Free Oklahoma Real Estate Practice Exam

Q1.A buyer's salesperson in Oklahoma discovers a significant crack in the foundation of a listed property during a showing that the seller did not mention on the Disclosure Statement. Under the Oklahoma Residential Property Condition Disclosure Act, what is the salesperson's obligation?

• A.Do nothing, because the salesperson's duty is solely to the seller as the listing broker's client
• B.Disclose the observed defect to the buyer, because licensees have an independent duty to disclose known material defects regardless of their agency relationship
• C.Report the defect only to OREC and take no further action until OREC investigates
• D.Advise the buyer verbally but avoid putting anything in writing to protect the brokerage

Q2.Under the Fair Housing Act, which federal agency has primary enforcement authority for investigating housing discrimination complaints and can initiate administrative proceedings or file federal court actions?

• A.Department of Housing and Urban Development (HUD)
• B.Consumer Financial Protection Bureau (CFPB)
• C.Federal Trade Commission (FTC)
• D.Environmental Protection Agency (EPA)

Q3.Under the Oklahoma Real Estate Broker Relationships Act, which of the following best describes the legal relationship between an Oklahoma real estate salesperson and the broker under whom the salesperson is licensed?

• A.The salesperson is always considered an independent contractor for all legal purposes
• B.The salesperson acts as an agent of the broker, and the broker is responsible for the salesperson's acts within the scope of their authority
• C.The salesperson may provide brokerage services independently without broker supervision once licensed
• D.The salesperson and broker share equal responsibility to the client under the Act

Q4.Under the Oklahoma Real Estate License Code (59 O.S. § 858-301), which of the following activities requires a real estate license in Oklahoma?

• A.A property owner selling their own personal residence
• B.An attorney acting under a court order to sell property on behalf of an estate
• C.A person who, for compensation, lists another person's property for sale on behalf of that owner
• D.A licensed auctioneer selling real property at a court-ordered auction

Q5.RESPA requires lenders to provide borrowers with a Loan Estimate within how many business days of receiving a loan application?

• A.1 business day
• B.2 business days
• C.3 business days
• D.5 business days

Q6.Under the Equal Credit Opportunity Act (ECOA), a dual agent learns that the lender is requesting information about a buyer's marital status for a non-joint credit application. How should the agent handle this situation while maintaining proper fiduciary duties?

• A.Inform the buyer that ECOA prohibits this inquiry and suggest they question the lender
• B.Advise the buyer to provide the information since it was requested by the lender
• C.Contact the lender directly to withdraw the buyer's application
• D.Remain neutral and let the buyer decide without providing guidance

Q7.Under the Fair Housing Act, which of the following actions by a real estate licensee would constitute illegal discrimination?

• A.Requiring all applicants to meet the same income qualifications
• B.Showing only properties within a client's stated price range
• C.Refusing to show properties in certain neighborhoods based on a client's race
• D.Requiring a security deposit from all tenants

Q8.After receiving a Residential Property Condition Disclosure Statement, a buyer in Oklahoma discovers a material defect not mentioned in the statement. The buyer wishes to withdraw from the transaction. Under the Oklahoma Residential Property Condition Disclosure Act, which of the following BEST describes the buyer's right to rescind?

• A.The buyer has no right to rescind once a purchase contract has been executed
• B.The buyer may rescind the contract within a reasonable time after receiving a revised or amended Disclosure Statement revealing new material defects
• C.The buyer must obtain a court order before rescinding the purchase contract based on a disclosure deficiency
• D.The buyer may rescind only if the defect was discovered during the due-diligence period specified in the purchase contract

Q9.Under the Equal Credit Opportunity Act (ECOA), which factor may a lender legally consider when evaluating a mortgage application?

• A.The applicant's marital status
• B.The applicant's employment history and income stability
• C.The applicant's plans to have children
• D.The applicant's country of national origin

Q10.A buyer applying for a federally related mortgage loan to purchase a home in Oklahoma City is denied credit by the lender. The lender's underwriting system flags the buyer's application primarily because the buyer receives income from a housing assistance voucher program. The buyer believes the denial was discriminatory and files complaints under both the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA). As the buyer's broker, you advise the buyer on the legal protections available. Which statement BEST describes the interplay of the FHA and ECOA in this scenario at the federal level?

• A.Only the FHA applies here because ECOA covers credit discrimination solely on the basis of race, color, religion, sex, national origin, age, or receipt of public assistance income, while the FHA does not cover credit transactions.
• B.The ECOA (15 U.S.C. § 1691) prohibits a creditor from discriminating against a credit applicant based on receipt of public assistance income, and the FHA (42 U.S.C. § 3605) separately prohibits discriminatory residential real estate–related lending; both statutes may provide overlapping remedies, and the buyer may pursue claims under either or both.
• C.Because the denial was based on source of income rather than a protected class under the FHA, the FHA provides no remedy; the buyer's sole federal remedy is under ECOA.
• D.The ECOA does not apply to mortgage lending; it covers only unsecured consumer credit, so the buyer's only federal remedy for discriminatory mortgage denial is under the FHA.

Q11.Under the Oklahoma Real Estate License Code, which of the following activities may an unlicensed personal assistant lawfully perform for a sponsoring Oklahoma broker?

• A.Host an open house independently and answer buyer questions about the property's price and terms
• B.Prepare and present a comparative market analysis to a prospective seller
• C.Schedule property showings and deliver pre-signed contracts to parties as directed by the broker
• D.Negotiate lease renewal terms with a tenant on behalf of the broker

Q12.An Oklahoma real estate salesperson is showing a listed property and personally observes a large crack in the foundation that the seller did not mention in the Disclosure Statement. According to OREC requirements, what is the salesperson's duty?

• A.Disclose the observed defect to prospective buyers, regardless of what the seller stated in the Disclosure Statement
• B.Keep the information confidential because it is the seller's duty, not the licensee's, to disclose defects
• C.Wait for the seller to amend the Disclosure Statement before mentioning it to buyers
• D.Disclose the defect only if the buyer asks a direct question about the foundation

Q13.A purchase contract includes a clause stating that if the buyer defaults, the seller will retain the earnest money deposit as full compensation. This type of clause is best described as a:

• A.Contingency clause
• B.Exculpatory clause
• C.Liquidated damages clause
• D.Subordination clause

Q14.In states where attorneys are required to conduct real estate closings, what is the primary reason for this requirement?

• A.To ensure compliance with federal lending regulations
• B.To provide legal protection through the unauthorized practice of law statutes
• C.To guarantee title insurance coverage
• D.To meet federal settlement requirements under RESPA

Q15.A seller in Oklahoma chooses to provide a Residential Property Condition Disclaimer Statement instead of a Disclosure Statement. Which of the following statements BEST describes the legal effect of using the Disclaimer Statement under the Oklahoma Residential Property Condition Disclosure Act?

• A.The seller is completely released from all liability for any defects discovered after closing
• B.The seller represents that they have no knowledge of any defects and the buyer accepts the property in its present condition, but the seller is not released from liability for fraud or misrepresentation
• C.The buyer waives the right to a professional home inspection by accepting the Disclaimer Statement
• D.The Disclaimer Statement is only permitted when the seller has never occupied the property