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Real Estate Final Exam pt 6

Total questions: 26

Worksheet time: 20mins

Name
Class
Date
1.

Title insurance has a one-time premium paid at closing and protects the insured against loss from

a)

Hail and Flood damages

b)

All damages made from a Natural Disaster

c)

all defects up to the policy's effective date which are not specifically excluded in the policy

2.

An abstract of title is

a)

A summary of all recorded instruments pertaining to a given property

b)

existing properties

c)

given details of title

3.

A tract of land described as the SW ¼ of the SE ¼ of the NE ¼ of the NW ¼ contains

a)

5 acres

b)

2 1/2 acres

c)

3 acres

4.

Which of the following is not a major acceptable means of describing property?

a)

phone number

b)

House Number

c)

name

d)

email

5.

A legal description of property using physical features is called a description by

a)

Monuments

b)

square foot

c)

value

6.

Real property described by beginning at a certain point and measuring and indicating the direction and length of the boundaries of the property until the point of beginning is again reached is called

a)

WIdth

b)

length

c)

Metes and Bounds

d)

scale

7.

An example of a government lot is

a)

parking lot owned by the goverment

b)

A parcel of land along the shore of lake or river usually containing less than forty acres

8.

The sections in a township are numbered in a “snake” like pattern that always begins in what corner of the township?

a)

The NE Corner

b)

The SE corner

c)

The NW Corner

9.

The Indian Meridian is located

a)

about midway through the state running north and south.

b)

Up north west

c)

Down South

d)

Not sure

10.

Limited partners are

a)

Limited as to their liability for debts of the partnership

b)

Partners for a limited time period

c)

People who help you for a limited time

11.

A person bought an apartment in a large building and received a deed conveying a fee simple title, plus a fractional share of common elements, and a tax bill on the apartment.  This type of living unit is a

a)

The Corterie

b)

Condominium

c)

Shared Common living

12.

Ownership of real property restricted to a husband and wife holding title with right of survivorship is

a)

Tenancy by the entirety

b)

Tenancy in Common

c)

Joint Tenancy

13.

Four widowers decided to buy a home and live together. They took title in equal shares, but agreed that as each of them died the share would pass to the remainder of the group until the only one left would own the entire property in severalty. Under this plan, the men took title to the home as

a)

Tenants in common

b)

Tenancy in severalty

c)

Joint Tenancy

14.

 If property is held by two or more owners as tenants in common, upon the death of the owner, ownership of the deceased would pass to the

a)

Heirs or whoever is designated under the deceased owner's will

b)

reminderman

c)

tenants in common

15.

Estates owned by those who rent or lease property from others are

a)

Property Managers

b)

Owner

c)

Land Lords

d)

Lease Hold Estates

16.

Real estate occupied as a home by an owner who enjoys special rights and privileges is a(n)

a)

Homestead

b)

Free Hold Estate

c)

Official owners

d)

Tenants

17.

Which of the following does the law recognize as the highest type of interest in real estate?

a)

Fee Simple Estate

b)

Life Estate

c)

Net Estate

18.

Which of the following is an economic characteristic of land?

a)

City

b)

Scar

c)

Scarcity

19.

Property of a temporary or moveable nature is

a)

Agreement

b)

Movable Item

c)

Personal Property

d)

Real Property

20.

Riparian rights are best described as those rights

a)

An owner has from a natural water course abutting or crossing the land

b)

water related

21.

 Under our land system, we have certain rights which are called “bundle of rights.”  Which of the following is included in the “bundle of rights?”

a)

Bundle of variety set of laws

b)

Rights of disposition

22.

The definition of real property includes all of the following, EXCEPT

a)

Trade Fixture

b)

Items attached to home

c)

personal property turned to real property

23.

The term REALTOR refers to

a)

Both Brokers and Sales Agent

b)

Sales Agent

c)

All Brokers

d)

only brokers and associates who are members of the national associates of realtors

24.

The provisions requiring a person to be licensed as a real estate broker or sales associate shall apply to any person who _____ for compensation.

a)

None of the above

b)

Solicits prospective purchasers of real property or leases, rents or offers to rent real estate

c)

Have a license

d)

Took the 90 hour course

25.

The provisions of the Oklahoma Real Estate License Code originate in the state legislature. The agency created in 1950 to administer and enforce the Code is the

a)

OREC

b)

OFHA

c)

OREO

26.

The real estate market may be described in all of the following ways EXCEPT

a)

Personal Property

b)

immovable Market

c)

Movable Market