Contracts
A 'subject to' real estate transaction in Oklahoma means the buyer:
AMust obtain a new mortgage before purchasing
BTakes title subject to an existing mortgage without personally assuming liability for it✓ Correct
CIs subject to OREC approval before closing
DMust complete an inspection before closing
Explanation
In a 'subject to' transaction, the buyer takes title subject to an existing mortgage but does not personally assume liability for it. The original borrower remains personally liable, but the buyer must make payments to avoid foreclosure.
Related Oklahoma Contracts Questions
- A contract contingency that protects a buyer if they cannot obtain financing is known as a:
- In Oklahoma, a purchase contract becomes 'fully executed' when:
- In Oklahoma, a real estate broker's commission is earned when the broker has:
- An Oklahoma real estate purchase contract becomes enforceable once it has:
- An Oklahoma purchase contract that contains a home inspection contingency allows the buyer to:
- In Oklahoma, mutual rescission of a purchase contract means:
- Which element is NOT required for a valid real estate contract in Oklahoma?
- 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:
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →