PSI Oklahoma Real Estate Practice Test

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Prepare for the PSI Oklahoma Real Estate Test with flashcards and multiple choice questions, all equipped with hints and explanations. Master the material and pass your exam confidently!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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For Amy and Bob's real estate contract to be enforceable, what must be true?

Must include earnest money
Must be notarized
Must be in writing and involve competent parties
Must have an appraisal attached

The correct answer is: Must be in writing and involve competent parties

For a real estate contract to be enforceable, it is essential that the contract be in writing and involve competent parties. This is grounded in the Statute of Frauds, which requires that contracts for the sale of real estate be in written form to be legally binding. Additionally, both parties must have the legal capacity to enter into the contract, meaning they must be of sound mind, of legal age, and not under duress or coercion. Including earnest money, notarization, or having an appraisal attached are not requirements for the enforceability of the contract. While earnest money can demonstrate the seriousness of the buyer's intent and notarization may provide additional legitimacy, these elements are not essential for a contract to be valid. Similarly, an appraisal may inform the value of the property but is not necessary for the contract’s enforceability itself.