1. Does an Oklahoma licensee have a duty to independently verify a property's square footage?
Answer & explanation
Answer: C. §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.
2. Which activity may an unlicensed assistant generally perform?
Answer & explanation
Answer: D. Unlicensed staff may perform clerical tasks like typing licensee-prepared ads, but may not compose ads, negotiate or show property.
3. What is the range of the administrative fine OREC may impose on a licensee per violation?
Answer & explanation
Answer: C. §858-402 sets a $100 minimum and $2,000 maximum per violation.
4. A provisional sales associate must complete how many clock hours of postlicense education?
Answer & explanation
Answer: C. §858-302(E) and OAC 605:10-3-7 require 45 clock hours. 30 is the regular CE requirement per renewal term.
5. A personal representative who never lived in the home sells it during probate. Is a disclosure statement required under the Act?
Answer & explanation
Answer: C. 60 O.S. §838(A)(3) exempts transfers by a non-owner-occupant fiduciary during estate administration.
6. A seller's broker misstates a property's features to a buyer. Under the Act, is the seller vicariously liable?
Answer & explanation
Answer: A. §858-362 eliminates vicarious liability of a party for a licensee's acts or omissions.
7. Which statement about FHA-insured loans is correct?
Answer & explanation
Answer: C. FHA loans are made by approved lenders and insured by FHA, with down payments as low as 3.5% and mortgage insurance premium (MIP) required on all FHA loans, for 1-4 family homes.
8. How long is the term of an original provisional sales associate license?
Answer & explanation
Answer: B. OAC 605:10-7-2 and §858-307.1 set a 12-month term for the original provisional license, counting the month of issuance. 36 months is the term after the provisional year.
9. 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)?
Answer & explanation
Answer: B. 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.
10. 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?
Answer & explanation
Answer: D. Four violations at $2,000 would be $8,000, but §858-402 caps fines for one incident or transaction at $5,000.
11. By when must the seller deliver the disclosure or disclaimer statement?
Answer & explanation
Answer: A. 60 O.S. §834(A) requires delivery as soon as practicable and before accepting an offer.
12. Within how many days must a licensee respond in writing to a Commission notice of complaint?
Answer & explanation
Answer: C. §858-312(26) and OAC 605:10-17-2 require a written response within 15 days. 30 days is the felony-notice deadline.
13. A salesperson earns $6,000 on a $150,000 sale. What was the commission rate?
Answer & explanation
Answer: B. Rate = commission / sale price = $6,000 / $150,000 = 0.04 = 4%.
14. Mixing client trust funds with the broker's own business funds is:
Answer & explanation
Answer: B. Commingling client/escrow funds with the broker's operating funds is prohibited and grounds for discipline. Using those funds for personal purposes is conversion.
15. Two brokers agree not to cooperate with a discount brokerage in order to drive it out of business. This is:
Answer & explanation
Answer: D. Agreeing with competitors to refuse to deal with another business is an illegal group boycott.
16. A home sells for $389,000. The seller pays a 5% commission, a $212,600 mortgage payoff, $1,200 attorney fee, $1,950 transfer tax and $600 in other costs. What are the seller's net proceeds?
Answer & explanation
Answer: D. Commission = $389,000 x 0.05 = $19,450. Total costs = $19,450 + $212,600 + $1,200 + $1,950 + $600 = $235,800. Net = $389,000 - $235,800 = $153,200.
17. In real estate, the accessibility requirements of the Americans with Disabilities Act apply mainly to:
Answer & explanation
Answer: A. The ADA's accessibility rules primarily cover public accommodations and commercial facilities; housing accessibility is governed mainly by the Fair Housing Act.
18. A broker earned a $15,750 commission on a $450,000 sale. What was the commission rate?
Answer & explanation
Answer: A. Rate = commission / sale price = $15,750 / $450,000 = 0.035 = 3.5%.
19. Which action may a life tenant take WITHOUT the remainderman's consent?
Answer & explanation
Answer: D. A life tenant may occupy or lease the property for the duration of the life estate but cannot sell, mortgage or commit waste that harms the remainderman's future interest.
20. Under the Code of Ethics, commission disputes between REALTORS associated with different firms are generally resolved through:
Answer & explanation
Answer: B. Article 17 requires REALTORS to mediate or arbitrate contractual and specific non-contractual disputes with other REALTORS through the association.
21. In a life estate, the person who receives the property when the life tenant dies is the:
Answer & explanation
Answer: A. The life tenant has a present interest; the remainderman holds a future interest. If the property returns to the grantor, it is a reversion.
22. When an owner dies with no will and no heirs, the property passes to the state through:
Answer & explanation
Answer: C. Escheat transfers ownerless property to the state when there is no will and no heirs.
23. A state charges a transfer tax of 0.5% on the first $100,000 of the price and 1.5% on the amount above $100,000. What is the tax on a $320,000 sale?
Answer & explanation
Answer: C. First $100,000 x 0.005 = $500; remaining $220,000 x 0.015 = $3,300; total = $3,800.
24. A salesperson wants to buy a FSBO home for his own investment. He must:
Answer & explanation
Answer: D. A licensee acting as a principal must disclose licensed status, because the licensee has superior knowledge and expertise.
25. A listing agreement in which the broker earns a commission regardless of who sells the property is a(n):
Answer & explanation
Answer: B. In an exclusive right-to-sell listing, the listing broker earns a commission no matter who procures the buyer, even the owner. (Reclassified to section 6 / CORE.)
Sources
Source verification pending. Confirm current requirements with your state regulator.