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!

Practice this question and more.

Which element is essential for establishing a legally enforceable real estate contract?

Signatures from witnesses
A written document
The presence of an attorney
A notary seal

The correct answer is: A written document

A written document is essential for establishing a legally enforceable real estate contract because the Statute of Frauds requires that certain types of contracts, including those related to the sale of real estate, must be in writing to be enforceable in court. This written document outlines the terms and conditions agreed upon by the parties involved and provides clear evidence of their intentions, which is crucial for preventing disputes and ensuring that all parties are held accountable. While signatures from witnesses, the presence of an attorney, and a notary seal may add layers of legitimacy or protection to a contract, they are not strictly required to create a binding real estate contract. The core requirement is that the agreement must be documented in writing to meet legal standards.