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Oklahoma Real Estate Test Study Questions With Correct Answers
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Oklahoma Real Estate Test Study Questions With Correct Answers DEEP + C - answerBundle of Legal Rights - Disposition, Enjoyment, Exclusion, Possession, Controls *look DEEP to C your property rights* Riparian Rights - answerAn owner's right in land that borders on or includes a stream, river, or...

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  • October 21, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • oklahoma real estate test study questions with cor

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  • Real Estate
  • Real Estate

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©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM



Oklahoma Real Estate Test Study Questions
With Correct Answers


DEEP + C - answer✔Bundle of Legal Rights - Disposition, Enjoyment, Exclusion, Possession,

Controls *look DEEP to C your property rights*


Riparian Rights - answer✔An owner's right in land that borders on or includes a stream, river, or

lake. These rights include access to and use of the water. (Ripple -small mid cant loose)


Littoral Rights - answer✔Unrestricted rights granted to owners whose land borders oceans and

large, navigable lakes that have a tide. (Large- can loose -High)


Heterogeneity - answer✔No 2 parcels of land are the same or can share the same location.

Keyword *Unique*


economic characteristics of land - answer✔*LIPS*


Location / Area Preference- things that make the area more desirable Improvements- or

modifications that increase prop value distinguished from repairs or replacement Permanence of

investment- when land has been improved electric drainage water systems investment is long

term stable extends over economic life

Scarcity- indicating limited supply

, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM


Physical Characteristics of Land - answer✔Fixed location-geographical location cannot be

changed, Indestructiblilty-land is durable & indestructible, Heterogeneity- no 2 parcels of land

are exactly alike or can occupy the exact location on earth.


Abstract of Title - answer✔A summary of the ownership of a parcel of land which lists transfers

of title, rights, and liabilities.


Differences between Title Theory & Lien Theory - answer✔*Oklahoma is a lien Theory State*

Lien Theory tittle remains with the "mortgagor/buyer/borrower". Title Theory- title passes to a

lender


Mechanic's Lien 4 things to know - answer✔lien added when contractor furnishes labor or

materials for improvement under contract directly with property owner (NOT REPAIRS)

maximum 4 months after date of labor or material to file. Sub-contractors have 90 days Failure

to pursue lien within 1 yr terminates lien


What is an Easement and the 2 general types? - answer✔Acquired legal privilege to use a portion

of another parties property WITHOUT OWNERSHIP

2 Types GROSS belongs to its owner personally and does NOT pass with transfer of ownership

Appurtenant attaches to and runs w ownership of the land


"HO" Homeowners Insurance - answer✔spreads cost of loss over others w similar risk.


Typical HO Exclusions 8 - answer✔Flood

, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM


Earthquake

Nuclear Accident

Vacant Property

Aircraft Damage

Disease

Injuries to the insured

Collapses due to faulty construction


3 things to know about Flood Insurance - answer✔Only available if joined NFIP


Sold by insurance companies

premiums based on risks


3 Things to know about Title Insurance - answer✔coveres title problems exsisti


Association of Real Estate License Law Officials - answer✔ARELLO main job is the exchange

of information and ideas regarding licensing, regulation, and adoption of policies/standards for

all states


% of the US population that lives w/in 100 miles of a coast line. - answer✔70%


Law of Emblements - answer✔permits tenants to re-enter to harvest crops they have grown even

after the lease has expired

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