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Which of the following is the best explanation of specific performance?
A legal procedure or action brought by either the buyer or seller to enforce the terms of a contract.
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Which of the following statements about listing agreements for residential properties is incorrect?
A listing agreement is a contract for sale of real estate.
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John Lewis signed a 90-day listing agreement for his property with Broker Ferguson. One month later Mr. Lewis died. Ferguson, unaware of Lewis' death, obtained an offer for the property from Thompson. Which of the following is correct concerning Thompson's offer?
The listing terminated upon Lewis's death and Lewis' estate is not required to sell the property.
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An oral agreement to sell a parcel of residential real estate for a commission is
unenforceable.contrary to the Statute of Frauds. both
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At the time of her death, Mrs. Sampson, a licensed real estate principal broker, had 50 listings. The business, including all its assets, was left to her daughter, Jane Jones, who was a licensed real estate broker. If the daughter wished to legally collect commissions on the sale of the listed properties, she would be required to
negotiate a new listing with each of the 50 property owners.
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If an agent intends to advertise a property by way of a virtual tour
the agent should receive separate written authorization from the seller to do so
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Which of the following are specialized areas of real estate activity that require additional training?
Commercial real estate
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Which of the following statements about listing agreements for residential properties is incorrect?
The listing agreement is a contract for sale of real estate
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A real estate licensee must:
present all written offers to the seller.
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Which of the following statements regarding real estate auctions is FALSE?
Oregon has separate auctioneer licensing requirements for anyone desiring to hold a real estate auction
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In a usual listing agreement, the broker is authorized to
find a purchaser and accept a deposit
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Janie's broker's license was suspended for 60 days for failing to disclose to her seller that she was also representing the buyer who was her first cousin. What must Janie do to get reinstated after serving her suspension?
Request reinstatement within 30 days after the suspension has been served
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Under REA rules and regulations, which of the following are true?
A brokerage is not required to maintain a trust account...If a brokerage has a property management division, they must maintain a client trust account and security deposit trust account
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Under the real estate law, a brokeage:
is not required to have a trust fund account
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Which of the below is the offense most closely related to conversion?
Embezzlement
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Client trust accounts must be reconciled at least:
Once a month
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In a typical real estate transaction where a licensee accepts trust funds, the licensee may
.deposit the funds into a neutral escrow depository....deposit the funds into the brokerage trust fund account.....give the funds to the owner of the funds if written instructions from all principals so require.
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A trust fund overage (more money in the trust account than there should be) is
a violation of real estate law.
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Once trust funds have been deposited into a trust account, the funds can only be withdrawn upon the signature of one or more of the following
he principal broker in whose name the account is maintained as trustee.
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Each client with funds deposited in a trust account in a federally insured bank is insured up to:
$250,000.
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A debit to the buyer on the closing statement always:
increases the amount the buyer must bring to closing
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In order to take title as tenants by the entirety:
the owners must be married.
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The ALTA extended policy:
removes the five standard policy exceptions as exceptions and insures the policyholder against them.
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In Oregon, in order to get paid, real estate brokers are required:
to send a Notice of Real Estate Commission to the escrow officer prior to closing.
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There are _______ standard exceptions from title insurance coverage
five
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Standard exceptions to title insurance are set forth in
the preliminary title report.
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A licensee renewing for the first time must
Complete the 30-hour Broker Advanced Practices course
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A sole proprietor must obtain a Federal Tax ID number (EIN) if
he/she intends to pay wages to one or more employees
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In order to advertise the listings of another brokerage, a licensee must (check all that apply)
obtain the written consent of the listing principal broker if the brokerages have not entered into an agreement to advertise each others properties.........give the name and telephone number of the listing brokerage and broker in the advertisement (should have been checked)
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Transaction files are considered to be active, for the purposes of record retention, for a period of
2 years after termination or expiration
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The balance sheet
shows the financial condition of a business as of a particular date..lists the assets and liabilities of a company....lists the owner's equity
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A principal broker is required by law to retain following records:
trust fund records their own continuing education records all transactional documentation all expired listing fil
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A property manager licensee affiliated with a principal broker
may rent or lease personally owned properties without the supervision and control of the principal broker
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In Oregon, if a property closes on August 15th, the closing statement with respect to real property tax prorations will most likely show
a debit to the seller and a credit to the buyer
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A principal broker must retain which of the following documents that pertain to professional real estate activity?
Copy of a receipt issued by the broker in acceptance of a promissory note from a cooperating broker Copy of a CMA prepared by the broker for a prospective buyer Copy of a check received from a buyer for earnest money Copy of escrow receipt acknowledging receipt and deposit of earnest money
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A mortgage banker:
originates a large number of loan transactions and then sells them at a discount to large investors in the secondary market
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Discounting a mortgage loan is a common practice in the secondary mortgage market. Discounting refers to the practice of:
buying and selling an existing mortgage loan for less than its current outstanding balance.
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The quasi-public institution which serves as a ready secondary mortgage market participant to purchase insured and noninsured existing loans is :
Federal National Mortgage Association (Fannie Mae)
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Which of the following are institutional lenders?
A mortgage banking firm A commercial bank A mutual savings bank
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A savings and loan association would not be likely to make a loan on:
a vacant lot.
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Most credit unions are:
a major source of secondary financing.
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The secondary mortgage market functions to
enable primary lending institutions to free the funds they have invested in mortgage loans by selling those mortgages to lenders having capital available for real estate investments.minimize fluctuations in the supply of funds available to meet mortgage loan demand.
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In order to offset the cost of establishing a new loan, the lender typically charges a:
loan origination fee.
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The higher the loan to value ratio, the lower will be the:
the borrower’s equity.
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In a construction mortgage, the funds are normally disbursed to the builder in
a series of installments after each inspection of progress on the job.
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The Federal National Mortgage Association (Fannie Mae) functions in the secondary mortgage market to:
buy mortgages which are originated by other lending institutions
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Underwriting is a process that includes all of the following, EXCEPT
obtaining the funds from the secondary market to fund the loan.
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The Federal Home Loan Mortgage Corporation, "Freddie Mac", provides a secondary mortgage market for
Federal National Mortgage Association (FNMA)Federal Home Loan Bank System (FHLBS)
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Credit unions are a primary source for the following type(s) of real estate loans
residential second mortgages
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Which of the following statements about housing loans with federal government support is FALSE
The federal government supplies funds to the lending agency
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Which of the following statements about housing loans with federal government support is FALSE
The federal government supplies funds to the lending agency
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The federal Real Estate Settlement Procedures Act (RESPA)
requires the lending institution to give the borrower a good faith estimate of closing costsapplies to first mortgages
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A competitive market analysis is an estimate of value
derived from market data covering the preceding six months
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When compared to FHA loans, conventional loans generally offer the borrower
Lower loan to value ratios
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With certain restrictions, the federal tax laws permit deductions for mortgage interest o
investment property primary residences second homes
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In a shared appreciation loan, the borrower agrees to pay the lender
a portion of the equity in the property after some stipulated period
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In exercising the power of sale clause in a trust deed, at least 120 days must elapse after recordation of a Notice of Default and Election to Sell before the
trustee can hold the sale
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A CMA is similar to an appraisal in all of the following EXCEPT
Lenders use the information when establishing loan to value ratios
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