Download Oregon Real Estate exam Question And Answers 2024 and more Exams Nursing in PDF only on Docsity!
Answers 2024
Constructive eviction - correct answers ✅Acts done or not done by the landlord which materially disturb or impair tenants occupancy so as the tenant is forced to leave Surrender and acceptance - correct answers ✅Mutual agreement to terminate lease The residential landlord and tenant act - correct answers ✅Covers leased structures used as home, residence or sleeping place. EXCLUDES nursing homes, lease to own, dorms, frats, resident managers homes Law of agency - correct answers ✅Statutory law controlling the rights and duties of clients (principals) and agents (brokers) Fiduciary responsibility - correct answers ✅Loyalty, obedience, accountability Commission - correct answers ✅Committing an act of making a false statement Conversion - correct answers ✅Using a clients funds for personal use
Answers 2024
Purchase money note - correct answers ✅Note given to the seller in place of cash Initial agency disclosure pamphlet - correct answers ✅Describes agency choices/must be given to seller prior to entering into listing agreement and to buyer when first contact is made of buyer is seeking representation Disclosed limited agency - correct answers ✅Seller and buyer represented by the same real estate business (whether that's a principal broker or associates broker) Sellers agent - correct answers ✅Listing agent Selling agent - correct answers ✅Agent who writes the offer (can be buyers agent, sellers agent or disclosed limited agent) Property condition disclosure law - correct answers ✅Buyers right to receive disclosure statement on potential property, rescind transaction within 5 business days based on statement and to waive the right to rescind
Answers 2024
Budget - correct answers ✅Detailed plan for future receipts and expenditures. Projected profit and loss statement Net listing - correct answers ✅Specifies amount seller wishes to receive from the sale and listing agent keeps any above that amount Listing agreement - correct answers ✅Essentially an employment contract Exclusive agency listing - correct answers ✅Broker is entitled to a commission of any agent sells the property. The owner can sell without being liable for commission Residential Lead Based Paint Hazard Reduction Act of 1992 - correct answers ✅HUD and EPA require disclosure of known info on lead paint before the sale or lease of housing built before 1978 Liquidated damages - correct answers ✅Amount agreed in advance which will compensate a party to a contract for any loss he may suffer. This is what earnest money represents
Answers 2024
Contingency - correct answers ✅Contract provision requiring completion of a certain act or event before the contract is binding Novation - correct answers ✅Replacing an obligation to perform with another obligation or adding another obligation or replacing a party to an agreement with a new party Short sale - correct answers ✅Where sales price is not sufficient to cover the debt encumbering the property and the seller is unwilling or unable to pay the difference. Sellers lender must agree to the sale. Home affordable modification act (HAMP) - correct answers ✅Designed to help working financially struggling homeowners avoid foreclosure by modifying loans. Includes incentives for investors, borrowers and services Implied contract - correct answers ✅Inferred from actions of the parties Express contract - correct answers ✅Written or oral agreement
Answers 2024
Land conservation and development commission (LCDC) - correct answers ✅Created to develop statewide planning regulations and guidelines Collection escrow - correct answers ✅Used in land sales contracts since the buyer is not receiving the deed until full purchase price is paid Land sales contract - correct answers ✅Seller financed, do not receive deed until paid in full (buyer has equitable title); must be recorded by seller within 15 days of contract to be valid. No redemption right after foreclosure. Buyer may redeem property prior to final foreclosure decree in time period set by court. Purchase money mortgage - correct answers ✅Seller financed, deed given to buyer immediately Rescission under the Oregon Subdivision and Series Partition Control Law - correct answers ✅Buyer can rescind his purchase of a lot for which a public report has been issued with 3 business days of signing. Cannot waive this right; administers by cities and counties
Answers 2024
Oregon Subdivision and Series Partition Control Law - correct answers ✅Applies to lots for residential structures less than 160 acres Loan to value ratio - correct answers ✅Loan principal divided by appraised value or sales price (whichever is lower); loan expressed as a percentage of the value CRV - correct answers ✅Certificate of reasonable value; VA appraisal by VA approved appraiser used to secure a VA loan obtain VA loan - correct answers ✅Must have certificate of eligibility, apply to a lender, pay for a VA appraisal (CRV) and sign a statement saying he intends to occupy the prop as his residence Servicing the loan - correct answers ✅Handles and collects mortgage payments, handles default and foreclosure actions on behalf of the lender, pays taxes when due, generally charge lender 3/4 of 1% of loan balance for the service. Can be FHA VA conventional etc Commercial bank lending - correct answers ✅Prefer short term loans (construction, home improvement loans, equity loans)
Answers 2024
Package mortgage - correct answers ✅Includes real and personal property Promissory note - correct answers ✅Evidence of debt and promise to repay Strict foreclosure - correct answers ✅Foreclosure without a sale, property returned to the lien holder Trust deed - correct answers ✅A deed of trust, like a mortgage, pledges real property to secure a loan. NOT a promise to pay but security backing the promise to pay. A deed of trust involves three parties: the trustor (the borrower) the beneficiary (thethe lender), and the trustee. (The trustee is an independent third party that holds "bare" or "legal" title to the property. The main function of a trustee is to sell the property at public auction if the trustor defaults on payments.) It is used instead of a mortgage in certain states.
Answers 2024
180 day right of redemption post judicial foreclosure Package mortgage - correct answers ✅One loan for a number of items. Real property and personal property. Interest rates can be lower bc of the real property as security Title theory states - correct answers ✅Mortgage conveys legal title to the lender (mortgagee) and is conveyed to mortgagors upon satisfaction of the debt Lien theory states - correct answers ✅Mortgage is security interest. Gives the lender a lien against the property but borrower remains title holder. Lender can only take possession thru judicial foreclosure Right of redemption - correct answers ✅Right to reclaim property 180 days after sale by making payment of full sum plus costs and by giving notice to Sheriff not more than 30 or less than 2 days in advance. established by state statute Foreclosure by advertisement and sale - correct answers ✅Trustees sale; used with trust deeds. There is
Answers 2024
Valuation of properties by comparing prices paid for similar properties Income (capitalization) approach - correct answers ✅Used to appraise properties that produce income by evaluating their net income and converting it to a value estimate Escheat - correct answers ✅Governmental right to acquire title to property when owner dies inestate (without a will) and has no heirs Emblements - correct answers ✅Annual crops Condominium - correct answers ✅Unit owners pay own taxes; deed conveys fee simple estate; use unit deed Can be fee simple, an estate for life, an estate for years, periodic estate Cooperative - correct answers ✅Corporation pays taxes; proprietary lease
Answers 2024
Uniform commercial code - correct answers ✅A security agreement creates a lien against personal property, replaces chattel mortgage Pledge - correct answers ✅Transfer of property to a lender as security for repayment of debt. Differs from hypothecation in that possession is surrendered to the lender Estate for years - correct answers ✅Lease agreement with a fixed termination date even if less than a year; leasehold estate or non freehold non ownership Leasehold estate - correct answers ✅Non ownership; i.e. Estate for years, leaseholds, estates at will, periodic estates, estates at sufferance Estate in reversion - correct answers ✅Right for original grantor or his heirs to reacquire the estate at a future time Fee simple - correct answers ✅Maximum possible estate one can possess in real property
Answers 2024
Following a granting clause. Defines or limits the extent of ownership in estate granted. Granting clause prevails over habendum, it is not essential to the deed Four requirements for recordation of a deed (not to make it valid) - correct answers ✅1) Must be acknowledged by the grantor (signed in front of a notary)
- Must show consideration in dollars or state that other property or value was a part or the whole of consideration
- Must show name and address of party to receive tax statements
- legal description of property Littoral property - correct answers ✅Property bordering a large body of water Section - correct answers ✅A square mile in a township with 640 acres 1 x 1 miles
Answers 2024
5280 feet 1760 yards Township - correct answers ✅36 sq miles 6 miles x 6 miles -23,040 acres per township 1 mile - correct answers ✅5280 feet 1760 yards Acre - correct answers ✅43560 feet Rangeline - correct answers ✅Run north south Aka meridian Township lines - correct answers ✅East west Aka baseline Land between township lines are called tiers
Answers 2024
Express easement - correct answers ✅Easement granted to another Disclosure - correct answers ✅Facts that adversely affect the title or physical condition of the property Applies to residential real estate 1-4 dwellings Must provide by offer acceptance Buyer can waive right to revoke Has 5 days to revoke offer after getting disclosures If not received had until closing to revoke and is entitled to all earnest $$ Civil rights act 1866 - correct answers ✅To enforce the 13th amendment (prohibiting Slavery) States all citizens shall have the same rights to inherit purchase lease sell hold real and personal property
Answers 2024
Civil rights act 1968 - correct answers ✅Aka fair housing act Builds on act of 1866 To provide fair housing and equal housing opportunities to all Fair housing amendments act of 1988 - correct answers ✅Prohibits discrimination based on familial status, mental of physical handicap Blockbusting - correct answers ✅Inducing or attempting to induce sellers to sell or rent bc members of a certain race etc may be moving into the hood Scaring owners into selling Steering - correct answers ✅Taking buyers only into certain areas Farming - correct answers ✅Becoming the expert in a geographical area
