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!

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In real estate, what does the term 'lis pendens' refer to?

A type of real estate tax
A notice of pending legal action against a property
A document to list the property for sale
A method of calculating depreciation

The correct answer is: A notice of pending legal action against a property

The term 'lis pendens' refers to a notice of pending legal action against a property. This legal term signifies that there is a lawsuit that has been filed which affects the title or the right to possession of the property. By filing a lis pendens, the party initiating the lawsuit informs other potential buyers or interested parties that the outcome of the case could impact the property's ownership or rights associated with it. This notice serves as a warning, allowing anyone interested in the property to understand that there are legal issues pending that might affect their rights or interests in the property. This is essential for protecting the rights of parties involved in legal disputes regarding real estate transactions.