Free Oklahoma Property Practice Test — LicenseIQ

Question 1

A home sells for $240,000, and no lien remains on the property after the sale. What is the documentary stamp tax?

Accepted Answer

$240,000 ÷ 500 = 480 units; 480 × $0.75 = $360.

Question 2

On a property condition disclosure form, if a seller does not know the age of the roof, the seller should:

Accepted Answer

Only the seller completes the form, reporting what is known and stating when something is unknown; guessing creates liability.

Question 3

Property taxes are paid in arrears (after the tax period). At a mid-year closing, the seller's share of unpaid taxes appears as:

Accepted Answer

When taxes are paid in arrears, the buyer will pay the full bill later, so the seller is charged (debit) and the buyer credited for the seller's portion.

Question 4

An associate hires an unlicensed assistant. Who is responsible for the assistant's real estate-related activities?

Accepted Answer

OAC 605:10-11-1(c) makes an associate who employs an unlicensed assistant responsible, together with the broker, for all real estate-related activities of that assistant.

Question 5

A chronological summary of all recorded documents affecting a property's title, such as deeds, mortgages and liens, is a(n):

Accepted Answer

The abstract summarizes the recorded history; the chain of title lists successive owners; an attorney's opinion of title evaluates it.

Question 6

The deed clause that defines the extent of the estate granted, often beginning 'to have and to hold,' is the:

Accepted Answer

The habendum clause defines the estate conveyed; the granting clause contains the words of conveyance.

Question 7

Under Oklahoma law, the fact that a homicide occurred on a property is:

Accepted Answer

59 O.S. §858-513(A) treats a suicide, homicide or other felony on the property as a psychological impact, not a material fact.

Question 8

Which appraiser credential allows appraisal of any type of property, residential or commercial, without a value limit?

Accepted Answer

Certified General appraisers may appraise any property. Certified Residential appraisers are limited to 1-4 unit residential; Licensed Residential to noncomplex 1-4 units under $1 million.

Question 9

A property that fails to sell at the foreclosure auction and becomes owned by the lender is called:

Accepted Answer

When no bid meets the lender's minimum, the lender takes title and the property becomes REO inventory.

Question 10

In a life estate, the person who receives the property when the life tenant dies is the:

Accepted Answer

The life tenant has a present interest; the remainderman holds a future interest. If the property returns to the grantor, it is a reversion.

Question 11

A commercial property has potential gross income of $240,000 and an 8% vacancy allowance. Using a gross income multiplier of 6, what is the estimated value?

Accepted Answer

EGI = $240,000 - 8% = $220,800; value = $220,800 x 6 = $1,324,800.

Question 12

An investment property with NOI of $63,000 sells for $900,000. What is the capitalization rate?

Accepted Answer

Cap rate = NOI / value = $63,000 / $900,000 = 0.07 = 7%.

Question 13

An investor buys a property for $180,000 and sells for $216,000. What is the percent of profit on cost?

Accepted Answer

Profit = $36,000; $36,000 / $180,000 (cost) = 20%. Dividing by the sale price ($216,000) would give 16.7%.

Question 14

The four elements that must all be present for real property to have value are summarized by the acronym DUST, which stands for:

Accepted Answer

Value requires Demand, Utility, Scarcity and Transferability.

Question 15

Who may perform an appraisal of real property for a lender?

Accepted Answer

Only licensed or certified appraisers perform appraisals. Licensees may prepare a CMA, which is not an appraisal.

Question 16

The Oklahoma Residential Property Condition Disclosure Act applies to property with how many dwelling units?

Accepted Answer

60 O.S. §832 defines property as residential real property with one or two dwelling units.

Question 17

A building has a no-pets policy. An applicant who is blind has a guide dog. The property manager must:

Accepted Answer

Fair housing law requires reasonable accommodations for persons with disabilities, including service animals despite no-pet rules.

Question 18

A property manager authorized to collect rents, sign leases, hire contractors and run the owner's buildings on an ongoing basis is typically a:

Accepted Answer

A general agent handles a range of matters in a continuing relationship (typical of property management). A listing agent is a special (limited) agent for one transaction.

Question 19

Which item would most likely be considered personal property rather than a fixture?

Accepted Answer

Items easily removed without damage, like a plug-in refrigerator, are usually personal property. Carpeting cut to fit, built-ins and HVAC are adapted or attached fixtures.

Question 20

How many members serve on the Oklahoma Real Estate Commission?

Accepted Answer

59 O.S. §858-201 creates a seven-member Commission appointed by the Governor with Senate consent. Five is tempting because five of the seven members must be brokers.

Question 21

Which person may lease apartments for an employer without an Oklahoma real estate license?

Accepted Answer

§858-301 exempts resident managers living on the premises who lease for the employer. Managing several properties from off site for compensation is broker activity.

Question 22

Which ownership interest does NOT require written disclosure under OREC's beneficial-interest rule?

Accepted Answer

OAC 605:10-15-1(c) exempts less than 1% of a publicly traded company, and private holdings of 10% or less firm-wide only if the licensee is not an officer or in control.

Question 23

When may a seller use the Residential Property Condition Disclaimer Statement?

Accepted Answer

60 O.S. §833(A)(1) requires both conditions. An as-is sale does not by itself allow a disclaimer.

Question 24

A seller's broker misstates a property's features to a buyer. Under the Act, is the seller vicariously liable?

Accepted Answer

§858-362 eliminates vicarious liability of a party for a licensee's acts or omissions.

Question 25

Does an Oklahoma licensee have a duty to independently verify a property's square footage?

Accepted Answer

§858-515.1(C) says a licensee has no duty to independently investigate or verify size or area information beyond that section's third-party information rules.

Oklahoma real estate property practice test

1. A home sells for $240,000, and no lien remains on the property after the sale. What is the documentary stamp tax?

2. On a property condition disclosure form, if a seller does not know the age of the roof, the seller should:

3. Property taxes are paid in arrears (after the tax period). At a mid-year closing, the seller's share of unpaid taxes appears as:

4. An associate hires an unlicensed assistant. Who is responsible for the assistant's real estate-related activities?

5. A chronological summary of all recorded documents affecting a property's title, such as deeds, mortgages and liens, is a(n):

6. The deed clause that defines the extent of the estate granted, often beginning 'to have and to hold,' is the:

7. Under Oklahoma law, the fact that a homicide occurred on a property is:

8. Which appraiser credential allows appraisal of any type of property, residential or commercial, without a value limit?

9. A property that fails to sell at the foreclosure auction and becomes owned by the lender is called:

10. In a life estate, the person who receives the property when the life tenant dies is the:

11. A commercial property has potential gross income of $240,000 and an 8% vacancy allowance. Using a gross income multiplier of 6, what is the estimated value?

12. An investment property with NOI of $63,000 sells for $900,000. What is the capitalization rate?

13. An investor buys a property for $180,000 and sells for $216,000. What is the percent of profit on cost?

14. The four elements that must all be present for real property to have value are summarized by the acronym DUST, which stands for:

15. Who may perform an appraisal of real property for a lender?

16. The Oklahoma Residential Property Condition Disclosure Act applies to property with how many dwelling units?

17. A building has a no-pets policy. An applicant who is blind has a guide dog. The property manager must:

18. A property manager authorized to collect rents, sign leases, hire contractors and run the owner's buildings on an ongoing basis is typically a:

19. Which item would most likely be considered personal property rather than a fixture?

20. How many members serve on the Oklahoma Real Estate Commission?

21. Which person may lease apartments for an employer without an Oklahoma real estate license?

22. Which ownership interest does NOT require written disclosure under OREC's beneficial-interest rule?

23. When may a seller use the Residential Property Condition Disclaimer Statement?

24. A seller's broker misstates a property's features to a buyer. Under the Act, is the seller vicariously liable?

25. Does an Oklahoma licensee have a duty to independently verify a property's square footage?

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