PSI Oklahoma Real Estate Practice Test

In Oklahoma, how is a valid purchase agreement typically expressed?

1. Through verbal negotiation.

2. Written contract signed by parties.

3. Email communication.

4. Certain verbal agreements.

The correct answer is: Written contract signed by parties.

A valid purchase agreement in Oklahoma is typically expressed through a written contract signed by the parties involved. This requirement is rooted in the Statute of Frauds, which specifies that real estate contracts must be in writing to be enforceable. A written agreement provides clarity and serves as a legal document that outlines the terms and conditions agreed upon by the buyer and seller. It also protects the interests of both parties, ensuring that there is a clear record of the transaction. While verbal negotiations can occur during the buying process, they do not create an enforceable contract. Similarly, while email communication can be part of the negotiation process, it is not sufficient on its own to constitute a legally binding agreement unless it clearly meets the requirements for a written contract. Certain verbal agreements may arise, but for the sale of real estate, proper legal documentation is essential to prevent misunderstandings and disputes.