OR State
What is considered middle housing in Oregon?
"Middle housing" means duplexes, triplexes, quadplexes, cottage clusters, and townhouses.
The IRS allows a married couple who sell their long-time home to take a tax-free capital gain of up to
$500,000
In which of the following situations may an OR PREB pay a listing finder's fee? (1) A licensed OR real estate property manager for professional real estate activity which involved the lease-option of real estate; (2) A real estate broker previously licensed with the PREB who earned the fee prior to transferring his license; (3) A REB associated with another PREB; (4) A licensed Oregon real estate property manager for professional real estate activity which involved the sale of real estate.
(2) A real estate broker previously licensed with the Principal Real Estate Broker who earned the fee prior to transferring his license.
Which of the following property management activities would require a real estate license? (1) Supervision of on-site managers. (2) Negotiation of property management agreement with property owner. (3) Negotiation of rental agreements with tenants. (4) Physical maintenance of the real estate property.
(2) Negotiation of property management agreement with property owner.
property owner may take some or all of a tenants secuirty deposit if?
(BROKEN WINDOWS) To repair damages to the premises caused by the tenant, not including ordinary wear and tear.
Margie is the broker for the seller, and Angel is the broker for the buyer. Both of them work for principal broker Matt. Who is the disclosed limited agent?
(Good example) Matt *Matt is ultimately responsible for the transaction even though the buyer and seller have agreements with their own brokers. Thus Matt serves as the disclosed limited agent.
Paru and Armen are brokers working under the supervision of the same principal broker, Hiroko. Paru has a listing on a property. Armen is representing a buyer who has put in an offer on the same property. who has disclosed limited agency relationship with the buyer and seller
(Hiroko) ; cause as per the limited agency relationship the , it's the third party which has to be neutral to both
If a license isn't renewed, how long does the licensee have to complete renewal requirements before the license is set as lapsed by the Oregon Real Estate Agency?
1 Year
The principal broker must notify the Real Estate Agency within __________ upon opening or closing any clients' trust account.
10 days
How many days do Oregon real estate brokers have to submit paperwork to their principal real estate broker?
3 banking days
Which of the following BEST defines a material fact in the real estate context?
A fact significant enough to influence an individual's decision about whether or not to purchase
A Construction Lien Can Be Recorded Against A Property By: A: A Real Estate Broker Associated With A Principal Broker For
A lumber company unpaid for furnishing materials to a general contractor who worker on the property
selling a parcel in a partition must be
A person may not sell a lot in a subdivision or a parcel in a partition until the plat of the subdivision or partition has been acknowledged and recorded
Which of the following is the BEST example of the protection offered by Fair Housing laws to a person with a disability?
A person who is blind and uses a seeing eye dog must be allowed to rent in a building that does not allow pets.
What should a real estate licensee do if a client asks for advice about the tax benefits of home ownership?
Advise the client to seek the advice of an attorney.
who should a broker contact if there may be a hazardous substance on a property
An Environmental Site Assessment Is Needed
is earnest money a?
At closing, buyers will be credited for this in the form of a credit.
Federal rules require a Closing Disclosure document provided by the lender. The broker should counsel the borrower to review this document and compare it with the Loan Estimate document. The Closing Disclosure should be received by the borrower ___________ .
At least 3 days prior to loan consummation
Real Estate transaction documents are maintained for:
Audit by the Oregon real estate commission
All of the following must be deposited in a clients' trust account or neutral escrow EXCEPT Earnest money deposits, Collected rents to be prorated at closing, Sales proceeds yet to be disbursed
CREDIT CHECK FEES
Not later than 60 days after the effective date of the termination of a property management agreement, a licensee managing rental real estate must do all of the following except?
Destroy all records containing confidential tenant information.
Two unmarried people purchased a property together with unequal interests in the property. Which statement is true?
Either owner may sell her interest without permission of the other owner
Michael Harris is a licensed salesperson. He has listed his property in the local paper. He is selling the property as a for sale by owner (FSBO). What information must he disclose in his ad?
For Sale by Owner-Salesperson
Which of the following groups is NOT protected by Federal Fair Housing laws? ... Jews. 2. Arabs. 3. Families with young children. 4. Homosexuals.
Homosexuals
Which of the following advertisements would be permissible under the Federal Fair Housing Act?
Impeccably maintained and lovingly updated, this fantastic bungalow is walking distance to the Jewish Community Center.
cloud on title
In United States property law, a cloud on title or title defect is any irregularity in the chain of title of property (usually real property) that would give a reasonable person pause before accepting a conveyance of title.
Which of the following is TRUE regarding a competitive market analysis?
It may include public records, past transactions and an analysis of market conditions.
A seller asks a RE agent to list their land for sale; the land includes an untitled manufactured home. Can the buyer list both land and home?
Just the land. Real Estate agents can't sell an untitled manufactured home
Who establishes zoning ordinances?
Local authorities
The principal broker in property management owes certain affirmative obligations to the property owner. Which one of the following is NOT included in these obligations?
Maintenance of the property.
The railroad tracks near a property are being moved closer to the development where a client is buying home. This fact
Must be disclosed because the change is likely to create significant noise and air pollution hazards
Of the following types of contracts, which one is a unilateral contract?
Option listing
(4) government powers
Police Power, Eminent Domain, Taxation, Escheat
Continuing education requires what?
Principal brokers & brokers are required to complete 30hours of continuing education each 2year license cycleYour first renewal must include 3hour law & rule required course aka (LARRC) & 27hours broker advanced practices course
Real estate and property management records
Principal brokers and property managers must keep copies of all records of professional real estate activity conducted by licensees on behalf of the business for at least (6 years.)
A property manager in a contract owes an agency relationship to who?
Property owner
The lead paint addendum that must be presented with the purchase and sale contract for certain older homes will
Provide the buyer with the opportunity to waive the right to a lead paint inspection
A lender places a property for auction at a foreclosure sale. A number of bids are offered at the sale but none of the bids are satisfactory, so the lender decides to keep the property in inventory. This property becomes
REO Real Estate owned
A seller has given a counteroffer to the buyer. If the seller receives a second offer for a higher price that means that the seller can
Revoke the counteroffer to the first buyer
in a agency relationship we're the broker doesn't sell the house and the client sells the house themselves. And the broker still gets paid what agency listing was it?
Right to sell
Sally is a broker whose very good friend Jane is a broker with a competing company. They are having coffee and comparing the amount of commission they should each require from their clients. Which of the antitrust laws might a person from an adjoining table suspect they have violated if the conversation is overheard?
Sally and her friend appear to be discussing illegal price fixing
Disclosed Limited Agency means?
Same as Dual Agency, representation of the buyer and the seller or two buyers occurs within the same real estate BUSINESS - not to get confused with same broker
how long of continuing education must u have?
Take the 3-hour Law and keep continuing education records for at least 3 years.
A buyer is purchasing a 40 acre parcel zoned exclusive farm use with a house and barn. The property currently has a property tax deferral based upon the farm use. What MUST the buyer do to continue the tax deferral?
The buyer must make sure that the seller agrees to transfer the deferral as part of the sale and these provisions must be included in the sales contract.
A licensee may use the term "team" or "group" to advertise if:
The licensee members of the team or group are associated with the same principal broker;
If taxes are prepaid and you're the buyer, you'll receive a debit.
The opposite is true if taxes are not yet due and payable-sellers receive a debit proration and buyers receive a credit proration.
To advertise "Team" or "Group"
The real estate licensee's must all be under the same broker and the team or group has at least one licensee and states who is not licensed
The seller entered in an exclusive right to sell agreement with terry Hill, Ms. Hill, presents the seller with an offer to purchase. Which of the following is appropriate
The seller is under no obligation to accept the offer or make a counter offer.
The seller has required that the buyer must use his title insurance company. The seller has been told that if the buyer uses his title company, they will pay part of his real estate commission, increasing his proceeds from the sale. Is this legally permissible arrangement?
This is illegal according to RESPA
What is the purpose of truth in lending Act?
Too assure a meaningful disclosure of credit terms
Chris Connelley, a broker associated with Parkhill Real Estate, wants to sell property she owns herself. What must Connelley do to comply with Oregon administrative rules regarding private transactions by licensees?
Transmit all documents and funds through Connelley's principal broker
Seller A entered into an option contract with Buyer B. The contract allowed for a price of $200,000 with Seller A for a 12 month period.
Unilateral contract in which only Seller A has made a promise to perform.
The buyer wrote an offer to purchase a property and gave the broker $10000 earnest money. The offer required the seller to respond within six days. Three days later the buyer decided to terminate the offer has asked for the earnest money to be refunded. What will normally happen to the earnest money in this situation?
Until the seller has accepted the offer, the buyer has right to terminate and receive a refund of deposit
A private club will not rent property to a minority family because they are not members of the club, the club won't rent property to anyone who isn't a member. As long as the club isn't for commercial purposes, is this legal? Or is it a fair housing violation?
Yes Legal, private clubs and religious organizations can legally discriminate because they are protected by Federal civil rights laws.
If a vendor owns land and want to list properties to sell with a broker that aren't built in yet for constructions and he has the blueprint and everything planned out. Can he list the seller with a broker or does he have to get codes and approval first?
Zoning, Surveys, Plats need to be recorded. Get a contract with a broker
A prospective seller asks a salesperson to recommend a listing price for a property. The salesperson should suggest
a competitive market analysis to determine the property's value.
The sellers accept an offer that is subject to the sale of the buyer's present home. To avoid waiting around forever, they can insist that
a contingency for buyer's financing
reverse mortgage
a financial agreement in which a homeowner relinquishes equity in their home in exchange for regular payments, typically to supplement retirement income.
An exclusive right to sell
a listing agreement stating the broker will be paid a commission regardless of who sells the property—the broker, the seller, or another cooperating broker.
Bi-Lateral and Uni-Lateral
a promise for a promise in return, and promise for an act
Clouds on a title are resolved by
a quitclaim deed
A completed historical summary of all recorded documents affecting the title of a property is known as
abstract of a title
a seller must give a property disclosure statement or the buyer can revoke his offer.
any time prior to closing the transaction.
Under a deed of trust, the lender is known as the
beneficiary
What happens if a property sold at a court foreclosure does not sell for an amount sufficient to satisfy?
deficiency judgment.
A Seller's Property Disclosure form states that there are no known materials defects within property, but the listing licensee is aware of abestos wrapped ducted pipes in the basement. The licensee should:
disclose the existence of abestos to all potential buyers.
Records of professional real estate activity which must be maintained by a principal broker include legible and permanent copies of the following Except
email correspondence relating to a transaction
A buyer wants to buy a home but just Incase he doesn't find finances what should he do to leave the contract with no liability?
escape clause
The heir to a large estate will be of legal age within 30 days. He lists for sale with a broker one of the properties property and sells it within 24 hours of listing, with closing to be in 45 days. Both listing and sale contracts are ---
executed
Meth lab
is a material fact
A seller has listed a home with a broker for $112,00. The seller is leaving for 45 day cruise midway through the listing period, and Authorizes the broker through limited power of attorney to except any offer of all cash price of $108,000 or more pending his return. The broker receives an offer for $110,000 all cash. The broker?
may accept the offer
The north to south line in a rectangular Govt. survey
meridians
A property manager of a ten-unit building shows an apartment to a woman who uses a wheelchair. The woman says that she would need to make some modifications, such as adding grab bars in the shower and removing some carpeting in the bedroom.
must allow the tenant to make the modifications at her own expense, but can require her to restore the property at the end of the leaseThe Fair Housing Act says that a disabled tenant may make reasonable modifications to a leased property at her own expense. The tenant can be required to restore the premises at the end of the tenancy.
Non licensed employees of a property manager may do all of the following except
negotiate and sign property management agreement with owners
Non-licensed employees of a property manager may do all EXCEPT (1) collect rents from tenants; (2) negotiate property management agreements with owners; (3) negotiate rental agreements with tenants; (4) show properties to prospective tenants.
negotiate property management agreements with owners
The Purchase and sales agreement provides for release of earnest money to the seller after the buyer's property inspection. The seller requests the earnest money prior to the property inspection. The broker should
refuse to realese the money
It's sellers agent is contacted by a potential buyer who's financial status is questionable. When asked to write an offer, the agent should
relay any reservations to the seller
The real Estate Commissioner may take one of the following administrative actions when a licensee created a reasonable probability of damages by making a material misrepresentation, EXCEPT
require a licensee to pay restitution
Prospective buyers tell their broker they plan to add a sun porch to the side of an existing house. Before making an offer, you MUST check local regulations on:
setbacks
An unlicensed personal assistant who engaged in activity which required a licensed is
subject to a civil fine by the RE commissioner
married couples tenancy
tenancy in ENTERITY
when the real estate agency renews a licensee when is it valid?
the renewed license is effective the date the renewal requirements are met.
A buyer has executed a contract to purchase real property. It is discovered that he is only 16 years old, the contract is
voidable as to the minor's interest
A mortgage is a
voluntary specific lien
How many days does an Oregon principal broker have to review documents of agreement?
within seven banking days