OK Real Estate study guide
OK Real Estate · Work through your exam, one topic at a time.
The Oklahoma Real Estate Licensing Examination is the state exam administered as part of the process of obtaining a real estate sales associate license in Oklahoma. The Oklahoma Real Estate Commission (OREC) oversees licensing, and the exam is the final knowledge check a candidate clears after completing the required prelicense coursework and before submitting a license application. The OK Real Estate study guide has 7 sections and about 2,296 words.
01Oklahoma Real Estate License Law, Rules and Commission Regulations
Oklahoma regulates brokerage through the Oklahoma Real Estate Commission (OREC), which adopts rules commonly found in Title 605 of the Oklahoma Administrative Code. A person may not, for compensation, list, sell, buy, lease, or negotiate real estate for another without a license.
324 words, about 2 min02Agency Relationships, Fiduciary Duties and Disclosures
Oklahoma's Broker Relationships Act governs how licensees disclose and establish agency. A licensee must disclose the type of relationship offered and obtain the required written acknowledgment before confidential information is shared or an offer is made.
312 words, about 2 min03Contracts, Contract Law and Required Contract Forms
A valid real estate contract needs competent parties, mutual assent, consideration, lawful purpose, and a description sufficient to identify the property. The statute of frauds requires covered real estate agreements to be in writing and signed by the party to be charged.
334 words, about 2 min04Real Property Ownership, Rights and Land Use
Real property includes the bundle of rights: surface, subsurface, air, and the right to use and exclude. Ownership estates include fee simple absolute, life estates, and leaseholds.
358 words, about 2 min05Financing, Mortgages and Settlement
Real estate financing involves a promissory note (the promise to pay) and a mortgage or deed of trust (the security instrument). Key terms include principal, interest rate, APR, amortization, loan-to-value (LTV), points, escrow reserves, and private mortgage insurance.
336 words, about 2 min06Valuation, Market Analysis and Pricing
Value is the present worth of future benefits. Appraisers use the sales comparison approach, cost approach, and income approach, then reconcile to a final opinion.
300 words, about 2 min07Real Estate Practice, Advertising, Trust Accounts and Fair Housing
Advertising must be truthful and must identify the responsible broker or firm as required by OREC rules. Blind ads that omit the broker's identity are a trap.
332 words, about 2 min