Free Oklahoma Real Estate Practice Exam

Q1.A property is located within an ADEQ Superfund site area. The seller is unaware of any contamination affecting their specific parcel. The listing agent learned about the Superfund designation from a county map. The agent's obligation is:

• A.None — ADEQ environmental designations are public record and the buyer's responsibility to research
• B.Only disclose if the seller's soil test confirms contamination on the specific parcel
• C.Disclose the Superfund designation to the buyer as a material fact affecting the property
• D.Recommend that the seller test the soil before the agent can list the property

Q2.A managing broker's affiliated salesperson shows a buyer a property listed by the same brokerage. Under OBRA, before any substantive discussion of price or motivation, what must the managing broker's office provide to the buyer?

• A.A completed HUD-1 Settlement Statement
• B.A written disclosure of the brokerage's agency relationships and representation options
• C.A signed listing agreement amendment adding the buyer as a co-client
• D.A RESPA Section 8 affiliated business arrangement disclosure

Q3.A salesperson is assisting a prospective buyer who is a non-English speaker of Hispanic origin. The buyer asks whether the neighborhood is 'safe for people like us.' The salesperson responds by steering the buyer away from a predominantly White neighborhood toward a predominantly Hispanic neighborhood, believing this serves the buyer's comfort. Under the federal Fair Housing Act (42 U.S.C. § 3604), this conduct is BEST described as:

• A.Illegal steering based on national origin, regardless of the salesperson's intent to accommodate the buyer's preferences
• B.Permissible because the salesperson was responding to the buyer's own expressed preferences
• C.Permissible because steering is only unlawful when the agent directs buyers away from a protected class neighborhood, not toward one
• D.A violation only if the salesperson's brokerage has a written policy encouraging such conduct

Q4.After the brokerage relationship between a licensee and a former seller-client has ended, which duty under the Oklahoma Real Estate Broker Relationships Act continues to bind the licensee indefinitely?

• A.Presenting all offers and counteroffers to and from the former client
• B.Advising the former client to seek expert advice on matters outside the licensee's expertise
• C.Keeping confidential any information given by the former client that was made confidential during the relationship
• D.Accounting for all monies and property received during the active relationship

Q5.Under the Truth-in-Lending Act (TILA), which of the following loan types is generally exempt from disclosure requirements?

• A.Residential mortgage loans
• B.Home equity lines of credit
• C.Consumer credit transactions
• D.Commercial loans over $25,000

Q6.Under the Oklahoma Real Estate License Code, which of the following best describes the Oklahoma Real Estate Commission's authority regarding its own rules?

• A.OREC may promulgate rules only if the Oklahoma Legislature approves each rule individually before it takes effect.
• B.OREC has the authority to adopt, amend, and enforce rules necessary to administer the Oklahoma Real Estate License Code, subject to the Oklahoma Administrative Procedures Act.
• C.OREC may issue rules, but those rules have no force of law and are only advisory guidelines for licensees.
• D.OREC's rulemaking authority is limited to setting license fees and has no power to regulate licensee conduct.

Q7.Which type of encumbrance is a non-financial restriction on how property may be used?

• A.A mortgage or deed of trust
• B.A deed restriction or CC&R (covenant, condition, and restriction)
• C.A mechanic's lien filed by a contractor
• D.An IRS federal tax lien

Q8.Under the Residential Lead-Based Paint Hazard Reduction Act (42 U.S.C. § 4852d), a seller of a pre-1978 residential dwelling fails to provide the required lead-based paint disclosure to a buyer. Which of the following statements MOST accurately describes the legal consequence?

• A.The seller may be subject to civil penalties up to $19,507 per violation and is liable to the buyer for triple the amount of damages suffered.
• B.The buyer may void the contract within 10 business days of discovering the violation, but the seller faces no monetary penalty.
• C.The seller faces criminal penalties only, with no civil liability to the buyer.
• D.The violation is curable by providing the disclosure at closing, eliminating any potential penalties.

Q9.Under the Oklahoma Residential Landlord and Tenant Act (Title 41 O.S.), if a tenant gives proper written notice to terminate a month-to-month tenancy, how much advance notice is generally required?

• A.Seven days before the end of the rental period
• B.Thirty days before the end of the rental period
• C.Sixty days before the end of the rental period
• D.Ninety days before the end of the rental period

Q10.A conventional loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA) is known as a:

• A.Jumbo loan
• B.Subprime loan
• C.Portfolio loan
• D.Government loan

Q11.A buyer's agent learns during negotiations that the buyer would be willing to pay significantly more than the listed price if necessary. After the transaction closes, the buyer asks the agent to keep this information confidential permanently. Under the Oklahoma Real Estate Broker Relationships Act, which statement is MOST accurate regarding this confidential information?

• A.The duty of confidentiality ends automatically upon closing of the transaction
• B.The licensee may disclose the buyer's willingness to pay more once the listing agreement expires
• C.The duty to maintain confidentiality of such information survives the end of the brokerage relationship
• D.Confidentiality is only required while the brokerage agreement is active and ends when it terminates

Q12.In real estate contracts, what typically happens during an attorney review period?

• A.The attorney determines the property's market value
• B.The attorney reviews and may request modifications to the contract terms
• C.The attorney arranges for the property inspection
• D.The attorney orders the title search

Q13.Which of the following is the primary purpose of zoning ordinances?

• A.To generate revenue for local government
• B.To determine property tax assessments
• C.To regulate and control the use of land within a municipality
• D.To establish building construction standards

Q14.An Oklahoma real estate salesperson moves their license from Broker A to Broker B. Under the Oklahoma Real Estate License Code and OREC rules, which of the following statements is TRUE regarding this license transfer?

• A.The salesperson may begin working for Broker B immediately upon verbal agreement between the two brokers, without notifying OREC.
• B.The salesperson must submit a license transfer application to OREC, and the license must be affiliated with the new broker before the salesperson can lawfully perform licensed activities for Broker B.
• C.The salesperson's license automatically transfers to Broker B as soon as Broker A releases them, with no application or fee required.
• D.The salesperson must wait for a 30-day cooling-off period before their license can be transferred to any new broker.

Q15.A buyer approaches a broker who represents the seller and asks the broker to also represent the buyer in the same transaction. Under OBRA, for the broker to legally serve as a dual agent (transaction broker or disclosed dual agent), what is the threshold requirement?

• A.The broker must obtain written informed consent from both the seller and the buyer before proceeding
• B.The broker must withdraw from representing the seller before representing the buyer
• C.The broker may proceed without disclosure because Oklahoma is a non-disclosure state
• D.The broker must simply verbally notify both parties at closing