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Kevo > Real Estate > Flashcards

Real Estate Flashcards

1
Q

The real estate may be described in all the following ways EXCEPT?

A

Movable Markets

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2
Q

In general, when the supply of a commodity increases

A

Prices tend to drop

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3
Q

When the brokers hire associates as employees, the are responsible for paying which of the following on behalf of the associates?

A

FICA, Federal Income Tax With holdings, State unemployment tax.

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4
Q

Persons who are responsible to their employees of their work are?

A

Independent Contractors

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5
Q

ARELLO is?

A

The Association of Real Estate License Law Officials.

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6
Q

Professional associates of specialist in variations fields of real estate activities have been organized to serve the interests of their members. Which of the following is not expects of such organizations?

A

Passing laws to regulate licensees

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7
Q

he typical real estate licensee must have specialized knowledge in a variety of subjects which include all of the following except?

A

Excavation.

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8
Q

Which of the following are usually exempt from real estate licensure?

A

Owners of real estate handling their own property, or delegating such right to an attorney- in fact.

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9
Q

The NAR code of ethics reflects relations of the license to the public, licensees to fellow brokers and licensees to?

A

Clients.

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10
Q

Which of the following is/are accurate statements regarding a successful career in real estate?

A

Based on ethical conduct and services to others. And based on knowledge in a variety of subjects.

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11
Q

The regulatory body established by the legislature and empowered to carry out the provisions of the Oklahoma Real Estate License Code?

A

Oklahoma Real Estate Commission.

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12
Q

As distinguished from personal property, real property?

A

Is considered permanent, fixed and immovable.

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13
Q

the right to rights to the ownership of land up to the high water mark of land abutting or bordering navigable bodies of water are?

A

Literal Rights.

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14
Q

Which of the following tests would be used to determine if an item of personal property has become a fixture and thus, real property?

A

The adaptation of the item to the premises, an agreement between the parties involved, the intentions of all the parties.

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15
Q

Which of the following are ownership rights contemplated in the [ Bundle of Rights]?

A

To use sell or lease the property, to enter, give away, or do nothing with the property.

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16
Q

Personal property is most distinguished from real property by its?

A

Mobility.

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17
Q

owners are building a new enclosed porch on a home, the lumber dealer just unloaded a load of wood in their driveway that will used to build the porch. The lumber is considered to be?

A

Personal property.

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18
Q

Man made permanent additions to land are called?

A

Improvements.

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19
Q

The fact that no two pieces of land can occupy the same location gives the land the characteristic of?

A

Heterogeneity.

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20
Q

A parcel of real property may include?

A

Land and improvements, mineral rights, trees, houses, septic tanks. Airspace, surface and beneath the surface rights.

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21
Q

In discussing the terms of a sale, the licensee makes reference to emblements. Emblements are known as?

A

Crops produced annually by labor and industry.

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22
Q

Riparian rights relay to the ownership of water in?

A

Non navigable rivers and streams.

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23
Q

Which of the following is not one of the Bundle of Rights?

A

Right of unrestricted use.

24
Q

In order to create a joint tenancy, the?

A

deed or will must definitely state the intention to create a joint tenancy. Four unities of time, title, interest and possession must be present.

25
Q

Estates owned by those who lease property from others are?

A

Leasehold Estates.

26
Q

To mortgage property held in a tenancy by the entireties, it is necessary to have the mortgage signed by the husband?

A

And the spouse both. Because neither alone have the power to convey the property.

27
Q

A fee simple estate includes an owner’s right to do all of the following with the property except to?

A

Condemn it.

28
Q

Regarding homestead rights?

A

When homestead property is sold, both spouse should sign the deed.

29
Q

The establishment of a condominium?

A

Is accomplished by a series of deeds to various owners, establishing fee simple interest in their respective properties. Must be done in strict accordance with state statutes because the condominium is not recognized under common law.

30
Q

Real property owned by public corporations, such as cities, counties, and school districts, is generally owned by?

A

Severalty.

31
Q

Ann and her brother, Bob, inherited under their mothers will title to a house in joint tenancy. Ann married and had title to her share put in a joint tenancy with her husband. Bob is now?

A

A joint tenant owning an undivided 1/2 interest.

32
Q

The declaration of homestead in Oklahoma, filed by the head of a family by March 15, will exempt from the assessed valuation of the property the amount of?

A

$1,000.00.

33
Q

Which of the following are personally reliable to creditors for the debt of the business?

A

Members of a general partnership.

34
Q

The so called “ grand incident” of the tenancy is the right of

A

Survivorship.

35
Q

Which is true concerning apartment ownership? O

A

Ownership in a cooperative apartment usually requires purchase of shares of stock in the cooperative association. Individual apartments in a condominium are conveyed and are financed as if they were single family dwellings on separate pieces of land.

36
Q

Marline and Alice own properties as tenants in common. This means that is Marine dies, she can leave her interest to?

A

Anyone she wants to.

37
Q

A life estate may be granted?

A

For the duration of the life of the grantee or the life of someone other than the grantee.

38
Q

A person holding title to real property in severalty would most likely have?

A

Sole ownership.

39
Q

Lis is a widow, devised a piece of property through her will to the Church of Holy Fellow for so long as the real property is to be used for church purposes. Several years later, the church conveyed this property to Chico El B who intended to begin restaurant operations. Chico received?

A

No interest at all in the property.

40
Q

Spice and Zesty bought a building and took title as joint tenants. Spice dies testate.zesty now owns the building?

A

In severalty

41
Q

Which is true is two sisters, Mary and Kate, inherit real property with no conditions except the stipulation that one-third of the property is to go to Mary and two-thirds to Kate?

A

Mary and Kate are tenants in common

42
Q

Winking conveys a house to Blinking for life, then to Lincoln. blikins heirs have

A

no estate interest.

43
Q

Winking conveys a house to Blinking for life, then to Lincoln. blikins heirs have?

A

no estate interest.

44
Q

Tenants in common must?

A

Share possession of the property.

45
Q

Max Meaner sells his house and moves into a condominium. Shortly after moving n, he learns that, Noah Count, his next door neighbor has failed to pay his real estate taxes. If count does not pay his taxes?

A

The only lien that can be placed against the property is against Counts unit and his interest in the common areas.

46
Q

Mrs. Quirk is now a widow whose husband owned an office building jointly with right of survivorship with Tom Thug and Sam Sleazy. Upon her husbands death, his will devised all his property to her mrs. Quirk is?

A

None of the above. She has no interest at all.

47
Q

In order to protect a family from the financial irresponsibilities of the head of the household, Oklahoma provides a form of relief from creditors called?

A

Homestead exemption.

48
Q

A tenants lease has expired. The tenant has neither vacated nor negotiated a renewal lease and the landlord does not want to remain in the building. The tenant is a?

A

Tenant at sufferance.

49
Q

concurrent ownership of real property by two or more persons, each of whom has an undivided interest [ not necessarily without right of survivorship is?

A

A tenancy in common.

50
Q

A, B, and C are joint tenants, each enjoying one-third share of their jointly owned property. C dies suddenly. In her will she specified that her husband, D, who is not a member of the joint Tenancy, should inherit her share of property. A and B, meanwhile, protest that the deceaseds tenant share is rightfully theirs, to be split equally between them. Which of the following is true

A

The court will roll in A and Bs favor, A and B now co-equal joint tenants, husband D acquires no interest in the tenancy as the result of his wife’s will. All the above.

51
Q

time sharing is best explained as?

A

Title to property or the hight to use property for a specific interval each year.

52
Q

In order to enjoy some of the benefits of incorporation, yet retain the partnership form of ownership, it is possible to form a “ limited partnership”. This can be achieved only by filing a formal certificate. Limited partners?

A

Are not responsible for firm debts beyond their individual investment.

53
Q

In order to create a homestead right in Oklahoma. The claim must?

A

Own and occupy the property as the principal residence.

54
Q

Full and complete ownership of land exists mostly

A

in a fee simple absolute.

55
Q
A

Kevo (6 decks)

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