Free Oklahoma Real Estate Practice Exam

Q1.Aisha is a dual agent representing both buyer and seller with written consent from both. Which of the following is she still permitted to do?

• A.Negotiate aggressively on behalf of the buyer to get the lowest possible price
• B.Provide factual information about the property to both parties and facilitate the transaction
• C.Disclose the seller's minimum acceptable price to help the buyer make a strong offer
• D.Share the buyer's maximum price with the seller to help them counter effectively

Q2.A buyer is using FHA financing. Which statement correctly describes an important FHA-specific requirement that can affect the purchase contract?

• A.FHA loans do not require an appraisal; conventional loans always do
• B.FHA loans have no loan limits; conventional loans are capped
• C.FHA loans consistently close faster than conventional loans
• D.FHA loans require the property to meet HUD minimum property standards, which may require seller repairs before closing

Q3.Under RESPA, when must a lender provide the Loan Estimate to a borrower after receiving a complete loan application?

• A.Within 3 business days
• B.Within 1 business day
• C.Within 5 business days
• D.Within 7 business days

Q4.A property is found to contain hazardous substances that were released by a previous owner. Under CERCLA, which party is most likely to bear primary financial responsibility for the cleanup costs?

• A.The current property owner, regardless of fault
• B.Only the party who originally deposited the hazardous substances
• C.The federal government through the Superfund program exclusively
• D.The real estate agent who listed the property for sale

Q5.Under the Fair Housing Act, the term 'familial status' as a protected class primarily refers to:

• A.Whether a person is married or single
• B.Households with children under 18 years of age, pregnant women, or persons in the process of obtaining legal custody of a minor
• C.Extended family members living together, such as grandparents and grandchildren
• D.Any household of two or more people who are related by blood or marriage

Q6.Under the Fair Housing Act, a buyer's agent who steers clients toward or away from neighborhoods based on the racial composition of those neighborhoods is engaging in which prohibited practice?

• A.Blockbusting
• B.Redlining
• C.Steering
• D.Commingling

Q7.Under CERCLA (the Comprehensive Environmental Response, Compensation, and Liability Act), which party can be held liable for the cleanup costs of hazardous substances on a property?

• A.Only the party who originally deposited the hazardous substances on the property
• B.Only the current property owner at the time the contamination is discovered
• C.Current owners, past owners, generators of the waste, and transporters of the waste
• D.Only the lender who financed the purchase of the contaminated property

Q8.A home was purchased three years ago for $240,000. It has since appreciated at a rate of 4% per year using simple (straight-line) appreciation. What is the current estimated value of the property?

• A.$268,800
• B.$269,587
• C.$278,400
• D.$264,000

Q9.In a government rectangular survey legal description, 'the NW 1/4 of the SE 1/4 of Section 23, Township 4 North, Range 7 West of the Third Principal Meridian' describes how many acres?

• A.160 acres
• B.80 acres
• C.10 acres
• D.40 acres

Q10.Under the Oklahoma Real Estate Broker Relationships Act (Title 59 O.S. §§ 858-351 et seq.), which of the following duties is owed by a licensee to ALL parties in a transaction, regardless of whom the licensee represents?

• A.Promoting the best interests of the client above all others
• B.Disclosing all known adverse material facts about the property
• C.Presenting all offers in a timely manner
• D.Advising the party on the legal sufficiency of contracts

Q11.A broker learns that a prospective buyer has previously filed for Chapter 7 bankruptcy and disclosed this fact during the loan pre-qualification conversation. A lender subsequently denies the buyer's mortgage application. Under ECOA (Equal Credit Opportunity Act, 15 U.S.C. § 1691), which statement about the lender's obligations is correct?

• A.The lender must provide the applicant with a written notice of adverse action stating the specific reasons for denial within 30 days of the completed application.
• B.The lender may deny the application without written notice if the denial is based solely on a prior bankruptcy, which is a neutral financial fact rather than a protected characteristic.
• C.ECOA does not apply to mortgage transactions; adverse action notice requirements are governed exclusively by the Fair Credit Reporting Act.
• D.The lender must offer the applicant an alternative loan product at a higher rate before issuing a formal denial.

Q12.Under the Oklahoma Real Estate Broker Relationships Act, which of the following duties is owed to ALL parties in a transaction, regardless of whom the broker represents?

• A.Promoting the best interests of the client above all others
• B.Timely presenting all offers and counteroffers
• C.Maintaining strict confidentiality of the client's motivation to sell
• D.Advising the party on the legal sufficiency of contract terms

Q13.A broker manages a property that was previously used as a dry-cleaning facility. During a listing appointment, the current owner discloses that solvent-contaminated soil was discovered but never remediated. The prospective buyer is unaware of the contamination. Under CERCLA (42 U.S.C. § 9601 et seq.) and general broker duty principles, what is the broker's most appropriate course of action?

• A.Disclose the known environmental contamination to the prospective buyer, advise both parties to consult environmental counsel, and refuse to facilitate a transaction that conceals a material defect regardless of the seller's instructions.
• B.Maintain confidentiality about the contamination because it was disclosed to the broker in a fiduciary capacity by the seller, and the broker's loyalty duty to the seller supersedes the buyer's right to know.
• C.List the property 'as-is' without mentioning the contamination, since an 'as-is' clause transfers all risk and disclosure obligations to the buyer.
• D.Advise the seller to remediate the contamination secretly before closing to avoid triggering CERCLA reporting requirements and to preserve the property's marketability.

Q14.In a real estate office transaction file, which document must be retained to demonstrate compliance with Truth in Lending Act (TILA) requirements when the transaction involves seller financing?

• A.Truth in Lending Disclosure Statement showing APR and finance charges
• B.Purchase agreement with financing terms
• C.Seller's financial qualification documents
• D.Property appraisal report

Q15.Under the Housing for Older Persons Act (HOPA), a community can legally exclude families with children only if it meets one of these qualifying tests:

• A.Any community can exclude children if its CC&Rs say so
• B.(1) HUD-designated 62-and-older housing, (2) 55-and-older with at least 80% of occupied units having one resident 55+ AND published policies AND age verification, OR (3) federally funded elderly housing
• C.Any community over 30 years old qualifies automatically
• D.Communities only need a majority of residents over 50