoma appraiser is asked to estimate market value. Market value is defined as:
- An Oklahoma appraiser is valuing a property that was recently sold in an auction under distress conditions at a price well below comparable sales. The appraiser should:
- Oklahoma appraisers must be licensed or certified under:
- In Oklahoma, the sales comparison approach requires an appraiser to identify recent, comparable sales. Which of the following would be the BEST comparable for a 3-bedroom, 2-bath ranch home in Edmond?
- When an Oklahoma appraiser determines that a neighborhood is in the 'declining' phase of the neighborhood life cycle, this observation affects value estimates by:
- The discounted cash flow (DCF) analysis in Oklahoma commercial real estate appraisal:
- An Oklahoma appraiser valuing a property in a transitional neighborhood — one changing from industrial to residential — must address:
- Oklahoma rural farmland is valued differently from urban residential property because:
- When an Oklahoma appraiser adjusts for gross living area (GLA) in the sales comparison approach, the adjustment is based on:
- An Oklahoma lender orders an appraisal but the borrower wants to use an appraisal they obtained themselves. Under current lending practices:
- An Oklahoma property's market value has increased since the last assessment. Under Oklahoma's assessment cap provisions, the assessed value for an existing homestead may be capped at:
- An Oklahoma commercial property appraiser calculates the effective gross income (EGI) by:
- Oklahoma industrial properties have unique appraisal considerations because:
- In Oklahoma oil country, mineral rights can significantly affect property value. A property with an active oil and gas lease producing royalty income would be valued:
- The capitalization rate for an Oklahoma office building is determined primarily by:
- An Oklahoma REO (real estate owned) property — one acquired by a bank through foreclosure — will likely be:
- When an Oklahoma appraiser values a mixed-use property (retail on ground floor, residential above), they typically:
- When an Oklahoma appraiser assigns 'condition ratings' to a property under UAD (Uniform Appraisal Dataset) requirements, a C3 rating means the property:
- An Oklahoma appraisal performed using the 'as-is' market value standard reflects:
- An Oklahoma appraiser's final opinion of value in an appraisal report is expressed as:
- In Oklahoma, an appraiser who accepts an assignment with a predetermined value (one that the client specifies must be reached) is:
- Oklahoma's 'dark store theory,' sometimes used by large retailers in property tax appeals, argues that:
- The 'plottage' concept in Oklahoma real estate appraisal refers to the increased value that results from:
- In Oklahoma's rural areas, the land residual technique for valuing agricultural land separates:
- When an Oklahoma appraiser considers 'externalities' affecting value, they are examining:
- When an Oklahoma commercial appraiser uses the 'band of investment' technique to derive a capitalization rate, they are:
- When appraising a luxury home in the Nichols Hills area of Oklahoma City, the appraiser would use comparable sales from:
- Oklahoma ranch and farm real estate sales are tracked by university extension services and farm credit organizations. This data is important for appraisers because:
- An Oklahoma appraiser completing a full URAR (Uniform Residential Appraisal Report) for a single-family home mortgage loan must comply with:
Escrow & Title
110 questions- Which type of title insurance policy protects the lender's interest in a property?
- A general warranty deed provides the grantee with which covenants?
- In Oklahoma, a title search typically examines public records going back how far?
- RESPA (Real Estate Settlement Procedures Act) prohibits:
- A lis pendens recorded against a property means:
- A special warranty deed differs from a general warranty deed in that a special warranty deed:
- In Oklahoma, the recording of a deed in the county where the property is located:
- A quitclaim deed provides which of the following warranties?
- The Closing Disclosure required by TRID must be provided to the buyer at least how many business days before closing?
- Which of the following is typically a seller's expense at closing in Oklahoma?
- Proration at closing means:
- An abstract of title in Oklahoma is:
- A mortgage is said to be 'satisfied' when:
- Which of the following creates a general lien against ALL real and personal property of the debtor in Oklahoma?
- The priority of liens against a property is generally determined by:
- A mechanic's lien can be filed in Oklahoma by:
- In a foreclosure sale in Oklahoma, the sequence of lien satisfaction is:
- Title insurance differs from other types of insurance because it:
- A title commitment (title binder) issued by a title company serves as:
- Oklahoma title evidence traditionally relies heavily on:
- The Oklahoma Abstractors Act requires:
- Oklahoma does NOT impose a state real estate transfer tax. This means:
- A title search in Oklahoma typically traces the chain of title back to:
- An escrow officer in Oklahoma is responsible for:
- A mechanic's lien in Oklahoma may be filed against a property when:
- The purpose of title insurance in Oklahoma is to:
- A lender's title insurance policy in Oklahoma protects:
- A cloud on title in Oklahoma refers to:
- Recording a deed in Oklahoma's county clerk's office provides:
- A buyer's walk-through inspection before closing in Oklahoma is conducted to:
- In Oklahoma, the HUD-1 Settlement Statement has been replaced for most residential transactions by:
- Oklahoma's marketable title is defined as title that is:
- The priority of recorded liens on an Oklahoma property is generally determined by:
- A ALTA (American Land Title Association) extended coverage title insurance policy protects against risks that a standard policy does not, including:
- In an Oklahoma closing, prorations are calculated to ensure that:
- A title exception listed in a title commitment in Oklahoma identifies:
- A deed of trust in Oklahoma involves three parties:
- A buyer in Oklahoma who purchases property without title insurance and later discovers an undisclosed easement affecting the property may:
- Oklahoma's recording system is based on the county clerk maintaining which records?
- Oklahoma's Marketable Record Title Act limits the period for which an examiner must search for certain title defects to:
- In Oklahoma, a survey of a property is important because it:
- A satisfaction of mortgage (release of lien) in Oklahoma must be recorded to:
- Oklahoma's county clerk index uses the grantor name to find:
- A preliminary title commitment in Oklahoma is issued by a title company to:
- Which type of title insurance policy in Oklahoma covers the homeowner's equity in the property?
- A standard coverage title insurance policy vs. an ALTA (American Land Title Association) extended policy in Oklahoma — which provides broader coverage?
- When an Oklahoma buyer receives the deed at closing but does not record it for 6 months, what is the risk?
- A property in Oklahoma City carries an unrecorded lease. A buyer who purchases without actual knowledge of the lease takes title:
- The term 'gap coverage' in Oklahoma title insurance addresses:
- In Oklahoma, which instrument is used to release an individual lot from a developer's construction loan (blanket mortgage)?
- A title company in Oklahoma that discovers a mechanic's lien during the title search will typically require the seller to:
- A deed in lieu of foreclosure in Oklahoma is an alternative to foreclosure where:
- In Oklahoma, a judgment lien against a property owner attaches to:
- Oklahoma's 'race' recording statute has been clarified to be a 'race-notice' statute. This means the first person to record prevails ONLY IF they:
- A short sale in Oklahoma occurs when:
- An Oklahoma title insurance company that discovers a claim against a covered property will typically:
- A forged deed in the chain of title of an Oklahoma property would be covered by:
- An Oklahoma attorney who reviews an abstract of title and renders a title opinion is providing:
- In Oklahoma, the seller's existing mortgage must be paid off at closing because:
- An Oklahoma title plant is:
- In an Oklahoma transaction, who typically pays for the owner's title insurance policy?
- An Oklahoma buyer who wants to take title in the name of a trust should:
- Oklahoma counties use which primary system to organize and search land records?
- An Oklahoma abstract company that accidentally omits a recorded lien from an abstract it prepares may be liable to the client for:
- A trustee's sale (non-judicial foreclosure) notice in Oklahoma must be published for how long prior to the sale?
- An Oklahoma title insurance commitment (preliminary title report) serves to:
- When a deed of trust is used in Oklahoma, the trustee's role in a non-judicial foreclosure is to:
- A 'cloud on title' in Oklahoma refers to:
- An Oklahoma warranty deed conveys title with which covenants?
- In Oklahoma, recording a deed in the county clerk's office provides:
- A buyer in Oklahoma is purchasing a home where the seller has an existing mortgage with a balance of $180,000. At closing, from the proceeds:
- A special warranty deed in Oklahoma differs from a general warranty deed because the grantor warrants title only:
- A buyer in an Oklahoma transaction has an owner's title insurance policy. After closing, a judgment lien from a previous owner's debt that was missed in the title search is discovered. The owner's policy will:
- A quitclaim deed in Oklahoma conveys:
- In Oklahoma, a mechanic's lien filed by an unpaid contractor attaches to the property and:
- In Oklahoma, a title company issuing a title insurance policy typically performs:
- In an Oklahoma real estate transaction, 'proration' at closing typically applies to:
- Oklahoma's marketable title act provides that a title chain of at least how many years is presumed to be marketable?
- In Oklahoma, a deed must be acknowledged (notarized) before it can be:
- In Oklahoma, a lis pendens (notice of pending litigation) recorded against a property:
- In Oklahoma, a judgment lien arises when:
- A buyer of Oklahoma commercial real estate requests an ALTA survey. This survey provides:
- Oklahoma's 'race-notice' recording statute means that a subsequent bona fide purchaser who records first will prevail over a prior purchaser who:
- An Oklahoma property owner who wants to give their child the property now but retain the right to use it for life can use a:
- In Oklahoma, a fixture that is attached to the property and not specifically excluded from the purchase contract is:
- In Oklahoma, a tax deed is issued when:
- An Oklahoma homebuyer receives a Closing Disclosure (CD) before closing. The CD replaced the HUD-1 Settlement Statement and is required under:
- In Oklahoma, a lender's title insurance policy (loan policy) protects:
- In Oklahoma, a 'chain of title' refers to:
- In Oklahoma, 'abstract of title' is a document that:
- An Oklahoma property owner dies and leaves no will and no heirs. Under Oklahoma's escheat statute, the property will:
- In Oklahoma, a 'partial release' clause in a blanket mortgage allows:
- An Oklahoma property owner who wants to grant a neighbor an easement for their driveway should:
- Oklahoma's 'race-notice' recording system means that to be fully protected as a bona fide purchaser, one must:
- In an Oklahoma commercial real estate transaction, the title company's hold-back escrow is often used when:
- In Oklahoma, a condominium's declaration of covenants, conditions, and restrictions (CC&Rs) is recorded in the county clerk's office. This means:
- In Oklahoma, 'adverse possession' results in the possessor acquiring title through:
- In Oklahoma, a survivorship deed conveys property to multiple grantees with a right of survivorship clause. The primary benefit is:
- In Oklahoma, the priority of liens on a property is generally determined by:
- An Oklahoma property owner who pays off their mortgage should ensure that the lender:
- An Oklahoma property is sold at a county tax sale. The original owner typically has a 'right of redemption' allowing them to:
- In Oklahoma, a 'notice of completion' or 'final lien release' in a construction project is important because:
- An Oklahoma property was deeded by a grantor who turned out to lack legal capacity (had been declared incompetent before signing). This deed is:
- In Oklahoma, a 'deed in lieu of foreclosure' is an arrangement where:
- An Oklahoma title company discovers that a property was conveyed by an executor who did not have authority to sell because the probate was not properly completed. This would be disclosed in a title search as:
- In an Oklahoma 1031 exchange (tax-deferred exchange), the exchange intermediary (qualified intermediary) holds proceeds from the sale of the relinquished property. The taxpayer has how many days to identify potential replacement properties?
- In Oklahoma, 'title by adverse possession' requires the possessor to have held the property for at least how many years (with color of title and payment of taxes)?
- At an Oklahoma residential closing, the buyer's attorney or title officer reviews all documents and the title commitment. The buyer signs numerous closing documents including:
- An Oklahoma home seller wants to do a 'closing by mail' rather than appearing in person. This is typically:
- An Oklahoma condominium project's Declaration of Condominium must be filed with the county clerk and also with:
Fair Housing
106 questions- The federal Fair Housing Act of 1968 prohibits discrimination based on which protected classes?
- An agent tells a family with young children that a particular neighborhood 'isn't really set up for families with kids.' This is an example of:
- Under the Fair Housing Act, which of the following is a permissible exemption?
- A landlord refuses to allow a tenant with a physical disability to install grab bars in the bathroom. Under the Fair Housing Act, this is:
- A lender refusing to make loans in a particular neighborhood based on racial composition is known as:
- Blockbusting (panic peddling) involves:
- Under the Fair Housing Act, a reasonable accommodation for a person with a disability might include:
- The Americans with Disabilities Act (ADA) applies primarily to:
- An Oklahoma property manager refuses to rent to a prospective tenant because she has three children under age 10, citing 'overcrowding concerns.' This is most likely:
- Which federal agency is primarily responsible for enforcing the Fair Housing Act?
- Which of the following advertising practices would violate the Fair Housing Act?
- Under the Fair Housing Act, 'familial status' protects:
- Housing for older persons (55+ communities) may be exempt from the familial status provisions if they meet all HOPA requirements EXCEPT:
- A landlord who requires a larger security deposit from tenants who speak with an accent is:
- A real estate agent who has a personal policy of not showing certain neighborhoods to clients of a particular race is practicing:
- The Federal Fair Housing Act was a landmark civil rights legislation enacted in:
- The federal Fair Housing Act of 1968 prohibits discrimination based on all of the following EXCEPT:
- Oklahoma's Fair Housing Act protected classes at the state level:
- Steering in real estate refers to:
- Blockbusting (also called panic selling) is the illegal practice of:
- Under the Fair Housing Act, a landlord who refuses to allow a disabled tenant to install grab bars in the bathroom is:
- The Fair Housing Act's 'familial status' protection covers:
- A housing development in Oklahoma may legally restrict occupancy to persons 55 and older under which exemption?
- Redlining refers to the practice of:
- A fair housing complaint in Oklahoma may be filed with the U.S. Department of HUD within:
- Which of the following is NOT considered a reasonable accommodation under the Fair Housing Act?
- An Oklahoma property manager who advertises 'perfect for young professionals' in a rental ad may be:
- Under the Fair Housing Act, which of the following advertising statements is LEGAL?
- The Oklahoma Human Rights Commission handles fair housing complaints at the state level. It has authority to:
- A person who believes they have been discriminated against in housing may file a complaint with HUD within one year. If the case is not conciliated, HUD may:
- Under the Fair Housing Act, which of the following is required of all multifamily dwellings of 4 or more units built after March 1991?
- An Oklahoma landlord who charges a higher security deposit to a family with children than to childless tenants is:
- The Fair Housing Act makes it illegal to:
- A real estate professional in Oklahoma who fails to show all available properties in a price range to a buyer from a protected class, while showing them only to other buyers, is engaging in:
- A landlord in Oklahoma who requires different rental criteria (credit score, income ratio) for tenants of different national origins is guilty of:
- The Civil Rights Act of 1866 prohibits racial discrimination in:
- In Oklahoma, the Fair Housing Act requires that disabled persons be allowed to:
- Which of the following is an example of a reasonable accommodation under the Fair Housing Act in an Oklahoma rental?
- Under the Fair Housing Act, making a different or less desirable unit available to a buyer based on their race or national origin is known as:
- Oklahoma landlords who receive HUD housing subsidies (Section 8/Housing Choice Voucher program) must:
- An Oklahoma property owner who refuses to sell their home to a person because of their religion is:
- The HUD Accessibility Requirements for multifamily housing built after March 13, 1991 include which of the following for ground-floor units?
- In Oklahoma, which of the following is a protected class under federal fair housing law but NOT typically under state law?
- A landlord in Oklahoma City uses a 'no Section 8' policy and refuses all applicants with housing vouchers. Under federal law, this:
- Under HUD guidelines, which Oklahoma rental housing scenario is a permissible exception to the familial status protection?
- The penalty for a first fair housing violation under federal law can include:
- An Oklahoma housing provider who denies a rental application citing a 'no felons' policy to a minority applicant must be able to show:
- Oklahoma real estate agents must treat ALL prospective buyers and tenants:
- Which organization administers fair housing complaints in Oklahoma at the federal level?
- An Oklahoma real estate agent who shows a buyer properties only in integrated neighborhoods when the buyer asked to see all available properties in their price range is engaging in:
- Oklahoma's Tulsa YMCA and similar organizations that provide transitional housing for recovering addicts are protected under the Fair Housing Act because disability protection covers:
- In Oklahoma, an apartment complex's 'adults only, no children' policy is:
- Oklahoma real estate professionals who use social media for advertising must ensure their ads:
- A real estate professional in Oklahoma who learns that a neighborhood is 'changing' racially and encourages property owners to sell quickly is engaging in:
- An Oklahoma real estate agent who uses different qualification standards for buyers of different national origins is engaging in:
- A disparate impact claim under fair housing law in Oklahoma occurs when:
- The Americans with Disabilities Act (ADA) in relation to Oklahoma commercial real estate requires:
- Oklahoma's fair housing laws apply to which of the following parties?
- An Oklahoma lender who uses an algorithm or automated underwriting system that produces loan denials at higher rates for minority applicants without business justification may be engaging in:
- Which of the following is the BEST example of a reasonable housing accommodation for a person with PTSD in Oklahoma?
- Under the Fair Housing Act in Oklahoma, a victim of domestic violence who is evicted solely because they were a victim of domestic violence may have a claim for:
- Oklahoma real estate marketing that includes phrases like 'walking distance to mosque' or 'near Hindu temple' is:
- An Oklahoma landlord who refuses to allow a tenant with a disability to keep a service animal in a no-pets building is most likely:
- A real estate agent in Oklahoma City tells a prospective African-American buyer that a particular neighborhood 'might not be the best fit for your family,' without providing objective information about the area. This is an example of:
- Under the Fair Housing Act, which of the following is a protected class at the federal level?
- A property manager in Oklahoma refuses to rent to a family because they have three children, citing 'overcrowding' for a three-bedroom unit. This could be:
- The Americans with Disabilities Act (ADA) primarily applies to which type of Oklahoma real estate?
- An Oklahoma apartment complex advertises '55+ Community — Adults Only.' Under the Fair Housing Act, this is:
- A real estate agent in Oklahoma receives a call from a prospective buyer who has an accent. The agent provides fewer listings to this caller than to other callers in the same price range. This may constitute:
- Under the Fair Housing Act, a lender who charges higher interest rates to minority borrowers than to equally qualified white borrowers is engaging in:
- A Tulsa landlord refuses to rent to a person because they participate in the Section 8 Housing Choice Voucher program. Under federal Fair Housing law:
- An Oklahoma homeowner who wants to sell their home using a FSBO (for sale by owner) arrangement is exempt from which fair housing requirement?
- A real estate agent in Oklahoma refuses to show properties in certain zip codes to a Hispanic buyer, claiming those areas 'won't work for you.' This practice is called:
- An Oklahoma mortgage lender's practice of refusing to make loans in certain neighborhoods based on racial composition — regardless of individual applicants' creditworthiness — is called:
- An Oklahoma landlord requires all prospective tenants to provide proof of U.S. citizenship. This policy may:
- A developer in Oklahoma City builds a new 10-unit apartment complex. Under the Fair Housing Act, the units must:
- An Oklahoma real estate agent who publishes a 'White Christmas' themed ad for a predominantly white neighborhood during the holiday season may potentially be engaged in:
- Under Oklahoma law and the Fair Housing Act, a landlord may ask a prospective tenant with a visible disability about their disability to:
- An Oklahoma real estate agent who receives a call from a prospective buyer and takes note of the person's accent before telling them there are no available homes matching their criteria — despite having several — is potentially:
- HUD's Office of Fair Housing and Equal Opportunity (FHEO) investigates fair housing complaints in Oklahoma. If a complaint is found to have merit and the parties do not reach a conciliation agreement:
- An Oklahoma condominium association that requires all new owners to obtain board approval before completing a purchase is potentially violating the Fair Housing Act if:
- An Oklahoma property manager has a policy of charging a $500 pet deposit for dogs and cats. A tenant with a disability requests that the pet deposit be waived for their emotional support animal (ESA). The property manager must:
- A Tulsa real estate agent who consistently shows African-American clients only homes in predominantly minority neighborhoods, even when they request to see homes in integrated or predominantly white areas, is:
- An Oklahoma landlord who advertises 'perfect for young professionals' or 'great for couples without children' may be:
- The Oklahoma Human Rights Commission (OHRC) enforces state fair housing laws. The OHRC may provide greater protections than federal law because:
- An Oklahoma property manager who uses zip codes or school district names in a discriminatory way to screen potential tenants — knowing those boundaries correlate with racial composition — may be engaging in:
- An Oklahoma property manager who is interviewed as part of a HUD 'testing' program (where trained testers pose as renters) is asked to show an apartment. The manager should:
- An Oklahoma apartment manager who requires a higher security deposit from tenants with disabilities 'because they might need more supervision' is:
- A Tulsa apartment manager tells a prospective tenant that the building has a strict 'no-pets' policy. A week later, the same manager allows another tenant to keep a dog. If the two tenants differ in racial background, this inconsistency may indicate:
- An Oklahoma seller refuses to sell to a buyer because the buyer is pregnant. Refusing to sell to a pregnant person violates the Fair Housing Act's protection for:
- The federal Fair Housing Act was significantly strengthened in 1988 by adding disability and familial status as protected classes. Before 1988, the original 1968 Act protected:
- An Oklahoma real estate agent who places listings in Spanish-language media ONLY when the seller's home is in a predominantly Hispanic neighborhood, and in English-language media only for other neighborhoods, is likely:
- An Oklahoma landlord includes a lease provision stating 'No children allowed in the common areas after 8 PM.' This provision is:
- An Oklahoma property management company creates a 'good neighbor policy' that requires tenants to assimilate into the local culture and avoid practices that are 'different from community norms.' Such a policy could violate:
- An Oklahoma housing provider who requires only applicants of a certain national origin to submit additional documentation not required of other applicants is:
- An Oklahoma seller is in a divorce and wants to sell quickly. Their agent suggests pricing the home at a discount. A neighboring property owner complains this will hurt neighborhood values. From a fair housing perspective:
- An Oklahoma housing development receives federal HOME or CDBG funding. The use of federal funds means the development must comply with:
- An Oklahoma landlord with a policy against renting to anyone with a criminal conviction may face fair housing scrutiny if:
- An Oklahoma housing provider who uses a tenant screening service that produces racially disparate results (even without the landlord's intent to discriminate) may be liable under:
- An Oklahoma landlord advertises 'No Section 8' in their rental listing. Under federal fair housing law:
- Under the Fair Housing Act, a real estate brokerage's website that exclusively features photographs of people of only one racial group in its marketing materials may be:
- An Oklahoma landlord receives an application from a person recovering from drug addiction. Under the Fair Housing Act, persons recovering from drug addiction:
- An Oklahoma property management company develops a 'tenant score' using algorithms that consider factors like social media presence and purchasing behavior. HUD and fair housing advocates are concerned that such algorithms may:
- An Oklahoma seller tells their agent they will only sell to a buyer who is also a member of their church. The agent should:
- Oklahoma City and Tulsa have enacted local fair housing ordinances that may provide greater protections than federal law. A real estate professional working in these cities should:
- Under Oklahoma and federal fair housing law, a real estate agent who receives instructions from a client to discriminate must:
Property Management
103 questions- Under Oklahoma law, a residential landlord must return a tenant's security deposit within how many days after the tenancy ends?
- A property manager's primary duty is to:
- A property management agreement is best described as a(n):
- Under the Oklahoma Residential Landlord and Tenant Act, a landlord's failure to maintain the premises in a habitable condition may allow the tenant to:
- A gross lease structure means the tenant pays:
- A net lease requires the tenant to pay:
- A property manager who mixes owner funds with personal funds is guilty of:
- A property manager in Oklahoma who manages properties on behalf of others for compensation must have:
- The capitalization rate for an investment property is 9% and the annual NOI is $54,000. What is the estimated market value?
- Effective gross income (EGI) for a rental property is calculated as:
- A property manager should conduct periodic property inspections to:
- A residential property management company charging application fees must:
- Under Oklahoma's Residential Landlord and Tenant Act, a landlord must give a tenant how much notice before entering for non-emergency repairs?
- The vacancy rate at a 100-unit apartment complex is 8%. How many units are currently occupied?
- A manager who 'converts' funds from a client's trust account for personal use is guilty of:
- When a tenant fails to pay rent in Oklahoma, the landlord must provide a written notice to pay or quit before filing for eviction. The required notice period is:
- Under Oklahoma law, a property manager who collects rents and manages property on behalf of others must hold:
- Oklahoma's Residential Landlord and Tenant Act requires a landlord to return a security deposit within how many days after a tenant vacates?
- Under the Oklahoma Residential Landlord and Tenant Act, a landlord must provide the tenant with advance notice before entering a rental unit for non-emergency repairs. The required notice is:
- A property manager's primary fiduciary duty is owed to:
- An Oklahoma property manager must keep rental income and security deposits:
- A gross lease in property management means the tenant pays:
- A triple net lease (NNN lease) requires the tenant to pay:
- In Oklahoma, a written lease agreement for a term exceeding one year must be:
- The Oklahoma Residential Landlord and Tenant Act gives tenants which remedy if a landlord fails to make necessary repairs?
- When a residential lease expires and the tenant remains in possession with the landlord's consent and continues to pay rent, the tenancy becomes:
- Under Oklahoma's Residential Landlord and Tenant Act, a landlord may use a security deposit for all of the following EXCEPT:
- A property manager in Oklahoma is hired under a property management agreement. This agreement should specify:
- The Americans with Disabilities Act (ADA) applies to which Oklahoma properties?
- A CAM (Common Area Maintenance) charge in an Oklahoma commercial lease is a tenant's proportionate share of:
- An Oklahoma commercial property with multiple tenants calculates each tenant's pro-rata share of expenses using:
- Oklahoma's constructive eviction doctrine holds that a tenant may abandon a rental unit without penalty when:
- A percentage lease, commonly used in Oklahoma retail leasing, requires the tenant to pay:
- An Oklahoma property manager's management fee is typically calculated as:
- Under Oklahoma law, if a tenant abandons the rental property before the lease expires, the landlord has a duty to:
- A lease option agreement in Oklahoma gives the tenant:
- In Oklahoma, a month-to-month tenancy may be terminated by either party with:
- An Oklahoma property manager who discovers that a tenant is operating an illegal business from the rental unit should:
- Oklahoma's unlawful detainer (eviction) process begins when a landlord:
- An Oklahoma landlord who wants to terminate a month-to-month tenancy because the tenant failed to pay rent should first:
- Under Oklahoma law, a landlord must maintain rental property in a habitable condition including:
- An Oklahoma tenant who sublets their unit to another person without the landlord's consent has:
- Under Oklahoma law, a commercial lease must be in writing if the term is:
- An Oklahoma property manager who performs an annual inspection of a managed property is primarily:
- Under Oklahoma law, a landlord may NOT refuse to rent to a person based on their:
- A residential property manager in Oklahoma should conduct a move-in inspection with the tenant to:
- A full-service property management company in Oklahoma typically provides which services?
- An Oklahoma property manager must disclose to prospective tenants if the property is in a Special Flood Hazard Area (SFHA) because:
- Under Oklahoma law, the notice required to terminate a week-to-week tenancy is:
- A property manager in Oklahoma who discovers that a rental property has structural issues making it potentially unsafe for habitation should:
- An Oklahoma commercial property manager should include which key performance indicator (KPI) in monthly reports to the owner?
- Under Oklahoma's Forcible Entry and Detainer (FED) law, a landlord who wins an eviction judgment may enforce it through:
- Oklahoma property management companies that manage properties owned by investors should provide monthly reports that include which key information?
- An Oklahoma property manager who discovers plumbing damage during an inspection should:
- Under the Oklahoma Residential Landlord and Tenant Act, a landlord must notify a tenant of rent increases in a month-to-month tenancy with at least:
- An Oklahoma property manager must treat all rental applicants with equal standards. When evaluating applicants, acceptable objective criteria include:
- An Oklahoma landlord who wants to enter a tenant's rental unit to show it to prospective tenants must provide:
- A property management company in Oklahoma that also has a maintenance crew should:
- Under Oklahoma's Residential Landlord and Tenant Act, if a tenant abandons a rental unit and leaves personal property behind, the landlord must:
- An Oklahoma property manager collects security deposits. Under Oklahoma law, security deposits for residential properties:
- When managing an Oklahoma commercial property, a property manager negotiates a lease renewal. The lease includes a CPI escalation clause. This means rent will:
- An Oklahoma residential tenant gives proper notice to vacate at lease end. The landlord inspects and finds normal wear and tear plus damage from a pet (prohibited in the lease). The landlord may:
- An Oklahoma commercial lease includes a 'triple net' (NNN) provision. This means the tenant pays:
- An Oklahoma property manager's management agreement should clearly specify:
- Under Oklahoma law, a landlord may enter a tenant's residential unit without prior notice in which situation?
- An Oklahoma residential property manager receives a tenant's written request to sublease to another party. If the lease prohibits subleasing without landlord consent, the manager should:
- When an Oklahoma property manager prepares an annual operating budget for a rental property, they should include:
- An Oklahoma property management company manages a homeowners association (HOA). The management company's primary obligation is to:
- An Oklahoma property manager discovers that a tenant is running an unlicensed business from a residential unit in violation of the lease. The manager should:
- An Oklahoma property manager is responsible for maintaining accurate records of all trust account transactions. These records should be retained for:
- An Oklahoma apartment complex property manager has a unit that needs $8,000 in repairs. The management agreement authorizes the manager to approve repairs up to $1,500 without owner consent. The manager must:
- An Oklahoma tenant who fails to pay rent may be subject to what legal action by the landlord?
- When an Oklahoma commercial lease expires and the tenant remains in possession without signing a new lease or receiving eviction notice, this creates a:
- An Oklahoma multi-family property manager conducts a fair housing self-audit. The audit should examine:
- An Oklahoma commercial property manager negotiates a retail lease with a percentage rent clause. Under a percentage rent clause:
- An Oklahoma property manager should conduct regular property inspections to:
- Under Oklahoma's Residential Landlord and Tenant Act, a landlord's failure to make required repairs after proper notice from the tenant may allow the tenant to:
- An Oklahoma property manager who misappropriates funds from the owner's trust account for personal use has committed:
- An Oklahoma property manager who is a licensed real estate broker can receive compensation from which source?
- An Oklahoma property manager who handles residential rentals must be aware that the Fair Credit Reporting Act (FCRA) requires them to:
- In Oklahoma, a property manager handling security deposits has a legal obligation to:
- Oklahoma law permits landlords to charge late fees for overdue rent. Under best practices and Oklahoma law, late fees should be:
- An Oklahoma commercial tenant's lease expires and the parties have not renewed. The landlord accepts another month's rent payment. Under Oklahoma law, this likely creates:
- An Oklahoma property manager receives a request from law enforcement to enter a tenant's unit without the tenant's knowledge. The property manager should:
- In Oklahoma, a landlord who wishes to evict a tenant for non-payment of rent must first:
- An Oklahoma property manager handling federally assisted housing (Section 8) must comply with:
- An Oklahoma tenant discovers their apartment has sewage backing up into the bathtub. Under Oklahoma's RLTA, this constitutes:
- An Oklahoma property manager who also owns personal rental properties should:
- An Oklahoma property manager of a commercial strip mall must ensure that:
- Oklahoma's Residential Landlord and Tenant Act requires a landlord to return a security deposit within 45 days. If the landlord fails to return the deposit or provide the itemized statement within this period, the tenant may be entitled to:
- An Oklahoma residential property manager should always document in writing all agreements with tenants about:
- An Oklahoma property manager who discriminates against prospective tenants on behalf of an owner may face:
- When an Oklahoma property management company loses a management contract, the outgoing manager is obligated to:
- An Oklahoma commercial property manager preparing a property for sale should provide the prospective buyer with:
- An Oklahoma landlord wants to increase rent for an existing residential tenant who has a written lease. The landlord may increase rent:
- An Oklahoma property manager who fails to maintain proper property insurance may expose the property owner to:
- An Oklahoma property manager is responsible for annual 1099 reporting to owners and the IRS. This means the manager must:
- An Oklahoma residential property manager notices that the rental property has code violations that were not disclosed to the tenants. The manager should:
- An Oklahoma property manager discovers a tenant is subletting their unit through Airbnb in violation of the lease. The manager should:
- An Oklahoma property manager charged with managing a Class B apartment complex should understand that 'Class B' refers to:
- An Oklahoma property manager overseeing a Section 42 Low-Income Housing Tax Credit (LIHTC) property must ensure:
- An Oklahoma property manager who accepts cash rent payments from tenants should:
- An Oklahoma commercial property manager needs to fill a major anchor tenant vacancy in a shopping center. Their approach should include:
Land Use & Zoning
99 questions- A variance in zoning law is:
- An existing business or use that was lawful before a zoning change but no longer conforms to current zoning is called a:
- Eminent domain is the government's power to:
- A comprehensive plan (master plan) in Oklahoma municipalities is:
- Spot zoning refers to:
- Deed restrictions differ from zoning regulations in that deed restrictions are:
- The police power of government in real estate refers to:
- In Oklahoma, the Turnpike Authority and other state entities may exercise which power to acquire right-of-way for transportation projects?
- In Oklahoma, a homeowner who wants to subdivide their land must comply with:
- A special use permit (conditional use permit) allows:
- Building codes in Oklahoma are enforced primarily by:
- An OKC developer applies for a PUD (Planned Unit Development). A PUD allows:
- Escheat in property law refers to:
- A setback requirement in a zoning ordinance specifies:
- A buffer zone in land use planning is intended to:
- The term 'density' in zoning refers to:
- In Oklahoma, zoning authority is granted to municipalities and counties under:
- A nonconforming use in Oklahoma zoning law is:
- A variance in Oklahoma zoning allows a property owner to:
- In Oklahoma City and Tulsa, mixed-use zoning districts are designed to:
- Eminent domain in Oklahoma allows the government to:
- A special use permit (conditional use permit) in Oklahoma is required when:
- In Oklahoma, subdivision regulations typically require a developer to:
- The legal description method commonly used in Oklahoma for rural properties divided into townships, ranges, and sections is:
- A buffer zone in Oklahoma zoning is used to:
- Oklahoma's 'spot zoning' occurs when:
- A taking under the Fifth Amendment requires the government to pay just compensation when:
- Oklahoma's comprehensive (master) plan provides:
- Restrictive covenants in an Oklahoma subdivision are enforced by:
- A plat map in Oklahoma shows:
- An annexation in Oklahoma occurs when:
- Oklahoma's agricultural land preservation efforts include which tool designed to protect farmland from development?
- A floor area ratio (FAR) of 2.0 on a 10,000 square foot lot means the building may contain a maximum of:
- A building permit in Oklahoma is issued by:
- Oklahoma City's MAPS (Metropolitan Area Projects) initiative is an example of:
- An impact fee in Oklahoma development is a charge levied on new development to:
- Oklahoma City's Bricktown and Tulsa's Brady Arts District are examples of:
- A TIF (Tax Increment Financing) district in Oklahoma is used to:
- An Oklahoma homeowner who wants to divide a large residential lot to create a second buildable lot must typically obtain:
- Oklahoma's Greenbelt or open space requirements in some municipalities are designed to:
- Oklahoma's agricultural districts and farms may benefit from which tax program that reduces the property tax burden on working farmland?
- A nonconforming structure (building) in Oklahoma may generally continue to exist but typically cannot be:
- In Oklahoma, a conservation easement is a voluntary legal agreement that:
- Oklahoma's zoning ordinances typically include which type of district for areas where both residential and commercial uses are allowed?
- Inclusionary zoning in Oklahoma municipalities requires developers to:
- Oklahoma's Panhandle region has which unique land use characteristics?
- Oklahoma's Main Street program supports which type of development in smaller Oklahoma communities?
- A 'lot coverage' requirement in Oklahoma zoning specifies:
- Oklahoma's Turnpike Authority system has affected real estate development along which corridors?
- A regulatory taking in Oklahoma occurs when government regulation:
- An Oklahoma property owner who wants to construct a fence may need to comply with which regulations?
- Transfer of development rights (TDR) programs in Oklahoma allow:
- Oklahoma City's Core to Shore development plan is an example of:
- A historic preservation overlay district in Oklahoma protects:
- A property owner in Oklahoma City wants to operate a small hair salon out of their residential home. The most likely zoning relief needed would be:
- A nonconforming use in Oklahoma is best described as:
- A planned unit development (PUD) in an Oklahoma suburb differs from standard zoning because:
- An Oklahoma property owner is denied a building permit because the new structure would exceed the maximum floor-area ratio (FAR) permitted by zoning. FAR is defined as:
- An Oklahoma city's general plan (comprehensive plan) is best described as:
- In Oklahoma, the power of eminent domain allows government to take private property for public use, but the property owner is entitled to:
- Oklahoma municipalities can use special assessments to fund local improvements. A special assessment differs from a property tax because:
- An Oklahoma property owner whose property was rezoned to a lower-density use, causing a significant reduction in property value, might seek compensation through:
- A developer in Tulsa wants to build a mixed-use project with retail on the ground floor and residential above. The most suitable zoning designation would typically be:
- An Oklahoma zoning board of adjustment (board of zoning appeals) has authority to:
- Oklahoma's enabling statutes grant municipalities the authority to zone. This authority is derived from:
- A developer in Oklahoma submits a subdivision plat for approval. The plat approval process typically requires:
- A property in an Oklahoma city is zoned R-2 (medium density residential). A developer wants to build a strip shopping center. The developer must:
- A property in an Oklahoma flood zone shown on FEMA's Flood Insurance Rate Map (FIRM) as Zone AE is in:
- Oklahoma's turnpike and highway authority often requires dedication of easements or right-of-way from adjacent properties. Property owners affected by these takings are entitled to:
- An Oklahoma property in a historic district must comply with:
- A property owner in rural Oklahoma wants to build a wind turbine on their land. Local zoning regulations will typically address:
- A 'buffer zone' in Oklahoma zoning is typically placed between:
- When an Oklahoma city annexes unincorporated county land, the newly annexed area is typically assigned:
- An Oklahoma property owner discovers their land is in a flood zone and wants to build higher to avoid flooding. FEMA's community rating system and local floodplain ordinances may allow this through:
- An Oklahoma property owner in a rural area wants to subdivide a 40-acre parcel into 20 two-acre lots. This requires:
- Oklahoma City's MAPS (Metropolitan Area Projects) program is an example of how Oklahoma municipalities use:
- Oklahoma's Interstate Highway system corridors often experience what type of land use development pressure?
- An Oklahoma developer seeking to build a large retail shopping center must typically prepare:
- An Oklahoma city's 'urban renewal' or 'redevelopment' authority can use eminent domain to:
- An Oklahoma municipality adopts a transfer of development rights (TDR) program. TDR allows property owners in designated preservation areas to:
- An Oklahoma rural county without a zoning ordinance cannot legally prohibit a property owner from using their land for:
- A property owner in an Oklahoma municipality challenges a zoning decision affecting their property. Their first administrative recourse is typically:
- An Oklahoma property developer wants to build a senior living facility. Under the Fair Housing Act, such a facility may qualify for the senior housing exemption if:
- Oklahoma City's downtown MAPS development transformed the downtown area through public investment in:
- Oklahoma's Right to Farm Act protects agricultural operations from:
- An Oklahoma property owner discovers their home is located in an 'Airport Hazard Zone' created by the FAA and local authorities near Tinker Air Force Base or Will Rogers World Airport. This designation:
- Oklahoma's Industrial Development Act and other economic development tools allow municipalities to offer property tax incentives called 'ad valorem tax exemptions' to new industries. These exemptions:
- Oklahoma municipalities use Tax Increment Financing (TIF) districts to fund redevelopment by:
- An Oklahoma county with significant agriculture allows 'agritourism' under its zoning ordinance. Agritourism provisions typically allow:
- An Oklahoma city that wants to revitalize a blighted commercial corridor might use a 'form-based code' instead of traditional zoning. Form-based codes primarily regulate:
- An Oklahoma property owner wants to split one parcel into two lots along an existing fence line. If the resulting lots are smaller than the minimum lot size required by zoning, the owner must:
- An Oklahoma municipality uses an 'overlay zone' to add special requirements to properties in a particular area. Overlay zones are used to:
- Oklahoma's Municipalities Act grants cities 'home rule' powers. In the context of zoning and land use, home rule means:
- Oklahoma's 'Agricultural Land Preservation Act' and similar measures are designed to:
- Oklahoma's Indian Country jurisdiction overlaps with state and local authority in complex ways. The 2020 Supreme Court decision in McGirt v. Oklahoma confirmed that:
- Oklahoma landowners adjacent to a proposed rezoning have the right to:
- An Oklahoma property that has been annexed by a city but retains its former county zoning is said to be in a:
- Oklahoma's 'smart growth' planning principles encourage communities to:
- An Oklahoma homeowner's association enforces deed restrictions through:
Environmental
93 questions- Which federal law governs the cleanup of hazardous waste sites and assigns liability to responsible parties?
- Lead-based paint disclosure is required for residential properties built before:
- Radon is a concern in real estate because it is:
- Asbestos in older buildings becomes a health hazard primarily when it is:
- In Oklahoma, which environmental concern is particularly relevant to properties near oil and gas production sites?
- Underground storage tanks (USTs) on a property are a concern because:
- A Phase I Environmental Site Assessment is designed to:
- The Oklahoma Corporation Commission (OCC) primarily regulates:
- Mold in a property is a material defect that must be disclosed under Oklahoma's:
- The 'innocent landowner' defense under CERCLA protects:
- Which of the following is a common environmental concern associated with older commercial buildings?
- A 100-year floodplain designation on a property means:
- The National Flood Insurance Program (NFIP) is administered by:
- A Phase II Environmental Site Assessment differs from a Phase I in that a Phase II:
- In Oklahoma, environmental oversight for contaminated sites is primarily handled by:
- The Oklahoma Corporation Commission (OCC) regulates which environmental concern most relevant to Oklahoma real estate?
- Federal law requires sellers to disclose known lead-based paint hazards in homes built before:
- A Phase I Environmental Site Assessment (ESA) is best described as:
- Radon is a naturally occurring radioactive gas that enters homes through:
- CERCLA (Superfund) makes which parties potentially liable for hazardous waste cleanup costs?
- Oklahoma's underground storage tank (UST) program, managed by the DEQ, addresses contamination from:
- Wetlands in Oklahoma are regulated primarily under:
- A seller in Oklahoma discloses that their property contains a mold problem caused by chronic roof leaks. This disclosure is required under:
- Asbestos-containing materials (ACM) found during renovation of an older Oklahoma commercial building must be handled in compliance with:
- Oklahoma's Brownfields program encourages the redevelopment of contaminated properties by:
- A seller of a pre-1978 home in Oklahoma must give buyers a federally required lead paint disclosure and:
- Oklahoma's Scenic Rivers Act protects certain river corridors by:
- Oklahoma's water rights system requires persons who wish to use surface water for irrigation or other non-domestic purposes to:
- Polychlorinated biphenyls (PCBs) are hazardous substances found in older commercial buildings that may be present in:
- Oklahoma's susceptibility to tornadoes and severe weather makes which disclosure particularly important for Oklahoma real estate licensees?
- The National Flood Insurance Program (NFIP) in Oklahoma provides flood insurance to property owners in communities that:
- Oklahoma's significant oil and gas history means many properties have:
- Oklahoma's DEQ operates a Voluntary Cleanup Program (VCP) for brownfield sites that provides:
- Oklahoma's Scenic Rivers Act designates certain rivers including the Illinois River for protection. Real estate near these rivers may be subject to:
- Oklahoma has areas of naturally occurring radioactive material (NORM) contamination related to:
- Oklahoma's significant earthquake activity in recent years, particularly in central Oklahoma, has been linked to:
- Due to Oklahoma's increased earthquake activity, real estate professionals should advise buyers to consider:
- The Oklahoma Brownfield Act encourages redevelopment of contaminated properties by providing:
- LUST (Leaking Underground Storage Tank) sites in Oklahoma are significant real estate concerns because:
- The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) in Oklahoma allows the EPA to:
- Oklahoma properties near former dry cleaning operations should be assessed for contamination from:
- Oklahoma has a significant amount of agricultural land where pesticide and herbicide applications over many years may have resulted in:
- Oklahoma's water table in the Ogallala Aquifer (covering the western Oklahoma panhandle and surrounding areas) is declining due to:
- An Oklahoma property near the former Tar Creek Superfund site in Ottawa County, one of the most contaminated Superfund sites in the US, should be evaluated for:
- Oklahoma's 'right to know' laws require sellers of residential property to disclose:
- Oklahoma's Cherokee National Forest and Ouachita National Forest areas in eastern Oklahoma may affect real estate transactions by:
- Oklahoma's salt plains region in northwestern Oklahoma has unique environmental characteristics including:
- An Oklahoma real estate agent who lists a property containing an abandoned oil well should advise the seller to:
- Oklahoma's Clean Air Act enforcement programs, administered by the DEQ, regulate which emissions relevant to real estate development?
- The Oklahoma Department of Environmental Quality (DEQ) has authority over which of the following activities that might affect real estate transactions?
- Radon gas is a concern in some Oklahoma properties because:
- In Oklahoma, properties near former oil field sites may have concerns about which environmental hazard?
- Oklahoma has significant concerns about lead-based paint in homes built before:
- Oklahoma's underground storage tank (UST) program, administered by the DEQ, requires owners of USTs to:
- The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), known as Superfund, can affect Oklahoma real estate because:
- Asbestos-containing materials (ACMs) in Oklahoma commercial buildings are regulated under:
- Oklahoma has significant issues with induced seismicity — earthquakes potentially triggered by wastewater injection from oil and gas operations. This environmental concern can affect Oklahoma real estate by:
- Mold in an Oklahoma rental property is a concern because:
- An Oklahoma property owner near the Arkansas River floodplain may be required to purchase flood insurance if:
- Oklahoma groundwater rights differ from surface water rights because groundwater is generally governed by:
- Phase I Environmental Site Assessments (ESAs) for Oklahoma commercial properties are typically required by:
- Oklahoma DEQ's Brownfields program assists with:
- Lead service lines and lead-based solder in older Oklahoma homes' plumbing systems can contaminate:
- Oklahoma has over 500 federally recognized tribal nations. When purchasing land adjacent to or formerly part of tribal territory, a buyer should be concerned about:
- Oklahoma has active coal mining regions. Former coal mine sites may present real estate hazards including:
- Oklahoma's 'Scenic Rivers Act' protects certain river corridors from development. Property owners along designated scenic rivers:
- Oklahoma's Red River and other major waterways have wetlands that may be regulated under:
- Oklahoma's oil and gas industry uses hydraulic fracturing (fracking). Concerns for real estate near fracking operations include:
- Oklahoma's Panhandle region, with its dryland farming, has concerns related to which environmental issue that affects real estate?
- Oklahoma's salt water disposal (SWD) wells used by the oil industry are regulated because:
- A buyer of an Oklahoma commercial property asks their agent about a Phase II Environmental Site Assessment. Phase II differs from Phase I because it:
- Oklahoma tornadoes and severe weather events affect real estate values and insurance because:
- Oklahoma's Clean Indoor Air Act affects commercial real estate by:
- Oklahoma's Kerr-McGee facility in Cimarron County (historical nuclear processing) and other nuclear legacy sites represent what type of environmental real estate concern?
- Oklahoma's Grand Lake O' the Cherokees area faces real estate challenges related to:
- Oklahoma has numerous Native American cultural and burial sites. Before developing land in areas with tribal significance, developers should:
- An Oklahoma buyer is purchasing a property that previously operated as a dry-cleaning business. The primary environmental concern is likely:
- Oklahoma's statewide septic system regulations require inspections of septic systems when:
- Oklahoma regulates construction site stormwater runoff under EPA's NPDES stormwater program because:
- Oklahoma's Scenic Rivers Act designates certain streams for special protection. A property owner within the scenic rivers corridor who wants to build a dock must:
- Oklahoma's groundwater depletion from the Ogallala Aquifer is a long-term real estate concern for western Oklahoma agricultural land because:
- Oklahoma buyers purchasing agricultural land should investigate water rights because:
- Oklahoma's natural gas production and pipeline infrastructure affects real estate because:
- Oklahoma regulators and real estate professionals should be aware that methamphetamine labs in residential properties can create:
- Oklahoma's air quality regulations affecting real estate development primarily come under:
- Oklahoma's Tar Creek Superfund site in Ottawa County represents one of the most contaminated areas in the nation due to:
- The Oklahoma Conservation Commission provides programs for soil and water conservation. For real estate, their watershed programs are relevant because:
- An Oklahoma property owner who discovers an abandoned well on their property should:
- Oklahoma's 'produced water' from oil and gas operations is classified as:
- An Oklahoma commercial real estate due diligence inspection should include reviewing the current and historical uses of the property for environmental purposes. A prior use that should raise significant red flags is:
- Oklahoma's growing demand for electric vehicle charging infrastructure affects commercial real estate because:
- Oklahoma's underground injection control (UIC) program regulates wells used to:
- Oklahoma's Arbuckle-Simpson Aquifer, underlying parts of south-central Oklahoma, is regulated under state law because:
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