PSI Oklahoma Real Estate Practice Test

Under which circumstance might a property seller legally reclaim a property from the buyer?

1. If the buyer misses a payment

2. If the buyer wants to sell the property

3. If the seller refuses to negotiate

4. If the buyer has made late payments in the past

The correct answer is: If the buyer misses a payment

The correct answer highlights a situation where a seller may legally reclaim a property from the buyer due to the buyer's failure to fulfill agreed-upon financial obligations, specifically missing a payment. In real estate transactions, agreements typically include terms that stipulate the buyer must make payments on a set schedule. If the buyer defaults and misses a payment, it often constitutes a breach of contract, granting the seller certain rights, including the possibility of initiating foreclosure proceedings to reclaim the property. In contrast, the other options do not constitute valid circumstances for reclaiming property. If a buyer wishes to sell the property, it does not affect the seller's ownership nor allow for reclamation. A seller’s refusal to negotiate is also unrelated to the buyer's payment obligations and does not provide grounds for reclaiming a property. Late payments in the past may indicate a pattern of behavior but do not automatically give the seller the right to reclaim the property unless stipulated in the contract. Thus, the seller's right to reclaim is most directly tied to the buyer's missed payments as a breach of contract, affirming the answer.