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The purchaser of real property, who acquires clear title from the seller, is the
grantee.
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A 'real estate appraisal' is an estimate of value
based upon analysis of facts as of a specific date.
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An easement appurtenant to real property can be terminated by all of the following, EXCEPT
revocation by the servient owner.
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Physical deterioration most closely means
wear and tear
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James Steele and Mary Steele, his daughter, buy a tract of ground for all cash. James and Mary are
tenants in common.
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A contract to indemnify injured parties upon the failure of another to complete a particular act is called
performance bond.
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The sudden tearing away or removal of land by action of water is
avulsion.
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A mortgage differs from a trust deed in which of the following particulars?
Number of parties
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According to the Oregon Homestead Act, farm property may be exempt from judgment sale if it does not exceed
160 acres.
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If a note is taken as earnest money, it is in the seller's best interest to have the note payable
on seller's acceptance
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A promissory note used in connection with a mortgage or trust deed that permits the making of periodic payments to principal is called
an installment note.
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Property owned by the State of Oregon is known as
public property
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A quiet title action means
a court suit to remove a cloud on the title.
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The habendum clause
Both I and II contains the words 'to have and to hold.' defines the limit and quality of the estate being conveyed
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In which of the following approaches to value would an appraiser be concerned with the present worth of future potential benefits?
Income
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At the time the seller accepts the buyer's offer, the question of the disposition of forfeited earnest money is a matter for negotiation between
the principal broker and seller.
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Which of the following would not need to be in writing?
A month-to-month rental agreement
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What does the term "improvements" mean in a real estate transaction?
Everything except the land
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A patent issued by government would involve
a conveyance.
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The 'secondary mortgage market' refers to the market wherein
existing loans are bought and sold.
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When owners of a tenancy by the entireties estate are divorced, they
become tenants in common.
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The 'beneficiary' in a trust deed is the
lender.
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Which is not a characteristic of a fee simple estate?
It must be free of all encumbrances.
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If unaccompanied by other facts, an advertisement under Truth-in-Lending may state
low downpayment
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If an acre of land has four sides of equal length, the length of each side would be approximately
210 feet.
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The person who furnishes the funds for a loan secured by a trust deed is known as the
beneficiary.
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A person receiving ownership of real property through a valid will is called
a devisee.
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When does the seller give the buyer title to the property if the property is financed by a purchase money mortgage?
At closing
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A couple obtains a divorce and thereby terminates their tenancy by the entirety of a section of Oregon land. If nothing else is said as to their holding, the former husband and wife will find that each has
an undivided half interest in 640 acres as tenants in common.
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An example of novation is that the
seller's liability for the obligation is replaced by the buyer's.
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A certificate of Reasonable Value is issued by the
Federal Veterans' Affairs
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The prime obligation of an agent is
loyalty.
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One section of land is established by
government survey.
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A use permit would be required on a proposed well used
to pump 6,000 gallons a day for a commercial use
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A purchaser under a land sales contract in Oregon may redeem his property from strict foreclosure within
136A purchaser under a land sales contract in Oregon may redeem his property from strict foreclosure within
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Which of the following statements concerning life estates is true?
Both I and II A life estate is considered to be a freehold estate. A life estate can be measured by the life of someone other than the holder of the life estate.
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All of the following types of deeds are used in Oregon for voluntary conveyance of real property EXCEPT the
grant deed.
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From the grantee's point of view, which would be most desirable?
General warranty deed
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When does legal title to real property pass from the seller to the buyer?
When the deed is delivered
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In real estate financing, reference is sometimes made to a 'take out loan' This refers to a
long term loan taken out after construction.
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Which would cause a deed to be invalid in its inception?
Legal incompetence of the grantor
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Holding title by the entirety is limited to
husband and wife.
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A contract of sale which is conditioned upon the buyer's ability to obtain leases in advance is
enforceable
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An 'exception' in a deed
excepts part of the real property in the deed.
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The beneficiary of a trust deed in Oregon is the
lender.
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The purchase price on an escrow closing statement would be which of the following?
Debit to buyer
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When discussing the merits of an offer to purchase property, the broker is correct to say that
a bill of sale is an instrument that conveys title to personal property.
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Which is the most appropriate appraisal method to use in evaluating a property for fire insurance purposes?
Replacement cost
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A counteroffer
Both I and II results in a new contract if accepted. invalidates the original offer.
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A private use restriction that contains a reverter clause as an enforcement device is called a
condition.
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Deed restrictions are a means whereby
the seller can limit or control the buyer's use.
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Which of the following statements concerning requirements of an Oregon principal broker's clients' trust account is false?
Clients must be notified of the account number and name of the bank in which the trust funds are deposited.
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Which of the following is the legal right to use land which belongs to someone else?
Easement appurtenant License Easement in gross, I, II and III
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The penalty for violation of a deed restriction, also called a covenant, is
less stringent than for violation of a condition set forth in a deed.
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A seller would most prefer to use a land sales contract rather than a purchase money mortgage because
he does not want to convey title immediately.
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For which one of the following properties would an appraiser be justified in relying on the cost method to determine market value?
A newly-constructed church of contemporary design
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The assignment of rents provision in a standard trust deed
protects the beneficiary.
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All but one of the following terms describe the type of occupancy needed for adverse possession
Lawful
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An easement across Smith's property would be
an encumbrance.
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All of the following types of deeds are used in Oregon for voluntary conveyance of real property EXCEPT the
grant deed.
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The loan-to-value ratio on a mortgage is the
loan as a percentage of the sales price or appraised value, whichever is lower.
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The prohibitions of the 1968 Fair Housing Act apply to privately owned housing when
Both I and II a broker or other person engaged in selling or renting dwellings is used. discriminatory advertising is used.
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A principal broker authorizes a real estate broker associated with her to guarantee personally a profit from land purchased and held one year before sold. What is the effect if the real estate broker acts on this authorization?
Both the principal broker and the real estate broker are subject to disciplinary action for the guarantee.
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When property secured by a trust deed is foreclosed by advertisement and sale, the
II and III only lender may make a bid on the property. trustee executes a trustee's deed to the purchaser.
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Which of these items is not normally considered real property?
Annual plantings
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Which of the following is an example of steering?
Leading prospective purchasers to or away from certain areas
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Harry hands Charlie a deed with the intent to pass title and asks Charlie not to record the deed until Harry dies. When does title transfer?
Immediately
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Which of the following terms best describes a modern form of real property ownership that involves the guaranteed right of occupancy and use of a specific property for a specific portion of each year for either a fixed number of years or forever?
Time sharing
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Under Oregon real estate license law, funds in a principal broker's clients' trust account can be subject to
Neither I nor II attachment on a claim against the principal broker. execution on a claim against the principal broker.
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Rita Montgomery believes that she has been kept from being shown a desirable property because of her sex. In order to seek redress for her grievances, Ms. Montgomery's course of action should be to
institute a civil suit in either a state or federal court.
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In conventional financing, the trustee of a trust deed
Neither I nor II receives legal title. can be a beneficiary.
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Oregon Real Estate License Law permits administrative action to be taken against a principal broker's license for failing to
Both I and II notify the Real Estate Agency of the principal broker's change of address.retain files of all real estate activity for a period of 6 years from the termination or expiration
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Under federal fair housing laws, a landlord may legally
Neither I nor II charge higher deposits for tenants with children than for tenants without children. limit the use of facilities associated with the dwelling, such as a swimming pool, to single tenants only.
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If a principal real estate broker is engaging in the management of real property, the principal broker
may, with the approval of the owner in the property management agreement, withdraw management fees once each calendar quarter
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What is the usual basis for determining a Percentage lease?
None of the above
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An example of a variable operating expense in the operation of a large office complex would be
decorating costs.
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The habendum clause
Both I and II contains the words 'to have and to hold.' defines the limit and quality of the estate being conveyed.
-
Restrictions on property owners in a subdivision development are sometimes called
covenants.
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The amount of the prepayment penalty when a veteran pays off a $5,200 loan guaranteed by the Federal Veterans' Affairs is
nothing.
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Wendell Smith is two months behind in payments on his note secured by a trust deed on his residence. A trustee's sale has been scheduled for the future. At this point Smith's interests in the property are protected by his right of
reinstatement.
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Which of the following needs to be recorded to be valid against subsequent purchasers?
An option to purchase
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If unaccompanied by other facts, an advertisement under Truth-in-Lending may state
low downpayment.
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The use of comparable property to estimate market value best defines
the market method.
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Which of the following is not necessary to the validity of a deed?
Recording the deed
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The prepayment penalty on a Federal Veterans' Affairs guaranteed loan is
zero.
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Which of the following statements regarding financing is true?
Both I and II first mortgages may be foreclosed without the consent of the second mortgagee. Second mortgages may be foreclosed without the consent of the first mortgagee.
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The main valuation principle in the market approach is
substitution.
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A tenancy in common requires
undivided interest.
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An acquired privilege or right to use or enjoyment falling short of ownership which one may have in the land of another is known as
an easement.
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A purchaser executed a contract to buy a house and the seller accepted the contract. Before closing, the purchaser realized that he agreed to pay too much for the property and is now trying to back out of the deal. The seller
can sue the buyer for specific performance and ask the court to force the buyer to complete the purchase
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From the purchaser's standpoint, which of the following is an advantage of Federal Housing Administration financing?
II only
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Mr. Turner, who had a life estate, leased the property for five years. One year later he died. Mr. Barrett, who had the remainder interest, wants the lessee out. Which of the following is true?
The lease was valid only so long as Mr. Turner was alive.
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'CRV' is a common phrase in the real estate business. It stands for 'Certificate of Reasonable Value.' It is issued by
Federal Veterans' Affairs.
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A real estate property manager may authorize an on-site resident manager to
sign rental agreements.
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A mortgage is usually accompanied by
a promissory note.
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In making an appraisal by the market approach, an appraiser would give greater weight to
a similar home with equal amenities which was sold under market conditions six months ago.
-
To qualify for a Federal Veterans' Affairs loan on a dwelling
Both I and II the applicant must sign a declaration that he intends to occupy the dwelling. there must be an appraisal from an appraiser approved by the Federal Veterans' Affairs.
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The right to limited use, but not to the possession of the real property of someone else, is
an easement.
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Which 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
-
An easement appurtenant to real property can be terminated by all of the following, EXCEPT
revocation by the servient owner
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When a farm is operated by a tenant under a lease, crops requiring annual plantings and cultivation would be the property of the
tenant.
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The seller of a single-family residence who resided in the home refused to provide the buyer with either a property condition disclosure. In this situation under Oregon law the buyer
has until closing to withdraw his offer to purchase.
-
A life estate
may be measured by the life of more than one person.
-
The reversion of property to the sovereign state, owing to lack of any heirs capable of inheriting, is known as
escheat.
-
A fee simple estate
may be freely transferred.
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When the buyer is taking out a new loan, interest begins accruing on that loan
when the funds are disbursed by the lender.
-
When the buyer is taking out a new loan, interest begins accruing on that loan
when the funds are disbursed by the lender.
-
A commercial lease in which a portion of the rent depends upon the volume of the tenant's gross business is Known as a
percentage lease.
-
The lien theory of mortgages
Both I and II is widely used in the United States. means the mortgagor gives a lien to the mortgagee during the period of indebtedness and retains legal ownership himself.
-
The document allowing for the legal seizure of property for debt before a judgment is called
a writ of attachment.
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Which of the following may properly be considered to be real property?
Apple trees in the back yard
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Which of the following is NOT a party to a trust deed?
Grantee
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A mortgage loan payable in monthly installments which are sufficient to pay the principal in full during the term of the loan is called
an amortized loan.
-
When an earnest money agreement is amended by the seller, the broker must
reduce the change to writing and have it initialed by both parties.
-
Mr. Able purchased a two-bedroom condominium. He now holds
a freehold interest in his unit
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The purchaser of which of the following apartment units could have a fee simple interest?
Condominium apartment
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The owners of an apartment in a condominium can do which of the following?
Both I and II Convey a freehold title to a grantee Hypothecate the apartment as security for a mortgage
-
Henry Kinkaid owns fee simple title of unit 12 of Evergreen Condominiums and 4-1/2 percent of the common elements. Kinkaid
may mortgage his unit without placing a lien upon the title of the other unit owners.
-
How is title to a condominium unit transferred?
By unit deed
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Which of the following terms does NOT pertain to the condominium form of ownership?
Proprietary lease
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A condominium is an estate in real property consisting of an undivided interest in common in a portion of the property. together with a separate complete ownership of space. The estate may be
A condominium is an estate in real property consisting of an undivided interest in common in a portion of the property. together with a separate complete ownership of space. The estate may be
-
Which of the following kinds of financing requires the use of a collection escrow when buying a condominium from a developer in Oregon?
Land sale contract
-
Before a new condominium can be sold in Oregon, the buyer must receive a copy of the
disclosure statement. declaration. bylaws. All of the above
-
Which of the following terms best describes a modern form of real property ownership that involves the guaranteed right of occupancy and use of a specific property for a specific portion of each year for either a fixed number of years or forever?
Time sharing
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