Free Oklahoma Real Estate Practice Test (2026) — LicenseIQ

Question 1

When a tenant in common dies, that owner's share:

Accepted Answer

Tenancy in common has NO right of survivorship, so a deceased co-owner's interest passes by will or to heirs. Automatic passage to co-owners describes joint tenancy.

Question 2

A buyer's agent's brother owns a home that fits the buyer's needs. Before showing it, the agent must:

Accepted Answer

Any personal or financial interest of the agent or family must be disclosed up front so the client can make an informed decision.

Question 3

The principle that a property's value tends to be set by the cost of an equally desirable substitute is:

Accepted Answer

Substitution: a buyer will pay no more than the cost of an equally desirable alternative.

Question 4

A new highway interchange built next to a residential subdivision lowers home values. This is:

Accepted Answer

Loss in value caused by factors outside the property boundaries is external obsolescence.

Question 5

A lien is BEST described as a:

Accepted Answer

A lien is a monetary encumbrance giving a creditor the right to have the debt satisfied from the property. A physical intrusion is an encroachment.

Question 6

What is the most the Recovery Fund will pay a single claimant (excluding attorney fees)?

Accepted Answer

§858-604(A) limits payment to the lesser of unsatisfied actual or compensatory damages or $25,000.

Question 7

How much written notice is required to end a month-to-month tenancy in Oklahoma?

Accepted Answer

41 O.S. §111(A) requires at least 30 days' written notice.

Question 8

A lender offers a 95% LTV loan. The buyer has $18,000 for the down payment. What is the maximum purchase price?

Accepted Answer

At 95% LTV the down payment is 5% of price. Price = $18,000 / 0.05 = $360,000; loan = $342,000.

Question 9

A borrower's monthly principal and interest payment is $1,193.54. Annual property taxes are $6,000 and annual homeowner's insurance is $1,200. What is the monthly PITI payment?

Accepted Answer

Taxes = $6,000 / 12 = $500; insurance = $1,200 / 12 = $100. PITI = $1,193.54 + $500 + $100 = $1,793.54.

Question 10

A borrower's monthly payment does not cover the interest due, and the unpaid interest is added to the loan balance. This is:

Accepted Answer

When unpaid interest is added to principal, the balance grows - negative amortization. An interest-only loan pays all interest, so the balance stays flat.

Question 11

Who supervises an OREC investigation and may designate an attorney to act as prosecutor?

Accepted Answer

OAC 605:10-17-2 places investigations under the Secretary-Treasurer, who may designate a prosecutor with subpoena power.

Question 12

Which conduct is specifically listed as a prohibited dealing?

Accepted Answer

OAC 605:10-17-4(16) lists discouraging a party from obtaining an inspection as prohibited.

Question 13

A seller wants to net $250,000 after paying a 6% commission and $6,000 in other closing costs. To the nearest dollar, what must the sale price be?

Accepted Answer

Net + other costs = $256,000, which equals 94% of the price (100% - 6%). Price = $256,000 / 0.94 = $272,340.43, about $272,340. Adding 6% to $256,000 ($271,360) understates the price.

Question 14

A licensee is found to have committed four violations in a single transaction, each fined at the $2,000 maximum. What is the most OREC may collect?

Accepted Answer

Four violations at $2,000 would be $8,000, but §858-402 caps fines for one incident or transaction at $5,000.

Question 15

A mortgage lender offers a salesperson $200 for every client referred. Under RESPA this is:

Accepted Answer

RESPA prohibits kickbacks and unearned referral fees between settlement service providers and real estate licensees, even if disclosed.

Question 16

Within the 45-hour postlicense course, how many minimum hours are required in each of the five required subjects (such as Broker Relationships and Fair Housing)?

Accepted Answer

OAC 605:10-3-7(d) requires at least 3 hours each in Broker Relationships, Laws and Regulations, Contracts and Forms, Professional Conduct and Ethics, and Fair Housing. 1 hour each is the CE pattern for several renewal subjects.

Question 17

A landlord sells an apartment building with tenants under 12-month leases. The leases:

Accepted Answer

Leases run with the property; the buyer takes title subject to existing leases and inherits the landlord's obligations.

Question 18

The federal Fair Housing Act (1968) protects all of the following EXCEPT:

Accepted Answer

Federal protected classes: race, color, religion, national origin, sex, disability and familial status - not occupation.

Question 19

A contract that is missing an essential element, such as consideration, is:

Accepted Answer

Missing an essential element makes a contract void from the start. A voidable contract appears valid but may be canceled by one party.

Question 20

A retail lease where rent is based partly on sales volume is a:

Accepted Answer

Percentage leases, common in retail, charge base rent plus a percentage of gross sales above a breakpoint.

Question 21

Under the statute of frauds, a real estate sales contract must be:

Accepted Answer

The statute of frauds requires real estate sales contracts to be in writing and signed to be enforceable.

Question 22

A broker's compensation agreement with a buyer states no time period. How long does it last?

Accepted Answer

§858-353(A)(7) says a compensation agreement may not exceed one year and lasts 60 days if no period is stated.

Question 23

By when must a provisional sales associate complete the postlicense course?

Accepted Answer

The 45 hours must be completed before the provisional license first expires (OAC 605:10-3-7). Otherwise the license is not renewable.

Question 24

How many clock hours of continuing education does an active Oklahoma sales associate need per license term?

Accepted Answer

OAC 605:10-3-6 requires 30 clock hours for each license term in which the licensee wants to be active.

Question 25

When a firm serves both parties, which duties does it owe the seller?

Accepted Answer

§858-353(C) applies all §858-353 duties to both parties when the firm serves both.

Oklahoma real estate practice test

1. When a tenant in common dies, that owner's share:

2. A buyer's agent's brother owns a home that fits the buyer's needs. Before showing it, the agent must:

3. The principle that a property's value tends to be set by the cost of an equally desirable substitute is:

4. A new highway interchange built next to a residential subdivision lowers home values. This is:

5. A lien is BEST described as a:

6. What is the most the Recovery Fund will pay a single claimant (excluding attorney fees)?

7. How much written notice is required to end a month-to-month tenancy in Oklahoma?

8. A lender offers a 95% LTV loan. The buyer has $18,000 for the down payment. What is the maximum purchase price?

9. A borrower's monthly principal and interest payment is $1,193.54. Annual property taxes are $6,000 and annual homeowner's insurance is $1,200. What is the monthly PITI payment?

10. A borrower's monthly payment does not cover the interest due, and the unpaid interest is added to the loan balance. This is:

11. Who supervises an OREC investigation and may designate an attorney to act as prosecutor?

12. Which conduct is specifically listed as a prohibited dealing?

13. A seller wants to net $250,000 after paying a 6% commission and $6,000 in other closing costs. To the nearest dollar, what must the sale price be?

14. A licensee is found to have committed four violations in a single transaction, each fined at the $2,000 maximum. What is the most OREC may collect?

15. A mortgage lender offers a salesperson $200 for every client referred. Under RESPA this is:

16. Within the 45-hour postlicense course, how many minimum hours are required in each of the five required subjects (such as Broker Relationships and Fair Housing)?

17. A landlord sells an apartment building with tenants under 12-month leases. The leases:

18. The federal Fair Housing Act (1968) protects all of the following EXCEPT:

19. A contract that is missing an essential element, such as consideration, is:

20. A retail lease where rent is based partly on sales volume is a:

21. Under the statute of frauds, a real estate sales contract must be:

22. A broker's compensation agreement with a buyer states no time period. How long does it last?

23. By when must a provisional sales associate complete the postlicense course?

24. How many clock hours of continuing education does an active Oklahoma sales associate need per license term?

25. When a firm serves both parties, which duties does it owe the seller?

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