OKRES Oklahoma Real Estate Salesperson Exam - Set 3 - Part 3
Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.
Question 41: When prorating shared expenses at settlement, the parties must agree who is responsible for the actual day of closing itself, because it affects each side's share. A closing follows the common convention on this point. Who is typically charged for the day of closing?
Question 42: Over several years, a property's value rises well above what the owner originally paid, purely because of favorable market conditions and demand. A student wants the term for this increase in value over time. Which term correctly names it?
Question 43: A homeowner wants to know the portion of her property's total value that she actually owns free of debt, found by taking the current market value and subtracting the remaining loan balance. Which term describes this owner's share of value?
Question 44: A county computes property taxes by applying a rate expressed in thousandths of a dollar to the assessed value. A student needs the correct meaning of the unit used in this tax rate. What does one mill represent?
Question 45: A seller tells a broker the exact amount of cash she must walk away with after paying the commission and closing costs, and asks the broker to work backward to a listing price. What is this target amount the seller must receive commonly called?
Question 46: Commercial and waterfront lots are sometimes priced by the width of the parcel measured along the street or water, with each foot of that frontage carrying a value. What is this unit of measurement, based on frontage width, called?
Question 47: To fairly compare homes of very different sizes, an appraiser divides each home's sale price by its total square footage, producing a figure that allows a consistent comparison across the properties. What is this per-unit figure commonly called?
Question 48: When a deed is recorded, many states impose a tax based on the sale price of the property being conveyed, often collected through stamps affixed to the deed. What is this charge on the conveyance of real estate commonly called?
Question 49: A lender describes a borrower's total monthly housing payment as one that combines four separate components, namely principal, interest, taxes, and insurance, often remembered by a common four-letter acronym. Which acronym stands for this complete monthly housing payment?
Question 50: An investor analyzing a rental apartment building distinguishes the total rent collected before any expenses from the amount left after operating expenses are paid. In the income approach, which of these figures is capitalized to estimate the property's value?
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