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Two or more persons own land as tenants in common. One co-owner dies. The decedent's share passes to
the heirs or others as specified in his will.
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A violation of a zoning ordinance can create
an unmarketable title.
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6Under the terms of an insured mortgage loan the
lender is insured against loss should the borrower default.
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Which of the following groups can take title to real property in tenancy by the entirety?
Husband and wife
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A decrease in value brought about by deterioration through ordinary wear and tear, action of the elements, or functional or economic obsolescence is called
depreciation.
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'Waiver,' in legal language, is best defined as
a unilateral act with legal consequences.
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All of the following are required for recordation of a deed EXCEPT that
the deed must be signed by the grantee.
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A real estate property manager may authorize an on-site resident manager to
sign rental agreements.
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The consideration necessary for a valid contract could be
a promissory note. personal property, such as a boat.
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Oregon's agency disclosure law
allows real estate licensees to represent both the seller and the buyer.
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A seller does not wish to be primarily responsible for an existing mortgage when he sells the property to a buyer. He should have the buyer
assume and agree to pay the mortgage if the lending institution grants permission.
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The word 'escheat' refers to
the right of the government to acquire title if a property owner dies without a will and without heirs.
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A borrower financed the purchase of his primary residence with an Oregon trust deed. One of the benefits of the trust deed to the borrower is that in the event the borrower defaults and the property is foreclosed by advertisement and sale there is no possibility of
deficiency judgment.
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The interest rate is 10-3/4% and the monthly interest payment is $252.25. The principal sum is
$28,158
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If an escrow agent is employed by buyer and seller the
buyer and seller need not be present at the closing.
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An estoppel certificate is
a certificate of no defense.
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The following two statements concern the public report on a subdivision issued by the Real Estate Commissioner.
A prospective buyer must be given a copy of the report, and sign a receipt for it, before being permitted to purchase the property.
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When a real estate broker transfers to a different principal broker:
an acknowledgment of transfer must be sent to the receiving principal broker
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A purchaser's title insurance policy normally protects the
vendee on a land sales contract.
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If no heirs or devisees are in existence, a deceased person's estate
passes to the state by escheat.
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A possessory right or ownership interest in real estate is called an
estate.
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A typical land sales contract financing arrangement includes which of the following?
Possession of the property by the vendee Title of the property held by the vendor
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Under Oregon law, a residential trust deed
means that the grantor occupies the property encumbered by the trust deed as his primary residence.
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In the foreclosure by the county of real property because of nonpayment of taxes, who has the right of possession during the statutory period of redemption?
The delinquent taxpayer
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If a property manager terminates a property management agreement, the property manager must notify
any tenants of the property described in the agreement.
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All of the following are usually considered to be personal property EXCEPT
Easement appurtenant
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The development of a parcel of property to its greatest net income-producing potential reflects the principle of
highest and best use.
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Alienation in real estate could result from which of the following?
Adverse possession Delivery of a deed Eminent domain proceedings Any of the above
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Ownership of real estate is actually transferred from one party to another upon
delivery and acceptance of the deed.
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A short-term lease of less than one year duration should be in writing to
avoid misunderstandings.
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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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In a so-called 'tight money market,' one would expect to find
potential borrowers delaying projects, expecting interest rates to fall, AND marginal borrowers forced out of the credit market.
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In a trust deed entered into in Oregon, the borrower is called a
grantor.
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The right to future possession by the person creating a life estate is known as
reversion.
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The owner is not certain that the property she is selling is completely unencumbered, but she is willing to guarantee the title against defects arising from any action by, through or under herself, the grantor. The title that she would offer in this real estate transfer would be a
special warranty deed.
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The Federal Housing Administration does NOT
insure title.
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An option in a contract by which the owner of property gives another person the right to purchase his property for a stated sum within a given period of time is
a voluntary encumbrance.
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With an easement appurtenant, the servient tenement
is burdened by the easement.
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In tenancy in common, there is always a unity of
possession.
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To realize the maximum value of property, a reasonable degree of sociological and economic homogeneity is necessary, but it should not become monotonously uniform. In real estate, this concept is called the principle
conformity.
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The vendor in a land sales contract in Oregon
retains legal title as security for payment of the purchase price.
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A property manager is responsible to keep which of the following records?
Tenants' rental agreements
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A seller's financing of a part or all of the purchase of his own property for the buyer is described as
a purchase-money mortgage.
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lender under a conventional loan may compensate for any additional risk when underwriting a loan by doing which of the following?
Requiring higher downpayments than normally would be required Charging higher interest rates
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A net lease provides
net income to the lessor.
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A construction loan is
usually distributed in installments.a form of interim financing
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A type of mortgage enabling one to borrow additional funds without negotiating a new mortgage is called
an open-end mortgage.
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David and Billie Rierson buy a home in Oregon. Although both of their names are specified in the deed, no mention is made in the deed concerning any preference for holding a title. This married couple will automatically hold the property as
tenants by the entirety.
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The term "essential services" under the Oregon Residential Landlord and Tenant Act is defined to include:
water and electricity.
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A lessee's interest in a rented store is best described as chattel real.
chattel real.
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