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The real estate broker representing the seller usually is
a special agent.
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a mortgae lan payable in monthly installments which are sufficient to pay the principal in full during the term of the loan is called
an amortized loan.
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A clause in a loan document which makes the payments periodically increase is known as an
escalator clause.
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13An expansion option in a lease
Both land II... may pose a problem for an owner is not common with fully tenanted, established properties
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Which of the following is not required in a property management agreement?
The bank at which the property manager will maintain the clients' trust account
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In order to convey title to real property, a deed must contain which of the following?
An offer and acceptance
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As an agent of the seller, a real estate broker is usually authorized to do all of the following EXCEPT
Bind the client under a sales contract
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Which of the following statements is true concerning listings obtained by an Oregon real estate broker who is associated with a principal real estate broker?
Every listing must be reviewed, initialed and dated by the associated broker's principal broker or branch manager within seven days of execution
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Which of the following property management activities would require a real estate license?
Negotiation of property management agreement with property owner
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The Oregon Subdivision Control Act is administered by the
Real Estate Commissioner.
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Real estate is a term that refers to
All of the above land in the physical sense and improvements thereto. rights to own land and the improvements on it. air space above the earth's surface and minerals below the surface
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The buyer under a land sales contract
Both I and II has equitable title to the property. is entitled to a conveyance of the legal title when all payments have been made.
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A 12 percent earnest money deposit is required on a $112,700 property. If the bank finances the property with an 80% loan, what additional amount is needed by the buyer to close the transaction assuming no other costs?
$9,016
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In a land sales contract, the buyer
has equitable title to the property. is entitled to a conveyance of the legal title when all payments have been made. II only
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53Curt and Betty Hamilton fell behind on the monthly payments due on their trust deed note. The beneficiary is Robert Marshall, from whom the Hamiltons purchased the property. Marshall was the successful bidder on the property at the trustee's sale for the unpaid balance, turned in his note and received a deed from the trustee. The Hamiltons' right to cure the default
ended five days prior to the trustee's sale
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A characteristic of a partially amortized loan is
a balloon payment exists at the end of the loan term.
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Which is usually true under commonly accepted principles of tenancy law?
Both I and II Unless otherwise specified, a conveyance of property to a husband and wife is construed as a 'tenancy by the entirety.' Tenancy by the entirety is characterized by a right of survivorship, which may be severed by divorce or by joint conveyance of the husband and wife.
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In a real estate analysis one should be more interested in
future economic life of the improvements.
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When the deed contains the clause subject to the existing loan, the buyer
is in danger of losing the property if the payments are not made on the underlying loan
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An escrow agent is authorized by Oregon laws and regulations to do which of the following?
Disburse funds as authorized by both principals....Review legal documents for typographical errors
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Under Oregon law, land sales contracts in which the buyer has more than one year to pay the purchase price must be recorded
by the seller. within 15 days from the effective date.
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Property taxes are the major source of income for
local governments.
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An abstract of title is best described as
a digest of the title history to a particular property.
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80Al Brown and Greg Black, both married men, purchased property as tenants in common. Greg Black then died. As a result
Black's heirs received his interest and became tenants in common With Brown.
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83Any interest in or right to land held by third persons which adversely affects the title and possibly the value of property is
an encumbrance.
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Economic obsolescence should generally be considered to be
incurable.
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The FHA loan fee that is paid by the borrower is called
an origination fee.
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Federal Reserve Board's Regulation Z {Truth-in- Lending}
requires disclosure to consumers of the effective interest rate charged, expressed as an annual percentage rate.
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A legible copy of the tenant's rental agreement
Both I and II..........must be given to the tenant by the property manager upon execution of the agreement. may be retained by the property manager at the site of the rental unit.
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A borrower obtains a home improvement loan which is neither insured nor guaranteed by a government agency. The security for the loan is the borrower's house which he owns free of any encumbrance. This borrower has obtained which type of loan?
Conventional
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Under the Truth-in-Lending Law, which of the following need not to be disclosed when discussing the annual percentage rate on the purchase of a single family dwelling that the owner will occupy?
The recording fees
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Which of the following statements is true regarding condominiums?
Each unit owner has a fractional undivided interest in the common areas and facilities............Each unit owner receives a separate tax statement.
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Title to real estate passes to the grantee at the time the deed is
delivered.
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The income that is ascribable to land under its highest and best use is referred to as
economic or market rent.
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If two purchasers, who are husband and wife, do not state on the deed how they wish title to be taken, in the state of Oregon title would be conveyed to them as
tenants by the entirety.
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A lease is an instrument used to transfer
possession and use of real property for a specific consideration
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132Which of the following are differences between an Oregon trust deed and an Oregon mortgage?
Generally, when an Oregon trust deed is foreclosed on a personal residence the grantor will not be faced with a deficiency judgment
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the deed which a married couple has to a parcel of land in Oregon states that each has title as tenants in common, then each party is entitled to
sell an undivided interest in the land without the consent of the other party
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American Land Title Association (ALTA) extended policy form protection is normally required by
lenders secured by real property liens.
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Essential elements of a contract include
competent parties.mutual agreement
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A pre-existing condition which is still permitted under a 'grandfather clause' in a zoning ordinance would be considered a
non-conforming use.
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A copy of the offer should be given to the prospective buyer
as soon as the prospective buyer signs the offer. as soon as the offer is accepted by the seller.
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Under a tenancy in common relationship
there is only one unity required for its existence - possession.
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A property management agreement must include
the management fee.the method for terminating the agreement.
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Which of the following is not essential to a valid contract?
Monetary consideration
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What is the court order called directing the sheriff to sell real property to satisfy a judgment?
Writ of execution
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A real estate broker associated with a principal real estate broker may do which of the following activities without supervision?
Rent or lease the real estate broker's own real estate
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If the annual interest rate on a loan is 8 percent and the monthly interest payment is $120, the principal sum owed would be
$18,000.
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Property management agreements must always include
any rebates or overrides to be paid to the property manager. authority and powers given by the owner to the property manager.
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Which of the following is a lien?
Attachment
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According to Oregon Administrative Rules, which of the following must be included in an advertisement when listed property is offered for sale?
The registered name of the principal real estate broker
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Gaining land by any natural or man-made cause is
accession.
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The Federal Fair Housing Law prohibits
a practice known as blockbusting. representing,..... as a means of sexual discrimination, that a dwelling is not available for sale or rent when in fact the dwelling is available.
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The period of time through which a property gives benefits to its owner is best described as
economic life.
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