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Oklahoma Real Estate Test Study Questions And 100% Correct Answers A+ Graded
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Oklahoma Real Estate Test Study Questions And 100%Correct Answers A+ Graded
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.
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- those 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
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 Easment 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
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 exsisting prior
to policy
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