Real Estate pt 3

The responsibilities of the Oklahoma Real Estate Commission include

• Enforcing the license code

• Ensure everyone is paid

• report to the head of Realtors

When brokers and associates have disagreements over fees, they have the right to

• Do nothing

• Report to Head of OREC

• Bring Action in Court

Sam Seller sold his duplex for the sum of $43,125 on an assumption type sale. When the transaction was closed the mortgage assumed was $20,000. What was the amount of documentary tax stamps attached to the deed?

• 100

• $65.25

• 22.22

What date is customarily used for adjusting expenses such as insurance premiums, taxes, and mortgage interest on a closing statement?

• Date of Opening

• Quit Claim

• Date of Closing

 A sales associate should always obtain an earnest money deposit with a purchase offer in order to

• receive commission

• Have evidence of offeror's good faith

• get the home sold

In general, a broker who receives earnest money deposits is required to do all of the following except

• Keep funds in personal account

• Keep the operating funds in a trust account

• Keep the money all for yourself

Mr. Freno lived next door to a real estate broker. Mr. Freno referred his sister to the broker next door, and she purchased a home costing $120,000. To show appreciation, the broker may

• Invite Mr.Freno to dinner

• Express his appreciation to Mr.Freno

• Buy Mr.Freno a Gift

When brokers commingle funds, they

• Keeping all the funds in their personal account

• Stealing sale associate funds

• Mix the funds of clients with personal or operating funds

 A real estate sales associate receiving a deposit on any transaction in which the associate is engaged on behalf of a broker shall

• immediately turn over the deposit to the broker

• Immediately put it in my personal Account

• Give the broker his % keep my commission

 The clause in a mortgage which permits the mortgage to declare the entire unpaid sum due upon a default is an

• Home Mortgage Clause

• Acceleration Clause