Free Oklahoma Real Estate Practice Exam

Q1.Under the Fair Housing Act, which scenario would constitute illegal discrimination based on familial status?

• A.Refusing to rent a studio apartment to a family of four due to legitimate occupancy standards
• B.Advertising 'adults only' for a 55+ senior housing community that qualifies for the housing for older persons exemption
• C.Requiring all tenants to provide references regardless of family composition
• D.Requiring higher security deposits from families with children due to potential property damage

Q2.A brokerage's leasing agent conditions a showing on a sexual favor, without the broker's knowledge. Under the FHA, which statement is correct?

• A.The brokerage has no liability because the broker did not know
• B.Only the agent is personally liable
• C.The brokerage may face vicarious liability because the agent acted within the scope of employment
• D.The brokerage is only liable if the conduct was part of a pattern

Q3.Under the Oklahoma Real Estate License Code, a licensed salesperson who has an interest in a property being purchased or sold must:

• A.Obtain written consent from OREC before entering into the transaction
• B.Disclose their licensed status and their interest in the property to all parties in the transaction
• C.Allow only the supervising broker to negotiate the transaction on the licensee's behalf
• D.Disclose their licensed status only to the opposing party, not to their own broker

Q4.Under Oklahoma law, if a real estate salesperson receives an earnest money deposit from a buyer, what must the salesperson do with those funds?

• A.Deposit the funds into the salesperson's personal business account until closing
• B.Hold the funds in cash in a secure location until the transaction closes
• C.Promptly deliver the funds to their supervising broker, who must deposit them into a trust or escrow account
• D.Forward the funds directly to the title company within 24 hours of receipt

Q5.Under the Oklahoma Residential Landlord and Tenant Act (Title 41 O.S.), a tenant notifies the landlord in writing of a habitability defect that the landlord is required to repair. If the landlord fails to make the repair within the statutory period, what remedy is available to the tenant?

• A.The tenant may immediately terminate the lease and sue for three months' rent as a penalty
• B.The tenant may withhold all future rent until the repair is completed, with no further notice required
• C.The tenant may terminate the rental agreement or have the repair made and deduct the cost from rent, subject to statutory limitations, after giving the landlord proper written notice
• D.The tenant must file a complaint with OREC before taking any self-help remedy

Q6.Under OBRA, a broker who is acting as a transaction broker (non-agent facilitator) owes a defined set of statutory duties. Which of the following duties is INCLUDED in a transaction broker's obligations?

• A.Undivided loyalty and zealous advocacy for one party's position
• B.Maintaining confidentiality of a party's negotiating position unless authorized to disclose
• C.Refusing to present offers that are below list price
• D.Providing legal advice on the enforceability of contract terms

Q7.A seller client tells her Oklahoma licensee that she must sell quickly due to a pending bankruptcy. After the brokerage relationship ends, the buyer's agent asks the now-former listing licensee about the seller's motivation. Under the Oklahoma Real Estate Broker Relationships Act, what must the licensee do?

• A.Disclose the information because the brokerage relationship has ended
• B.Disclose the information only if ordered to do so by OREC
• C.Maintain confidentiality about the seller's motivation because that duty survives the end of the brokerage relationship
• D.Disclose the information to the buyer's agent as a duty owed to all parties

Q8.A bank statement ends at $18,400. Deposits in transit are $900 and valid outstanding checks are $600. What is the adjusted bank balance?

• A.$16,900
• B.$18,100
• C.$18,700
• D.$19,900

Q9.A lender denies a mortgage application from a married couple, citing that the wife's part-time income cannot be counted because she is of childbearing age. Which federal law does this practice violate, and what specific prohibition applies?

• A.The Equal Credit Opportunity Act (ECOA), which prohibits creditors from discounting income based on sex, marital status, or the likelihood of having children
• B.The Fair Housing Act, which prohibits discrimination in the sale or rental of housing based on familial status
• C.The Truth-in-Lending Act (TILA), which requires full disclosure of all credit terms and prohibits discriminatory APR calculations
• D.RESPA, which prohibits referral fees and kickbacks that could steer applicants toward discriminatory lenders

Q10.Which of the following IS a federal protected class under the Fair Housing Act?

• A.Familial status (presence of children under 18 or pregnant occupants)
• B.Marital status
• C.Sexual orientation (under federal FHA)
• D.Source of income

Q11.Under the Oklahoma Real Estate Broker Relationships Act, which of the following best describes the relationship between a licensee and a tenant when the licensee is working with the tenant but NOT providing brokerage services to that tenant?

• A.The licensee owes the tenant the full range of fiduciary duties
• B.The licensee owes the tenant only the duties owed to all parties under the Act
• C.The licensee has no duties whatsoever to the tenant
• D.The licensee must automatically become a dual agent to represent the tenant

Q12.Under the Oklahoma Residential Landlord and Tenant Act (Title 41 O.S.), a landlord is required to maintain the rental premises in a habitable condition. Which of the following is an example of a landlord's duty under this requirement?

• A.Providing the tenant with cable television service
• B.Maintaining supplied heating facilities in good and safe working condition
• C.Furnishing the unit with appliances of the tenant's choosing
• D.Paying the tenant's utility bills during the tenancy

Q13.Under the Oklahoma Real Estate Broker Relationships Act, what term describes the relationship between a sponsoring broker and a licensed salesperson affiliated with that broker?

• A.Principal-agent relationship governed by common law agency
• B.An employer-employee relationship requiring W-2 tax reporting
• C.A broker-salesperson relationship in which the salesperson acts on behalf of the sponsoring broker
• D.An independent contractor relationship that eliminates all supervisory duties of the broker

Q14.Under contract law, what is the primary purpose of a contingency clause in a real estate purchase agreement?

• A.To allow the seller to cancel the contract without penalty
• B.To make the contract legally binding on both parties
• C.To provide a condition that must be satisfied for the contract to remain in effect
• D.To establish the closing date for the transaction

Q15.A client reports a fraudulent wire moments ago. What should occur first?

• A.Wait for the next business day.
• B.Delete the email.
• C.Immediately contact the sending financial institution for a recall or freeze and initiate the incident plan and IC3 report.
• D.Post the details publicly.