Oklahoma Real Estate Final Test Practice Exam Questions (168 Terms) With Verified Definitions Updated 2024

What is typically NOT covered in standard homeowner's insurance? {Ans: Flood damage}In regard to commercial real estate investment, the term IRR refers to what? {Ans: Internal rate of return}Broker Larry knows that there are plans for an upscale mall in the neighborhood of one of his listings. Larry can guarantee that property values will increase dramatically and his buyer will make a future profit on the resale of his home under what circumstances? {Ans: Never this kind of guarantee is illegal}What is the potential downside of consolidating all other debts into a home equity loan? {Ans: The borrower could lose the home if they cannot afford the home equity payment}Glenn has an inactive license. How often must he pay to renew it? {Ans: He must pay every license term}What date is used to establish lien priority for a mechanic's lien? {Ans: The date of the beginning or ending of the contractor's work}