CS OREGON FINAL

3.1

1: A brokerage should have in place a/an _______________________for both employees and independent contractors specifying compensation, pay periods, duties to be performed and make reference to a company policy manual.A brokerage should have in place a written employment agreement for both employees and independent contractors specifying compensation, pay periods, duties to be performed and make reference to a company policy manual. Articles of incorporation are filed with the state to create a corporation or LLC. A habendum clause is the portion of a deed to real property that begins with the phrase "To have and to hold" and that provides a description of the ownership rights of the transferee of such property. An interpleader can be a proceeding initiated by a neutral third party to determine the rights of rival claimants to property or a transaction. The correct answer is "b" Show related content articles of incorporation written employment agreement habendum clause interpleader 2: A broker is a person who:All of the above comprise the definition of a broker. The correct answer is "d". Show related content is employed by another person has the authority to act for another person has the authority to exercise some discretion while acting for another person all of the above 3: A brokerage must have a business sign. The name on this sign must be as named as ____________________.A brokerage must have a business sign. The name on this sign must be exactly as named on their business license, the name of the licensee or if the licensee has one, the registered business name must be on the sign. and must adhere to any local ordinances. The correct answer is "d". Show related content on their business license the name of the licensee assumed business named if there is one all of the above 4: SECA is an acronym for _____________________________.SECA is an acronym for Self Employment Contribution Act. The correct answer is "b". Show related content Self Employment Consideration Act Self Employment Contribution Act Self Employment Cooperative Act Site Employment Consideration Act 5: The person who hires or appoints a broker to act on his/her behalf is a _____________.The person who hires or appoints a broker to act on his/her behalf is a principal. The correct answer is "b". Show related content broker principal manager easement 6: Each brokerage should have a ___________________that is signed by both the principal broker and the affiliated licensee or employee. This manual clarifies the role of the brokerage and the licensee and the company`s policies.Each brokerage should have a company policy manual that is signed by both the principal broker and the affiliated licensee or employee. This manual clarifies the role of the brokerage and the licensee and the company's policies. An Oregon State law book might be used for referencing Oregon real estate law. A CMA would be used to help a seller determine the asking price on a property. A lock-in-clause prohibits the borrower from paying off the loan early (the borrower is locked into the loan for the full term so that the lender will not be deprived of interest). The correct answer is "c". Show related content Oregon State law book Comparative market analysis (CMA) company policy manual Lock-in-clause 7: Of the following activities, which one would a non-licensed assistant NOT be allowed to perform?Non-licensed assistants may not show properties to prospective clients. Among the many other things that would be prohibited would be holding open houses, giving real estate advice to the public, preparing and explaining a CMA and soliciting for prospective buyers and sellers. The correct answer is "c". Show related content Answering the telephone Faxing document for licensees Showing property to prospective clients Disbursing mail to licenses in the firm 8: Sally and John are licensees at ABC Realty. Who must supervise their day to day activities?The principal broker must supervise the activities of their brokerage licensees. The correct answer is "b". Show related content the owner of brokerage who in unlicensed the principal broker of their brokerage the principal broker of any brokerage the Commissioner 9: If a person realizes a profit or a loss, this suggests they are in business for themselves and they may be a/an ____________________.If you a person realizes a profit or incur a loss, this suggests they are in business for themselves and they may be an independent contractor. The correct answer is "c". Show related content part time employee full time employee independent contractor. none of the above 10: A non-licensed assistant may be compensated by a licensee in all BUT the following ways:Non-licensed assistants may not accept compensation from a licensed broker as a share of the broker's commission. The correct answer is "c". Show related content a flat fee a salary a percentage of the licensees commission hourly 11: If two or more principal brokers own a real estate business together _________________________over affiliated licensees and employees.If two or more principal brokers own a real estate business together, they may have equal supervisory responsibility over affiliated licensees and employees. The correct answer is "a". Show related content they may have equal supervisory responsibility only one of the principal brokers could have the supervisory responsibility The Commissioner would have the supervisory responsibility The Attorney General would have the supervisory responsibility 12: Tom is an employee for a firm on Portland. His working hours are from 8am-5pm. He has a very detailed job description. His lunch hour is from 1pm until 2pm. He is receives a ___________at the end of the year for a statement of his earnings.An employer must provide an employee with a Form W-2, Wage and Tax Statement, showing the amount or earnings and taxes withheld. The correct answer is "c". Show related content W-9 1099- Misc. W-2 W-10 13: If you are an independent contractor, the business ________________________.If you are an independent contractor, the business does not withhold taxes from your wages. The correct answer is "a". Show related content does not withhold taxes from your wages withholds SECA taxes from your wages withholds FUTA taxes from your wages withholds Medicare from your wages 14: Barry is an independent contractor for ABC Realty. At the end of the year, ABC Realty will give Barry a ____________ showing earnings for the year.The business is required to give you Form 1099-MISC, Miscellaneous Income, to report what it has pai if you are an independent contractor. The correct answer is "a". Show related content 1099-MISC W-2 W-10 W-9 15: Paul, a licensed broker, gave his non-licensed assistant, Jackie, a long list of names and phone numbers of homeowners in a particular neighborhood. He instructed her to ask if they were thinking about selling their home in the near future. If any one of them said yes, he further instructed her to prepare comparative market analysis (CMA) and discuss the results of the evaluation with the homeowner. Is Paul or Jackie in violation of the license law?Calling or soliciting persons who may want to buy or sell real estate and performing CNAs are not allowed by non-licensed assistants. Both the broker and the assistant are in violation of the license laws. the correct answer is "c". Show related content Yes, Paul only is in violation Yes, Jackie only is in violation Yes, Pual and Jackie are in violation Neither are in violation

Unit 1.4

1: Deed restrictions are also known as________________________.Deed restrictions place a limit on the use of a property. They are also known as covenants (a promise to do or refrain from doing something) or conditions (a restriction that, if violated, could cause the property to revert back to the former owner). The correct answer is "c". Show related content covenants conditions both a and b neither a nor b 2: If the easement was for a specific period of time, and the time has lapsed, then the easement could be cancelled due to ________________While all of the above are ways in which an easement might be cancelled, a cancellation because of a lapse of a specific period of time would be a cancellation through expiration. The correct answer is "a". Show related content expiration abandonment written release merger of the dominant and servient properties 3: ______________are the most common type of encumbrance.While all of the above are encumbrances, liens are the most common. Liens are considered to be monetary encumbrances which might include property taxes, special assessment taxes, deeds of trusts, judgments or mechanic's liens. The correct answer is "d". Show related content Encroachments Deed restrictions Conditions Liens 4: In general, lien priority is established by the______________________. The first to record has the highest priority.In general, lien priority is established by the date of recording. The first to record usually has the highest priority. Though there are some exceptions to this rule. The correct answer is "a". Show related content date of recording highest dollar amount of the lien lowest dollar amount different in every county where it is recorded 5: The Andersons hired a contractor to paint their home on Elm Street. They did not pay the contractor and the contractor placed a construction lien on the Anderson`s home on Elm Street, without their permission. This is an example of a ____________________ lien.The lien placed on the Anderson's home was specific, since it only was a lien on that home and not all the homes that the Anderson's own and was an involuntary lien since it was done without the Anderson's permission. The correct answer is "d". Show related content specific involuntary voluntary Both a and b 6: ____________is a specific lien placed against property of a defendant in a lawsuit for money damages. The attachment arises when it may be necessary to protect the creditor against the removal of the defendant`s property before a judgment is decided.An attachment is a specific lien placed against property of a defendant in a lawsuit for money damages. The attachment arises when it may be necessary to protect the creditor against the removal of the defendant's property before a judgment is decided. In the attachment process, a writ is issued by the court ordering the seizure of certain property of the defendant as security for the payment of any judgment that the plaintiff may receive. The writ of attachment is used for this purpose. The correct answer is "d". Show related content A mechanic's lien A homestead exemption A satisfaction of lien An attachment 7: ___________ of the dominant and servient properties could cancel an easement.Merger of the dominant and servient properties (when they become one ownership) could cancel an easement. The correct answer is "c". Show related content Identification Completion Merger Cooperation 8: An easement in gross benefits __________________________.An easement in gross benefits a person or company rather than a parcel of land. An example might be an easement by a utility company. The correct answer is "b". Show related content adjacent land owner a person or company Either a or b Neither a nor b 9: Liens are______________ encumbrances.Liens are financial encumbrances. A general lien attaches to all of the debtors property. A specific lien attaches to a specific parcel of property only. The correct answer is "c". Show related content physical homestead financial encroachment 10: A homeowner built a fence which was partly on his neighbor`s property. This would be considered a/an __________________________.Encroachments are physical and arise when a structure is built totally or in part on a neighbor's property. A mechanics lien, tax lien or special assessment are monetary liens. The correct answer is "b". Show related content mechanic's lien encroachment tax lien special assessment 11: A general lien usually attaches to ________of the debtor`s property.A general lien usually attaches to all of the debtor's property. A judgment lien would be an example of a general lien. The correct answer is "d". Show related content a specific parcel personal property real property all of the above 12: When a private landowner grants an easement to the government, this is known as:Dedication is when a private landowner grants an easement to the government. Examples might be an easement for park, library or sidewalk. The correct answer is "a". Show related content A dedication easement A license Either of the above Neither of the above 13: An encumbrance is an interest or right that a person has on _______________property.An encumbrance is an interest or right that a person has only on another person's property. Interest or rights on their own property might be considered some form of ownership. The correct answer is "b". Show related content their own another person's both a and b Neither a nor b 14: A license is different from an easement in that an easement is_________________.A license allows a person the right to use another person's property for a specific purpose. The owner retains control over the property. It is different from an easement in that an easement is created in writing, is irrevocable and is permanent. A license, on the other hand, can be created by oral permission, is revocable at any time by the landowner and can be temporary. The correct answer is "d". Show related content created in writing irrevocable permanent all of the above 15: A lien is a/an _____________ encumbranceAll of the above are encumbrances, Lien's are monetary encumbrances. The correct answer is "d". Show related content physical encroachment deed restriction monetary

4.8

1: The sales price on a property was $200,000. The commission was 6%. What was the commission expressed in dollars?P x R = B P = $200,000 R = 6% $200,000 x 6% converted to $200,000 divided by .06 = $12,000. The commission expressed in dollars is $12,000. The correct answer is "b". Show related content $10,000 $12,000 $15,800 $16,250 2: The Equal Opportunity Credit Act forbids considering _________ when granting a loan:The Equal Opportunity Credit Act forbids considering all of the above when granting a loan. The correct answer is "d". Show related content Race Religion Sex All of the above 3: The sales price on a property was 300,000. The total commission on the property was 6%. This 6% was split between the listing broker and the selling broker. The listing broker was entitled to 2.5% and the selling broker was entitled to 3.5%. The listing broker had a 50/50 split with his principal broker. The selling broker paid a desk fee and kept 100% of her commission. What was the commission, expressed in dollars, earned by the selling broker?$300,000 x 3.5% converted to $300,000 x .035 = $10,500. The selling broker earned 100% of the commission since there was not a split with the principal broker. The correct answer is "c". Show related content $8,000 $9,500 $10,500 $12,500 4: In 2019 an ARM loan had an interest rate of 4.5%. In 2020 the index rate was 3.5% and the margin was 3%. The ARM had a periodic cap of 1%. What was the new rate for 2020?Index rate + the margin = ARM interest rate 3% + 3.5% = 6.5% However, there was periodic payment cap of 1% and the interest for the prior period (2011) was 4.5%, so the interest rate could only be raised by 1% = 5.5%. The correct answer is "a". Show related content 5.5% 6.5% 7.5% 8.5% 5: The price of the property was $500,000. The buyer was making a 25% down payment.. What is the down payment expressed in dollars?$500,000 x .25 = $125,000. The down payment expressed in dollars is $125,000. The correct answer is "b". Show related content $120,000 $125,000 $125,800 $200,000 6: An ARM had an index rate of 4%. The margin was 1.5%. What was the ARM rate?Index rate + the margin = ARM interest rate 4% + 1.5% = 5.5% The interest rate is 5.5%. The correct answer is "b". Show related content 4% 5.5% 6.5% 7% 7: The commission earned on a sale was $15,000. The sale price was $300,000. What was the commission percentage rate?R = B divided by P B = $15,000 P = $ $300,000 $15,000 divided by $300,000 = .05 converted to 5%. The commission rate is 5%. The correct answer is "b". Show related content 4.5% 5% 5.5% 6% 8: The price of the property was $329,000. The buyer was making a 20% down payment. The lender charged two points on the loan. What is the loan amount?$329,000 x .20 = $65,800. $329,000 - $65,800 = $263,200. The loan amount is $263,200. The correct answer is "d". Show related content $174,300 $188,000 $229,220 $263,200 9: Aspects during the closing process that would benefit from a lender`s careful qualification of a buyer would include:Both final underwriting approval and the accuracy of qualifying credit scores would have an important role during the closing process. The correct answer is "c". Show related content Final underwriting approval Accurate qualifying credit scores Both a and b Neither a or b 10: The price of the property was $329,000. The buyer was making a 20% down payment. The lender charged two points on the loan. What is the down payment expressed in dollars?$329,000 x .20 = $ $65,800. The down payment expressed in dollars is $65,800. The correct answer is "d". Show related content $411,111 $404,900 $398.100 $65,800 11: The price of the property was $329,000. The buyer was making a 20% down payment. The lender charged two points on the loan. What are the points charged on the loan, expressed in dollars?$329,000 x .20 = $65,800. $329,000 - $65,800 = $263,200. The loan amount is $263,200. $263,200 x .02 = $5,264. The points charged are $5,264. The correct answer is "a". Show related content $5,264 $5,600 $5,889 $6,010 12: Your payment history accounts for ___ percent of your credit score:Your payment history accounts for 35 percent of your credit score. The correct answer is "c". Show related content 50 10 35 15 13: A buyer qualifies for a $105,000 loan at a loan to value ratio of 80%. What is the maximum that the buyer can qualify for?V= L divided by R R = 80% P = $105,000 $105,000 divided by 80% converted to $105,000 divided by .80 = $131,250 (maximum loan qualification). The correct answer is "c". Show related content $95,000 $100,500 $131,250 $134,800 14: The sales price on a property was 300,000. The total commission on the property was 6%. This 6% was split between the listing broker and the selling broker. The listing broker was entitled to 2.5% and the selling broker was entitled to 3.5%. The listing broker had a 50/50 split with his principal broker. The selling broker paid a desk fee and kept 100% of her commission. What was the commission, expressed in dollars, earned by the listing broker?$300,000 x .025 = $7,500 and $7,500 divided by 2 (50%) = $3,750. The listing broker would get a commission of $3,750. The correct answer is "b". Show related content $2,750 $3,750 $4,750 $5,750 15: The value or price of a home:The value or price of a home may have an effect on the qualifying process as we've seen in the examples in this quiz. The correct answer is "b". Show related content Never has an effect on the qualifying process May have an effect on the qualifying process Only has an effect on the qualifying process if the buyers are from a foreign country None of the above 16: The commission rate of 7% brought a total commission to the broker of $25,000. What was the sale price?P = B divided by R B = $25,000 R = 7% $25,000 divided by 7% = $357,143. The sale price was $357,143. The correct answer is "a". Show related content $357,143 $388,111 $399,000 $401,000 17: A buyer qualifies for a $180,000 loan at a loan to value ratio of 80%. What is the maximum that the buyer can qualify for?V= L divided by R R = 80% P = $180,000 $180,000 divided by 80% converted to $180,000 divided by .80 = $225,000 (maximum loan qualification). The correct answer is "c". Show related content $195,000 $195,500 $225,000 $230,800 18: A bankruptcy will remain on your credit score for:A bankruptcy will remain on your credit score for 7-10 years. The correct answer is "d". Show related content 2-3 years 6 months - 1 year Will always be on your credit score 7-10 years 19: Should problems arise with a buyer qualifying for a loan during the closing process, the lender should:Should problems arise with a buyer qualifying for a loan during the closing process, the lender should advise the borrower of specific steps they could take to remain qualified for a loan. The correct answer is "b". Show related content Ask the borrower to close sooner Advise the borrower of specific steps they could take to remain qualified for the loan Suggest that they not purchase title insurance All of the above 20: Credit scores of between 575 and 680 are considered to be:Credit scores of between 575 and 680 are considered to be sub-prime. The correct answer is "c". Show related content Conforming Prime Sub-prime Low risk

3.4

1: The sellers withdrew their counteroffer. Is that legal?It is legal to withdraw a counter offer only before the other party accepts it. The correct answer is "a". Show related content It is legal to withdraw a counter offer only before the other party accepts it. It is legal to withdraw a counter offer only after the other party accepts it. The seller cannot legally withdraw a counter offer before the other party accepts it The seller can only withdraw a counter offer if given permission by the closing agent. 2: What item is not common in a PSA?The name of the buyer's lender is not common on a PSA. The correct answer is "b". Show related content closing date name of the buyer's lender time limit for acceptance of the offer the common and legal description of the property 3: Which of the following would not be a common contingency with a PSA?All of the above might be common contingencies in a PSA except a buyer purchasing new appliances contingency. The correct answer is "d". Show related content Financing contingency Clear title contingency Structural inspection contingency Buyer purchasing new appliances contingency 4: Breach is another word for______________________.Breach is another word for default. The correct answer is "b". Show related content implied default conversion expressed 5: Membership campgrounds, are regulated by a law which is administered by the__________________________________.Membership campgrounds, are regulated by a law which is administered by the Oregon Real Estate Agency. This law covers only purchasers of campground memberships; it does not regulate the non-membership rental or use of public or private campgrounds. The correct answer is "a". Show related content Oregon Real Estate Agency Oregon Parks and Recreation Department Oregon Outdoor Agency Oregon Attorney General 6: Having a Purchase and sale Agreement(PSA) in writing provides clarification____________.Having a PSA in writing provides clarification for all the parties. The correct answer is "d". Show related content the seller's broker the buyer's broker the buyer for all the parties 7: A seller decides not to sell the property to the buyer after having a mutually accepted contract and without legal excuse. The seller ___________________________.A seller decides not to sell the property to the buyer after having a mutually accepted contract and without legal excuse. The seller can be found in breach of the contract. The correct answer is "b". Show related content can walk away from the contract legally since the seller did not furnish away earnest money can be found in breach of the contract could be fined by the closing agent all of the above 8: E-mail transmittal is considered the same as delivery of an original when:E-mail transmittal is considered the same as delivery of an original when both parties agree in writing that this an acceptable method. The correct answer is "b". Show related content The fax has a journal Both parties agree in writing that this is an acceptable method Buyer's or seller's broker gets permission from their managing broker Never 9: The purchase or transfer of real property often involves many terms and conditions as well as pricing. Because of this, the need for having these agreements _________________is essential.The purchase or transfer of real property often involves many terms and conditions as well as pricing. Because of this, the need for having these agreements in writing is essential. The correct answer is "a". Show related content in writing notarized recorded analyzed 10: A date that is "open ended" means that _________________.A date that is "open ended" means that it does not have a deadline. The correct answer is "d". Show related content it can be changed by the buyer only it can be changed by the seller only it can be changed by the closing agent only it does not have a deadline 11: Real estate licensees should use extreme caution when writing a PSA. This can be a legally binding contract between the parties. All cautions should be taken to reduce _______________ the licensee, the brokerage and the parties involved.Real estate licensees should use extreme caution when writing a PSA. This can be a legally binding contract between the parties. All cautions should be taken to reduce the risk to the licensee, the brokerage and the parties involved. The answer is "a". Show related content the risk to time invested by Both a and b Neither a nor b 12: John is a spotter (ringman) at an auction for real property. He identifies those individuals who place bids and gives the bidders information about the properties that they are bidding on. What type of license MUST John have?Since John is discussing the properties with the public, he must have an Oregon broker license. He may have a principal broker license, but it is not required. The correct answer is "c". Show related content Oregon auctioneers license Oregon principal broker license Oregon broker license Oregon notary license 13: ____________________is an amount agreed to by the parties upfront in the PSA as the amount of damages to be recovered for a breach of the agreement by the buyer.Liquidated Damages is an amount agreed to by the parties upfront in the PSA as the amount of damages to be recovered for a breach of the agreement by the buyer. The correct answer is "c". Show related content Down payment Conversion Liquidated Damages Conveyance 14: An auctioneer/broker or auctioneer licensed in another state cannot offer or agree to conduct a real estate auction in Oregon without first obtaining ____________________.An auctioneer/broker or auctioneer licensed in another state cannot offer or agree to conduct a real estate auction in Oregon without first obtaining an Oregon broker license. The correct answer is "b". Show related content an Oregon auctioneer license an Oregon broker license a notary license a vehicle license 15: When should you ask an attorney to do a conflict of interest check?Ask an attorney to do a conflict of interest check as soon as possible. A conflict of interest can arise when the attorney has had any dealings with the opposing party or may have even represented the opposing party. The correct answer is "c". Show related content Never Before paying the bill As soon as possible Only if you will be represented in the court room. 16: _________________________________occurs when a court demands that the breaching party perform according to the contract.Specific performance occurs when a court demands that the breaching party perform according to the contract. A remedy of specific performance is not usually used when it is clear that the breaching party simply cannot perform. The correct answer is "a" Show related content Specific performance Conversion performance Constructive performance Conditional performance 17: "This offer is contingent upon Aunt Mary`s approval of this contract, within three business days after mutual acceptance of this offer. If purchaser does not give notice to the seller or the seller`s broker of approval within three business days after mutual acceptance, then this offer shall become void." This is an example of a/an ______________ clause."This offer is contingent upon Aunt Mary's approval of this contract, within three business days after mutual acceptance of this offer. If purchaser does not give notice to the seller or the seller's broker of approval within three business days after mutual acceptance, then this offer shall become void." This is an example of a contingency clause. A subordination clause refers to lien priorities. An acceleration clause refers to a situation when a lender declares the entire loans balance due if a buyer defaults on a loan. An alienation clause is a provision that gives a lender the right to demand immediate payment on a loan if the borrower sells the property. The correct answer is "a". Show related content contingency subordinate acceleration alienation 18: All individuals or real estate marketers who are engaged in direct contacts with prospects by phone or in person for the purpose of procuring their presence for a sales presentation must be licensed through the marketing of a separately licensed company called a ________________________________________.All individuals or real estate marketers who are engaged in direct contacts with prospects by phone or in person for the purpose of procuring their presence for a sales presentation must be licensed through the marketing of a separately licensed company called a real estate marketing organization (REMO). The REMO is licensed and supervised by one or more principal persons. The Agency screens the principal person to manage a REMO to prevent incompetent or untrustworthy individuals from engaging in supervision of prospecting contacts with Oregonians. The REMO operates through its employees who use mail, telephone and other contact methods to obtain prospects. The correct answer is "a". Show related content real estate marketing organization (REMO). floating timeshare fixed time share none of the above 19: To hold an auction for real property in Oregon, a person is required to:To hold an auction for real property in Oregon, a person is required to hold an Oregon broker license. A property manager license relates to property management and Oregon does not have a real property auction license. The correct answer is "c". Show related content hold an Oregon auction license hold an Oregon property manager license hold an Oregon broker license all of the above 20: Clear communication is essential in a transaction because:In a typical transaction there may be many professionals involved. Very often, certain events must happen in a sequential manner, so that one event must happen before another can take place. This is where communication is of key importance. The correct answer is "c". Show related content There are many parties in the transaction The sequential manner in which events must take place Either of the above Neither of the above 1: Contracts for the transfer of real property that aren`t in writing are_____________.Contracts for the transfer of real property that are not in writing are not enforceable. The correct answer is "a". Show related content not enforceable enforceable Could be either a or b depending on the circumstance none of the above 2: Once signed by both parties, the term of the contract cannot be changed except ______________________.Once signed by both parties, the term of the contract cannot be changed except by mutual agreement of the parties. The correct answer is "d". Show related content by the seller by the seller's broker by the buyer's broker by mutual agreement of the parties 3: Bid assistants at auctions are also called:Bid assistants at auctions are also called spotters or ringmen. The correct answer is "c". Show related content Spotters ringmen both a and b neither a nor b 4: The definition of a __________________is when one of the parties makes a change to the original offer. Legally, it is considered a revocation of the original offer.The definition of a counter offer is when one of the parties makes a change to the original offer. Legally, it is considered a revocation of the original offer. The correct answer is "c". Show related content title search severalty counter offer rollover 5: A/an ________________________returns each party back to their original position.A rescission returns each party back to their original position. The correct answer is "a". Show related content rescission habendum express contract implied contract 6: When should you ask an attorney to do a conflict of interest check?Ask an attorney to do a conflict of interest check as soon as possible. A conflict of interest can arise when the attorney has had any dealings with the opposing party or may have even represented the opposing party. The correct answer is "c". Show related content Never Before paying the bill As soon as possible Only if you will be represented in the court room. 7: Which of the following would not be a common contingency with a PSA?All of the above might be common contingencies in a PSA except a buyer purchasing new appliances contingency. The correct answer is "d". Show related content Financing contingency Clear title contingency Structural inspection contingency Buyer purchasing new appliances contingency 8: _________________________________occurs when a court demands that the breaching party perform according to the contract.Specific performance occurs when a court demands that the breaching party perform according to the contract. A remedy of specific performance is not usually used when it is clear that the breaching party simply cannot perform. The correct answer is "a" Show related content Specific performance Conversion performance Constructive performance Conditional performance 9: A seller decides not to sell the property to the buyer after having a mutually accepted contract and without legal excuse. The seller ___________________________.A seller decides not to sell the property to the buyer after having a mutually accepted contract and without legal excuse. The seller can be found in breach of the contract. The correct answer is "b". Show related content can walk away from the contract legally since the seller did not furnish away earnest money can be found in breach of the contract could be fined by the closing agent all of the above 10: The purchase or transfer of real property often involves many terms and conditions as well as pricing. Because of this, the need for having these agreements _________________is essential.The purchase or transfer of real property often involves many terms and conditions as well as pricing. Because of this, the need for having these agreements in writing is essential. The correct answer is "a". Show related content in writing notarized recorded analyzed 11: To hold an auction for real property in Oregon, a person is required to:To hold an auction for real property in Oregon, a person is required to hold an Oregon broker license. A property manager license relates to property management and Oregon does not have a real property auction license. The correct answer is "c". Show related content hold an Oregon auction license hold an Oregon property manager license hold an Oregon broker license all of the above 12: When should you seek advice or assistance from your principal broker?You should you seek advice or assistance from your principal broker anytime you feel that you or your brokerage is at risk. The correct answer is "a". Show related content Anytime you feel that you or your brokerage may be at risk Only if you are a new licensee Only if your client requests that you do so Only when there is a problem in escrow 13: It is the listing broker`s duty to present ________________It is listing broker's duty to present ALL offers. The correct answer is "d". Show related content only the highest priced offer only the offer that exceeds what the seller said they would accept only one offer at a time all offers 14: The term ________________can refer to something that goes along with or "runs with" a property when it is purchased.The term "subject to" can refer to something that goes along with or "runs with" a property when it is purchased. The correct answer is "a". Show related content "subject to" "contingent upon" "specific" "settlement" 15: A disadvantage of fax transmittal is that:A disadvantage of fax transmittal is that multiple generations of faxing can cause the document to be illegible. The correct answer is "a". Show related content Multiple generations of faxing can cause the document to be illegible It is more time consuming than delivery of the original It is more expensive than delivery of the original The escrow company will not accept fax copies 16: A date that is "open ended" means that _________________.A date that is "open ended" means that it does not have a deadline. The correct answer is "d". Show related content it can be changed by the buyer only it can be changed by the seller only it can be changed by the closing agent only it does not have a deadline 17: Membership campgrounds, are regulated by a law which is administered by the__________________________________.Membership campgrounds, are regulated by a law which is administered by the Oregon Real Estate Agency. This law covers only purchasers of campground memberships; it does not regulate the non-membership rental or use of public or private campgrounds. The correct answer is "a". Show related content Oregon Real Estate Agency Oregon Parks and Recreation Department Oregon Outdoor Agency Oregon Attorney General 18: A disadvantage of presenting an offer in person is:A disadvantage of presenting an offer in person is the seller, seller's broker and buyer's broker will have to schedule a common time to meet. The correct answer is "b". Show related content Working with clean clear copies Seller, seller's broker and buyer's broker will have to schedule a common time to meet. It is best for out of town sellers It is faster than faxing or e-mailing 19: The sellers withdrew their counteroffer. Is that legal?It is legal to withdraw a counter offer only before the other party accepts it. The correct answer is "a". Show related content It is legal to withdraw a counter offer only before the other party accepts it. It is legal to withdraw a counter offer only after the other party accepts it. The seller cannot legally withdraw a counter offer before the other party accepts it The seller can only withdraw a counter offer if given permission by the closing agent. 20: When seeking advice from your principal broker, always attempt to explain to your broker which party you are representing:When seeking advice from your principal broker, always attempt to explain to your broker which party you are representing early in the conversation. This will assist your principal broker in understanding the role of each party and the inherent liabilities to you, the licensee, and to the brokerage. The correct answer is "a". Show related content Early in the conversation Doesn't matter what party the licensee is representing Only when it involves appliances in the home Only when the Doctrine of Latches apply

4.4

1: With a deed in lieu of foreclosure____________________________________obliged to proceed until a final agreement is reached.With a deed in lieu of foreclosure neither the borrower nor the lender is obligated to proceed with the deed in lieu of foreclosure until a final agreement is reached. The correct answer is "a". Show related content neither the borrower nor the lender is the lender is the borrower is the title company is 2: The verbal expression of evidence is known as:The verbal expression of evidence is known as parol evidence, such as the testimony of a witness at trial. The correct answer is "c". Show related content Certified evidence Subject evidence Parol evidence Withholding evidence 3: The lender will file a complaint through the court and record a notice of _________________________. The complaint will state the amount of the debt, and reason that the default should allow the lender to foreclose on the property which was given as security for the loan.The lender will file a complaint through the court and record a notice of Lis Pendens. The complaint will state the amount of the debt, and reason that the default should allow the lender to foreclose on the property which was given as security for the loan. Lis Pendens is a notice filed or recorded for the purpose of warning all persons that the title or right to the possession of certain real property is in litigation; literally suit pending; and usually recorded so as to give constructive notice of pending litigation. The correct answer is "a". Show related content Lis Pendens parol evidence pay rent or quit retaliation 4: In a short sale, the _______agree/s to accept less than the mortgage amount owed by the borrower/homeowner.In a short sale, the lenders agree/s to accept less than the mortgage amount owed by the borrower/homeowner. The correct answer is "c". Show related content title company structural inspector lender/lenders escrow company 5: As a real estate professional, care must be taken not to advise your client that the _______will automatically be forgiven in a short sale.As a real estate professional, care must be taken not to advise your client that the debt will automatically be forgiven in a short sale. The correct answer is "a". Show related content debt certification identification number dividends none of the above 6: ______________________________________________________________published a Consumer Advisory in April 21, 2009 entitled "Consumer Tips for Avoiding Mortgage Modification Scam and Foreclosure Rescue Scams"The Office of the Comptroller of Currency (OCC) published a Consumer Advisory in April 21, 2009 entitled "Consumer Tips for Avoiding Mortgage Modification Scam and Foreclosure Rescue Scams". The correct answer is "b". Show related content The attorney general of the United States The Office of the Comptroller of Currency (OCC) The office of the Bureau of Land Management (BLM) None of the above 7: Licensees should be sure to include this verbiage in the Purchase and Sale Agreement: _____________________when dealing with a short saleLicensees should be sure to include this verbiage in the Purchase and Sale Agreement: "subject to all underlying lien holder approval" when dealing with a short sale. This informs the buyer that another party, other than the seller(s) will need to approve of the sale. The correct answer is "b". Show related content escrow company must take lesser amount subject to all underlying lien holder approval both listing broker and buyer's broker must take less than ½ the commission an appraiser must take ½ of their normal appraisal fee 8: With a judicial sale, after the judgment has been entered, a writ will be issued by the court authorizing a _________________________sale.With a judicial sale, after the judgment has been entered, a writ will be issued by the court authorizing a sheriff's sale. The correct answer is "b". Show related content trustee's sheriff's bank sale borrower's 9: The short sale process usually takes ____________than a normal real estate transaction.The short sale process usually takes a much longer amount time than a normal real estate transaction. Third party approvals such as the bank(s) are required. The correct answer is "b". Show related content a much shorter amount of time a much longer amount time the same amount of time none of the above 10: Homeowner`s and licensees should beware of scam artists who:Homeowner's and licensees should beware of scam artists who claim any of the above. The correct answer is "d". Show related content guarantee that a person or their company can stop foreclosure and allow them to remain in their house. who claim that "secret laws" or "secret information" will be used to eliminate their debt offers to pay their mortgage and rent their home back to them in exchange for transferring title of their home. All of the above 11: Mortgages are usually foreclosed:Mortgages are usually foreclosed judicially. The lender will file a complaint through the court. The correct answer is "a". Show related content Judicially Non-judicially Either Neither 12: When involved in a short sale, a licensee should advise their client:When involved in a short sale, a licensee should advise their client on all of the above. The correct answer is "d" Show related content about how the short sale process works to seek legal to seek tax advice all of the above 13: FAP is an acronym for:FAP is an acronym for Foreclosure Alternatives Program. The correct answer is "d". Show related content Foreclosure Alternative Pricing Foreclosure Assignment Pricing Foreclosure Assignment Program Foreclosure Alternatives Program 14: A BPO is an acronym for:A BPO is an acronym for a Broker's Price Opinion. The correct answer is "b". Show related content Business Profits Opinion Broker's Price Opinion Budget Price opinion Buyer Price Opinion 15: When involved in a short sale, a licensee should not advise their client:When involved in a short sale, a licensee should not advise their client of the credit implications of a short sale and should suggest that the client seek professional advice on the matter. The correct answer is "a". Show related content Of the credit implications of a short sale To seek legal and tax advice On the latest communication with their lien holder That they will receive no net proceeds from the sale of the property on a short sale

Unit 1.3

1: A ______________ is a deed conveying title from the trustee back to the borrower, such as when the borrower pays off the loan that was secured by the real estate.A reconveyance deed is a deed conveying title from the trustee back to the borrower, such as when the borrower pays off the loan that was secured by the real estate. The title is being reconveyed to the owner. The correct answer is "a". Show related content reconveyance deed warranty deed bargain and sale deed quit claim 2: To get marketable title to property, an adverse possessor would have to:To get marketable title to property, an adverse possessor would have to obtain a quitclaim deed from owner or take quiet title action to obtain a judicial decree clearing the title to the property. A quitclaim deed passes any interest the signer may have in the property, but does not require him/her to warrant the property. Quiet title action is a lawsuit. It resolves all adverse claims to ownership of the property. A quiet title action occurs when one property claimant challenges one or more people in court for the purpose of determining the legal owner. It is intended to "quiet" the conflicting claims on the property, eliminating any ambiguities in the title and making it clear. The correct answer is "c". Show related content obtain a quit claim deed from the owner file for a quiet title action a or b neither a or b 3: __________________________is a way to be released from a home loan and have the property transferred back to the lender.A deed in lieu of foreclosure and foreclosure would release a borrower and have the property transferred back to the lender. However, with foreclosure there may be further implications such as a deficiency judgment. The correct answer is "c". Show related content Deed in lieu of foreclosure (DIL) foreclosure Both a and b Neither a nor b 4: When the sheriff has a court order to sell the property to pay off a judgment creditor(s), this is called a ___________________.When the sheriff has a court order to sell the property to pay off a judgment creditor(s), this is called a writ of execution. Lis Pendens is a notice to the public that there is a lawsuit pending. A non-judicial foreclosure, through a power of sale, gives a lender the right to foreclose on a property if a loan is in default. The correct answer is "b". Show related content Lis Pendens writ of execution power of sale non-judicial foreclosure 5: A warranty deed carries the highest form of protection for the buyer (grantee). It also creates the __________for the grantor.A warranty deed carries the highest form of protection for the buyer (grantee). It also creates the greatest liability for the grantor. It is sometimes called a general warranty deed. The correct answer is "b". Show related content highest form of protection for the grantor greatest liability least amount of liability Both a and c 6: The _________document is evidence that one has rights of ownership.The deed document is evidence that one has rights of ownership. There is not a document called 'title. Title of property refers to intangible ownership rights. Lis Pendens is a notice of a law suit that pending. The correct answer is "a". Show related content deed title lis pendens all of the above 7: The opposite of accretion is _______________________.A person can lose title to soil through erosion. Erosion is the gradual loss of soil due to natural causes, such as currents, tides or winds. It is the opposite of accretion. The addition to one's land by the gradual deposit of soil through natural causes is accretion. The correct answer is "a". Show related content erosion avulsion Both a and b Neither a nor b 8: Any additions to land or property, whether it be natural or man-made causes, is called _______. a)Any additions to land or property, whether it be natural or man-made causes, is called accession. Erosion and avulsion have to do with the loss of land. Agency relates to the relationship of a broker and their client. The correct answer is "c". Show related content erosion avulsion accession agency 9: The________ transfers title to the ________via a deed.The grantor (the seller in most cases) transfers title to the grantee (the buyer on most cases) via a deed. The deed must be signed by the grantor, or a legal representative of the grantor, but does not have to be signed by the grantee. The correct answer is "a". Show related content grantor, grantee grantee, grantor lessor, lessee lessee, lessor 10: Judicial foreclosures are processed through the courts. The lender will file a complaint and record a notice of_____________.Judicial foreclosures are processed through the courts. The lender will file a complaint and record a notice of Lis Pendens. This gives notice that there is a lawsuit pending. The complaint will state the amount of the debt, and reason that the default should allow the lender to foreclose on the property which was given as security for the loan. The correct answer is "c". Show related content mechanics lien writ of execution Lis Pendens none of the above 11: Recording of a deed accomplishes which of the following?All of the above are accomplished through recording. Note, however, in many states, the recording of a deed is not required. It is however recommended. The correct answer is "d". Show related content Establishes lien priority Give constructive notice to the public of ownership interest in real property Reduces the possibility of fraudulent documents All of the above 12: A holographic will is a will _________________ by the testator, but ________________________.A holographic will is a will handwritten by the testator, but not witnessed. It is recognized is some states. The correct answer is "c". Show related content handwritten by the testator is not witnessed both a and b neither a nor b 13: A couple owns property as tenants by the entirety (married couples). Upon the death of one spouse, the estate passes to ________________________.A couple owns property as tenants by the entirety (married couples). Upon the death of one spouse, the estate passes to the other spouse as a tenant in severalty (sole ownership). There is no probate involved with an ownership as tenants by the entirety and the estate passes to the surviving spouse, not to the children or the State of Oregon. The correct answer is "a". Show related content the surviving spouse as a tenant in severalty (sole ownership). heirs according to the probate court the children of the deceased spouse the State of Oregon through escheat 14: __________is the legal process in which a person or firm declares inability to pay debts.Bankruptcy is the legal process in which a person or firm declares inability to pay debts. A court process where property owned concurrently by two or more persons can be divided into distinct portions so each co-owner may hold his or her portion in severalty (sole property) is called a partition suit. In a foreclosure, the lender gains title to the property and the property is sold to pay off the owner's debt. The correct answer is "a". Show related content Bankruptcy Partition suit Foreclosure none of the above 15: ___________ is the power of a state to take title to property for which there is no owner.Escheat is the power of a state to take title to property for which there is no owner. Eminent domain, condemnation and police power are examples of the state taking ownership of private property for the benefit of the public. This property however, is owned by private parties and the owner must be paid a fair and just compensation for the property. The correct answer is "a". Show related content Escheat Eminent domain Police power condemnation 1: A Warranty deed covenant is an agreement between two or more persons, where either party states certain facts, or promises to perform or give something to the other, or to abstain from the performance of certain things. With this deed, the seller (grantor) makes________ covenants or promises to the buyer (grantee).A covenant is an agreement between two or more persons, where either party states certain facts, or promises to perform or give something to the other, or to abstain from the performance of certain things. With this deed, the seller (grantor) makes five covenants or promises to the buyer (grantee). The correct answer is "c". Show related content no three five eight 2: A will is an instrument used to dispose of a person`s property (the estate) upon death. The legal term for a will is a ________________.A will is an instrument used to dispose of a person's property (the estate) upon death. The legal term for a will is a testament. Personal property will pass by bequest in a will or legacy to legatees. Persons receiving ownership of real property through a valid will are called devisees. Changes to the will are called codicils. The correct answer is "a". Show related content testament legatees devisees codicil 3: A court process where property owned concurrently by two or more persons can be divided into distinct portions so each co-owner may hold his or her portion in severalty (sole property) is called a/an_____________________________.A court process where property owned concurrently by two or more persons can be divided into distinct portions so each co-owner may hold his or her portion in severalty (sole property) is called a partition suit. A deed in lieu of foreclosure is when a borrower relinquishes a deed to the lender, so that the lender will not foreclose on the property when a loan is in default. An execution sale occurs when a court orders that a property be sold to pay off judgment creditor(s). A creditor may request that any property be sold to get paid on the judgment. When the sheriff has a court order to sell the property this is called a writ of execution. The correct answer is "b". Show related content deed in lieu of foreclosure partition suit foreclosure execution sale 4: __________________________is a way to be released from a home loan and have the property transferred back to the lender.A deed in lieu of foreclosure and foreclosure would release a borrower and have the property transferred back to the lender. However, with foreclosure there may be further implications such as a deficiency judgment. The correct answer is "c". Show related content Deed in lieu of foreclosure (DIL) foreclosure Both a and b Neither a nor b 5: In most cases regarding a deed, he seller would be the ______and the purchaser would be the__________.In most cases regarding a deed, the seller would be the grantor and the purchaser would be the grantee. Lessor and lessee relate to leases and not sales. The correct answer is "a". Show related content grantor, grantee grantee, grantor lessor, lessee lessee, lessor 6: A property owner has an equitable right of redemption in foreclosure actions. This is the right to keep the title by paying off the entire debt___________ the date of the foreclosure.A property owner has an equitable right of redemption in foreclosure actions. This is the right to keep the title by paying off the entire debt prior to the date of the foreclosure. In some states, the property owner will also have a statutory right of redemption, allowing him/her to buy back the property by paying off the entire debt within a specified period after the foreclosure. The correct answer is "d". Show related content 120 days after the foreclosure 180 days after One year prior to 7: To get marketable title to property, an adverse possessor would have to:To get marketable title to property, an adverse possessor would have to obtain a quitclaim deed from owner or take quiet title action to obtain a judicial decree clearing the title to the property. A quitclaim deed passes any interest the signer may have in the property, but does not require him/her to warrant the property. Quiet title action is a lawsuit. It resolves all adverse claims to ownership of the property. A quiet title action occurs when one property claimant challenges one or more people in court for the purpose of determining the legal owner. It is intended to "quiet" the conflicting claims on the property, eliminating any ambiguities in the title and making it clear. The correct answer is "c". Show related content obtain a quit claim deed from the owner file for a quiet title action a or b neither a or b 8: A holographic will is a will _________________ by the testator, but ________________________.A holographic will is a will handwritten by the testator, but not witnessed. It is recognized is some states. The correct answer is "c". Show related content handwritten by the testator is not witnessed both a and b neither a nor b 9: A warranty deed carries the highest form of protection for the buyer (grantee). It also creates the __________for the grantor.A warranty deed carries the highest form of protection for the buyer (grantee). It also creates the greatest liability for the grantor. It is sometimes called a general warranty deed. The correct answer is "b". Show related content highest form of protection for the grantor greatest liability least amount of liability Both a and c 10: A couple owns property as tenants by the entirety (married couples). Upon the death of one spouse, the estate passes to ________________________.A couple owns property as tenants by the entirety (married couples). Upon the death of one spouse, the estate passes to the other spouse as a tenant in severalty (sole ownership). There is no probate involved with an ownership as tenants by the entirety and the estate passes to the surviving spouse, not to the children or the State of Oregon. The correct answer is "a". Show related content the surviving spouse as a tenant in severalty (sole ownership). heirs according to the probate court the children of the deceased spouse the State of Oregon through escheat 11: A _______________is often used, for example, by a trustee in bankruptcy or foreclosure to sell real property of the debtor.A reformation deed, often referred to as a correction deed, has wording that corrects an error in a previous deed. A bill of sale is used with personal property, not real property and a warranty deed is not usually used by a trustee in bankruptcy or foreclosure because it poses the most liability for the grantor. The correct answer is "c". Show related content warranty deed a bill of sale trustee's deed reformation deed 12: ____________________is the gift of land donated to the public without compensation.Dedication is the gift of land donated to the public without compensation. Fair market value is the price a buyer will pay and a seller will accept for a property under reasonable and ordinary conditions. Neither the buyer nor the seller is under any pressure to complete the transaction. Condemnation is when the government takes privately owned land (when the owner is unwilling to sell it) to benefit the public and the government must pay a fair market value to the owner. The correct answer is "a". Show related content Dedication Fair market value Condemnation Escheat 13: In a contract for deed, the seller is the ____________ and the buyer is the __________.In a contract for deed, the seller is the vendor and the buyer is the vendee. Lessor and lessee relate to leases and mortgagee and mortgagor relate to lender and borrower on loans for regular purchases. The correct answer is "b". Show related content vendee, vendor vendor, vendee lessee, lessor mortgagor, mortgagee 14: Recording of a deed accomplishes which of the following?All of the above are accomplished through recording. Note, however, in many states, the recording of a deed is not required. It is however recommended. The correct answer is "d". Show related content Establishes lien priority Give constructive notice to the public of ownership interest in real property Reduces the possibility of fraudulent documents All of the above 15: The covenant of _________states that the grantor owns the property being transferred and that the grantee will have peaceable possession.The covenant of seizen states that the grantor owns the property being transferred and that the grantee will have peaceable possession. The correct answer is "a". Show related content seizen further assistance against encumbrances right to convey 1: A quit claim deed carries _________ warranties.A quit claim deed carries no warranties. The quitclaim deed is used in those cases where the grantor does not want further liability, or feels no need to guarantee title, such as when a family member transfers title to another family member or the grantor is only transferring some of his rights and not conveying a fee simple estate. A quitclaim deed is also used to cure a title defect, such as a technical flaw like a misspelled name on the deed. The correct answer is "d". Show related content one two three no 2: A will is an instrument used to dispose of a person`s property (the estate) upon death. The legal term for a will is a ________________.A will is an instrument used to dispose of a person's property (the estate) upon death. The legal term for a will is a testament. Personal property will pass by bequest in a will or legacy to legatees. Persons receiving ownership of real property through a valid will are called devisees. Changes to the will are called codicils. The correct answer is "a". Show related content testament legatees devisees codicil 3: To get marketable title to property, an adverse possessor would have to:To get marketable title to property, an adverse possessor would have to obtain a quitclaim deed from owner or take quiet title action to obtain a judicial decree clearing the title to the property. A quitclaim deed passes any interest the signer may have in the property, but does not require him/her to warrant the property. Quiet title action is a lawsuit. It resolves all adverse claims to ownership of the property. A quiet title action occurs when one property claimant challenges one or more people in court for the purpose of determining the legal owner. It is intended to "quiet" the conflicting claims on the property, eliminating any ambiguities in the title and making it clear. The correct answer is "c". Show related content obtain a quit claim deed from the owner file for a quiet title action a or b neither a or b 4: When the sheriff has a court order to sell the property to pay off a judgment creditor(s), this is called a ___________________.When the sheriff has a court order to sell the property to pay off a judgment creditor(s), this is called a writ of execution. Lis Pendens is a notice to the public that there is a lawsuit pending. A non-judicial foreclosure, through a power of sale, gives a lender the right to foreclose on a property if a loan is in default. The correct answer is "b". Show related content Lis Pendens writ of execution power of sale non-judicial foreclosure 5: A couple owns property as tenants by the entirety (married couples). Upon the death of one spouse, the estate passes to ________________________.A couple owns property as tenants by the entirety (married couples). Upon the death of one spouse, the estate passes to the other spouse as a tenant in severalty (sole ownership). There is no probate involved with an ownership as tenants by the entirety and the estate passes to the surviving spouse, not to the children or the State of Oregon. The correct answer is "a". Show related content the surviving spouse as a tenant in severalty (sole ownership). heirs according to the probate court the children of the deceased spouse the State of Oregon through escheat 6: A ______________ is a deed conveying title from the trustee back to the borrower, such as when the borrower pays off the loan that was secured by the real estate.A reconveyance deed is a deed conveying title from the trustee back to the borrower, such as when the borrower pays off the loan that was secured by the real estate. The title is being reconveyed to the owner. The correct answer is "a". Show related content reconveyance deed warranty deed bargain and sale deed quit claim 7: Prior to death, the will is___________, meaning that it can be changed at any time.Prior to death, the will is ambulatory, meaning that it can be changed at any time. A codicil is an actual change to a will. Intestate is when a person dies with no will. The correct answer is "c". Show related content a codicil intestate ambulatory Both a and c 8: To claim adverse possession, __________requirements must apply.To claim adverse possession, 5 requirements must apply. They are: open, notorious, continuous, adverse and hostile. The correct answer is "c". Show related content 3 4 5 10 9: A Warranty deed covenant is an agreement between two or more persons, where either party states certain facts, or promises to perform or give something to the other, or to abstain from the performance of certain things. With this deed, the seller (grantor) makes________ covenants or promises to the buyer (grantee).A covenant is an agreement between two or more persons, where either party states certain facts, or promises to perform or give something to the other, or to abstain from the performance of certain things. With this deed, the seller (grantor) makes five covenants or promises to the buyer (grantee). The correct answer is "c". Show related content no three five eight 10: There may be those, through written agreement, who are authorized to sign a deed for the grantor. Which one of the following would not be authorized to sign for the grantor?All of the above might be authorized to sign as a grantor, except the sister of the grantor unless she was given a power of attorney or is a trustee in the estate. The correct answer is "c". Show related content Attorney in fact Authorized signature of a corporate office (when a corporation is conveying a property) The sister of the grantor A trustee of the estate 11: A property owner has an equitable right of redemption in foreclosure actions. This is the right to keep the title by paying off the entire debt___________ the date of the foreclosure.A property owner has an equitable right of redemption in foreclosure actions. This is the right to keep the title by paying off the entire debt prior to the date of the foreclosure. In some states, the property owner will also have a statutory right of redemption, allowing him/her to buy back the property by paying off the entire debt within a specified period after the foreclosure. The correct answer is "d". Show related content 120 days after the foreclosure 180 days after One year prior to 12: A holographic will is a will _________________ by the testator, but ________________________.A holographic will is a will handwritten by the testator, but not witnessed. It is recognized is some states. The correct answer is "c". Show related content handwritten by the testator is not witnessed both a and b neither a nor b 13: The first grant to real property would most likely be in the form of a _________issued by the government.A graduated lease is a lease that changes in the amount paid over time and has nothing to do with the government granting land historically. An attachment lien is used when a law suit is filed and there is a danger that by the time the judgment could be filed, the defendant (party being sued) will have sold the property and disappeared. A writ of attachment allows the sheriff to seize enough of the defendant's property to satisfy the judgment that the plaintiff is seeking. The first grant to real property would most likely be in the form of a patent issued by the government. The correct answer is "b". Show related content graduated lease patent attachment lien none of the above 14: Any additions to land or property, whether it be natural or man-made causes, is called _______. a)Any additions to land or property, whether it be natural or man-made causes, is called accession. Erosion and avulsion have to do with the loss of land. Agency relates to the relationship of a broker and their client. The correct answer is "c". Show related content erosion avulsion accession agency 15: A _______________is often used, for example, by a trustee in bankruptcy or foreclosure to sell real property of the debtor.A reformation deed, often referred to as a correction deed, has wording that corrects an error in a previous deed. A bill of sale is used with personal property, not real property and a warranty deed is not usually used by a trustee in bankruptcy or foreclosure because it poses the most liability for the grantor. The correct answer is "c". Show related content warranty deed a bill of sale trustee's deed reformation deed

4.10

1: A ______________________________ allows another loan to have a higher priority, usually the first position, than the existing loan.A subordination clause allows another loan to have a higher priority, usually the first position, than the existing loan. The correct answer is "b". Show related content defeasance clause subordination clause lock-in-clause prepayment penalty 2: A ______________________in a mortgage or deed of trust provides for the cancellation of the lender`s interest when the debt has been paid in full.A defeasance clause in a mortgage or deed of trust provides for the cancellation of the lender's interest when the debt has been paid in full. The correct answer is "a". Show related content defeasance clause subordination clause lock-in-clause prepayment penalty 3: In a land contract the vendee is the_________________________________.In a land contract the vendee is the buyer. The correct answer is "b". Show related content seller buyer closing agent bank 4: The Andersons` are selling their property and the transaction is closing on July 31st. The annual hazard insurance premium is $2,500 which provides coverage through the end of Oct 31st. What would be the refund to the sellers? Use a 360 day calendar for your calculations.90 days x $6.94 = $624.60 refund to the seller from the insurance company. The correct answer is "a". Show related content $624.60 $676.90 $777.88 $799.50 5: A ____________________ will not allow a borrower from paying off a loan early.A lock-in-clause will not allow a borrower from paying off a loan early. The correct answer is "c". Show related content defeasance clause subordination clause lock-in-clause prepayment penalty 6: GRM stands for __________________________________.GRM stands for Gross Rent Multiplier. The correct answer is "a". Show related content Gross Rent Multiplier Gross Return Multiplier General Reserve Multiplier General Reserve Market 7: A property has a market value of $700,000. The assessment ratio is 90%. The tax rate is 2%. How much is the property tax amount?Step # 1 Multiply the market value by the assessment ratio: $700,000 x 90% (convert to a decimal of .90) = $630,000 assessed value Step # 2 Substitute the assessed value and the tax rate into the formula: T = A x R $630,000 x .02 = $12,600 for the property taxes. The correct answer is "d". Show related content $10,200 $10,400 $10,555 $12,600 8: The seller has not paid the property taxes and closing is on Sept. 30th. The property taxes are $8,800. How much will the seller owe the buyer for taxes at closing?90 days x $24.44 per day = $2,200 credit to the buyer and debit to the seller. The correct answer is "a". Show related content $2,200 $3,000.50 $2,555.50 $22,339.60 9: Why aren`t wrap-around mortgages used more often?Wrap-around mortgages are not used more often because most mortgages contain a due-on-sale clause prohibiting the seller to do from doing a wrap-around mortgage. The correct answer is "c". Show related content They are more expensive than conventional loans They buyer doesn't receive title until the loan is paid off Because most mortgages contain a due-on-sale clause prohibiting the seller from doing a wrap-around mortgage Because the lending institutions must pay heavy fees on these loans 10: In a __________________________situation, an owner sells a property, then immediately leases it back from the new owner.In a sale and leaseback situation, an owner sells a property, then immediately leases it back from the new owner. The correct answer is "b". Show related content lease option sale and leaseback installment sale short sale 11: Interest may be calculated as either a_______________________.Interest may be calculated as either a fixed or variable rate. The correct answer is "a". Show related content fixed or variable rate standard or substandard rate standard or variable rate none of the above 12: Due-On-Sale clause is also referred to as a/an ________________________clause.Due-On-Sale clause is also referred to as an alienation clause. The correct answer is "c". Show related content defeasance clause subordination clause alienation prepayment penalty 13: A property has a market value of $800,000. The assessment ratio is 90% and the tax rate is 3%. How much is the annual tax amount?Step # 1 Multiply the market value by the assessment ratio: $800,000 x 90% (convert to a decimal of .90) = $720,000 assessed value Step # 2 Substitute the assessed value and the tax rate into the formula: T = A x R $720,000 x .03 = $21,600 for the annual taxes. The correct answer is "d". Show related content $11,888 $14,400 $18, 544 $21,600 14: A/An ___________________________________will have a balance due at the end of a term which usually is to be paid off as a balloon payment.A partially amortized loan will have a balance due at the end of a term which usually is to be paid off as a balloon payment. The correct answer is "a". Show related content partially amortized loan fully amortized loan adjustable rate loan fixed rate loan 15: To amortize a loan, the payments must be large enough to pay not only the _____ that has accrued but also to reduce the _______ owed.To amortize a loan, the payments must be large enough to pay not only the interest that has accrued but also to reduce the principal owed. The correct answer is "a". Show related content interest, principal title, interest balance, vesting certificate, business

5.1

1: A broker owes a client and a customer the following duties:A broker owes a client and a customer all of the above duties. The correct answer is "d". Show related content to deal honestly and fairly to account for all monies handled to disclose any material facts all of the above 2: A fiduciary relationship is basically defined as the duty to deal with a client in _________________.A fiduciary relationship is basically defined as the duty to deal with a client in trust and confidentiality. The word is derived from the Latin word fides, meaning faith, and fiducia, meaning trust. The correct answer is "a". Show related content trust and confidentiality trust and neutrality trust and impartially none of the above 3: A broker is a person who:All of the above describe a broker. The correct answer is "d". Show related content Is employed by another person Has the authority to act for that person Has the authority to exercise some discretion while acting for another person All of the above 4: Janet, a licensee with XYZ Realty, has a listing with the Smiths and is the seller`s broker. Janet also has her own home listed for sale at the same time. Janet`s home is very similar to the Smith`s. In the course of performing an open house for the Smiths, Janet meets a potential buyer and suggests to the buyer that he should view her home and tells them that it is a better value and in a nicer neighborhood. Janet puts her own best interests before that of the Smiths because she wanted to sell her home first. This is an example of __________________.Janet has a conflict with seller agency. Janet puts her own best interests before that of the Smiths. The correct answer is "b". Show related content buyer agency conflict seller agency conflict dual agency conflict none of the above and Janet is not in conflict with agency 5: The person who hires or appoints an agent to act on their behalf is called a:The person who hires or appoints an agent to act on their behalf is called a principal. The correct answer is "b". Show related content closing agent principal dual agent universal agent

4.2

1: A common tool used to calculate an index is:A common tool used to calculate an index is the costs of funds to savings banks and treasury securities. The correct answer is "c" Show related content Cost of funds to savings banks Treasury securities Both a and b Neither a or b 2: Mortgage bankers fund loans with ______________________.The difference between a mortgage banker and a mortgage broker is the mortgage banker funds loans with its own capital. The correct answer is "a". Show related content their own capital. capital from others Either a or b Neither a nor b 3: The primary sources of revenue from a mortgage bank are: _________________.The primary sources of revenue from a mortgage bank are loan origination fees and loan servicing fees. The correct answer is "c". Show related content loan origination fees loan servicing fees both a and b neither a nor b 4: When a conversion takes place from an ARM to a fixed-rate, the interest rate is usually set at:When a conversion takes place from an ARM to a fixed-rate, the interest rate is usually set at the current rate for fixed mortgages. The correct answer is "a". Show related content The current rate for fixed mortgages 2% above the current rate for fixed mortgages The Treasury security rate The cost of funds to saving and loan institutions 5: Lenders may take the index and add a few extra percentage points known as:Lenders may take the index and add a few extra percentage points known as the margin. Index Rate + The Margin = ARM Interest Rate. The correct answer is "d". Show related content The convertible index The percentage index The amortized index The margin 6: Bi-monthly payments, as opposed to monthly payments, ________ the term of the loan.Bi-monthly payments, as opposed to monthly payments, reduce the term of the loan. The lender is, in essences, getting half of the payment two weeks early. The correct answer is "a". Show related content reduce increase have no effect none of the above 7: When the Federal Government is involved in purchasing and selling government securities, this is known as ___________________________When the Fed buys or sells government securities, this is known as open market operations. The correct answer is "a". Show related content open market operations reserve requirements secondary market operations title operations 8: Banks and mortgage lenders usually do not set the interest rates. To a very large degree, those rates are set by _________________________who buys these loans.Banks and mortgage lenders usually do not set the interest rates of the mortgages that they sell. To a very large degree, those rates are set by the secondary market who buys these loans. The correct answer is "b". Show related content the Fed the secondary market the primary market state Attorney General 9: The period between one rate adjustment and the next is called:The period between one rate adjustment and the next is called an adjustment period. It is usually for one year but does not have to be. The correct answer is "b" Show related content Conversion period Adjustment period Standard rate period Marginal life period 10: An interest only payment is also referred to as a _________________.An interest only payment is also referred to as a straight note payment. The correct answer is "d". Show related content fully amortized payment partially amortized payment bi-monthly payment straight note payment 11: __________________________include savings and loan associations, local and regional banks, mortgage companies, finance companies, life insurance companies etc.Institutional lenders include savings and loan associations, local and regional banks, mortgage companies, finance companies, life insurance companies etc. The correct answer is "b". Show related content Non-institutional lenders Institutional lenders Secondary lenders None of the above 12: Mortgage brokers, mortgage bankers, credit unions and banks are all part of the ____________________.Mortgage brokers, mortgage bankers, credit unions and banks are all part of the primary market. The correct answer is "a". Show related content primary market secondary market both a and b Neither a nor b 13: ___________________________are the largest sellers of mortgage products for lenders.Mortgage brokers are the largest sellers of mortgage products for lenders. The correct answer is "c". Show related content Commercial banks Savings banks Mortgage brokers Pension funds 14: Negative Amortization on an ARM loan can happen because of:Negative Amortization on an ARM loan can happen because of a payment cap that does not cover the interest rate. The correct answer is "a" Show related content A payment cap A convertible clause A periodic cap A lifetime or overall cap 15: The index + the margin = ___________________________________Index Rate + The Margin = ARM Interest Rate. The correct answer is "a". Show related content ARM interest rate The ARM conversion fee The ARM prepayment penalty None of the above 1: Most saving and loan banks have been reorganized into _____________________.Most saving and loan banks have been reorganized into savings banks. The correct answer is "a". Show related content saving banks commercial banks credit unions Household banks 2: Lenders may take the index and add a few extra percentage points known as:Lenders may take the index and add a few extra percentage points known as the margin. Index Rate + The Margin = ARM Interest Rate. The correct answer is "d". Show related content The convertible index The percentage index The amortized index The margin 3: An interest only payment is also referred to as a _________________.An interest only payment is also referred to as a straight note payment. The correct answer is "d". Show related content fully amortized payment partially amortized payment bi-monthly payment straight note payment 4: If the index is 5% and the margin is 2%, the interest rate on the ARM loan is:Index Rate + The Margin = ARM Interest Rate. The correct answer is "d" Show related content 8% 9% 3Z% 7% 5: All banks must keep a percentage of deposits in reserve at the Federal Reserve Bank. This is known as the __________________.All banks must keep a percentage of deposits in reserve at the Federal Reserve Bank. This is known as the reserve requirement. The correct answer is "d". Show related content secondary market open market operations consumer statute reserve requirement 6: Commercial banks are:Commercial banks are state or federally chartered. The correct answer is "c". Show related content state chartered federally chartered either a or b neither a nor b 7: ARM stands for:ARM stands for adjustable rate mortgage. The correct answer is "c". Show related content Appropriated rental mortgage Amortized rate mortgage Adjustable rate mortgage Affiliated rate mortgage 8: On a partially amortized payment, usually the remaining balance is paid off with a __________________.On a partially amortized payment, usually the remaining balance is paid off with a balloon payment. The correct answer is "b". Show related content promissory note balloon payment third mortgage payment equal to all of the prior payments 9: Mortgage brokers, mortgage bankers, credit unions and banks are all part of the ____________________.Mortgage brokers, mortgage bankers, credit unions and banks are all part of the primary market. The correct answer is "a". Show related content primary market secondary market both a and b Neither a nor b 10: The market where borrowers and loan originators negotiate terms and conditions of a mortgage directly is referred to as a _______________________.The market where borrowers and loan originators negotiate terms and conditions of a mortgage directly is referred to as a primary market. The correct answer is "a". Show related content primary market secondary market buyer's market seller's Market 11: GNMA is an acronym for:GNMA is an acronym for the Government National Mortgage Association, also known as Ginnie Mae The correct answer is "a". Show related content Government National Mortgage Association Government Non-conforming Mortgage Association Government National Market Association Government Non-conforming Market Association 12: The index + the margin = ___________________________________Index Rate + The Margin = ARM Interest Rate. The correct answer is "a". Show related content ARM interest rate The ARM conversion fee The ARM prepayment penalty None of the above 13: ___________________________are the largest sellers of mortgage products for lenders.Mortgage brokers are the largest sellers of mortgage products for lenders. The correct answer is "c". Show related content Commercial banks Savings banks Mortgage brokers Pension funds 14: If an index rate did not change, and the payment on the loan increased, this was caused by:If an index rate did not change, and the payment on the loan increased, this was caused by a carry over from a prior period. The correct answer is "d". Show related content A decrease in the margin A change in Treasury Securities A change in the lifetime cap A carry over 15: A lifetime or overall cap limits:A lifetime or overall cap limits the interest rate increase over the lifetime of the loan. The correct answer is "c". Show related content The time in which the loan can be converted to a fixed rate The periodic adjustment The interest rate increase over the lifetime of the loan Negative amortization 1: Mortgage bankers fund loans with ______________________.The difference between a mortgage banker and a mortgage broker is the mortgage banker funds loans with its own capital. The correct answer is "a". Show related content their own capital. capital from others Either a or b Neither a nor b 2: On a partially amortized payment, usually the remaining balance is paid off with a __________________.On a partially amortized payment, usually the remaining balance is paid off with a balloon payment. The correct answer is "b". Show related content promissory note balloon payment third mortgage payment equal to all of the prior payments 3: When a conversion takes place from an ARM to a fixed-rate, the interest rate is usually set at:When a conversion takes place from an ARM to a fixed-rate, the interest rate is usually set at the current rate for fixed mortgages. The correct answer is "a". Show related content The current rate for fixed mortgages 2% above the current rate for fixed mortgages The Treasury security rate The cost of funds to saving and loan institutions 4: ___________________________________are payments to a mortgage broker by a lender for originating and processing a mortgage loan with a higher interest rate (called an above-par loan) than the lender would normally offer.Yield spread premiums are payments to a mortgage broker by a lender for originating and processing a mortgage loan with a higher interest rate (called an above-par loan) than the lender would normally offer. The correct answer is "a". Show related content Yield spread premiums Loan origination fees Points Both b and c 5: The Federal Reserve System is also known as the _______.The Federal Reserve System is also known as the Fed. The correct answer is "b". Show related content Ginnie Mae Federal Government Freddie Mac Portfolio market 6: The period between one rate adjustment and the next is called:The period between one rate adjustment and the next is called an adjustment period. It is usually for one year but does not have to be. The correct answer is "b" Show related content Conversion period Adjustment period Standard rate period Marginal life period 7: If the index is 5% and the margin is 2%, the interest rate on the ARM loan is:Index Rate + The Margin = ARM Interest Rate. The correct answer is "d" Show related content 8% 9% 3Z% 7% 8: A common tool used to calculate an index is:A common tool used to calculate an index is the costs of funds to savings banks and treasury securities. The correct answer is "c" Show related content Cost of funds to savings banks Treasury securities Both a and b Neither a or b 9: Which one of the following might be another source for a lender?All of the above could be a lender. The correct answer is "d". Show related content pension fund private individual Real Estate Investment Trust (REIT) All of the above 10: Most saving and loan banks have been reorganized into _____________________.Most saving and loan banks have been reorganized into savings banks. The correct answer is "a". Show related content saving banks commercial banks credit unions Household banks 11: Payment caps limit_____________________________________:The payment cap limit is defined as the monthly payment increase allowed. The correct answer is "b". Show related content The amount that the interest rate can change over the life of the loan The monthly payment increase allowed The conversion time Which index can be used 12: Negative Amortization on an ARM loan can happen because of:Negative Amortization on an ARM loan can happen because of a payment cap that does not cover the interest rate. The correct answer is "a" Show related content A payment cap A convertible clause A periodic cap A lifetime or overall cap 13: If an index rate did not change, and the payment on the loan increased, this was caused by:If an index rate did not change, and the payment on the loan increased, this was caused by a carry over from a prior period. The correct answer is "d". Show related content A decrease in the margin A change in Treasury Securities A change in the lifetime cap A carry over 14: When the Federal Government is involved in purchasing and selling government securities, this is known as ___________________________When the Fed buys or sells government securities, this is known as open market operations. The correct answer is "a". Show related content open market operations reserve requirements secondary market operations title operations 15: Banks and mortgage lenders usually do not set the interest rates. To a very large degree, those rates are set by _________________________who buys these loans.Banks and mortgage lenders usually do not set the interest rates of the mortgages that they sell. To a very large degree, those rates are set by the secondary market who buys these loans. The correct answer is "b". Show related content the Fed the secondary market the primary market state Attorney General 1: To avoid unnecessary risk, the secondary market requires loans that they buy meet the standards of ________________ which are set by the secondary markets.To avoid unnecessary risk, the secondary markets requires loans that they buy meet the standards of uniform underwriting which are set by the secondary markets. The correct answer is "a". Show related content uniform underwriting just certification common title vesting none of the above 2: The index + the margin = ___________________________________Index Rate + The Margin = ARM Interest Rate. The correct answer is "a". Show related content ARM interest rate The ARM conversion fee The ARM prepayment penalty None of the above 3: GNMA is an acronym for:GNMA is an acronym for the Government National Mortgage Association, also known as Ginnie Mae The correct answer is "a". Show related content Government National Mortgage Association Government Non-conforming Mortgage Association Government National Market Association Government Non-conforming Market Association 4: A lifetime or overall cap limits:A lifetime or overall cap limits the interest rate increase over the lifetime of the loan. The correct answer is "c". Show related content The time in which the loan can be converted to a fixed rate The periodic adjustment The interest rate increase over the lifetime of the loan Negative amortization 5: An interest only payment is also referred to as a _________________.An interest only payment is also referred to as a straight note payment. The correct answer is "d". Show related content fully amortized payment partially amortized payment bi-monthly payment straight note payment 6: A common tool used to calculate an index is:A common tool used to calculate an index is the costs of funds to savings banks and treasury securities. The correct answer is "c" Show related content Cost of funds to savings banks Treasury securities Both a and b Neither a or b 7: The period between one rate adjustment and the next is called:The period between one rate adjustment and the next is called an adjustment period. It is usually for one year but does not have to be. The correct answer is "b" Show related content Conversion period Adjustment period Standard rate period Marginal life period 8: Lenders may take the index and add a few extra percentage points known as:Lenders may take the index and add a few extra percentage points known as the margin. Index Rate + The Margin = ARM Interest Rate. The correct answer is "d". Show related content The convertible index The percentage index The amortized index The margin 9: Negative Amortization on an ARM loan can happen because of:Negative Amortization on an ARM loan can happen because of a payment cap that does not cover the interest rate. The correct answer is "a" Show related content A payment cap A convertible clause A periodic cap A lifetime or overall cap 10: On a partially amortized payment, usually the remaining balance is paid off with a __________________.On a partially amortized payment, usually the remaining balance is paid off with a balloon payment. The correct answer is "b". Show related content promissory note balloon payment third mortgage payment equal to all of the prior payments 11: Bi-monthly payments, as opposed to monthly payments, ________ the term of the loan.Bi-monthly payments, as opposed to monthly payments, reduce the term of the loan. The lender is, in essences, getting half of the payment two weeks early. The correct answer is "a". Show related content reduce increase have no effect none of the above 12: ARM stands for:ARM stands for adjustable rate mortgage. The correct answer is "c". Show related content Appropriated rental mortgage Amortized rate mortgage Adjustable rate mortgage Affiliated rate mortgage 13: A way for a bank to free up some of their money tied up in existing loans so they could make additional loans would be to:A way for a bank to free up some of their money tied up in existing loans so they could make additional loans would be to sell existing loans on the secondary market. The correct answer is "c". Show related content charge a lower interest rate on future loans charge a lower loan origination fee on future loans sell existing loans on the secondary market Pay less to the person originating the loan on future loans granted 14: When a conversion takes place from an ARM to a fixed-rate, the interest rate is usually set at:When a conversion takes place from an ARM to a fixed-rate, the interest rate is usually set at the current rate for fixed mortgages. The correct answer is "a". Show related content The current rate for fixed mortgages 2% above the current rate for fixed mortgages The Treasury security rate The cost of funds to saving and loan institutions 15: All banks must keep a percentage of deposits in reserve at the Federal Reserve Bank. This is known as the __________________.All banks must keep a percentage of deposits in reserve at the Federal Reserve Bank. This is known as the reserve requirement. The correct answer is "d". Show related content secondary market open market operations consumer statute reserve requirement 1: A common tool used to calculate an index is:A common tool used to calculate an index is the costs of funds to savings banks and treasury securities. The correct answer is "c" Show related content Cost of funds to savings banks Treasury securities Both a and b Neither a or b 2: If an index rate did not change, and the payment on the loan increased, this was caused by:If an index rate did not change, and the payment on the loan increased, this was caused by a carry over from a prior period. The correct answer is "d". Show related content A decrease in the margin A change in Treasury Securities A change in the lifetime cap A carry over 3: The market where borrowers and loan originators negotiate terms and conditions of a mortgage directly is referred to as a _______________________.The market where borrowers and loan originators negotiate terms and conditions of a mortgage directly is referred to as a primary market. The correct answer is "a". Show related content primary market secondary market buyer's market seller's Market 4: A lifetime or overall cap limits:A lifetime or overall cap limits the interest rate increase over the lifetime of the loan. The correct answer is "c". Show related content The time in which the loan can be converted to a fixed rate The periodic adjustment The interest rate increase over the lifetime of the loan Negative amortization 5: ___________________________________are payments to a mortgage broker by a lender for originating and processing a mortgage loan with a higher interest rate (called an above-par loan) than the lender would normally offer.Yield spread premiums are payments to a mortgage broker by a lender for originating and processing a mortgage loan with a higher interest rate (called an above-par loan) than the lender would normally offer. The correct answer is "a". Show related content Yield spread premiums Loan origination fees Points Both b and c 6: Mortgage brokers, mortgage bankers, credit unions and banks are all part of the ____________________.Mortgage brokers, mortgage bankers, credit unions and banks are all part of the primary market. The correct answer is "a". Show related content primary market secondary market both a and b Neither a nor b 7: When the Federal Government is involved in purchasing and selling government securities, this is known as ___________________________When the Fed buys or sells government securities, this is known as open market operations. The correct answer is "a". Show related content open market operations reserve requirements secondary market operations title operations 8: A way for a bank to free up some of their money tied up in existing loans so they could make additional loans would be to:A way for a bank to free up some of their money tied up in existing loans so they could make additional loans would be to sell existing loans on the secondary market. The correct answer is "c". Show related content charge a lower interest rate on future loans charge a lower loan origination fee on future loans sell existing loans on the secondary market Pay less to the person originating the loan on future loans granted 9: The period between one rate adjustment and the next is called:The period between one rate adjustment and the next is called an adjustment period. It is usually for one year but does not have to be. The correct answer is "b" Show related content Conversion period Adjustment period Standard rate period Marginal life period 10: Negative Amortization on an ARM loan can happen because of:Negative Amortization on an ARM loan can happen because of a payment cap that does not cover the interest rate. The correct answer is "a" Show related content A payment cap A convertible clause A periodic cap A lifetime or overall cap 11: Mortgage bankers fund loans with ______________________.The difference between a mortgage banker and a mortgage broker is the mortgage banker funds loans with its own capital. The correct answer is "a". Show related content their own capital. capital from others Either a or b Neither a nor b 12: The Federal Reserve System is also known as the _______.The Federal Reserve System is also known as the Fed. The correct answer is "b". Show related content Ginnie Mae Federal Government Freddie Mac Portfolio market 13: On a partially amortized payment, usually the remaining balance is paid off with a __________________.On a partially amortized payment, usually the remaining balance is paid off with a balloon payment. The correct answer is "b". Show related content promissory note balloon payment third mortgage payment equal to all of the prior payments 14: The primary sources of revenue from a mortgage bank are: _________________.The primary sources of revenue from a mortgage bank are loan origination fees and loan servicing fees. The correct answer is "c". Show related content loan origination fees loan servicing fees both a and b neither a nor b 15: If the index is 5% and the margin is 2%, the interest rate on the ARM loan is:Index Rate + The Margin = ARM Interest Rate. The correct answer is "d" Show related content 8% 9% 3Z% 7%

4.7

1: A main source for preparing a market analysis is:All of the above would be considered main sources of information for preparing a market analysis. The correct answer is "d". Show related content Site information Comparable property information Market conditions All of the above 2: The effective income minus operating expenses = _____________________.The effective income minus operating expenses = the net income. The correct answer is "b". Show related content gross income net income operating income expense income 3: Adjustments for differences in comparables should be made to:Adjustments for differences in comparables should be made to the comparable. The correct answer is "a". Show related content The comparable The site Both the site and the comparable Adjustments are not allowed 4: A broker will typically use a ________ to arrive at a value for the propertyA broker will typically use a comparative market analysis to arrive at a value for the property. The correct answer is "c". Show related content Competitive markup analysis Competitive material analysis Comparative market analysis Comparative material analysis 5: USPAP is an acronym for:USPAP is an acronym for Uniform Standards of Professional Appraisal Practice. Loans that are federally regulated must be performed by a state certified or state licensed appraiser in accordance with USPAP (Uniform Standards of Professional Appraisal Practice). The correct answer is "a". Show related content Uniform Standards of Professional Appraisal Practice Unified Standards of Professional Appraisal Purposes Unified Standards of Professional Appraisal Practice Uniform Standards of Professional Appraisal Purposes 6: Factors which affect price are:All of the above affect price. In addition, there could be attributes specific to the property which might affect value such as the maintenance and general condition of the property, external influences such as employment and the proximity of the property to jobs, obsolesce, local legislation and federal legislation. The correct answer is "d". Show related content Interest rates Supply and demand The economy All of the above 7: A loan amount in the $875,000 range would be considered a ________ loan.A loan amount in the $875,000 range would be considered a jumbo loan. As of the time of this writing the conforming loan amount before it becomes a jumbo loan is $ 417,000. The correct answer is "d". Show related content Convertible Delinquent Predatory Jumbo 8: In January, the seller`s broker for the Smiths suggested that the seller wait until April to sell. The Smiths were avid gardeners and had 500-600 bulbs planted in their front yard. They also had multiple blooming trees and shrubs. The Smith`s yard was always stunning in April. The suggestion of the seller`s broker to wait until April to sell is an example of:The suggestion of the seller's broker to wait until April to sell is an example of seasonality. The correct answer is "a". Show related content seasonality spring training the secondary market trespass 9: Sales comparison approach, also known as the market data approach is usually used for residential property and also used to value the land portion only, when valuing using the cost approach. Similar properties are compared to the site property. Additions and subtractions called ______________________are made to the site property for greater or less amenities.Similar properties are compared to the site property. Additions and subtractions called adjustments are made to the site property for greater or less amenities. The correct answer is "a". Show related content adjustments comparables like kind properties site properties 10: _____________________________is the price a buyer will pay and a seller will accept for a property under reasonable and ordinary conditions.Fair market value is the price a buyer will pay and a seller will accept for a property under reasonable and ordinary conditions. Neither the buyer of the seller is under any pressure to complete the transaction. The correct answer is "b". Show related content Economic value Fair market value Cost Physical value 11: Greater weight is given to the comparable properties thatAll of the above are of extreme importance when considering comparable properties. The correct answer is "d". Show related content Have had recent sales Have close proximity to the site Those which have similar amenities All of the above 12: BOV stands forBOV stands for Broker's Opinion of Value. The correct answer is "b". Show related content Breach of Value Broker's Opinion of Value Buyer Opinion of Value None of the above 13: The methods used by appraisers for valuation are:The methods used by appraisers for valuation are different from the methods used by real estate brokers. The correct answer is "b" Show related content The same as used by real estate brokers Different from the methods used by real estate brokers The same as used by structural inspectors The same as used by closing agents 14: The income approach, also known______________________________, is usually used for income producing properties.The income approach, also known as the capitalization method, is usually used for income producing properties. The cost-in-place, quantity survey and square foot methods are uses in the cost approach to value. The correct answer is "a". Show related content as the capitalization method as the cost-in-place method as the quantity survey method as the square foot method 15: Only those uses that are, or may be, legally allowed_________________________. This may exclude uses that are not, and unlikely to become, allowed by zoning, uses forbidden by government regulations, and uses that might be prohibited by deed restrictions or covenants.Only those uses that are, or may be, legally allowed are potential highest and best uses. This may exclude uses that are not, and unlikely to become, allowed by zoning, uses forbidden by government regulations, and uses that might be prohibited by deed restrictions or covenants. The correct answer is "a". Show related content are potential highest and best uses are able to be sold are able to be transferred are able to pay taxes 16: If interest rates are lowered:If interest rates are lowered a buyer can qualify for a more expensive home. Less of their monthly payment would be going toward interest. The correct answer is "a". Show related content A buyer can qualify for a more expensive home A buyer would always qualify for a less expensive home Interest rate never effect the buyer's qualification A buyer must purchase a government loan 17: Annual income divided by the capitalization rate = __________________.Annual income divided by the capitalization rate = value. This formula is used in the income approach to value. The correct answer is "a". Show related content value rent multiplier income multiplier none of the above 18: A ____________________________is a professional who specializes in estimating the value of property.A real estate appraiser is a professional who specializes in estimating the value of property. Estimates of value, known as appraisals are typically made when property is bought, sold, condemned, insured or mortgaged. The correct answer is "c". Show related content real estate broker closing agent real estate appraiser structural inspector 19: The parties involved in determining price are usually the seller and:The parties involved in determining price are usually the seller and their real estate broker. The correct answer is "d". Show related content The closing agent Structural inspector The mortgage banker Their real estate broker 20: Expenses such as mortgage payments are also known as_______________________.Expenses such as mortgage payments are also known as debt service. Debt service expense is not subtracted from the effective gross income to arrive at net income. The correct answer is "c". Show related content operating expenses fixed costs debt service all of the above

1.7

1: A person must record a _________in every county in which a condominium development property is located.Oregon law required that a person must record a declaration every county in which a condominium development property is located. The declaration is an extremely important condominium document because it creates the condominium and the covenants, conditions and restrictions (CC&Rs) for the condominium. The correct answer is "c". Show related content possession document general fund document declaration lis pendens 2: Generally speaking, all other things being equal, when the supply of housing increases, prices tend to ________and when the supply of housing decreases, prices tend to________.Generally speaking, all other things being equal, when the supply increases, prices tend to fall and when the supply decreases, prices tend to rise. The correct answer is "a". Show related content fall, rise rise, fall stay the same, fall rise, stay the same 3: The restrictions of the conservation easement, once set in place, "run with the land" and are binding on ____________owners of the property.The restrictions of the conservation easement, once set in place, "run with the land" and are binding on all future owners of the property (in other words, the restrictions are perpetual). The restrictions, when recorded, become a part of the chain of title for the property. The correct answer is "c". Show related content all future all current owners both a and b neither a nor b 4: NEPA is an acronym for the:The National Environmental Policy Act (NEPA) requires federal agencies to integrate environmental values into their decision making processes by studying the environmental impacts of governmental proposed actions and reasonable alternatives to those actions. The correct answer is "b". Show related content National Environmental Privacy Act National Environmental Policy Act National Energy Policy Act National Energy Property Act 5: The court case Shelley v. Kraemer was about the ___________________.Kraemer and other white property owners had a restrictive covenant and brought suit in Illinois State court seeking to block the Shelley family, who were African-American, from owning property. The correct answer is "a". Show related content validity of deeds that contain race restrictions enforcement of building codes enforcement of a deed that restricts owning livestock issue of a certificate of occupancy 6: A condominium may have________________________.A condominium may have both residential and commercial units. In addition there may be both residential and commercial units in one building called mixed use buildings. The correct answer is "c". Show related content residential units commercial unit Both a and b neither a nor b 7: NCP is an acronym for ___________________.CERCLA also enabled the revision of the National Contingency Plan (NCP). The NCP provided the guidelines and procedures needed to respond to releases and threatened releases of hazardous substances, pollutants, or contaminants. The correct answer is "a". Show related content National Contingency Plan National Commercial Plan National Construction Plan National Conformity Plan 8: ______________specifies that a portion of land be devoted to a specific purpose.Incentive zoning specifies that a certain portion of land be devoted to a specific purpose. Spot zoning occurs when a small area of land in an existing neighborhood is placed in a different zone from that of neighboring property. Bulk zoning is designed to control overcrowding and density. Protective zoning protects existing owners from other undesirable uses that are not compatible with the existing use. The correct answer is "c". Show related content spot zoning bulk zoning Incentive zoning Protective zoning 9: Which of the following are examples of economic factors that influence property ownership:All of the following are some example of economic factors which might influence property ownership; the supply of money and the interest rates, employment, stock and bond markets, the return on other investments, legislative measures, the cost of renting versus buying, the cost of construction and labor and tax incentives. The correct answer is "d". Show related content Interest rates Employment Cost of construction All of the above 10: The Oregon Condominium Act is found in ________________The Oregon Condominium Act is found in ORS Chapter 100. The correct answer is "a". Show related content ORS Chapter 100 ORS Chapter 110 ORS Chapter 150 ORS Chapter 195 11: ____________________in a condominium complex are common areas that are reserved for the use of one unit or more.Limited common elements in a condominium complex are common areas that are reserved for the use of one unit or more. As opposed to general common elements which can be used by all unit owners. An example might be an assigned parking space. Insurance and liability are a factor with all of the common spaces. The correct answer is "b". Show related content General common elements Limited common elements Liability common elements Insured common elements 12: Notice must be given to tenants at least _______days before a condo conversion begins.Notice must be given to tenants at least 120 days before a condo conversion begins. The notice does not serve as an eviction. It is intended only to inform tenants of the conversion plan. (ORS 100.305) Tenants must be given first opportunity to purchase the unit that they reside in. They must be given at least 60 days to reject the offer. (ORS 100.310). Show related content 30 60 90 120 13: The Resource Conservation and Recovery Act (RCRA) deals with:The Resource Conservation and Recovery Act (RCRA) deals with hazardous waste management. Their goal is to protect human health, protect the environment from hazardous waste, conservation of energy and natural resources and waste reduction. The correct answer is "d". Show related content hazardous waste management conservation of energy and natural resources waste reduction All of the above 14: Tenants must be given first opportunity to purchase the unit that they reside in. They must be given at least ______days to reject the offer.Tenants must be given first opportunity to purchase the unit that they reside in. They must be given at least 60 days to reject the offer. The correct answer is "b". Show related content 30 60 90 120 15: There may also be some tax advantages from ____________for a conservation easement.There may also be some tax advantages from the federal IRS for a conservation easement. The correct answer is "d". Show related content general property taxes special assessment taxes Oregon income taxes the federal IRS

4.6

1: A structural pest inspector identifies, what they thinks might be a problem with the foundation and settling of a home. What should the inspector do next?If an inspection reveals any major problems, there may be additional inspections required by those professionals who have expertise in a particular area. The correct answer is "b". Show related content Advise the buyer to back out of the transaction Advise the buyer to get a professional inspection from a foundation and soils engineer Report the condition to the county building department Report the condition to the Environmental Protection Agency 2: A seller may find that closing plus 3 days possession for their buyer is very desirable when:A seller may find that closing plus 3 days possession for their buyer is very desirable when the seller is purchasing another home and using the net proceeds from the prior home or when the home is owner occupied. The correct answer is "c". Show related content The home is owner occupied The seller is purchasing another home and using the net proceeds from the prior home Either a or b Neither a or b 3: The accounting of all financial items in a transaction will normally be specified in:The accounting of all financial items in a transaction will usually be accounted for using a form called a Closing Disclosure Statement. The correct answer is "c". Show related content A Vesting Statement A secondary market statement Closing Disclosure An assessment statement 4: The period between one rate adjustment and the next is called:The period between one rate adjustment and the next is called an adjustment period. The correct answer is "b". Show related content Conversion period Adjustment period Standard rate period Marginal life period 5: An/an _______________________is a provision in a mortgage contract, in some states, that declares the mortgaged real estate may be used as security for future additional advances from the original lender, if the lender and borrower agree. All subsequent advances under this clause represent a claim on the property dating back to the time of recording the original mortgage. It is similar to an open line of credit.An open-end mortgage is a provision in a mortgage contract, in some states, that declares the mortgaged real estate may be used as security for future additional advances from the original lender, if the lender and borrower agree. The correct answer is "a". Show related content open-end mortgage closed end Either a or b Neither a nor b 6: Jack, a developer of a subdivision, has a blanket mortgage including a partial release clause. He wants to sell one of the parcels. What would Jack ask of his lender to be able to sell one of the parcels?Jack would ask his lender for a partial satisfaction, also known as a partial reconveyance deed to be able to sell a parcel in the subdivision and to prove that the parcel had been released from the loan. The correct answer is "d". Show related content partial release clause partial satisfaction partial reconveyance deed Either b or c 7: A _____________________________________is a mortgage that was recorded first and has lien priority over any other mortgages.A first mortgage is a mortgage that was recorded first and has lien priority over any other mortgages. A junior mortgage is a lien on real property that is subordinate to another mortgage that was previously recorded. It may be in second, third, or a lower priority. The correct answer is "c". Show related content second mortgage junior mortgage first mortgage Both a and b 8: A _______________is a single mortgage that covers more than one parcel of real estate and utilized in development projects.A blanket mortgage is a single mortgage that covers more than one parcel of real estate which is secured by several structures or numerous parcels. A blanket mortgage is often used to finance proposed subdivisions, cooperatives or development projects. The correct answer is "b". Show related content collateral mortgage blanket mortgage reverse participation 9: The index + the margin =The index + the margin = ARM Interest Rate. The correct answer is "a". Show related content ARM interest rate The ARM conversion fee The ARM prepayment penalty None of the above 10: The _____________________specializes in providing assistance to first time buyers.The Oregon Bond Program specializes in providing assistance to first time buyers. The correct answer is "a". Show related content Oregon Bond Program Oregon Department of Veterans Affairs Oregon Special Assessment Program Oregon Rezones Program 11: An appraisal is ______________________________.All of the above describe an appraisal and when one might be used. A real estate appraiser is a professional who specializes in estimating the value of property. Estimates of value, known as appraisals are typically made when property is bought, sold, condemned, insured or mortgaged. An appraisal may also be performed in a pending divorce action and when partnerships are terminated. The correct answer is "d". Show related content Estimate of value Often used when property is sold Often used when property is re-financed All of the above 12: Allowing the buyer to take early possession of a property prior to closing involves:Allowing the buyer to take early possession of a property prior to closing involves risk. Some of the risks are liability of the property and having a buyer get possession of a property that could pose a problem if the transaction does not close. The correct answer is ''b'' Show related content Obtaining permission from the lender Risk Obtaining permission from the closing agent Obtaining permission from the title company 13: Which person would most likely disburse the funds due to the seller as net proceeds?The final activity at closing involves the distribution of the money generated by the sale. It is usually the closing agent's responsibility to distribute these funds. Funds would typically be distributed to: the seller, the seller's lender if there is an existing mortgage on the property, the real estate agents involved in the sale (commissions), or to anyone listed on the HUD-I Statement to receive funds. The correct answer is "a". Show related content The closing (escrow) agent The buyer The seller's real estate broker The lender 14: One of the first processes for a buyer obtaining a loan is to submit a loan_____ to the lender.One of the first processes for a buyer obtaining a loan is to submit a loan application to the lender. The correct answer is "c". Show related content commitment progress report application a summary report 15: ARM is an acronym for:ARM is an acronym for adjustable rate mortgage. With a fixed rate mortgage, the interest rate stays the same during the life of the loan. With an Adjustable Rate Mortgage (ARM), the interest rate changes periodically over the life of a loan. The correct answer is "c". Show related content Appropriated rental mortgage Amortized rate mortgage Adjustable rate mortgage Affiliated rate mortgage 16: Possession of the property could typically be:Possession of the property could typically be either immediately after recording and funding or closing plus three days. It should be noted that possession could be almost any date which the buyer and seller agree upon. The correct answer is "c". Show related content Immediately after recording and funding Closing plus three days Either a or b Neither a or b 17: This is a type of fixed-rate mortgage where the payment increases gradually from an initial low base level to a desired, final level. Payments increase in steps each year until the installments are sufficient to amortize the loan:A graduated payment mortgage where the payment increases gradually from an initial low base level to a desired, final level. Payments increase in steps each year until the installments are sufficient to amortize the loan. The correct answer is "b". Show related content interest only mortgage graduated payment mortgage take-out mortgage reverse mortgage 18: With a___________________________, the lender holds the amount paid for the items in a reserve account (also known as an escrow account or an impound account) until they are due to be paid. These items typically include principal, interest, taxes and insurance.With a budget mortgage, the lender holds the amount paid for the items in a reserve account (also known as an escrow account or an impound account) until they are due to be paid. These items typically include principal, interest taxes and insurance. The correct answer is "c". Show related content participation mortgage home equity mortgage budget mortgage take-out 19: Prior to issuing a policy for title insurance, a title company will search the public records for:Prior to issuing a policy for title insurance, a title company will search the public records for almost anything relating to the property. The above items are great examples of what a title company will search for. The correct answer is "d". Show related content Liens Unpaid taxes Judgments All of the above 20: The amount of down payment required will be:The amount of down payment required will be dependent upon the type of loan being purchased. The correct answer is "c". Show related content Dependent upon the borrower's age Dependent upon how many borrower's there are Dependent upon the type of loan being purchased The amount of title insurance purchased

Unit 1 Final

1: A tenant installed a light bulb in a floor lamp that she owned. The light bulb is considered to be____________________________.Correct! A light bulb that was installed in a floor lamp would be considered to be installed in the personal property of the tenant. It is not attached to the structure and it not real property. Show related content real property personal property property of the tenant both b and c 2: The purpose of _____________is to protect the public from unsafe, substandard construction.The purpose of a building code is to protect the public from unsafe, substandard construction. A conservation easement is a voluntary, legally binding agreement that limits certain types of uses or prevents development from taking place on a piece of property now and in the future. A covenant is a promise to not violate the restriction. When the government desires that land needs to be acquired for a public purpose, the government will compensate the owner for the physical taking of his/her land by fair and just compensation through eminent domain. The correct answer is "a". Show related content a building code a conservation easement a covenant eminent domain 3: When a plat has been ______________, it becomes a sufficient full legal description to identify property.When a plat has been recorded, it becomes sufficient legal description to identify property. Property does not have to be built upon, granted a certificate of occupancy or connected to all utilities to have a sufficient full legal description. The correct answer is "c". Show related content built upon granted a certificate of occupancy recorded connected to all utilities 4: 1 mile = ____________1 mile = 5,280 feet. The correct answer is "d". Show related content 2,222 feet 3,200 feet 1,760 feet 5,280 feet 5: Each township is divided up into ___________ sections.Each township is divided up into 36 sections which measure 1 mile times 1 mile. The correct answer is "c". Show related content 48 54 36 100 6: The closing date for a transaction was stated in the purchase and sale agreement as Match 10th, 2020. The sellers requested that the closing date be extended to March 25th, 2020 since the new home that they were purchasing had not yet been completed by the builder. The buyers would not agree to extend closing. What should the closing agent do?Both the buyer and the seller must agree to change the closing date and extend the transaction. The correct answer is "b". Show related content try to negotiate with the buyer and the seller escrow is a neutral 3rd party and has no authority to change closing dates change the closing date to March 25th, since the sellers will not have a place to live get the lenders permission to change the closing date 7: When a title search shows that there is a break in the chain of title, this could best be corrected by:A Quiet Title Action is intended to "quiet" the conflicting claims on the property, eliminating any ambiguities in the title. The correct answer is "d". Show related content providing a special warranty deed providing a bargain and sale deed providing a sheriff's deed procuring a quiet title action 8: Leasehold estates carry _________ interest than a freehold estate.Correct! Leasehold estates are considered less than freehold estates. Show related content more less the same a certain percentage of 9: Oregon is a _________________law state.Correct! Oregon is a common law state. Show related content common community property Steering Redlining 10: A couple owns property as tenants by the entirety (married couples). Upon the death of one spouse, the estate passes to ________________________.A couple owns property as tenants by the entirety (married couples). Upon the death of one spouse, the estate passes to the other spouse as a tenant in severalty (sole ownership). There is no probate involved with an ownership as tenants by the entirety and the estate passes to the surviving spouse, not to the children or the State of Oregon. The correct answer is "a". Show related content the surviving spouse as a tenant in severalty (sole ownership). heirs according to the probate court the children of the deceased spouse the State of Oregon through escheat 11: In general, lien priority is established by_______________________. The first to record has the highest priority.In general, lien priority is established by the date of recording. The first to record has the highest priority. The correct answer is "b". Show related content the date of recording the highest dollar amount the Agency Lis Pendens 12: The short sale process usually takes ____________than a normal real estate transaction.A short sale transaction can take a much longer period of time compared to a normal real estate transaction. The reasons for this could include approval by multiple lenders, the amount of short sales that lenders must process, and the availability of staffing to timely process all requests. The correct answer is "b". Show related content a much shorter amount of time a much longer time the same amount of time none of the above 13: The _____________________ sale is an auction and is held in a public place.The sheriff's sale is an auction and is held in a public place- sometimes on the court house steps. The correct answer is "c" Show related content deed-in-lieu bank sheriff's none of the above 14: ____________________in a condominium complex are common areas that are reserved for the use of one unit or more.Limited common elements in a condominium complex are common areas that are reserved for the use of one unit or more. As opposed to general common elements which can be used by all unit owners. An example might be an assigned parking space. Insurance and liability are a factor with all of the common spaces. The correct answer is "b". Show related content General common elements Limited common elements Liability common elements Insured common elements 15: Ownership of personal property is transferred using a____________.Ownership of personal property is transferred using a bill of sale. A deed is used when transferring real property. A deed of trust or mortgage is used as security for a loan. The correct answer is "a". Show related content bill of sale deed deed of trust mortgage 16: The actual act of taking of private property for public use is done through ____________proceedings.The actual act of taking of private property for public use is done through condemnation proceedings. Foreclosure proceedings are when a bank attempts to take back a property because a borrower defaulted. A Deed in lieu of foreclosure is when a borrower relinquishes a deed to a lender instead of the lender foreclosing on the property. The correct answer is "b". Show related content Foreclosure Condemnation Deed in lieu of foreclosure All of the above. 17: ____________________is the gift of land donated to the public without compensation.Dedication is the gift of land donated to the public without compensation. Fair market value is the price a buyer will pay and a seller will accept for a property under reasonable and ordinary conditions. Neither the buyer nor the seller is under any pressure to complete the transaction. Condemnation is when the government takes privately owned land (when the owner is unwilling to sell it) to benefit the public and the government must pay a fair market value to the owner. The correct answer is "a". Show related content Dedication Fair market value Condemnation Escheat 18: A _____________home is one that is constructed almost entirely in a factory.A manufactured home is one that is constructed almost entirely in a factory. The correct answer is "a". Show related content manufactured modular building stick building frame building 19: When land is divided into two or three units, the process is called ________and the individual units are called ____________.When land is divided into two or three units, the process is called partitioning and the individual units are called parcels. When a tract of land that existed as one unit or contiguous units of land under single ownership is divided into four or more units, the process is called subdividing, and the individual units are called lots. The correct answer is "a". Show related content partitioning, parcels parcels, portioning subdivisions, lots lots, subdivisions 20: To claim adverse possession, __________requirements must apply.To claim adverse possession, 5 requirements must apply. They are: open, notorious, continuous, adverse and hostile. The correct answer is "c". Show related content 3 4 5 10 21: A rectangle room is 10 feet x 12 feet. What is the square footage?Multiply the two sides together to determine the square footage. 10 x 12 = 120 square feet. The correct answer is "b". Show related content 1,200 square feet 120 square feet 130 square feet 12 square feet 22: 1 square mile = ______________________1 square mile = 640 acres (5,280 x 5,280 = 27.878,400 divided by 43,560= 640). The correct answer is "a". Show related content 640 acres 120 acres 420 acres 320 acres 23: If a person dies intestate and there are no legal heirs, then the property reverts to the state through_________________.If a person dies intestate and there are no legal heirs, then the property reverts to the state through escheat. The correct answer is "a". Show related content escheat a will trust monitoring 24: A will is an instrument used to dispose of a person`s property (the estate) upon death. The legal term for a will is a ________________.A will is an instrument used to dispose of a person's property (the estate) upon death. The legal term for a will is a testament. Personal property will pass by bequest in a will or legacy to legatees. Persons receiving ownership of real property through a valid will are called devisees. Changes to the will are called codicils. The correct answer is "a". Show related content testament legatees devisees codicil 25: The _______________________is calculated as the percentage of all available units in a rental property, such as a hotel or apartment complex, that are vacant or unoccupied at a particular time.The vacancy is calculated as the percentage of all available units in a rental property, such as a hotel or apartment complex, that are vacant or unoccupied at a particular time. The opposite of a vacancy rate is an occupancy rate. The correct answer is "b". Show related content occupancy rate vacancy rate rental rate certificate of occupancy 26: In regards to a triangle, the base x height divided by 2 = _________.The base x height divided by 2 = the area of a triangle and is two dimensional. The area of a triangle is not three dimensional and cannot be the volume. The area of a triangle does not relate necessarily to the angles formed by the triangle. The correct answer is "c". Show related content angle volume area none of the above 27: The owner of land which is being taken through condemnation must be paid a/an ___________________________for the property.The owner must be paid a fair and just compensation for the property. If the price offered is not acceptable to the owner, he/she may have the right to appeal to the courts. The correct answer is "a". Show related content fair and just compensation amount determined by a utility company amount determined by a communications company amount determine solely by the owner 28: When local governments levy a charge on the properties that are benefited by local improvement, this is known as a________________________________.When local governments levy a charge on the properties that are benefited by local improvement, this is known as a special assessment tax. General taxes are taxed according the value of the property (ad valorem) and not from the benefit received from and improvement. The correct answer is "c". Show related content general tax ad valorem tax special assessment tax all of the above 29: A general lien usually attaches to ________of the debtor`s property.A general lien usually attaches to all of the debtor's property. A judgment lien would be an example of a general lien. The correct answer is "d". Show related content a specific parcel personal property real property all of the above 30: Metes refers to __________ while bounds refers to ______________Metes refers to measurements and bounds refers to boundaries. Metes and bounds descriptions are one of the three ways to legally describe property in Oregon State. The correct answer is "a". Show related content measurements, boundaries meters, boundaries measurements, business measurements, buildings 31: Real estate licensees are not expected to be environmental experts, but knowing how and where to advise clients on environmental issues can be a great ________________and reduce their liability.Real estate licensees are not expected to be environmental experts, but knowing how and where to advise clients on environmental issues can be a great risk management tool and reduce their liability. The correct answer is "a". Show related content risk management tool environmental expertise tax liability legal liability 32: The covenant of _________states that the grantor owns the property being transferred and that the grantee will have peaceable possession.The covenant of seizen states that the grantor owns the property being transferred and that the grantee will have peaceable possession. The correct answer is "a". Show related content seizen further assistance against encumbrances right to convey 33: Items that are installed by a tenant to enable them to carry on a trade or a business are called _______________________.Correct! When a tenant installs items to be able to carry on a trade of a business, these are known as trade fixtures. Show related content trade fixtures estate fixtures contract fixtures automatic fixtures 34: An easement in gross benefits __________________________.An easement in gross benefits a person or company rather than a parcel of land. An example might be an easement by a utility company. The correct answer is "b". Show related content adjacent land owner a person or company Either a or b Neither a nor b 35: The purpose of recording is to provide public access to information on the property. The documents are filed with _____________________in the county where the property is located.The purpose of recording is to provide public access to information on the property. The documents are filed with the county clerk's office in the county where the property is located. The correct answer is "b". Show related content library the county clerk's office mayor Attorney General 36: Homeowner Greg hired architect Mary to develop building plans for a new room addition. Greg did not pay Mary as agreed. Can Mary place a construction lien on the property?Mary can place a construction lien on the property as an architect as per Oregon law. The correct answer is "c". Show related content Yes, if her invoice was less than $10,000 Yes, if her invoice was less than $20,000 Yes No, because she was not a supplier or part of the construction crew 37: An owner of a parcel of land sold the mineral right to the land to another person. The mineral rights _____________________________.Correct! Mineral rights are considered to be ownership rights when owning land and as such are real property. When the rights are sold to another person, they become personal property of the purchaser. Show related content were personal property and are now real property were real property and are now personal property were not the owner's to give were personal property and remain personal property 38: Notice must be given to tenants at least _______days before a condo conversion begins.Notice must be given to tenants at least 120 days before a condo conversion begins. The notice does not serve as an eviction. It is intended only to inform tenants of the conversion plan. (ORS 100.305) Tenants must be given first opportunity to purchase the unit that they reside in. They must be given at least 60 days to reject the offer. (ORS 100.310). Show related content 30 60 90 120 39: Estate at sufferance is a lease where the tenant is occupying the property __________________________.An estate at sufferance is a lease where the tenant is occupying the property illegally and without the consent of the landlord. Such cases might involve a trespasser or a tenant who has been asked to leave after the expiration of the lease period. The correct answer is "a". Show related content illegally and without the consent of the landlord. with the permission of the landlord with permission of the landlord to not make rent payments until repairs are made with the permission of the landlord for the tenant to make lower rent payment while the tenant is disabled. 40: _________________is usually issued when a property was being used for a particular purpose prior to zoning or prior to a zoning change.A nonconforming use permit is usually issued when a property was being used for a particular purpose prior to zoning or prior to a zoning change. A variance is an exception to a zoning restriction which allows use of the land outside the requirements of the zoning for that area and is granted because strict enforcement would result in undue hardship on a property owner. A buffer zone is land in an area that provides a separation of two different zones. Bulk zoning is designed to control overcrowding and density. The correct answer is "b". Show related content A variance A nonconforming use permit A buffer zone Bulk zoning 41: A homeowner built a fence which was partly on his neighbor`s property. This would be considered a/an __________________________.Encroachments are physical and arise when a structure is built totally or in part on a neighbor's property. A mechanics lien, tax lien or special assessment are monetary liens. The correct answer is "b". Show related content mechanic's lien encroachment tax lien special assessment 42: Annual crops are known as _____________________.Correct! Annual crops are known as both emblements and fructus industrials. Show related content emblements fructus industrials both a and b an orchard 43: Declarant means the person who_____________________.Declarant means the person who files a declaration. The correct answer is "a". Show related content files a declaration receives a declaration any county worker who accepts a declaration none of the above 44: Judicial foreclosures are processed through the courts. The lender will file a complaint and record a notice of____________________.The lender will file a complaint and record a notice of Lis Pendens. The complaint will state the amount of the debt, and reason the default should allow the lender to foreclose on the property that was given as security for the loan. The correct answer is "b". Show related content writ of execution Lis Pendens detainer interpleader 45: The timeline for non-judicial foreclosures is typically _____ days.The timeline for non-judicial foreclosures is typically 180 days. The correct answer is "d". Show related content 30 60 90 180 46: Generally speaking, all other things being equal, when the supply of housing increases, prices tend to ________and when the supply of housing decreases, prices tend to________.Generally speaking, all other things being equal, when the supply increases, prices tend to fall and when the supply decreases, prices tend to rise. The correct answer is "a". Show related content fall, rise rise, fall stay the same, fall rise, stay the same 47: For the sale of a residence, there is a ___________exemption for single people.For the sale of a residence, there is a $250,000 exemption for single people. The correct answer is "a". Show related content $250,000 $300,000 $400,000 $500,000 48: The exemption would apply to proceeds of a sale so long as they were used to purchase another residence within _______following the sale.The exemption would apply to proceeds of a sale so long as they were used to purchase another residence within the year following the sale. The exemption would be lost, however, if the debtor were to sell his/her home and reinvest the proceeds in anything else, such as in a foreign business. The correct answer is "a". Show related content 1 year 2 years 3 months 6 months 49: Which of the following would be an economic characteristics that would influence value?Scarcity is an economic characteristic that would influence value. The other choices are physical characteristics. The correct answer is "a". Show related content scarcity indestructible nature immobility non-homogeneity (each parcel is unique). 50: A township is divided up into ___________ sections.Each township is divided up into 36 sections which measure 1 mile times 1 mile. The correct answer is "c". Show related content 48 54 36 100 51: _________________________means a relocation or elimination of all or a portion of the common property line between abutting properties that does not create an additional lot or parcel.Property line adjustment means a relocation or elimination of all or a portion of the common property line between abutting properties that does not create an additional lot or parcel. The correct answer is "d". Show related content Tract Parcel Lot Property line adjustment 52: Riparian Rights refer to water that _____________________ to a propertyCorrect! Riparian Rights refer to water that flows through or adjacent to a property. Show related content flows from or near flows through or over flows through or adjacent flows under 53: A person who dies not leaving a will is considered_____________________.A person who dies not leaving a will is considered intestate. Show related content intestate testate escheat having no heirs 54: The government Survey Method of legally describing property is also known as the_________________________________.The Government Survey Method is known by all of the above terms. The correct answer is "d". Show related content Public Land Survey System Rectangular Survey Method Section and Township System All of the above 55: Recorded plats may be amended or changed by a/an _______________.Recorded plats may be amended or changed by an affidavit of correction. A binding sales agreement is an agreement to purchase a lot, a dedication is the act of setting aside, property as streets, utility easements, school sites, parks, recreational facilities for the public and partitioning is when land is divided into two or three units. The correct answer is "a". Show related content affidavit of correction binding sales agreement dedication partitioning 56: In general, lien priority is established by the______________________. The first to record has the highest priority.In general, lien priority is established by the date of recording. The first to record usually has the highest priority. Though there are some exceptions to this rule. The correct answer is "a". Show related content date of recording highest dollar amount of the lien lowest dollar amount different in every county where it is recorded 57: The term ___________refers to a deed (title to real property) which has been recorded but includes unusual items that would give a reasonable person pause before accepting title.The term cloud on a title refers to a deed (title to real property) which has been recorded but includes unusual items that would give a reasonable person pause before accepting title. Lis pendens is a notice that a lawsuit is pending. Standard and extended coverage are types of title coverage. The correct answer is "a". Show related content cloud on title lis pendens standard coverage extended coverage 58: An encumbrance is an interest or right that a person has on _______________property.An encumbrance is an interest or right that a person has only on another person's property. Interest or rights on their own property might be considered some form of ownership. The correct answer is "b". Show related content their own another person's both a and b Neither a nor b 59: Which of the following are examples of economic factors that influence property ownership:All of the following are some example of economic factors which might influence property ownership; the supply of money and the interest rates, employment, stock and bond markets, the return on other investments, legislative measures, the cost of renting versus buying, the cost of construction and labor and tax incentives. The correct answer is "d". Show related content Interest rates Employment Cost of construction All of the above 60: The _________document is evidence that one has rights of ownership.The deed document is evidence that one has rights of ownership. There is not a document called 'title. Title of property refers to intangible ownership rights. Lis Pendens is a notice of a law suit that pending. The correct answer is "a". Show related content deed title lis pendens all of the above

4.9

1: A wraparound mortgage is not a secured debt unless ________________A wraparound mortgage is not a secured debt unless it is recorded or otherwise perfected under state law. The correct answer is "c". Show related content it is recorded perfected by state law either a or b neither a nor b 2: Convert 79% to a decimal. The answer is___________________.When converting percentages to decimals move the decimal point two places to the left. The correct answer is "b". Show related content .079 .79 .0079 .00079 3: Marsha sold her house this year for $400,000. She paid $700,000 two years ago. What was the percentage of her loss?C = T x P $400,000 = $700,000 x % $400,000 divided by $700,000 = .571 converted to a percentage = 57% The "C" current value is 57% of the "T" then value. 100% - 57% = 43% Marsha took a 43% loss on her property. The correct answer is "c". Show related content 45 44 43 41 4: Jason bought a property five years ago for $550,000 and sold it this year for 20% more than he paid for it. What did he sell it for?C = T x P. To get the percentage, add the percentage of profit or subtract the percentage of loss from 100% . 100% + 20% = 120% (convert to a decimal = 1.2) then. $550,000 x 1.2 = $660,000. Jason sold his property for $660,000. The correct answer is "a". Show related content $660,000 $630,000 $620,000.50 $610,000.75 5: Taxable income is _______________________certain tax deductions.Taxable income is gross income minus certain tax deductions. The correct answer is "b". Show related content net income minus gross income minus net income plus gross income None of the above 6: In some cases, you cannot use your________________ housing stock to secure a debt.In some cases, you cannot use your cooperative housing stock to secure a debt. There may be restrictions by state law or in the cooperative agreement. The correct answer is "d". Show related content condominium planned unit development townhome cooperative 7: Generally, home ______________is any interest you pay on a loan secured by your home.Generally, home mortgage interest is any interest you pay on a loan secured by your home. The correct answer is "c". Show related content mortgage prepayment mortgage annuity mortgage interest straight note 8: A property was sold and the buyer`s loan amount was 334,650. There was one point charged on the loan. What was the dollar amount of the points?$334,650 is the loan amount. 1 point converted to a decimal is .01. $334,650 x .01 = $3,346.50. The correct answer is "c". Show related content $2,222 $3,121 $3,346.50 $4,229 9: If the radius is 20 feet, what is the square feet of the circle?20 x 20 = 400. 400 x 3.14 = 1256 square feet. The correct answer is "c". Show related content 1112 1200 1256 1450 10: The loan amount was $450,000. Three points were charged on the loan amount. What was the dollar amount of points charged?$450,000 was the loan amount. Convert 3 points to a decimal = .03. $450,000 x .03 = $13,500. The correct answer is "d". Show related content $3,000 $6,000 $9,500 $13,500 11: FMV is an acronym for ______________________FMV is an acronym for Fair Market Value. The correct answer is "b". Show related content Fixed Market Value Fair Market Value Fair Mortgage Value Fixed mortgage Value 12: A delayed 1031 exchange involves a sale with the proceeds held by a____________.A delayed 1031 exchange involves a sale with the proceeds held by a facilitator. The correct answer is "b". Show related content title company facilitator processor buyer 13: What is the cubic footage of a driveway that measures 60 feet long, 8 feet wide, and is 3 inches deep?To find out the total cubic footage, multiply 60 x 8 x 1/4 (hint: 3 inches equals 1/4 of a foot), 60 x 80 x .25 which brings a total of 120 cubic feet. The correct answer is "c". Show related content 480 cubic feet 160 cubic feet 120 cubic feet 90 cubic feet 14: If the Radius is 15 feet, what is the square feet of the circle?15 X 15 = 225; 225 X 3.14 = 707 square feet (706.5 rounded to 707). The correct answer is "c". Show related content 620 square feet 625 square feet 707 square feet 720 square feet 15: Fred owns a lot measuring 80 ft. x 120 ft. The city puts in a new street on the front and the side of his house and assesses him 6 cents per square foot based on the area of this lot. His cost is what?To arrive at this answer, figure out the area first -- 120' x 80' = 9,600 sq. ft. Then multiply that by the assessed amount (6 cents), and this is what you'll have: 9,600 x .06 = $576.00. The correct answer is "c". Show related content $57.60 $67.50 $576.00 $675.00 16: How many square feet in an acre?There are 43,560 square feet in an acre. The correct answer is "b". Show related content 5,280 43,560 42,360 53,360 17: A warehouse is 6 yards high, 15 yards wide and 30 yards long. What is the cubic yardage inside the warehouse?Calculate 6 x 15 x 30 = 2700 cubic yards. The correct answer is "d". Show related content 2110 2240 2555 2700 18: One cubic yard equals ______ cubic feet.One cubic yard = 27 cubic feet. The correct answer is "d". Show related content 3 9 12 27 19: How many feet in one mile?There are 5,280 feet in one mile. The correct answer is "b". Show related content 5,380 5,280 5,180 6,000 20: To carry out a calculation it is easier to work with decimals rather than_______________________.To carry out a calculation it is easier to work with decimals rather than fractions or percentages. The correct answer is "c". Show related content fractions percentages either a or b neither a nor b 21: Points are usually charged on the _________________________.Points are usually charged on the loan amount. The correct answer is "c". Show related content sale price down payment loan amount None of the above 22: A building lot is 100 feet by 60 feet. What is the square footage of the lot?100' x 60' = 6,000. sq. ft. The correct answer is "c". Show related content 600 5,000 6,000 6,500 23: One mile equals __________ rods.One mile equals 320 rods. The correct answer is "c". Show related content 110 220 320 5,280 24: A person may ______________by using an installment sale.A person may defer tax on a gain by using an installment sale. The correct answer is "a". Show related content defer tax on a gain defer tax on a loss avoid income tax avoid capital gains tax 25: If a room has measurements of 20-feet by 12-feet, and a height of 8 feet, what is its cubic footage?To calculate the total cubic footage, multiply 20' x 12' x 8', for a total of 1,920. The correct answer is "a". Show related content 1,920 cubic feet 192 cubic feet 240 cubic feet 256 cubic feet

4.3

1: A/an__________________________in a mortgage or deed of trust provides for the cancellation of the lender`s interest when the debt has been paid in full.A defeasance clause in a mortgage or deed of trust provides for the cancellation of the lender's interest when the debt has been paid in full. The correct answer is "d". Show related content acceleration clause alienation clause prepayment clauses defeasance clause 2: A deficiency judgment is the difference between what is owed on the property and what proceeds have been received from_________________________________________.A deficiency judgment is the difference between what is owed on the property and what proceeds have been received from the foreclosure auction. The correct answer is "a". Show related content the foreclosure auction doctrine of laches Both a and b neither a nor b 3: Ann wanted to sell her property and have the new buyer assume the mortgage. The lender prohibited this. What kind of clause may have prevented this?Due-On-Sale Clause, also referred to as an alienation clause in a mortgage or trust deed that allows the lender to call the loan immediately due and payable in the event the owner sells the property or transfers title or interest to the property. The correct answer is "d". Show related content due-on-sale clause alienation clause acceleration clause Both a and b 4: The highest bidder at trustee`s foreclosure sale, done through a deed of trust, will receive _______________________.The highest bidder at trustee's foreclosure sale, done through a deed of trust, will receive a trustee's deed. The correct answer is "c". Show related content a certificate of sale a certificate of entitlement a trustee's deed a certificate of purchase 5: The vendee (buyer) in an installment sale agreement may have some advantages if the seller is supplying the financing. Which of the following is not an advantage to the buyer?All of the above are advantages to the vendee (buyer) except the seller holding title until the full amount owed is paid off. The correct answer is "d". Show related content Lower closing costs due to lower loan origination fees May obtain financing that they normally could not qualify for with conventional financing. Because the vendee(buyer) only has equitable title and not legal title, the vendee is not traced to a title on the property. This might allow the vendee to purchase other properties. The seller holds the title to the property until the entire amount is paid off 6: A __________________________________is a clause in a mortgage contract that says if the mortgage is prepaid within a certain time period, a penalty will be assessed.A prepayment penalty is a clause in a mortgage contract that says if the mortgage is prepaid within a certain time period, a penalty will be assessed. An acceleration clause relates to a situation where a borrower has defaulted on a loan and the lender "calls" the entire amount of the balance of the loan due immediately. An alienation clause relates to a borrower who attempts to sell or transfer any property associated with the loan. A lock-in clause prohibits the borrower from paying off the loan early. The correct answer is "b". Show related content acceleration prepayment penalty lock-in alienation 7: Who holds title to the property in a title theory state?The seller gives the buyer/borrower a deed to the property but when the borrower signs the mortgage for the loan, the borrower gives the title back to the mortgage holder. The lender then holds title to the property, as security only, until all loan payments have been made. The correct answer is "a". Show related content Lender Trustee Seller Borrower 8: In both a deed of trust and a mortgage, ___________________becomes the security for the loan. If the borrower defaults the lender will initiate foreclosure proceedings and take control of the property.In both a deed of trust and a mortgage the property becomes the security for the loan. If the borrower defaults the lender will initiate foreclosure proceedings and take control of the property. The correct answer is "c". Show related content the earnest money the down payment the property none of the above 9: John tried to pay off his loan early. He was prohibited from doing so. What clause prohibited him from doing this?With a lock-in-clause, the borrower is prohibited from paying off the loan early. The correct answer is "b" Show related content satisfaction of mortgage lock-in-clause alienation clause acceleration clause 10: A _________________________will not allow a borrower to pay off a loan early. The borrower will be prohibited from paying off the loan early.A lock in clause will not allow a borrower to pay off a loan early. The correct answer is "c". Show related content acceleration clause alienation clause lock-in-clause granting clause 11: The clause in a deed of trust which allows the lender to foreclose non-judicially is called a/an __________________________The clause in a deed of trust which allows the lender to foreclose non-judicially is called a power of sale clause. An alienation clause states that if a property is sold or transferred that the total amount of the note becomes due. An acceleration clause states that if the borrower defaults, the lender has the right to call the entire balance due. A power of attorney gives the right to a person to represent another. The correct answer is "d". Show related content power of attorney alienation clause acceleration clause power of sale clause 12: With a mortgage, a document called a _______________________________is used to release the mortgage when it has been paid off.With a mortgage, a document called a satisfaction of mortgage is used to release the mortgage when it has been paid off. The correct answer is "a". Show related content satisfaction of mortgage deed of reconveyance deed of title satisfaction of sub-agency 13: An agreement between a buyer and seller of property in which the buyer makes payments toward full ownership and the seller retains the deed until full payment is made is called:All of the above would be correct names for an agreement between a buyer and seller of property in which the buyer makes payments toward full ownership and the seller retains the deed until full payment is made. The correct answer is "d". Show related content land contract contract for deed installment sale agreement all of the above 14: The highest bidder on the property, foreclosed through a mortgage will receive a ____________________.The highest bidder on the property, foreclosed through a mortgage will receive a certificate of sale. The correct answer is "a". Show related content certificate of sale trustee's deed certificate of purchase certificate of loss 15: In a deed of trust a document called a ______________________________is used to release the lien when it has been paid off.In a deed of trust a document called a deed of reconveyance is used to release the lien when is has been paid off. The correct answer is "c". Show related content satisfaction of mortgage deed of title deed of reconveyance warranty deed 1: A prepayment penalty can substantially _________________when refinancing a mortgage.A prepayment penalty can substantially increase the cost to the borrower when refinancing a mortgage when it would otherwise be economical. The correct answer is "a". Show related content increase the cost to the borrower decrease the cost to the borrower increase the cost to the lender none of the above 2: If a borrower defaults on a mortgage, the lender will have to go through ____________________________in a court of law where the property is located.If a borrower defaults on a mortgage, the lender will have to go through a judicial foreclosure in a court of law where the property is located. The correct answer is "b". Show related content non-judicial foreclosure a judicial foreclosure a supreme court none of the above 3: A/an__________________________in a mortgage or deed of trust provides for the cancellation of the lender`s interest when the debt has been paid in full.A defeasance clause in a mortgage or deed of trust provides for the cancellation of the lender's interest when the debt has been paid in full. The correct answer is "d". Show related content acceleration clause alienation clause prepayment clauses defeasance clause 4: The highest bidder at trustee`s foreclosure sale, done through a deed of trust, will receive _______________________.The highest bidder at trustee's foreclosure sale, done through a deed of trust, will receive a trustee's deed. The correct answer is "c". Show related content a certificate of sale a certificate of entitlement a trustee's deed a certificate of purchase 5: Lien priority is established by ______________________,with some exceptions.Lien priority is established by the date of recording, with some exceptions. The correct answer is "c". Show related content the Commissioner Oregon State the date of recording the date that the purchase and sale agreement was written 6: The buyer legally owns the property when _______________________________.The buyer legally owns the property when the loan has funded and recording numbers are made available. The correct answer is "a". Show related content the loan has funded and recording numbers are made available the tax assessor has received all closing documents when the Commissioners has received all closing documents all of the above 7: This is a penalty charged by the lender when payments from the borrower are received late:A late payment penalty is charged by the lender when payments from the borrower are made late. The correct answer is "a". Show related content late payment penalty late submission penalty late arrears penalty late alienation penalty 8: Lynn was late on her mortgage payments. She had not made any payment for six months. Her bank informed her that entire amount of the loan was due immediately. What type of clause allowed the bank to do this?An acceleration clause in a mortgage or deed of trust requires the balance of the loan to become due immediately, if regular mortgage payments are not made or for breach of other conditions of the mortgage or deed of trust. The entire principal sum balance is "called in" and becomes due and payable. The correct answer is "b". Show related content alienation clause acceleration clause lock-in-clause mortgage satisfaction clause 9: Drafts, bills of exchange, checks, bonds and promissory notes are examples of:Drafts, bills of exchange, checks, bonds and promissory notes are examples of a financing instrument. The correct answer is "b". Show related content a warranty deed financing instrument an alienation a foreclosure notice 10: An acceleration clause in a mortgage or deed of trust requires the balance of the loan to become due immediately, if ____________________________________.An acceleration clause in a mortgage or deed of trust requires the balance of the loan to become due immediately if the borrower defaults on the loan. The correct answer is "a". Show related content the borrower defaults on the payments the borrower sells the property Either a or b Neither a nor b 11: In a mortgage, this clause is called a/an_____________________________. The purpose of this clause is to clarify the interest or title that is being transferred.In a mortgage, this clause is called a mortgage clause. The purpose of this clause is to clarify the interest or title that is being transferred. The correct answer is "b". Show related content rider clause mortgage clause alienation clause granting clause 12: The purpose of this clause is to clarify the interest or title that is being transferred. In a deed of trust, it is called a/an _________________________.In a deed of trust this clause is called a granting clause. The purpose of this clause is to clarify the interest or title that is being transferred. The correct answer is "d". Show related content mortgage clause rider clause alienation clause granting clause 13: John tried to pay off his loan early. He was prohibited from doing so. What clause prohibited him from doing this?With a lock-in-clause, the borrower is prohibited from paying off the loan early. The correct answer is "b" Show related content satisfaction of mortgage lock-in-clause alienation clause acceleration clause 14: Bill`s property is being foreclosed upon. The lender must initiate a judicial foreclosure. Bill most likely has a:In states that have mortgages, the lender would need to start a judicial action for foreclosure. The correct answer is "b". Show related content deed of trust mortgage deed in lieu for foreclosure a sheriff's deed 15: The clause in a deed of trust which allows the lender to foreclose non-judicially is called a/an __________________________The clause in a deed of trust which allows the lender to foreclose non-judicially is called a power of sale clause. An alienation clause states that if a property is sold or transferred that the total amount of the note becomes due. An acceleration clause states that if the borrower defaults, the lender has the right to call the entire balance due. A power of attorney gives the right to a person to represent another. The correct answer is "d". Show related content power of attorney alienation clause acceleration clause power of sale clause

unit 3 final

1: Adjustments for differences in comparables should be made to:The adjustments for the differences are always made to the comparable property. The correct answer is "a". Show related content The comparable The site Both the site and the comparable Adjustments are not allowed 2: Real estate licensees and sellers of real property must disclose __________________ condition of, or title to the property.Real estate licensees and sellers of real property must disclose material facts that affect the physical condition of, or title to the property. The correct answer is "a". Show related content material facts that affect the physical sellers who have AIDS or HIV Both a or b Neither a nor b 3: In Oregon, a brokerage must register with the ____________________.In Oregon, a brokerage must register with the Oregon Real Estate Agency. The correct answer is "d". Show related content attorney general housing authority office of the comptroller Oregon Real Estate Agency 4: The principal broker has the responsibility of supervising the licensees of a brokerage. What might be included in this supervision?The principal broker has the responsibility of supervising the licensees of their brokerage and reviewing all paperwork generated by the licensee in the course of performing real estate functions. The principal broker may also be responsible for the actions of his or her licensees and for the adherence of all federal, state and local laws. The correct answer is "d". Show related content Reviewing of all real estate related paperwork Responsibility for the actions of their licensees Responsibility for ensuring that all licensees adhere to all federal state and local real estate laws. All of the above 5: ______________ hours of continuing education required, within the preceding two year period.30 hours of continuing education required, within the preceding two year period. The correct answer is "a" Show related content 30 15 7.5 3 6: To hold an auction for real property in Oregon, a person is required to:To hold an auction for real property in Oregon, a person is required to hold an Oregon broker license. A property manager license relates to property management and Oregon does not have a real property auction license. The correct answer is "c". Show related content hold an Oregon auction license hold an Oregon property manager license hold an Oregon broker license all of the above 7: Recent statistics show that most home buyers begin their search for a property ____________.Recent statistics show that most home buyers begin their search for a property on the internet. The correct answer is"d". Show related content with a real estate professional by getting a referral from their lender by getting a referral from family on the internet. 8: Oral evidence in court is referred to as:Oral evidence in court is referred to as parol evidence which is much weaker than written documentation. The correct answer is "c". Show related content Lis pendens testimony Unlawful Detainer Parol evidence None of the above 9: Transaction files must be stored at:Most states require that the transaction file be stored at the brokerage. The correct answer is "a". Show related content The brokerage The agent's home office The mortgage company None of the above 10: Bill is thinking about leasing a property. His concerns are: water for irrigation, resources, soil, environmental issues and wetlands, erosion and flooding. Most likely bill will be considering leasing:Bill's concerns about water for irrigation, resources, soil, environmental issues and wetlands, erosion and flooding indicate that he would be considering leasing an agricultural property. The correct answer is "d". Show related content residential property commercial property industrial property agricultural property 11: A broker tells residents in a neighborhood that a religious group has just purchased a home in their area wants to make a retreat out of the home. He/she tells individuals in the neighborhood that they should consider selling, as their property prices may drop. This is an example of ________________.A broker tells residents in a neighborhood that a religious group has just purchased a home in their area wants to make a retreat out of the home. He/she tells individuals in the neighborhood that they should consider selling, as their property prices may drop. This is an example of block busting. Blockbusting is the inducement of homeowners by a real estate licensee to sell real property quickly, and usually for less than what the property is worth, by spreading rumors about ethnic minorities moving into the neighborhood and thereby generating business for the real estate licensee. This practice is outlawed by many state laws as well as by the federal Fair Housing Act of 1968. The correct answer is "b". Show related content steering block busting redlining all of the above 12: The IRS requires that each business expense be accompanied by:The IRS requires that each business expense must be accompanied by a receipt that specifies the date, amount, use and number of persons in the party, if applicable. Check with your accountant or tax advisor if you are unsure of what expenses to deduct or how to categorize them. The correct answer is "c". Show related content A log signed by the designated broker A Form W-2 A receipt An affidavit signed by the DOL 13: Sub-agent is a real estate term describing the relationship which a principal broker and his/her licensees have with a principal (buyer or seller) of a property. A licensee is an agent for their principal broker. And the principal broker is an agent for the principal (buyer or seller). With this arrangement, the licensee is deemed a_________________.A licensee is an agent for their principal broker. And the principal broker is an agent for the principal (buyer or seller). With this arrangement, the licensee is deemed a sub-agent. The correct answer is "a". Show related content sub-agent principal universal agent none of the above 14: Housing that satisfies the legal definition of senior housing or housing for older persons___________________________.Housing that satisfies the legal definition of senior housing or housing for older persons can legally exclude families with children. The correct answer is "b". Show related content must include families with children can legally exclude families with children can excluded certain races can exclude most religions 15: Those who originate loans for consumers are known as the:Those who originate loans for consumers are known as the primary market. The primary market often sells loans to the secondary market. The correct answer is "a". Show related content Primary market Secondary Market Loan arranger Mortgage Processor 16: Any real estate licensee may offer or sell campground memberships by means of membership camping contracts as long as the transactions are treated ______________________.Any real estate licensee may offer or sell campground memberships by means of membership camping contracts as long as the transactions are treated as any other real estate transaction. Show related content like a special property transactions as any other real estate transaction Both a and b Neither a nor b 17: The records of each transaction shall be maintained by the licensee for a period of not less than _____years after the date the transaction closed or failed.The records of each transaction shall be maintained by the licensee for a period of not less than six years after the date the transaction closed or failed. The correct answer is "d". Show related content two three four six 18: Which of the following would not be an example of a broker:All of the above would be examples of a broker except a closing agent who is a neutral third party. The correct answer is "d". Show related content A real estate broker acting for a seller to sell a home An investment counselor who invests other people's money A financial planner who advises other persons on the best investment opportunities A closing agent 19: A seller decides not to sell the property to the buyer after having a mutually accepted contract and without legal excuse. The seller ___________________________.A seller decides not to sell the property to the buyer after having a mutually accepted contract and without legal excuse. The seller can be found in breach of the contract. The correct answer is "b". Show related content can walk away from the contract legally since the seller did not furnish away earnest money can be found in breach of the contract could be fined by the closing agent all of the above 20: To qualify for any real estate license in Oregon, an applicant must, at the time of the application have the following EXCEPT:All of the above must be completed to get license in Oregon except that an applicant need be to at least 18 years of age and not 21 years of age. The correct answer is "a". Show related content be 21 years of age completed the required education pass the required exam paid the required fees 21: Bob, a broker with ABC Realty, was a buyer broker for Mr. Garcia. Bob scheduled a time with Mr. Garcia to tour a group of homes. All of the homes that Bob chose to visit were in predominantly Mexican neighborhoods and no other criteria was used. Bob felt that this was appropriate since Mr. Garcia was Mexican. Bob is in violation of _____________which is illegal.Bob is in violation of steering which is illegal. Steering is the illegal funneling of home buyers to a particular area based on the desire to keep the makeup of that neighborhood the same or intentionally change it. The correct answer is "b". Show related content blockbusting steering redlining age discrimination 22: A buyer who does not waive their right to revoke will have __________________after the receipt of the disclosure statement to revoke their offer.A buyer who does not waive their right to revoke will have five business days after the receipt of the disclosure statement to revoke their offer. The correct answer is "c". Show related content 2 business days 3 business days 5 business days 10 business days 23: ______________________is created by either an oral or written agreement between the principal and the broker. It indicates their express intent for this representational status.Express agency is created by either an oral or written agreement between the principal and the broker. It indicates their express intent for this representational status. The correct answer is "a". Show related content Express agency Implied agency Estoppel agency none of the above 24: When a real estate broker is employed to act in the best interests of the seller in a real estate transaction, this is referred to as____________________.When a real estate broker is employed to act in the best interests of the seller in a real estate transaction, this is referred to as seller agency. The correct answer is "a". Show related content seller agency buyer agency neutral agency facilitator agency 25: The purchase or transfer of real property often involves many terms and conditions as well as pricing. Because of this, the need for having these agreements _________________is essential.The purchase or transfer of real property often involves many terms and conditions as well as pricing. Because of this, the need for having these agreements in writing is essential. The correct answer is "a". Show related content in writing notarized recorded analyzed 26: Tom is an employee for a firm on Portland. His working hours are from 8am-5pm. He has a very detailed job description. His lunch hour is from 1pm until 2pm. He is receives a ___________at the end of the year for a statement of his earnings.An employer must provide an employee with a Form W-2, Wage and Tax Statement, showing the amount or earnings and taxes withheld. The correct answer is "c". Show related content W-9 1099- Misc. W-2 W-10 27: Factors which affect price are:Many factors affect price. All of the above are good examples. The correct answer is "d". Show related content Interest rates Supply and demand The economy All of the above 28: The person who hires or appoints a broker to act on his/her behalf is a _____________.The person who hires or appoints a broker to act on his/her behalf is a principal. The correct answer is "b". Show related content broker principal manager easement 29: The Oregon Real Estate Agency requires that every licensee must keep their current mailing address on file with the Agency and must notify the Agency within _________of a change of address.The Oregon Real Estate Agency requires that every licensee must keep their current mailing address on file with the Agency and must notify the Agency within 10 calendar days of a change of address. The correct answer is "b". Show related content 5 calendar days 10 calendar days 15 calendar days 20 calendar days 30: It is the listing broker`s duty to present ________________It is listing broker's duty to present ALL offers. The correct answer is "d". Show related content only the highest priced offer only the offer that exceeds what the seller said they would accept only one offer at a time all offers 31: To qualify to be a principal broker, an applicant must have _____years of active experience as a real estate licensee in Oregon State or elsewhere, or equivalent real estate related experience.To qualify to be a principal broker, an applicant must have three years of active experience as a real estate licensee in Oregon State or elsewhere, or equivalent real estate related experience. The correct answer is "b". Show related content two three four five 32: The ________________restricts the licensee to only those activities related to property management.The licensed property manager license restricts the licensee to only those activities related to property management. The correct answer is "b". Show related content principals broker license licensed property manager broker license vehicle dealers broker license 33: Janet, the listing broker for the Browns, did not disclose that the roof leaked to the buyers because she thought it was confidential information. What was the correct thing for Janet to do?Janet has the duty and obligation to disclose any material defects to prospective purchasers. It is not considered confidential information. The correct answer is "d". Show related content disclose the leak, only with permission from the sellers disclose the leak, only if the buyers ask do not disclose the leak, as it is confidential information the leak must be disclosed as it is a material defect 34: When both parties agree to terminate the agency this is referred to as______________.When both parties agree to terminate the agency this is referred to as mutual agreement. The correct answer is "a". Show related content mutual agreement mutual acceptance meeting of the minds court appointed termination 35: A brokerage must have a business sign. The name on this sign must be as named as ____________________.A brokerage must have a business sign. The name on this sign must be exactly as named on their business license, the name of the licensee or if the licensee has one, the registered business name must be on the sign. and must adhere to any local ordinances. The correct answer is "d". Show related content on their business license the name of the licensee assumed business named if there is one all of the above 36: Real estate licensees should use extreme caution when writing a PSA. This can be a legally binding contract between the parties. All cautions should be taken to reduce _______________ the licensee, the brokerage and the parties involved.Real estate licensees should use extreme caution when writing a PSA. This can be a legally binding contract between the parties. All cautions should be taken to reduce the risk to the licensee, the brokerage and the parties involved. The answer is "a". Show related content the risk to time invested by Both a and b Neither a nor b 37: To qualify for a real estate broker license, an applicant must successfully complete the real estate broker`s educational courses which are a total of ____ hours.To qualify for a real estate broker license, applicants must successfully complete the real estate broker's educational courses which are a total of 150 hours. The correct answer is "d". Show related content 40 60 90 150 38: Marketing and promotional materials are examples of what type of expense?Operating expenses would include: gas, phone bills, business cards, marketing materials, promotional materials, meals, automobile expenses and repairs, computer repairs and upgrades, software for tracking expenses and contact management, postage, maintenance agreements, web site fees, etc. The correct answer is "a". Show related content Operational expense Capital expense Tax expense Vesting expense 39: A _______________________in a contract that states that an event must occur for the contract to continue. If the event does not happen, then the contract is not continued and the buyer`s earnest money is usually refunded.A contingency is a clause in a contract that states that an event must occur for the contract to continue. If the event does not happen, then the contact is not continued and the buyer's earnest money is usually refunded. The correct answer is "b". Show related content subordinate clause contingency is a clause covenant clause datum clause 40: The relationship between the broker and their principal is referred to as:The relationship between the broker and their principal is referred to as agency. The correct answer is "a". Show related content agency equitable estoppel encumbrance 41: In this chapter, which of the following is not a classification for a real estate license:We are using the term Broker to refer to anyone who is licensed to transact business in real estate, Principal Broker referring to the person licensed to supervise other licensees when conducting real estate related activities. Licensee, referring to a person licensed to work under a broker's supervision. We are not using the classification Expert Broker. The correct answer is "b". Show related content Broker Expert Broker Principal Broker Licensees 42: A/an ________________________returns each party back to their original position.A rescission returns each party back to their original position. The correct answer is "a". Show related content rescission habendum express contract implied contract 43: All monies held for others must be deposited into a:All monies held for others must be deposited into a trust account. The correct answer is "c". Show related content general savings account general checking account trust account revolving credit account 44: Adjustments for differences in comparables should be made to:Adjustments for differences in comparables should be made to the comparable. The correct answer is "a". Show related content the comparable the site both the site and the comparable adjustments are not allowed 45: Membership campgrounds, are regulated by a law which is administered by the__________________________________.Membership campgrounds, are regulated by a law which is administered by the Oregon Real Estate Agency. This law covers only purchasers of campground memberships; it does not regulate the non-membership rental or use of public or private campgrounds. The correct answer is "a". Show related content Oregon Real Estate Agency Oregon Parks and Recreation Department Oregon Outdoor Agency Oregon Attorney General 46: A broker owes a client and a customer the following duties:A broker owes a client and a customer all of the above duties. The correct answer is "d". Show related content to deal honestly and fairly to account for all monies handled to disclose any material facts all of the above 47: Generally, if you want to assist someone in buying or selling real estate for a fee, or you want to manage rental real estate for someone else for a fee ________________________.If you want to assist someone in buying or selling real estate for a fee, or you want to manage rental real estate for someone else for a fee you need a real estate license. The correct answer is "c". Show related content you need a business opportunity license you need a dealers license you need a real estate license. you need at notary license. 48: Brokerages are responsible for the supervision and actions of their licensees. This is known as:Brokerages are responsible for the supervision and actions of their licensees. This is known as vicarious liability. The correct answer is "c". Show related content Statute of Frauds Unintentional Misrepresentation Vicarious Liability Doctrine of Latches 49: Real estate dealings are considered professional real estate activity when they are performed for another and involve________________.Real estate dealings are considered professional real estate activity when they are performed for another and involve¬¬¬¬¬¬ compensation. The correct answer is "a". Show related content compensation foreign persons both a and b neither a nor b 50: In a real estate transaction, when might you most likely see a promissory note?A promissory note is commonly used with a purchase and sale agreement as earnest money. The correct answer is "c". Show related content after a structural inspection after funding the transaction with a purchase and sale agreement when viewing properties 51: The practice of mixing trust account funds with that of the brokerage`s regular checking account funds is called ____________.The practice of mixing trust account funds with that of the brokerage's regular checking account funds is called commingling and is prohibited by law in most states. An encumbrance is a nonpossessory right or interest in real property held by someone other than the owner. A life estate is an estate whose duration is limited to the lifetime of a specified person or persons. A lis pendens is a recorded notice stating there is a lawsuit pending that may affect title to real property. The correct answer is "a". Show related content commingling lis pendens conversion an encumbrance 52: A real estate licensee whose license is on inactive status may not engage in professional real estate activity. The ____________may reprimand, suspend, revoke, or impose a civil penalty against an inactive licensee under ORS 696.301.A real estate licensee whose license is on inactive status may not engage in professional real estate activity. The Commissioner may reprimand, suspend, revoke, or impose a civil penalty against an inactive licensee under ORS 696.301. The correct answer is "a". Show related content Commissioner attorney general secretary of state office of the comptroller 53: Who is exempt from providing a seller`s property disclosure statement?All of the above are exempt from providing a seller's property disclosure statement. The correct answer is "d". Show related content A government agency A court appointed receiver Sales by financial institutions that acquired the property as trustee, or by foreclosure or deed in lieu of foreclosure (DIL) All of the above 54: ____________is an agency relationship created by the actions of the parties.Implied agency is an agency relationship created by the actions of the parties. The correct answer is "c". Show related content Estoppel agency Lis Pendens agency Implied Agency none of the above 55: The two major components of a comparable market analysis (CMA) are:The two major components of a comparable market analysis (CMA) are the site and the comparables to the site. The correct answer is "a". Show related content The site and the comparables The building plans and the comparables The as-built drawings and the comparables None of the above 56: A fiduciary relationship is basically defined as the duty to deal with a client in _________________.A fiduciary relationship is basically defined as the duty to deal with a client in trust and confidentiality. The word is derived from the Latin word fides, meaning faith, and fiducia, meaning trust. The correct answer is "a". Show related content trust and confidentiality trust and neutrality trust and impartially none of the above 57: A _______________________is a promise to pay an agreed amount of money by a certain date in the future.A promissory note is a promise to pay an agreed amount of money by a certain date in the future. The correct answer is "a". Show related content promissory note trust account general account earnest money 58: A power of attorney is a legal document which allows a person the authority to act as a legal representative for another person, and to make binding legal and financial decisions on their behalf. A person who is authorized to perform business-related transactions on behalf of someone else is a/an ___________________________________.A power of attorney is a legal document which allows a person the authority to act as a legal representative for another person, and to make binding legal and financial decisions on their behalf. A person who is authorized to perform business-related transactions on behalf of someone else is an attorney-in-fact. The correct answer is "a". Show related content attorney-in-fact. principal broker broker licensed property manager 59: All advertising falls under the direct supervision of ____________________.All advertising falls under the direct supervision of a broker's principal broker. The correct answer is "c". Show related content the real Estate Commissioner the attorney general a broker's principal broker the closing agent 60: The federal Civil Rights Act of 1866 prohibits all _________ discrimination in the sale or rental of propertyThe federal Civil Rights Act of 1866 prohibits all racial discrimination in the sale or rental of property. The correct answer is "b". Show related content age racial sexual military discharge status 61: Once signed by both parties, the term of the contract cannot be changed except ______________________.Once signed by both parties, the term of the contract cannot be changed except by mutual agreement of the parties. The correct answer is "d". Show related content by the seller by the seller's broker by the buyer's broker by mutual agreement of the parties 62: When making an offer to purchase a property, the buyer usually submits a good faith deposit called a/an _______________.When a buyer submits an offer to purchase a property, an earnest money deposit is usually submitted with the offer. This earnest money is intended to show that the buyer is acting in good faith and that they have a bona fide offer. While earnest money is not necessarily required to accompany an offer in most states, it is generally an accepted practice. A lease clause involves the leasing, not purchasing of property. A marketing agreement is usually an agreement with the seller on the strategy for marketing a listing. Marketable title refers to a title condition to a specific property that allows for the sale or exchange of that property. The correct answer is "b". Show related content lease clause earnest money marketing agreement marketable title 63: ______________who has been harmed by a housing action may file a fair housing complaint.Anyone who has been harmed by a housing action may file a fair housing complaint. The correct answer is "a". Show related content Anyone Only a tenant Only a client Only a customer 64: If there is a plentiful supply and low demand, then prices tend to:If there is a plentiful supply and low demand, then prices tend to fall. Conversely, when there is a short supply and demand is high prices tend to rise. The correct answer is "b". Show related content Rise Fall Usually stay the same None of the above 65: Which of the following is not a type of real estate license in Oregon?The three types of real estate brokers in Oregon are principal broker, broker and licensed property manager . The correct answer is "c". Show related content Principal broker broker manufactured home broker licensed property manager

2 final

1: All new construction and modifications must be ______________________.All new construction and modifications must be readily accessible to individuals with disabilities. Readily accessible means that disabled visitors and employees can access and use the facility. The correct answer is "d". Show related content inspected by a HUD inspector inspected by a lead-based paint inspector inspected by an asbestos abatement inspector readily accessible to individuals with disabilities 2: Open space with half cubicles are often referred to as a ___________.Open spaces with half cubicles are referred to as bull pens as opposed to private offices. They usually require less square footage which can equate to savings for the firm. The correct answer is "d". Show related content counter design occupational design private design bull pens 3: When it comes to setting and choosing a location for your brokerage. Neighboring tenants are important. They might:All of the above are considerations when reviewing neighboring tenants when choosing a site. The correct answer is "d". Show related content Aid in increasing traffic Aid in decreasing traffic Use your services All of the above 4: Assets = Liabilities + Net Worth is an equation for a:Assets = Liabilities + Net Worth is an equation for a balance sheet. The correct answer is "c". Show related content Liquidity ratio Income statement Balance sheet Cost of goods sold 5: How long must real estate records be retained in Oregon?Real estate records must be retained for six years in Oregon. The correct answer is "d". Show related content one year three years four years six years 6: EIN is an acronym for:EIN is an acronym for Employer Identification Number. The correct answer is "a". Show related content Employer Identification Number Effective Identification Number Equity Identification Number Employer Interstate Identification Number 7: Closing documents are usually signed at ______________.Closing documents are usually signed at the escrow company. However, in some circumstances the escrow company will perform a signing at the buyer's or seller's home. In some states the closing takes place in an attorney's office. The correct answer is "b". Show related content the lender's office the escrow company the seller's home none of the above 8: A principal broker in Oregon is allowed store real estate records in _______________________, other than the main office of the principal broker or a branch office so long as certain criteria are met.A principal broker in Oregon is allowed store real estate records in a single location in Oregon, other than the main office of the principal broker or a branch office so long as certain criteria are met. The correct answer is a". Show related content a single location in Oregon multiple locations in Oregon a single location outside of the State of Oregon multiple locations outside of the State of Oregon 9: A group of licensed real estate professionals have a team captain, team associates and licensed and unlicensed assistants. This is known as a ____________________________.A group of licensed real estate professionals have a team captain, team associates and licensed and unlicensed assistants. This is known as a team concept. The correct answer is "c". Show related content group investment organization real estate investment rust team concept syndicate 10: A corporation found guilty of Anti-Trust violations could be fined up to_______.Individuals may be fined up to $1 million for violations of anti-trust laws. A corporation may be fined up to $100,000,000 for each violation of Anti-trust laws. The correct answer is "d". Show related content $100,000 $1,000,000 $5,000,000 $100,000,000 11: In most states, transaction files must usually be kept:In most states, transaction file must be kept at a location where the brokerage is located. A licensee may also keep a duplicate file for their own use. He correct answer is "a". Show related content At the location where the brokerage is located At the Department of Licensing At the licensee's home office None of the above 12: If a business is found to be in violation of an Anti-Trust Act the courts may order supervision for a period of up to______________________________.The courts may have a right to supervise the business that is in violation for up to 10 years. The correct answer is "d". Show related content 6 months 1 year 6 years 10 years 13: Real Estate brokers are prohibited from advertising or make any statement that indicates a limitation or preference based on race, color, national origin, religion, sex, familial status, or handicap. If they do this they are in violation of:Real Estate brokers who advertise or make any statements that indicate a limitation or preference based on race, color, national origin, religion, sex, familial status, or handicap are in violation of the Fair Housing Act. The correct answer is "b". Show related content Neutral escrow laws Fair Housing Act Both a and b Neither a nor b 14: If you are an independent contractor you may be able to deduct business expenses on Schedule _____of your income tax return.If you are an independent contractor you may be able to deduct business expenses on Schedule C of your income tax return. The correct answer is "c". Show related content A B C D 15: _____________________involves analyzing situations and finding solutions to issues that come up.Problem solving involves analyzing situations and finding solutions to certain problems or issues. Underwriting, loan application analysis and truth-in-lending relate to lending and assessing risk and informing consumers about credit. The correct answer is "d". Show related content Underwriting Loan application analysis Truth-in-lending Problem Solving 16: The two major components of a comparable market analysis (CMA) are:The two major components of a comparable market analysis (CMA) are the site and the comparables. The correct answer is "a". Show related content The site and the comparables The building plans and the comparables The as-built drawings and the comparables None of the above 17: A violation of any license law provision is a________________________.A violation of any license law provision is a Class A misdemeanor. The correct answer is "a". Show related content Class A misdemeanor Class B misdemeanor Class A felony Class B felony 18: An income statement reports a firm`s income or loss for a_____________________.An income statement reports a firm's income or loss for a specific period of time. The correct answer is "a". Show related content specific period of time a single moment always one month always one year 19: Principal broker, Joe, was holding earnest money for the Smith/Anderson transaction. The transaction was terminated and the parties could not come to agreement as to who owned the funds. Joe wanted to have the court decide the rightful owner of the funds. He filed a/an ___________________________________ with the court.Joe filed an interpleader with the court so that it could decide who was the rightful owner of the earnest money. The correct answer is "b". Show related content lis pendens interpleader disposition unlawful detainer 20: When making an offer to purchase a property, the buyer usually submits a good faith deposit called a/an _______________.When a buyer submits an offer to purchase a property, an earnest money deposit is usually submitted with the offer. This earnest money is intended to show that the buyer is acting in good faith and that they have a bona fide offer. While earnest money is not necessarily required to accompany an offer in most states, it is generally an accepted practice. A lease clause involves the leasing, not purchasing of property. A marketing agreement is usually an agreement with the seller on the strategy for marketing a listing. Marketable title refers to a title condition to a specific property that allows for the sale or exchange of that property. The correct answer is "b". Show related content lease clause earnest money marketing agreement marketable title 21: ______________________________is a failure to disclose a material fact out of ignorance when the broker should have known otherwise.Negligent misrepresentation is a failure to disclose a material fact out of ignorance when the broker should have known otherwise. The correct answer is "b". Show related content Puffing Negligent misrepresentation Concealment Misrepresentation 22: A transaction file should include:Everything regarding a transaction should be kept in the transaction file. This could also prove useful if there was ever a dispute of lawsuit. The correct answer if "d". Show related content All document in the transaction Notes Closing statements All of the above 23: The commission earned on a sales was $15,000. The sale price was $300,000. What was the commission percentage rate?R = B divided by P B = $15,000 P = $ $300,000 $15,000 divided by $300,000 = .05 converted to 5%. The commission rate is 5%. The correct answer is "b". Show related content 4.5% 5% 5.5% 6% 24: Earnest money can be in the form of ____________.Earnest money could be all of the above. However, many brokerages do not allow earnest money in the form of cash since tracking of the funds may be difficult. The correct answer is "d". Show related content cash check a promissory note all of the above 25: Ethics ________________generally deal with corporate values and guiding principles.Ethics codes generally deal with corporate values and guiding principles. How the code is developed and why the code is developed is as important as the content of the code itself. The correct answer is "a". Show related content codes indicators trusts none of the above 26: A lender charges 5% interest on a $200,000 loan. What is the interest for the first year?A = R x L R = 5% L= $200,000 $200,000 x 5% converted to $200,000 x .05 = $10,000. The annual interest rate for the first year is $10,000. The correct answer is "a". Show related content $10,000 $20,000 $300,000 $400,000 27: _______________also establishes the necessary disclosures required for advertising that refers to certain credit terms.TILA also establishes the necessary disclosures required for advertising that refers to certain credit terms. The correct answer is "a". Show related content TILA RESPA FBI DOJ (Department of Justice) 28: Fixed liabilities are over a time period greater than:Fixed liabilities are over a period greater than one year. The correct answer is" d". Show related content 2 months 3 months 6 months one year 29: The _____________________________________is responsible for supervising the advertising of the brokerage as well as the individual advertising of affiliates.The principal broker is responsible for supervising the advertising of the brokerage as well as the individual advertising of affiliates. The correct answer is "b". Show related content licensee principal broker Commissioner Oregon Real Estate Agency 30: Budgeting is necessary for every company. These tasks include:These tasks include the development of an annual budget, financial analysis, keeping the budget on track, management of the budget and reporting these requirements to upper management or owners of the firm. The correct answer is "d". Show related content Keeping the budget on track Financial analysis Reporting to upper management All of the above 31: A good facility should:All of the above items should be considered for a suitable facility for a business. In addition, the facility should accomplish these objectives at an economical cost. The correct answer is "d". Show related content Promote efficient business operations Present your business in a good light Allow for future business growth All of the above 32: Counseling involves advising and guiding to assist others in make informed real estate decisions, rather than_____________________________________.All of the above are not activities real estate counselors would normally partake in. The correct answer is "d". Show related content assisting them in any negotiations in a transaction assisting them in selling their property assisting them in buying property All of the above 33: The practice of using mixed trust account funds with that of the brokerage`s regular checking account funds is called ____________.The practice of using mixed trust account funds with that of the brokerage's regular checking account funds is called conversion and is prohibited by law in most states. An encumbrance is a nonpossessory right or interest in real property held by someone other than the owner. A life estate is an estate whose duration is limited to the lifetime of a specified person or persons. A lis pendens is a recorded notice stating there is a lawsuit pending that may affect title to real property. The correct answer is "a". Show related content commingling conversion life estate an encumbrance 34: Tom is an employee of a firm in Eugene. His working hours are from 8am-5pm. He has a very detailed job description. His lunch hour is from 1pm until 2pm. He receives a ___________at the end of the year for a statement of his earnings.An employer must provide an employee with a Form W-2, Wage and Tax Statement, showing the amount or earnings and taxes withheld. The correct answer is "c". Show related content W-9 1099- Misc. W-2 W-10 35: CMA is an acronym for:CMA is an acronym for a Comparative Marketing analysis. The correct answer is "b". Show related content Compete Market Analysis Comparative Market Analysis Comparative Median Analysis Conservative market Analysis 36: Adjustments to the comparables should be used:Adjustments to the comparables should be used for each comparable if needed. The correct answer is "b". Show related content Never For each comparable used if needed Only comparable with different square footage Only when the comparable has a yard created by a landscape architect 37: Should a dispute arise between management and an affiliated licensee, an office policy and procedures manual could prove to be invaluable for____________________________________.Should a dispute arise between management and an affiliated licensee, this manual could prove to be invaluable for resolving any issues. The correct answer is "c". Show related content charging them with conspiracy having management revoke their license resolving any issues none of the above 38: In peer-to-peer evaluations, workers evaluate their _________.In peer-to-peer evaluations, workers evaluate their co-workers. The correct answer is "c". Show related content customers clients co-workers The CEO of the firm only 39: ____________________________ must directly supervise all licensees who act as counselors.A principal broker must directly supervise all licensees who act as counselors. The correct answer is "a". Show related content A principal broker The commissioner Both a and b Neither a nor b 40: The main purpose of Anti-Trust Laws are to do what?Anti-Trust Laws and Unfair Business Practices are designed to promote the policy and practice of COMPETITION. Some of the symptoms of a lack of competition are higher pricing and diminishing quality of a service or product. The correct answer is "d". Show related content Promote interstate trade Prevent Fraud Promote Ethical Business Practices Promote the policy and practice of competition 41: The escrow officer is responsible for ensuring that the ______is recorded.The escrow officer is responsible for ensuring that the deed is recorded. The correct answer is "d". Show related content purchase and sale agreement escrow instructions certification deed 42: The maker of a promissory note is the __________.The maker of the promissory note is the buyer and the holder of the note is the seller. The promissory note is an instrument between the buyer and the seller and not their brokers. The correct answer is "b". Show related content seller buyer listing broker buyer's broker 43: A broker tells residents in a neighborhood that a religious group has just purchased a home in their area and wants to make a retreat out of the home. The broker tells homeowners in the neighborhood they should consider selling, as their property prices may drop. This is an example of ________________.A broker tells residents in a neighborhood that a religious group has just purchased a home in their area and wants to make a retreat out of the home. The broker tells homeowners in the neighborhood they should consider selling, as their property prices may drop. This is an example of block busting. Block busting is the inducement of homeowners by a real estate licensee to sell real property quickly, and usually for less than what the property is worth, by spreading rumors about ethnic minorities moving into the neighborhood and thereby generating business for the real estate licensee. This practice is outlawed in Oregon as well as a violation of the federal Fair Housing Act of 1968. The correct answer is "b". Show related content steering block busting redlining all of the above 44: ASP is an acronym for:ASP is an acronym for application service provider. Examples would be e-mail providers such as Hotmail, Gmail, and Yahoo! Mail. The correct answer is "c". Show related content Automated Service provider Area Service Provider Applications Service Provider Attachment Service Provider 45: ___________________________requires that records be kept on all real estate activity.The Oregon Real Estate Agency requires that records be kept on all real estate activity. The correct answer is "a". Show related content The Oregon Real Estate Agency Oregon Attorney General HUD Oregon Fair Housing Department 46: A policy manual covers advertising, web sites and trade fairs. These are considered:Advertising, web sites and trade fairs would be considered external communications. The correct answer is "b". Show related content internal communications external communications prohibitive communications state communications 47: An escrow agent acts as a ____________________ party.An escrow agent acts as a neutral third party. Their instructions come from the buyer and the seller on items that have mutually been agreed upon. The correct answer is "a". Show related content neutral third republican democratic independent 48: Real estate sales commissions are usually paid by the _________Real estate sales commissions are usually paid by the seller. The correct answer is "a". Show related content seller buyer lender none of the above 49: The income statement is also known as a/an:The income statement can also be called all of the above. The correct answer is "d". Show related content Profit and loss statement Earnings statement Operation statement All of the above 50: Office standards for both employees and independent contractors should be in writing in the form of a/an _______________________.Office standards for both employees and independent contractors should be in writing in the form of an office policy and procedures manual. The correct answer is "a". Show related content office policy manual letter from the Commissioner informal memo from the principal broker, written every week a compilation of employee requests 51: The escrow officer and broker are responsible for ensuring that all necessary loan documentation has arrived at the _____________.The escrow officer and broker are responsible for ensuring that all necessary loan documentation has arrived at the escrow office This is where the closing documents are usually signed. The correct answer is "a". Show related content escrow office seller's home structural inspector's place of business department of licensing 52: The sales price on a property was $200,000. The commission was 6%. What is the commission expressed in dollars?P x R = B P = $200,000 R = 6% $200,000 x 6% converted to .06 = $12,000. The commission expressed in dollars is $12,000. The correct answer is "b". Show related content $10,000 $12,000 $15,800 $ 16,250 53: The Uniform Settlement statement, also known as a __________________________is a detailed list of all costs and credits associated with a real estate transaction.The Uniform Settlement statement, also known as a closing statement or HUD I Statement is a detailed list of all costs and credits associated with a real estate transaction. The correct answer is "d". Show related content Closing Disclosure Statement balance sheet closing statement Both a and c

3.6

1: As an independent contractor, there may be certain detriments. Which of the following is not usually considered a detriment?All of the above are considered detriments to being an independent contractor except a flexible schedule. The correct answer is "d". Show related content Compensation is accomplished through commission which is usually based on the closing of a sale. This means that you may not get paid for the hours that you have worked. No holiday, vacation, sick leave or family leave pay No benefits such as health, dental, optical or life insurance flexible schedule 2: Testing fees and licensure fees are examples of what type of expense?Upfront costs would include prelicense real estate education, testing fees, license fees, membership dues, board fees etc. The correct answer is "b". Show related content Tax expense Up-front expense Management expense Compensation expense 3: In our case study about a CMA versus an appraisal, which is correct?Real estate licensees can only perform a CMA. An appraiser must perform an appraisal. The correct answer is "d". Show related content a real estate licensees could perform both a real estate licensees could only perform a CMA only an appraiser could perform an appraisal Both b and c 4: NAR provides standards of conduct for the real estate industry through _____________.NAR provides standards of conduct for the real estate industry through their Code of Ethics and Standard of Practice of the National Association of Realtors. The correct answer is "a". Show related content Code of Ethics and Standard of Practice of the National Association of Realtors Their rules and bylaws Realtor National Laws Realtor statutes 5: Transaction files must be stored at:Most states require that the transaction file be stored at the brokerage. The correct answer is "a". Show related content The brokerage The agent's home office The mortgage company None of the above 6: A cell phone, home office and fax machine are examples of what type of expense?Capital expenses would include such things as a home office expense, cell phone, PDA, computer, fax/scanner/copier machines etc. The correct answer is "b". Show related content Reserve expense Capital expense Client base expense None of the above 7: Marketing and promotional materials are examples of what type of expense?Operating expenses would include: gas, phone bills, business cards, marketing materials, promotional materials, meals, automobile expenses and repairs, computer repairs and upgrades, software for tracking expenses and contact management, postage, maintenance agreements, web site fees, etc. The correct answer is "a". Show related content Operational expense Capital expense Tax expense Vesting expense 8: Bill is thinking about leasing a property. His concerns are: water for irrigation, resources, soil, environmental issues and wetlands, erosion and flooding. Most likely bill will be considering leasing:Bill's concerns about water for irrigation, resources, soil, environmental issues and wetlands, erosion and flooding indicate that he would be considering leasing an agricultural property. The correct answer is "d". Show related content residential property commercial property industrial property agricultural property 9: NAR is an acronym for ___________________________________.NAR is an acronym for National Association of Realtors. The correct answer is "c". Show related content National Association of Rules National Association of Renters National Association of Realtors Natural Association of Realtors 10: Greater weight is given to the comparable properties thatAll of the above will be given greater weight as a comparables as opposed to a property that is not in the general area or has great discrepancies in the date of sale, square footage or amenities. The correct answer is "d". Show related content Have had recent sales Have close proximity to the site Those which have similar amenities All of the above 11: Which of the following items should be included in a transaction file?What should be kept in a transaction file? Everything. All documents, notices, fax transmission journals, notes, title reports, earnest money deposit receipts, etc. The correct answer is "d" Show related content All documents pertaining to the transaction Earnest money deposit receipts Fax transmission journals All of the above 12: It is advised that potential licensees read this entire policy and procedures manual ___________making a decision on affiliating with a brokerage.It is advised that potential licensee read this entire policy and procedures manual before making a decision on affiliating with a brokerage so that he/she knows what the brokerage expects of their licensees. The correct answer is "d". Show related content when within 3 days of within 7 days of before 13: Which of the following is considered to be residential real estate?All of the above are considered to be residential real estate. The correct answer is "d". Show related content a single family home a condominium an apartment all of the above 14: Which of the following are common "rookie" mistakes?All of the above are common "rookie" mistakes. In addition, not establishing a system, lack of discipline, counting on commissions before a transaction closes and not having an income buffer to start are also common mistakes. The correct answer is "d". Show related content Not making a business plan Not having a budget Not being familiar with common real estate forms All of the above 15: If access to transportation, environmental concerns, location and building features such as floor load capacity and ceiling heights, were a major concern, your buyer would most likely be a ___________________.If access to transportation, environmental concerns, location and building features such as floor load capacity and ceiling heights, were a major concern, your buyer would most likely be a commercial or industrial buyer. The correct answer is "b". Show related content residential buyer commercial or industrial buyer office building buyer recreational buyer 1: Adjustments to the comparables should be used:Feedback Show related content Never For each comparable used if needed Only comparable with different square footage Only when the comparable has a yard created by a landscape architect 2: Many brokerages may be involved in a number of groups which benefit the community. _____________________________________ from a brokerage is certainly an advantage.Many brokerages may be involved in a number of groups which benefit the community. Good will toward the community from a brokerage is certainly an advantage. The correct answer is "a". Show related content Good will toward the community Seasonal loses Gross loses all of the above 3: NAR provides standards of conduct for the real estate industry through _____________.NAR provides standards of conduct for the real estate industry through their Code of Ethics and Standard of Practice of the National Association of Realtors. The correct answer is "a". Show related content Code of Ethics and Standard of Practice of the National Association of Realtors Their rules and bylaws Realtor National Laws Realtor statutes 4: Which of the following is considered to be residential real estate?All of the above are considered to be residential real estate. The correct answer is "d". Show related content a single family home a condominium an apartment all of the above 5: As a real estate licensee, you should use standardized forms becauseAll of the above are reasons why you should use only standardized forms. The correct answer is "d". Show related content These forms have been reviewed by a real estate attorney A licensee can be found liable for loss or damages in preparing a contract These forms have been reviewed to ensure that there are no conflicting terms All of the above 6: An aspect that would affect value would be:All of the above would affect value. Location, however, might be weighted heavier than the others. The correct answer is "d". Show related content Size Number of bedrooms Location All of the above 7: When you start up your business, you should have enough cash reserves for:You should have enough cash reserves to operate your business for at least three months and until you start generating commissions. Many new licensees make this mistake and find that they must leave the real estate field because of the lack of cash reserves. The correct answer is "c". Show related content 6 months 1 year 3 months 1 month 8: A cell phone, home office and fax machine are examples of what type of expense?Capital expenses would include such things as a home office expense, cell phone, PDA, computer, fax/scanner/copier machines etc. The correct answer is "b". Show related content Reserve expense Capital expense Client base expense None of the above 9: Most real estate licensees will be _________________for their principal broker and not_____________.Most real estate licensees will be independent contractors for their principal broker and not employees. The correct answer is "a". Show related content independent contractors, employees employees. independent contractors seasonal workers, independent contractors None of the above 10: Recent statistics show that most home buyers begin their search for a property ____________.Recent statistics show that most home buyers begin their search for a property on the internet. The correct answer is"d". Show related content with a real estate professional by getting a referral from their lender by getting a referral from family on the internet. 11: Greater weight is given to the comparable properties thatAll of the above will be given greater weight as a comparables as opposed to a property that is not in the general area or has great discrepancies in the date of sale, square footage or amenities. The correct answer is "d". Show related content Have had recent sales Have close proximity to the site Those which have similar amenities All of the above 12: The volatility of the mortgage market, the changes in supply and demand for housing, the introduction of new technology and changes in real estate law can lend to a rapidly changing industry. It`s imperative that you keep up-to-date on recent changes and the affect that they have on your market. Education is the key to keeping yourself current on these changes. Sources for education might include:All of the above would be sources for a broker to obtain real estate education. The correct answer is "d". Show related content Live or on-line courses seminars webinars all of the above 13: NAR is an acronym for ___________________________________.NAR is an acronym for National Association of Realtors. The correct answer is "c". Show related content National Association of Rules National Association of Renters National Association of Realtors Natural Association of Realtors 14: As a/an _______________________,hours worked set to your schedule are not dominated by the brokerage that you are associated with.As a/an independent contractor hours worked set to your schedule are not dominated by the brokerage that you are associated with. The correct answer is "a". Show related content independent contractor employee seasonal worker temporary 15: Which of the following items should be included in a transaction file?What should be kept in a transaction file? Everything. All documents, notices, fax transmission journals, notes, title reports, earnest money deposit receipts, etc. The correct answer is "d" Show related content All documents pertaining to the transaction Earnest money deposit receipts Fax transmission journals All of the above

3.5

1: Bob, a broker with ABC Real Estate Services, took a listing on the Brown`s home. The Browns requested that their property not be shown to Caucasian people. Bob agreed. Bob was in clear violation of _______________________________.Bob, a broker with ABC Real Estate Services, took a listing on the Brown's home. The Browns requested that their property not be shown to Caucasian people. Bob agreed. Bob was in clear violation of the fair housing laws for discrimination based on race. The correct answer is "c". Show related content blockbusting redlining the fair housing laws for discrimination based on race. the fair housing laws for discrimination based on familial status 2: The Executive Order (EO) # 11063 from 1962 was amended by EO # 12259 in 1980 and signed by President ____________The Executive Order (EO) # 11063 from 1962 was amended by EO # 12259 in 1980 and signed by President Jimmy Carter, The correct answer is "b". Show related content Gerald Ford Jimmy Carter Richard Nixon George Bush 3: Transportation services provided by private entities are also covered by Title III of ________________.Transportation services provided by private entities are also covered by Title III of the ADA. The correct answer is "b". Show related content Senior exemption Act ADA Both a and B Neither a nor b 4: Redlining became known as such because lenders _________________________often targeting areas with a high concentration of minorities, and then refusing to lend in those areas because they considered the risk to be too high.Redlining became known as such because lenders would draw a red line around a neighborhood on a map often targeting areas with a high concentration of minorities, and then refusing to lend in those areas because they considered the risk to be too high. The correct answer is "a". Show related content would draw a red line around a neighborhood on a map would draw a redlining through the loan applicants credit report would draw a red line through a loan application would draw a red line through a good faith estimate 5: FHCO is an acronym for _________________________.FHCO is an acronym for the Fair Housing Council of Oregon. It is a nonprofit civil rights organization driven to eliminate illegal housing discrimination through enforcement and education across Oregon and southwest Washington. The correct answer is "b". Show related content Fair Housing Coalition of Oregon Fair Housing Council of Oregon Fair Habitability Office Fair Habitability Council or Oregon 6: National bank refused to make a loan to Judy. The basis of the refusal for the loan was that the home Judy wanted to purchase was located in a predominately Jewish neighborhood and that values may be unstable. The bank could be charged with the discriminatory practice of _______________.The bank could be charged with the discriminatory practice of redlining. Redlining is a discriminatory practice, involving lenders who refuse to lend money or extend credit to borrowers in certain "not so desirable" areas. It is against the law to discriminate against borrowers based on race or income level, and other factors. The correct answer is "b". Show related content Steering Redlining block busting familial discrimination 7: The Civil Rights Act of 1968 expands the definition of discrimination to include not only race, but also national origin, color, and ______.The Civil Rights Act of 1968 expands the definition of discrimination to include not only race, but also national origin, color, and religion. The correct answer is "a". Show related content religion military discharge status sexual disability 8: ______________who has been harmed by a housing action may file a fair housing complaint.Anyone who has been harmed by a housing action may file a fair housing complaint. The correct answer is "a". Show related content Anyone Only a tenant Only a client Only a customer 9: Title III of the Americans with Disabilities act relates to ____________________________Title III of the Americans with Disabilities act relates to public accommodations. The correct answer is "b". Show related content retaliation of disabled persons public accommodations community property division of assets 10: The federal Civil Rights Act of 1866 prohibits all _________ discrimination in the sale or rental of propertyThe federal Civil Rights Act of 1866 prohibits all racial discrimination in the sale or rental of property. The correct answer is "b". Show related content age racial sexual military discharge status 11: The FHEO administers and enforces ____________ discrimination laws.The FHEO administers and enforces federal discrimination laws. The correct answer is "c". Show related content state local federal all of the above 12: Complaints filed with HUD are investigated by the _________________________.Complaints filed with HUD are investigated by the Office of Fair Housing and Equal Opportunity (FHEO). If the complaint is not successfully conciliated, FHEO determines whether reasonable cause exists to believe that a discriminatory housing practice has occurred. The correct answer is "a". Show related content Office of Fair Housing and Equal Opportunity (FHEO). Office of the Comptroller FBI Department of Justice 13: The Americans with Disability Act (ADA) was established in ____________________.The Americans with Disability Act (ADA) was established in 1990. The federal Civil Rights Act of 1866 prohibits all racial discrimination in the sale or rental of property. The Civil Rights Act of 1968 expands the definition of discrimination to include not only race, but also national origin, color, and religion. Title VIII of the Civil Rights Act of 1968 prohibits discrimination in the sale, leasing and financing of housing. The federal Fair Housing Act of 1988 and Title VIII of the Civil Rights Act of 1968 constitute the Fair Housing Act. This Act makes fair housing a national policy throughout the U.S. It prohibits discrimination in the sale, lease or rental of housing, or making housing otherwise unavailable because of race, color, religion, sex, disability, familial status (person living with or expected to be living with, children under the age of 18) or national origin. The correct answer is "d". Show related content 1866 1968 1988 1990 14: Bob, a broker with ABC Realty, was a buyer broker for Mr. Garcia. Bob scheduled a time with Mr. Garcia to tour a group of homes. All of the homes that Bob chose to visit were in predominantly Mexican neighborhoods and no other criteria was used. Bob felt that this was appropriate since Mr. Garcia was Mexican. Bob is in violation of _____________which is illegal.Bob is in violation of steering which is illegal. Steering is the illegal funneling of home buyers to a particular area based on the desire to keep the makeup of that neighborhood the same or intentionally change it. The correct answer is "b". Show related content blockbusting steering redlining age discrimination 15: A broker tells residents in a neighborhood that a religious group has just purchased a home in their area wants to make a retreat out of the home. He/she tells individuals in the neighborhood that they should consider selling, as their property prices may drop. This is an example of ________________.A broker tells residents in a neighborhood that a religious group has just purchased a home in their area wants to make a retreat out of the home. He/she tells individuals in the neighborhood that they should consider selling, as their property prices may drop. This is an example of block busting. Blockbusting is the inducement of homeowners by a real estate licensee to sell real property quickly, and usually for less than what the property is worth, by spreading rumors about ethnic minorities moving into the neighborhood and thereby generating business for the real estate licensee. This practice is outlawed by many state laws as well as by the federal Fair Housing Act of 1968. The correct answer is "b". Show related content steering block busting redlining all of the above

unit 1.9

1: Both the seller and real estate licensees are prohibited from disclosing any information related_______________________.Both the seller and real estate licensees are prohibited from disclosing any information related to HIV illness. The correct answer is "a". Show related content to HIV illness noise problems septic information structural defects 2: ODVA is an acronym for:ODVA is an acronym for Oregon Department of Veterans Affairs. The correct answer is "b". Show related content Oregon Disability for Veterans Affairs Oregon Department of Veterans Affairs Office Recording of Veterans Affairs Office Department of Veterans Affairs 3: DIL is an acronym for ____________________________.DIL is an acronym for deed in lieu of foreclosure. The correct answer is "a". Show related content deed in lieu of foreclosure debt in lieu of foreclosure disclosure in lieu of foreclosure delivery in lieu of foreclosure 4: With an ORVET loan the property must be located in________________________.With an ORVET loan the property must be located in Oregon. The correct answer "a". Show related content Oregon The continental U.S. in an urban area anywhere 5: _______________________________includes a final map and other writing containing all the descriptions, locations, specifications, dedications, provisions and information concerning a subdivision.Subdivision plat includes a final map and other writing containing all the descriptions, locations, specifications, dedications, provisions and information concerning a subdivision. The correct answer is "c". Show related content Tract Utility easement Subdivision plat Property line adjustment 6: John with XYZ Rentals supplied a back hoe for construction on Pete`s property. John did not get paid. Can he place a construction lien on Pete`s property?John can place a construction lien on the property as a rental supplier as per Oregon law. The correct answer is "c". Show related content Yes, if his invoice was less than $2,000 Yes, if her invoice was less than $5,000 Yes No, because she was not a material supplier or part of the construction crew. 7: A person may not, for profit, induce or attempt to induce any other person to sell or rent any dwelling by representations regarding the entry or prospective entry into the neighborhood of a person or persons of____________________________.A person may not, for profit, induce or attempt to induce any other person to sell or rent any dwelling by representations regarding the entry or prospective entry into the neighborhood of a person or persons of a particular race, color, religion, sex, sexual orientation, national origin, marital status, familial status or source of income. The correct answer is "d". Show related content a particular race or color religion sexual orientation all of the above 8: ___________________means a contractor, architect, builder or other person having charge of construction or preparation.Construction agent means a contractor, architect, builder or other person having charge of construction or preparation. The correct answer is "b". Show related content Commencement of the improvement Construction agent Contractor Improvement 9: Housing qualifies as housing for older persons if___________________________.Housing qualifies as housing for older persons if at least 80 percent of the dwellings are occupied by at least one person 55 years of age or older per unit AND policies and procedures that demonstrate an intent by the owner or manager to provide housing for persons 55 years of age or older are published and adhered to. The correct answer is "c". Show related content At least 80 percent of the dwellings are occupied by at least one person 55 years of age or older per unit. Policies and procedures that demonstrate an intent by the owner or manager to provide housing for persons 55 years of age or older are published and adhered to Both a and b Neither a nor b 10: Declarant means the person who_____________________.Declarant means the person who files a declaration. The correct answer is "a". Show related content files a declaration receives a declaration any county worker who accepts a declaration none of the above 11: The Oregon Board of Forestry works with ____________________________to promote consistent management policies and practices for all forest lands within the state.The Oregon Board of Forestry works with private land owners, counties, the United States Forest Service, the Bureau of Land Management, and other Federal agencies to promote consistent management policies and practices for all forest lands within the state. The correct answer is "d". Show related content private land owners the United States Forest Service the Bureau of Land Management All of the above 12: __________________means the land on which construction or preparation is performedSite means the land on which construction or preparation is performed. The correct answer is "b". Show related content Preparation Site Subcontractor General Contractor 13: _______________________means a person that contracts on predetermined terms to be responsible for performing all or part of a job of preparation or construction in accordance with established specifications or plans, retaining control of the means, method and manner of accomplishing the desired result.Contractor means a person that contracts on predetermined terms to be responsible for performing all or part of a job of preparation or construction in accordance with established specifications or plans, retaining control of the means, method and manner of accomplishing the desired result. The correct answer is "c". Show related content Commencement of the improvement Construction agent Contractor Improvement 14: ODVA is prohibited from financing:ODVA is prohibited from financing vacation homes, investment, commercial, personal properties, or bare land. The correct answer is "d". Show related content Bare land commercial property vacation homes all of the above 15: John`s contractor placed a lien on his property for non-payment of work completed and recorded it on September 5, 2020. Prior to this lien is a 1st mortgage recorded November 1, 2018, a second mortgage recorded Jan 10, 2019 and an home equity line of credit. Which lien would take be top priority?The construction lien would take priority even though it was recorded last according to Oregon law. The correct answer is "d". Show related content The 1st mortgage would take priority since it was recorded first The home equity line of credit would take priority since it is not a mortgage The 2nd mortgage would take priority since it was recorded first The construction lien would take priority even though it was recorded last 16: ___________________means a single unit of land that is created by a partition of land.Parcel means a single unit of land that is created by a partition of land. The correct answer is "b". Show related content Tract Parcel Lot Block 17: Homeowner Greg hired architect Mary to develop building plans for a new room addition. Greg did not pay Mary as agreed. Can Mary place a construction lien on the property?Mary can place a construction lien on the property as an architect as per Oregon law. The correct answer is "c". Show related content Yes, if her invoice was less than $10,000 Yes, if her invoice was less than $20,000 Yes No, because she was not a supplier or part of the construction crew 18: A ________________deed acts as a guarantee to the buyer that the seller has the right to transfer the property, and that the property is free of debt or other liens. The seller must defend the title against any and all other claims, and compensate the buyer for any unsettled debts or problems.A Warranty Deed acts as a guarantee to the buyer that the seller has the right to transfer the property, and that the property is free of debt or other liens. The seller must defend the title against any and all other claims, and compensate the buyer for any unsettled debts or problems. The correct answer is "b". Show related content Quit Claim Warranty Deed Bargain and Sale Deed Special Warranty Deed 19: ____________________________means a building, wharf, bridge, ditch, flume, reservoir, well, tunnel, fence, street, sidewalk, machinery, aqueduct or other structure or superstructure.Improvement means a building, wharf, bridge, ditch, flume, reservoir, well, tunnel, fence, street, sidewalk, machinery, aqueduct or other structure or superstructure. The correct answer is "d". Show related content Commencement of the improvement Construction agent Contractor Improvement 20: ________________means any activity preliminary to the execution of a binding agreement for the sale of land in a subdivision or partition, including but not limited to advertising, solicitation and promotion of the sale of such land.Negotiate means any activity preliminary to the execution of a binding agreement for the sale of land in a subdivision or partition, including but not limited to advertising, solicitation and promotion of the sale of such land. The correct answer is "c". Show related content Mediate Arbitrate Negotiate Adjust

unit 4 final

1: Consummation occurs when the buyer/borrower becomes contractually obligated to:Consummation is not the same thing as closing or settlement. Consummation occurs when the consumer becomes contractually obligated to the creditor on the loan. Show related content the seller to the mortgage broker to the creditor/lender on the loan continue with the escrow process 2: The Andersons` are selling their property and the transaction is closing on July 31st. The annual hazard insurance premium is $2,500 which provides coverage through the end of Oct 31st. What would be the refund to the sellers? Use a 360 day calendar for your calculations.90 days x $6.94 = $624.60 refund to the seller from the insurance company. The correct answer is "a". Show related content $624.60 $676.90 $777.88 $799.50 3: A verification of deposit (VOD) is important for the lender because it verifies:A verification of deposit (VOD) verifies all of the above. The correct answer is "d". Show related content Funds available for a down payment Funds available for closing costs Funds in reserve All of the above 4: Payment caps limit:Payment caps limit the monthly payment increase. The correct answer is "b". Show related content The amount that the interest rate can change over the life of the loan The monthly payment increase The conversion time Which index can be used 5: Interest may be calculated as either a_______________________.Interest may be calculated as either a fixed or variable rate. The correct answer is "a". Show related content fixed or variable rate standard or substandard rate standard or variable rate none of the above 6: The sales price on a property was $200,000. The commission was 6%. What was the commission expressed in dollars?P x R = B P = $200,000 R = 6% $200,000 x 6% converted to $200,000 divided by .06 = $12,000. The commission expressed in dollars is $12,000. The correct answer is "b". Show related content $10,000 $12,000 $15,800 $16,250 7: An acceleration clause in a mortgage or deed of trust requires the balance of the loan to become due immediately, if ____________________________________.An acceleration clause in a mortgage or deed of trust requires the balance of the loan to become due immediately if the borrower defaults on the loan. The correct answer is "a". Show related content the borrower defaults on the payments the borrower sells the property Either a or b Neither a nor b 8: With a high supply and low demand, prices tend to:With a high supply and low demand, prices tend to fall. The correct answer is "b". Show related content Rise Fall Remain stable None of the above 9: After conventional loans are originated, they are typically sold to the _______________.After conventional loans are originated, they are typically sold to the secondary market. The primary market relates to the origination of the loan. The correct answer is "b". Show related content primary market secondary market Federal Reserve Either a or b 10: The market where borrowers and loan originators negotiate terms and conditions of a mortgage directly is referred to as a _______________________.The market where borrowers and loan originators negotiate terms and conditions of a mortgage directly is referred to as a primary market. The correct answer is "a". Show related content primary market secondary market buyer's market seller's Market 11: ______________________ensures that all consumers are given an equal chance to obtain credit.The Equal Credit Opportunity Act ensures that all consumers are given an equal chance to obtain credit. The correct answer is "b". Show related content Earnest Money Act The Equal Credit Opportunity Act Doctrine of Emblements None of the above 12: When depreciation is caused by a loss of building utility, it is known as _____________.When depreciation is caused by a loss of building utility, it is known as functional obsolescence. A home has 5 bedrooms, but only one bathroom would be an example. The correct answer is "d". Show related content physical depreciation external depreciation wear and tear depreciation functional obsolescence 13: The higher your credit score:The higher your credit score the less risk you pose to creditors. The correct answer is "a". Show related content The less risk you pose to creditors The more risk you pose to creditors Is an indication that you have had many bankruptcies Is an indication that you do not pay bills on time 14: Bill bought a property five years ago for $175,000 and sold it this year for 20% more than he paid for it. What did he sell it for?C = T x P To get the percentage, add the percentage of profit or subtract the percentage of loss from 100% 100% + 20% = 120% (convert to a decimal = 1.2) $175,000 x 1.2 = $210,000 Bill sold his property for $210,000. The correct answer is "a". Show related content $210,000 $330,000 $3310,000.50 $400,000.85 15: The purpose a/an _________________________________is to inform consumers that they are generally not required, with certain exceptions, to use the affiliate and are free to shop for other providers.The purpose an affiliated business arrangement disclosure is to inform consumers that they are generally not required, with certain exceptions, to use the affiliate and are free to shop for other providers. The correct answer is "a". Show related content affiliated business arrangement disclosure ARM disclosure statement servicing transfer disclosure statement initial escrow account statement 16: Taxable income is _______________________certain tax deductions.Taxable income is gross income minus certain tax deductions. The correct answer is "b". Show related content net income minus gross income minus net income plus gross income None of the above 17: Due-On-Sale clause is also referred to as a/an ________________________clause.Due-On-Sale clause is also referred to as an alienation clause. The correct answer is "c". Show related content defeasance clause subordination clause alienation prepayment penalty 18: __________________________is a concept in real estate appraisal. It states that the value of a property is directly related to the use of that property.Highest and best use is a concept in real estate appraisal. It states that the value of a property is directly related to the use of that property. A capitalization rate, fixed expenses and gross multiplier all relate to the income approach to value. The correct answer "a". Show related content Highest and best use Capitalization rate Fixed expenses Gross income multiplier 19: TILA does not apply to:Credit primarily for agriculture, business, commercial or organizational purposes as well as student loans are exempt from TILA. The correct answer is "c". Show related content Creditors who extend credit primarily for business, commercial, agricultural, or organizational purposes Student Loan Programs Both a and b Neither a nor b 20: Points are usually charged on the _________________________.Points are usually charged on the loan amount. The correct answer is "c". Show related content sale price down payment loan amount None of the above 21: The index + the margin =The index + the margin = ARM Interest Rate. The correct answer is "a". Show related content ARM interest rate The ARM conversion fee The ARM prepayment penalty None of the above 22: Subprime loans carry a higher rate of interest than prime loans to compensate_______________.Subprime loans carry a higher rate of interest than prime loans to compensate for increased credit risk. The correct answer is "a". Show related content for increased credit risk the borrower for decreased credit risk the seller 23: Which person would most likely disburse the funds due to the seller as net proceeds?The final activity at closing involves the distribution of the money generated by the sale. It is usually the closing agent's responsibility to distribute these funds. Funds would typically be distributed to: the seller, the seller's lender if there is an existing mortgage on the property, the real estate agents involved in the sale (commissions), or to anyone listed on the HUD-I Statement to receive funds. The correct answer is "a". Show related content The closing (escrow) agent The buyer The seller's real estate broker The lender 24: ORVET is an acronym for:ORVET is an acronym for Oregon Veteran. The correct answer is "c Show related content Oregon Voluntary Estate Tax Oregon Value Estate Tax Oregon Veteran None of the above 25: An interest only payment is also referred to as a _________________.An interest only payment is also referred to as a straight note payment. The correct answer is "d". Show related content fully amortized payment partially amortized payment bi-monthly payment straight note payment 26: Recording of a deed serves what purpose?The recording of a deed serves all of the above purposes. After all of the documents have been signed in escrow by both of the parties, the closing agent will ensure that the loan is ready to fund. The deed of trust is sent from escrow to the county to get recorded. The buyer legally owns the property when the loan has funded and recording numbers are made available. The correct answer is "d". Show related content Give constructive notice to the public Establishes priority of the deed Identifies proof of ownership All of the above 27: A buyer obtains an 80% loan on a $200,000 sale price. What is the loan amount?L = V x R R = 80% V = $200,000 $200,000 x 80% converted to $200,000 x .80 = $160,000 (loan amount). The correct answer is "d". Show related content $200,400 $210,000 $220,000 $160,000 28: A VOE stands for:A VOE stands for verification of employment. The correct answer is "c". Show related content Vented only status Verification only entry Verification of employment Verification only existing 29: A person may ______________by using an installment sale.A person may defer tax on a gain by using an installment sale. The correct answer is "a". Show related content defer tax on a gain defer tax on a loss avoid income tax avoid capital gains tax 30: The value of the property is $322,330. The annual tax on the property is $4,000. What is the tax rate?R = A divided by M A = 4,000 M = $322,330 $4,000 divided by $322,330 = .0124 converted to 1.24%. The tax rate is 1.24%. The correct answer is "a". Show related content 1.24% 1.3% 1.5% 1.6% 31: Which of the following information on the Closing Disclosure Form could trigger a new escrow procedure and then starting over with a new Loan Estimate Form?If the lender changes the loan structure such as a different loan product, a change in the APR, the addition of a prepayment penalty, etc.; then this would trigger a new 3-day waiting period for the CD. Show related content Changing a fixed loan to an adjustable rate loan by the borrower and lender An increase in the effective Annual Percentage Rate (APR) Adding a pre-payment penalty to the loan All of these would trigger a new 3 day period and starting over 32: The sales price on a property was 300,000. The total commission on the property was 6%. This 6% was split between the listing broker and the selling broker. The listing broker was entitled to 2.5% and the selling broker was entitled to 3.5%. The listing broker had a 50/50 split with his principal broker. The selling broker paid a desk fee and kept 100% of her commission. What was the commission, expressed in dollars, earned by the listing broker?$300,000 x .025 = $7,500 and $7,500 divided by 2 (50%) = $3,750. The listing broker would get a commission of $3,750. The correct answer is "b". Show related content $2,750 $3,750 $4,750 $5,750 33: The Federal Reserve System is also known as the _______.The Federal Reserve System is also known as the Fed. The correct answer is "b". Show related content Ginnie Mae Federal Reserve Freddie Mac Portfolio market 34: _____________________________is the price a buyer will pay and a seller will accept for a property under reasonable and ordinary conditions.Fair market value is the price a buyer will pay and a seller will accept for a property under reasonable and ordinary conditions. Neither the buyer of the seller is under any pressure to complete the transaction. The correct answer is "b". Show related content Economic value Fair market value Cost Physical value 35: When sending out a Loan Estimate (LE) Form to a loan applicant, the lender must make sure that:The lender needs to make sure that the borrower received the form within 3 days. Most lenders will utilize a delivery service to make sure this is met. Show related content the borrower has signed for receipt of the form have a 3rd party sign for receipt of the form mail the form through the post office within 3 days require the borrower to come in and receive the form personally within 3 days 36: The accounting of all financial items in a transaction will normally be specified in:The accounting of all financial items in a transaction will usually be accounted for using a form called a Closing Disclosure Statement. The correct answer is "c". Show related content A Vesting Statement A secondary market statement Closing Disclosure An assessment statement 37: A buyer qualifies for a loan for $188,000 or a $233,000 priced home. What is the loan to value ratio?R = L divided by V L = $188,000 V = $233,000 $188,000 divided by $233,000 = .81 or converted to 81%. The loan to value ratio is 81%. The correct answer is "d". Show related content 70% 78% 50% 81% 38: The price of the property was $329,000. The buyer was making a 20% down payment. The lender charged two points on the loan. What are the points charged on the loan, expressed in dollars?$329,000 x .20 = $65,800. $329,000 - $65,800 = $263,200. The loan amount is $263,200. $263,200 x .02 = $5,264. The points charged are $5,264. The correct answer is "a". Show related content $5,264 $5,600 $5,889 $6,010 39: One mile equals __________ rods.One mile equals 320 rods. The correct answer is "c". Show related content 110 220 320 5,280 40: With low supply and high demand, prices tend to:With low supply and high demand, prices tend to rise. The correct answer is "a". Show related content Rise Fall Remain stable None of the above 41: A ______________________________ allows another loan to have a higher priority, usually the first position, than the existing loan.A subordination clause allows another loan to have a higher priority, usually the first position, than the existing loan. The correct answer is "b". Show related content defeasance clause subordination clause lock-in-clause prepayment penalty 42: Who holds title to property in a lien theory state?In a lien theory state, the buyer holds the deed to the property during the mortgage term. The correct answer is "c". Show related content lender trustor buyer seller 43: RESPA is an acronym for:RESPA is an acronym for Real Estate Settlement Procedures Act. The correct answer is "a". Show related content Real Estate Settlement Procedures Act Real estate Security Procedures Act Real Estate Security Procurement Act Real Estate Settlement Procurement Act 44: Interest is the _______ of borrowing money.Interest is the cost of borrowing money. The correct answer is "c". Show related content balance loan ratio cost issuance 45: Lenders may take the index and add a few extra percentage points known as:Lenders may take the index and add a few extra percentage points known as the margin. Index Rate + The Margin = ARM Interest Rate. The correct answer is "d". Show related content The convertible index The percentage index The amortized index The margin 46: FHA will lend on condominiums if _______________________________.FHA will lend on condominiums, if the condominium development has been approved for FHA. The correct answer is "a". Show related content the condominium development has been approved for FHA the condominium development has been approved for military housing only the condominium development has at least 100 units the condominium development is located in Washington DC 47: Adjustments for differences in comparables should be made to:Adjustments for differences in comparables should be made to the comparable. The correct answer is "a". Show related content The comparable The site Both the site and the comparable Adjustments are not allowed 48: Physical depreciation is a loss in value due to _________________________.Physical depreciation is a loss in value due to wear and tear, damage or defects that are structural. Outside influence, such as airport noise are considered external obsolescence depreciation. The correct answer is "a". Show related content wear and tear, damage or defects that are structural outside environmental influences such as airport noise both a and b neither a nor b 49: This is a penalty charged by the lender when payments from the borrower are received late:A late payment penalty charged by the lender when payments from the borrower are late. The correct answer is "c". Show related content Defeasance clause Subordination clause Late payment penalty Prepayment penalty 50: Those who originate loans for consumers are known as the:Those who originate loans for consumers are known as the primary market. To free up capital and make additional loans, the primary market usually sells their loans to the secondary market. The correct answer is"a". Show related content Primary market Secondary Market Mortgage Underwriter Mortgage Processor 51: _________________________is the income on which tax is paid.Taxable income is the income on which tax is paid, it is gross income minus allowable tax deductions. The correct answer is "a". Show related content Taxable income Gross income Tax credit Tax deduction 52: If the index is 5% and the margin is 2%, the interest rate on the ARM loan is:Index Rate + The Margin = ARM Interest Rate. The correct answer is "d" Show related content 8% 9% 3Z% 7% 53: The income approach, also known______________________________, is usually used for income producing properties.The income approach, also known as the capitalization method, is usually used for income producing properties. The cost-in-place, quantity survey and square foot methods are uses in the cost approach to value. The correct answer is "a". Show related content as the capitalization method as the cost-in-place method as the quantity survey method as the square foot method 54: A lender changed the loan structure with a different loan product after issuing a Loan Estimate Form, what is the requirement under TRID rules?If the lender changes the loan structure such in a major way it would then trigger a new 3-day waiting period for the CD. Real estate licensees have no responsibility; just the lender. Show related content This would then trigger a new 3-day waiting period and a new LE It would terminate the original application by the borrower The borrower would be stuck with the new arrangement The real estate agent could become liable 55: "Just sign this now; we`ll fill in the blanks later" could be a sign of:"Just sign this now; we'll fill in the blanks later" could be a sign of potential fraud by a scam artist. The correct answer is "b". Show related content a person who does not know the profession and needs to get assistances from others potential fraud a person who need to get further information on the property to fill in the blanks a person who wants to help the homeowner avoid foreclosure 56: An ARM had an index rate of 4%. The margin was 1.5%. What was the ARM rate?Index rate + the margin = ARM interest rate 4% + 1.5% = 5.5% The interest rate is 5.5%. The correct answer is "b". Show related content 4% 5.5% 6.5% 7% 57: The highest bidder at trustee`s foreclosure sale, done through a deed of trust, will receive _______________________.The highest bidder at trustee's foreclosure sale, done through a deed of trust, will receive a trustee's deed. The correct answer is "c". Show related content a certificate of sale a certificate of entitlement a trustee's deed a certificate of purchase 58: With a deed of trust foreclosure, the lender must first serve the borrower with__________________________.With a deed of trust foreclosure, the lender must first serve the borrower with a notice of default. A notice of lis pendens gives notice that there is a lawsuit pending. The doctrine of laches relates to the time a person has to exercise their rights in filing a claim. A notice to pay rent or quit relates to rents and leases. The correct answer is "c". Show related content a notice of lis pendens a notice of the doctrine of laches a notice of default a notice to pay rent or quit 59: A _______________is a single mortgage that covers more than one parcel of real estate and utilized in development projects.A blanket mortgage is a single mortgage that covers more than one parcel of real estate which is secured by several structures or numerous parcels. A blanket mortgage is often used to finance proposed subdivisions, cooperatives or development projects. The correct answer is "b". Show related content collateral mortgage blanket mortgage reverse participation 60: A mortgage involves a relationship between which two parties?A mortgage involves a relationship between two parties - the mortgagee and the mortgagor. The correct answer is "a". Show related content mortgagee, mortgagor trustee, trustor trustee, beneficiary trustor, beneficiary

UNIT 1.1

1: Crops could be used as _______________ on a loan.Correct! Crops could be used as security on the loan giving the lender the right to attach, harvest and sell the crop should the borrower default. Show related content an adjustable rate mortgage security government insurance local tax 2: Ownership of personal property is transferred using a____________.Ownership of personal property is transferred using a bill of sale. A deed is used when transferring real property. A deed of trust or mortgage is used as security for a loan. The correct answer is "a". Show related content bill of sale deed deed of trust mortgage 3: PUD is an acronym for a __________________________________.PUD is an acronym for a Planned unit Development. They may be planned for a single form of housing such as detached family housing or may contain various housing types such as attached single family homes, detached single family homes, or multi-story units. The correct answer id "a". Show related content Planned Unit Development Property Unit Development Public Unit Development Planned Unit Director 4: Bill borrowed $90,000 from his local bank so that he could plant more orange trees, and buy fertilizer and pesticides for his existing orchard. The bank put a lien on his next crop of oranges. If Bill were to default on the loan, the bank could have the right of ownership of the crop and may be able to harvest and sell the crop. This is because the crop was used for _____________________ on the loan.Correct! Bill's impending crop can be used as collateral by the bank. Show related content deposit collateral underwriting down payment 5: Chapter _____in Oregon State Law addresses the General Provisions for Uniform Commercial Code.Correct! Chapter 71 in Oregon State Law addresses the General Provision for the Uniform Commercial Code (UCC). Show related content 81 89 71 68 6: A life estate is an estate for the duration of the lifetime of ___________person(s).A life estate is an estate for the duration of the lifetime of one or more persons. The duration of the life could be that of the tenant or it could be the lifetime of another person. The correct answer is "d". Show related content One three one or more all of the above 7: An advantage of forming an S Corporation is _____________________.Correct! An advantage of an S Corporation is that it can avoid double taxation. Show related content avoiding double taxation that it is a tax advantage when there are more than 100 shareholders not all shareholders must agree to choose the Corporation S form. all of the above 8: Frank Jones owns an orange orchard. The trees and oranges are Frank`s real property. He sells the oranges to Bill. The oranges then become Bill`s personal property even though they may still be hanging on the trees. Frank still owns________________________.Frank Jones owns an orange orchard. The trees and oranges are Frank's real property. He sells the oranges to Bill. The oranges then become Bill's personal property even though they may still be hanging on the trees. Frank still owns the land and the trees. The correct answer is "c". Show related content the land the trees Both a and b Neither a nor b 9: An owner of a parcel of land sold the mineral right to the land to another person. The mineral rights _____________________________.Correct! Mineral rights are considered to be ownership rights when owning land and as such are real property. When the rights are sold to another person, they become personal property of the purchaser. Show related content were personal property and are now real property were real property and are now personal property were not the owner's to give were personal property and remain personal property 10: Items that are installed by a tenant to enable them to carry on a trade or a business are called _______________________.Correct! When a tenant installs items to be able to carry on a trade of a business, these are known as trade fixtures. Show related content trade fixtures estate fixtures contract fixtures automatic fixtures 11: A corporation is owned by individual shareholders who purchase ______ in the company.Correct! A corporation is owned by individual shareholders who purchase stock in the company. Show related content marketable title shares leaseholds hypothecations 12: A main concern with joint ventures is that they can restrict ______________.Correct! The chief concern with joint ventures is that they can restrict competition, especially when they are formed by businesses that are otherwise competitors or potential competitors. Show related content gross income hard money mortgages competition consumer credit 13: The land owner must apply to the________ for a water rights certificate.Correct! The land owner must apply to the state for a water right certificate. Show related content title company loan company that granted them a loan on the property state tax assessor 14: Riparian Rights refer to water that _____________________ to a propertyCorrect! Riparian Rights refer to water that flows through or adjacent to a property. Show related content flows from or near flows through or over flows through or adjacent flows under 15: There are some advantages to manufactured homes, which include:Manufactured homes are built is a climate controlled factory. This reduces the chances of weather related delays and problems when building. Because manufactured homes are built much faster than a typical stick built constructed home, they are less expensive and a homeowner can move in more quickly. There is also the possibility of moving the mobile home should the homeowner decide to live elsewhere. The correct answer is "d". Show related content Delays in construction are reduced because the manufacture home is built in a climate controlled factory They are less expensive There is a possibility that they can be moved All of the above 1: ________________ may hold title to property in a trust.Correct! Groups or individuals may hold title to property in trust. Show related content Groups only Individuals only Both a and b Only children 2: Items that are installed by a tenant to enable them to carry on a trade or a business are called _______________________.Correct! When a tenant installs items to be able to carry on a trade of a business, these are known as trade fixtures. Show related content trade fixtures estate fixtures contract fixtures automatic fixtures 3: Chapter _____in Oregon State Law addresses the General Provisions for Uniform Commercial Code.Correct! Chapter 71 in Oregon State Law addresses the General Provision for the Uniform Commercial Code (UCC). Show related content 81 89 71 68 4: When one person individually owns the property they are said to own the property in/as ______________. This is also known as ____________ ownership.Correct! When an individual owns property solely this is known as sole ownership or ownership in severalty. Show related content tenant in common, joint tenancy severalty, sole unity of possession, unity interest joint tenancy, sole 5: There are five tests used to determine whether an item is a fixture. These tests can be easily remembered with the acronym ________________________.Correct! MARIA is the acronym used to remember the five tests used to determine if an item is a fixture. Show related content MARTA MERRY MARIA MARIE 6: Real property is converted to personal property by a process called _________ or_____________.Correct! Real property is converted to personal property by a process called actual severance or constructive severance. Show related content recorded severance or certified severance actual severance or constructive severance interim severance or temporary severance reciprocal severance or security severance 7: A landowner has the right of subjacent support which is the support from the_______________.A land owner has the right of subjacent support, which would include items underlying the earth under the landowner's property and would include mineral and oil rights. The correct answer is "d". Show related content underlying earth under the landowner's property land adjacent to the landowner's property mineral and oil rights both a and c 8: Estate at sufferance is a lease where the tenant is occupying the property __________________________.An estate at sufferance is a lease where the tenant is occupying the property illegally and without the consent of the landlord. Such cases might involve a trespasser or a tenant who has been asked to leave after the expiration of the lease period. The correct answer is "a". Show related content illegally and without the consent of the landlord. with the permission of the landlord with permission of the landlord to not make rent payments until repairs are made with the permission of the landlord for the tenant to make lower rent payment while the tenant is disabled. 9: An owner sells their property, then agrees to lease the property from the purchaser. This is known as a/an _________________________.An owner sells his/her property, then agrees to lease the property from the purchaser. This is known as a sale -lease back. Early possession is when a prospective owner takes possession of the property prior to the sale closing. An estate at sufferance occurs when a tenants remains on the property without the permission of the landlord. The correct answer is "b". Show related content Estate at sufferance Sale-lease back Early possession None of the above 10: The owner of land which is being taken through condemnation must be paid a/an ___________________________for the property.The owner must be paid a fair and just compensation for the property. If the price offered is not acceptable to the owner, he/she may have the right to appeal to the courts. The correct answer is "a". Show related content fair and just compensation amount determined by a utility company amount determined by a communications company amount determine solely by the owner 11: If the title to property was held by Tenancy by the Entirety, it would be held by _______________________________.Correct! Tenancy by the Entirety can only be held by married individuals or persons in a domestic partnership. Show related content a corporation a married couple or domestic partnership any unrelated individuals any of the above 12: Natural attachments and man-made attachments are considered to be_____________.Correct! Natural attachments and man-made attachments are considered to real property because of their attachment to the land. Show related content personal property real property solely government property the previous owner's property 13: The land owner must apply to the________ for a water rights certificate.Correct! The land owner must apply to the state for a water right certificate. Show related content title company loan company that granted them a loan on the property state tax assessor 14: The actual act of taking of private property for public use is done through ____________proceedings.The actual act of taking of private property for public use is done through condemnation proceedings. Foreclosure proceedings are when a bank attempts to take back a property because a borrower defaulted. A Deed in lieu of foreclosure is when a borrower relinquishes a deed to a lender instead of the lender foreclosing on the property. The correct answer is "b". Show related content Foreclosure Condemnation Deed in lieu of foreclosure All of the above. 15: Oregon is a _________________law state.Correct! Oregon is a common law state. Show related content common community property Steering 1: Bill borrowed $90,000 from his local bank so that he could plant more orange trees, and buy fertilizer and pesticides for his existing orchard. The bank put a lien on his next crop of oranges. If Bill were to default on the loan, the bank could have the right of ownership of the crop and may be able to harvest and sell the crop. This is because the crop was used for _____________________ on the loan.Correct! Bill's impending crop can be used as collateral by the bank. Show related content deposit collateral underwriting down payment 2: REIT is an acronym for:Correct! REIT is an acronym for Real Estate Investment Trust. Show related content Real Estate Investment Trust Real Estate Interest Trust Real Estate Interim Trust Real Estate Income Trust 3: _____________is the right of the government to acquire ownership of privately held property for public use.Eminent Domain is the right of the government to acquire ownership of privately held property for public use. Escheat is the right of the government to acquire property when and owner dies intestate (without a will). Taxation is the right of the government to raise money to support. The correct answer is "a". Show related content Eminent domain Escheat Taxation Lis Pendens 4: Annual crops are normally considered __________ property.Correct! Annual crops are usually considered personal property. Natural growth called fructus naturals are perennial plantings and are normally considered real property. Show related content personal real uncultivated rented 5: There are five tests used to determine whether an item is a fixture. These tests can be easily remembered with the acronym ________________________.Correct! MARIA is the acronym used to remember the five tests used to determine if an item is a fixture. Show related content MARTA MERRY MARIA MARIE 6: Any form of organization which allows two or more investors to participate in the ownership of an interest in real estate is known as a/an ______________________.Correct! The term Syndicate is applied to any form of organization which allows two or more investors to participate in the ownership of an interest in real estate. Show related content syndicate common law dedication buffer annexor 7: Natural attachments and man-made attachments are considered to be_____________.Correct! Natural attachments and man-made attachments are considered to real property because of their attachment to the land. Show related content personal property real property solely government property the previous owner's property 8: Syndicates may be organized as which of the following:Correct! Syndicates may be organized as a trust, corporation, joint venture, partnership or limited liability company. Show related content Trust Joint Venture Corporation All of the above 9: A typical item of personal property that might be transferred with real property in a transaction would be __________________.Correct! Any freestanding item that is not attached is considered personal property. Show related content refrigerator washer dryer all of the above 10: A disadvantage of joint tenancy is _________________.Correct! The disadvantage of holding title as joint tenants is that the property cannot be willed. The property cannot be willed because of the right of survivorship of the surviving party. Show related content The property can be easily willed The property cannot be willed Avoid the cost and delay of probate proceedings Probate proceedings are more costly 11: An owner sells their property, then agrees to lease the property from the purchaser. This is known as a/an _________________________.An owner sells his/her property, then agrees to lease the property from the purchaser. This is known as a sale -lease back. Early possession is when a prospective owner takes possession of the property prior to the sale closing. An estate at sufferance occurs when a tenants remains on the property without the permission of the landlord. The correct answer is "b". Show related content Estate at sufferance Sale-lease back Early possession None of the above 12: The owner of land which is being taken through condemnation must be paid a/an ___________________________for the property.The owner must be paid a fair and just compensation for the property. If the price offered is not acceptable to the owner, he/she may have the right to appeal to the courts. The correct answer is "a". Show related content fair and just compensation amount determined by a utility company amount determined by a communications company amount determine solely by the owner 13: Crops could be used as _______________ on a loan.Correct! Crops could be used as security on the loan giving the lender the right to attach, harvest and sell the crop should the borrower default. Show related content an adjustable rate mortgage security government insurance local tax 14: ____________________in a condominium complex are common areas that are reserved for the use of one unit or more.Limited common elements in a condominium complex are common areas that are reserved for the use of one unit or more. As opposed to general common elements which can be used by all unit owners. An example might be an assigned parking space. Insurance and liability are a factor with all of the common spaces. The correct answer is "b". Show related content General common elements Limited common elements Liability common elements Insured common elements 15: If the crop of a perennial planting is sold, then it becomes ____________________.Correct! If the crop of a perennial planting is sold, then it becomes the personal property of the purchaser. Show related content the personal property of the purchaser the personal property of the seller the real property of the purchaser the real property of the seller 1: A tenant installed a light bulb in a floor lamp that she owned. The light bulb is considered to be____________________________.A light bulb that was installed in a floor lamp would be considered to be installed in the personal property of the tenant. It is not attached to the structure and it not real property. The correct answer is "d". Show related content real property personal property property of the tenant both b and c 2: A disadvantage of joint tenancy is _________________.Correct! The disadvantage of holding title as joint tenants is that the property cannot be willed. The property cannot be willed because of the right of survivorship of the surviving party. Show related content The property can be easily willed The property cannot be willed Avoid the cost and delay of probate proceedings Probate proceedings are more costly 3: Riparian Rights refer to water that _____________________ to a propertyCorrect! Riparian Rights refer to water that flows through or adjacent to a property. Show related content flows from or near flows through or over flows through or adjacent flows under 4: Syndicates may be organized as which of the following:Correct! Syndicates may be organized as a trust, corporation, joint venture, partnership or limited liability company. Show related content Trust Joint Venture Corporation All of the above 5: The Uniform Commercial Code is also known as the ______________.Correct! The Uniform Commercial Code is also known as the Code or UCC and was adopted in 1952. The correct answer is "c". Show related content The code UCC Both a and b A lien 6: Private companies that serve a public purpose may be able to take land through eminent domain. Examples might include:All of the above would be examples of private companies who may be able to take land through eminent domain. The correct answer is "d". Show related content Public utility company Railroad Water company All of the above 7: Leasehold estates carry _________ interest than a freehold estate.Correct! Leasehold estates are considered less than freehold estates. Show related content more less the same a certain percentage of 8: Estate at sufferance is a lease where the tenant is occupying the property __________________________.An estate at sufferance is a lease where the tenant is occupying the property illegally and without the consent of the landlord. Such cases might involve a trespasser or a tenant who has been asked to leave after the expiration of the lease period. The correct answer is "a". Show related content illegally and without the consent of the landlord. with the permission of the landlord with permission of the landlord to not make rent payments until repairs are made with the permission of the landlord for the tenant to make lower rent payment while the tenant is disabled. 9: Prior to the 1960`s, only wealthy individuals and corporations had the financial resources necessary to invest in expensive real estate projects such as office buildings, corporate parks, and shopping malls. In response, Congress passed the ______________________________.Correct! Congress passed the Real Estate Investment Trust Act of 1960, also known as REIT. Show related content Truth in lending Act (TILA) Real Estate Investment Trust Act of 1960 (REIT) Real Estate Settlement and Procedures Act (RESPA Foreign Investment in Real Property Tax Act (FIRPTA) 10: In a transaction where real and personal property are being sold together, a bill of sale should be delivered to the buyer at the time of___________________________.The bill of sale should be delivered to the buyer along with the deed at the time of closing. Since it is part of the transaction with real property, the bill of sale should not be given to the buyer prior to the property closing. The correct answer is "c". Show related content signing the purchase and sale agreement meeting all contingencies in the contract closing none of the above 11: Oregon is a _________________law state.Correct! Oregon is a common law state. Show related content common community property Steering Redlining 12: A typical item of personal property that might be transferred with real property in a transaction would be __________________.Correct! Any freestanding item that is not attached is considered personal property. Show related content refrigerator washer dryer all of the above 13: Annual crops are normally considered __________ property.Correct! Annual crops are usually considered personal property. Natural growth called fructus naturals are perennial plantings and are normally considered real property. Show related content personal real uncultivated rented 14: Frank Jones owns an orange orchard. The trees and oranges are Frank`s real property. He sells the oranges to Bill. The oranges then become Bill`s personal property even though they may still be hanging on the trees. Frank still owns________________________.Frank Jones owns an orange orchard. The trees and oranges are Frank's real property. He sells the oranges to Bill. The oranges then become Bill's personal property even though they may still be hanging on the trees. Frank still owns the land and the trees. The correct answer is "c". Show related content the land the trees Both a and b Neither a nor b 15: ________________ may hold title to property in a trust.Correct! Groups or individuals may hold title to property in trust. Show related content Groups only Individuals only Both a and b Only children

6 final

1: During the installment period, the vendee has _________________________to the property to possess and enjoy the property.During the installment period, the vendee has equitable title to the property to possess and enjoy the property. The correct answer is "c". Show related content clear title clouded title equitable title warranty title 2: The subdividing of land relates to_____________________________.The subdividing of land relates to 4 or more parcels. The dividing of two or three parcels is partitioning. The correct answer is "b". Show related content 3 or more parcels 4 or more parcels 5 or more parcels 6 or more parcels 3: For a real estate contract to be valid and enforceable in court it must contain certain elements. Which is not an element for an enforceable real estate contract?A, B and C are elements that are necessary for a valid, enforceable real estate contract. In addition, the parties must be competent and it must be in writing. Residency in the same state is not a required element. The correct answer is "d". Show related content consideration lawful purpose mutual agreement all persons must reside in the same state 4: CLUE is an acronym for __________________________________.CLUE is an acronym for Comprehensive Loss Underwriting Exchange. It is a compilation of all insurance claims. The CLUE may be a report on a particular person or on a property. The correct answer is "a". Show related content Comprehensive Loss Underwriting Exchange Commercial Loss Underwriting Exchange Comprehensive Loss Uniform Exchange Compensation Loss Underwriting Exchange 5: In a net listing:As the name implies, the seller specifies what they would like to net from the proceeds of a sale on a net listing. Please note net listings are illegal in many states. The correct answer is "a". Show related content The seller specifies the amount they would like to receive from the net proceeds of the sale The commission is expressed as a percentage of the list price The commission is expressed as a flat rate The commission is expressed as a percentage of the sales price 6: If a subdivision cannot qualify for a certificate of exemption, the Real Estate Agency must issue a _________________________before any selling of the property occurs.If a subdivision cannot qualify for a certificate of exemption, the Real Estate Agency must issue a public report before any selling of the property occurs. The correct answer is "d". Show related content certificate of eligibility certificate of occupancy certificate of Lis Pendens public report 7: The term _______________________refers to a two-story architectural style often used in early condominiums.The term townhome refers to a two-story architectural style often used in early condominiums. The correct answer is "b". Show related content cooperative townhouse conventional margin 8: Each party must be legally competent to contract. They must _________________.Each party must be legally competent to contract. They must exist and be identifiable. The correct answer is "a". Show related content exist and be identifiable reside in the same state have an installment contract only have an unilateral contract only 9: A contract is an exchange of promises between two or more parties to ______________.A contract is an exchange of promises between two or more parties to do or refrain from doing an act. The correct answer is "a". Show related content do or refrain from doing an act. not have any other contracts with others enter into a lawsuit seek the advice of real estate brokers 10: Failure to fulfill the promises contained within the contract is known as a_____________.Failure to fulfill the promises contained within the contact is known as a breach. The correct answer is "b". Show related content group boycott breach homestead fee absolute 11: The Plat Law provides for the legal separation of property within Oregon. It is regulated by the __________________________where the property is located.The Plat Law provides for the legal separation of property within Oregon. It is regulated by the local jurisdiction where the property is located. The correct answer is "a". Show related content local jurisdiction state jurisdiction local sheriff local police 12: A broker must get approval, in writing, from _______________ to be a dual agent.Both parties to the transaction (buyer and seller) must agree, in writing, for a broker to be a dual agent. The correct answer is "d". Show related content buyer only seller only closing agent both the buyer and the seller 13: A listing agreement will state the duration of time the listing will be in effect. This is known as the:Most states require the listing date have a specific duration also known as the expiration date. The correct answer is "c". Show related content Date of the purchase and sale agreement Date of procurement Expiration date Date of execution 14: In most states, there are four requirements for a listing agreement to be enforceable. They are:Be sure to check your individual state and the requirements for an enforceable listing. If the requirements are not met, the listing may be unenforceable in a court of law. The correct answer is "d". Show related content The listing must be in writing and it must identify the property to be sold The listing must be signed by the licensee and the seller(s) It must state the compensation for the broker and a promise to pay the broker All of the above 15: The purchase or transfer of real property often involves many terms and conditions as well as pricing. Because of this, the need for having these agreements _______________is essential.The purchase or transfer of real property often involves many terms and conditions as well as pricing. Because of this, the need for having these agreements in writing is essential. The correct answer is "d". Show related content recorded reviewed by the Oregon Real Estate Agency reviewed by the Commissioner in writing 16: An offer to purchase a property made by a buyer is just that, an offer. When does it become a contract?Only when an offer is fully acknowledged (all parties have agreed and signed and no other changes have been made) and all parties have initialed and agreed to any prior changes that an offer becomes a contract. When this happens, the contract is said to have mutual acceptance. The correct answer is "b". Show related content Usually within one year of the offer Only when an offer is fully acknowledged (all parties have agreed and signed and no other changes have been made) and all parties have initialed and agreed to any prior changes that an offer becomes a contract When it is recorded none of the above 17: Who owns the listing at a brokerage?The principal broker or brokerage owns all the listing, not the licensee who took the listing. Because of this, a licensee must obtain permission to take the listing with them should they leave their current brokerage. The correct answer is "b". Show related content Licensee that took the listings Principal broker or brokerage The title company The mortgage company

4.1

1: FEMA is a division of the _________________________________.FEMA is a division of the U.S Department of Homeland Security. The correct answer is "a". Show related content U.S Department of Homeland Security The National Insurance Commission U.S. Department of the Treasury U.S. Department of the Interior 2: TILA requires lenders to make certain disclosures on loans subject to the Real Estate Settlement Procedures Act (RESPA) within _______________ business days after their receipt of a written application.TILA requires lenders to make certain disclosures on loans subject to the Real Estate Settlement Procedures Act (RESPA) within three business days after their receipt of a written application. The correct answer is "b". Show related content two three five ten 3: A parent company owns both a lending company and an appraisal company. This is an example of a/an ______________________________.A parent company owns both a lending company and an appraisal company. This is an example of an affiliated business arrangement. The correct answer is "a". Show related content affiliated business arrangement lis pendens doctrine of laches none of the above 4: Which of the following is a main purpose of RESPA?The main purpose of RESPA is to both inform home buyers of the estimated and actual costs of settlement services and to eliminate unscrupulous practices that can increase the cost of settlement services, such as kickbacks and unnecessary fees. The correct answer is "c". Show related content To inform home buyers as to the estimated and actual costs of settlement services. To eliminate unscrupulous practices that can increase the cost of settlement services Both a and b Neither a nor b 5: A creditor refuses to consider regular alimony and child support when evaluating a borrower`s income. Under ECOA this is:A creditor refuses to consider regular alimony and child support when evaluating a borrower's income. Under EOCA this is never allowable. The correct answer is "d". Show related content allowable if a person is legally divorced always allowable allowable if disclosed by the lender never allowable 6: The category Other Costs on the Closing Disclosure (CD) Form include:This is the catchall for costs associated with the unique situations of each individual transaction such as homeowner or condominium association fees paid at consummation, purchase of home warranties, inspection fees, and any other fees paid at closing that are not required by the creditor. Show related content lender origination fees homeowner or condominium association fees paid at consummation property tax payments loan points on a loan 7: RESPA was first passed in _____________ and was established to protect consumers during residential real estate financing transactions.RESPA was first passed in 1974 and was established to protect consumers during residential real estate financing transactions. The correct answer is "b". Show related content 1964 1974 1978 1985 8: RESPA is an acronym for:RESPA is an acronym for Real Estate Settlement Procedures Act. The correct answer is "a". Show related content Real Estate Settlement Procedures Act Real estate Security Procedures Act Real Estate Security Procurement Act Real Estate Settlement Procurement Act 9: ______________________ensures that all consumers are given an equal chance to obtain credit.The Equal Credit Opportunity Act ensures that all consumers are given an equal chance to obtain credit. The correct answer is "b". Show related content Earnest Money Act The Equal Credit Opportunity Act Doctrine of Emblements None of the above 10: The last page of the Closing Disclosure (CD) Form shows the contact information for:The CD shows the contact information for all the involved parties of a transaction in behalf of the borrower. Show related content the lender settlement agent borrower's broker all are shown 11: Pre-paid costs are costs:Prepaid costs are items to be paid by the consumer in advance of the first scheduled payment of the loan; paid prior to closing. Show related content paid by the lender upfront paid by the seller under the listing agreement paid by the borrower prior to the first loan payment that can be paid after closing 12: Which of the following categories of costs is not a loan cost?Closing costs are associated with the escrow work in closing a transaction. It is separate from the loan. Costs for the loan are loan origination fees, costs chosen by the lender (and not the borrower), and costs of the loan the borrower can choose to make. Show related content Origination Charges Services the Borrower Did Not Shop For Services the Borrower May Shop For escrow fees 13: To make sure that there are no major changes to the original loan proposal by the lender, the borrower can:The borrower should always keep the Loan Estimate Form (LE) and then compare it with the final Closing Disclosure Form (CD) to make sure there are no changes. The TRID rules do not allow real estate agents to represent the buyer/borrower in negotiations with a lender. Show related content compare the figures of the Closing Disclosure Form and whether they match the figures on the original Loan Estimate Form look to the prequalification statement by the lender talk with their real estate agent and compare notes look up the average loan rates for lenders in the area 14: When a person applies for credit, a creditor may not:All of the above are question a creditor may not ask a person who is applying for credit. The correct answer is "d". Show related content Ask you to reveal your sex, race, national origin, or religion Ask if you're widowed or divorced Inquire about your plans for having or raising children. All of the above 15: An affiliated business arrangement disclosure must be given to the home buyer ____________________________.An affiliated business arrangement disclosure must be given to the home buyer at or prior to the time of referral. The correct answer is "d". Show related content within three days after the referral was made within five days after the referral was made within 10 days after the referral was made at or prior to the time of referral. 16: ECOA is an acronym for:ECOA is an acronym for the Equal Credit Opportunity Act. The correct answer is "a". Show related content Equal Credit Opportunity Act Equal Credit official Act Equal Credit Origination Act Economic Credit Opportunity Act 17: The ____________________provides an estimate of the settlement costs and names of all required service providers.The loan estimate provides an estimate of the settlement costs and names of all required service providers. The correct answer is "b". Show related content good fairness estimate loan estimate closing disclosure HUD 1 statement 18: When choosing a closing date on the purchase and sale agreement, it is best that the real estate licensee:A realistic closing date should always be worked out with the involved lender. You do not want to start all over again if the time date is not met. Show related content contact the lender to determine a realistic date give the lender a realistic date to get the Closing Disclosure Form completed allow a number of days that can easily be met for the CD form from the lender All answers are correct. 19: The TRID forms must be used for all real estate transactions involving a(n):The TRID forms must be used for all real estate transactions involving a new closed-end consumer mortgage application between one lender and one borrower. Show related content new closed-end consumer mortgage application new open-end consumer mortgage application a new home equity loan a new loan for a mobile home on rented land 20: A ____________________________________________is a data base comprised of insurance claims from various insurance companies.A Comprehensive Loss Underwriters Exchange (CLUE) is a data base comprised of insurance claims from various insurance companies. The correct answer is "a". Show related content Comprehensive Loss Underwriters Exchange Comprehensive Limited Underwriters Exchange Comprehensive Liability Underwriters Exchange Complete Loss Underwriters Exchange 1: A creditor refuses to consider regular alimony and child support when evaluating a borrower`s income. Under ECOA this is:A creditor refuses to consider regular alimony and child support when evaluating a borrower's income. Under EOCA this is never allowable. The correct answer is "d". Show related content allowable if a person is legally divorced always allowable allowable if disclosed by the lender never allowable 2: RESPA was first passed in _____________ and was established to protect consumers during residential real estate financing transactions.RESPA was first passed in 1974 and was established to protect consumers during residential real estate financing transactions. The correct answer is "b". Show related content 1964 1974 1978 1985 3: Which of the following is a main purpose of RESPA?The main purpose of RESPA is to both inform home buyers of the estimated and actual costs of settlement services and to eliminate unscrupulous practices that can increase the cost of settlement services, such as kickbacks and unnecessary fees. The correct answer is "c". Show related content To inform home buyers as to the estimated and actual costs of settlement services. To eliminate unscrupulous practices that can increase the cost of settlement services Both a and b Neither a nor b 4: On the Loan Estimate Form the category Services You Cannot Shop For are costs for services provided by businesses in behalf of the lender or mortgage broker. These are costs are chosen by the lender, but are paid by the borrower at closing. An example of such expenses would NOT include:These services under this category serve and protect the lender which disallows the borrower from shopping. Choosing an insurance agent does not protect the lender and is allowed to be chosen by the borrower. Show related content appraisal fee and appraisal management company fee government funding fee (such as a VA or USDA guarantee fee) Credit report fee Homeowners insurance agent 5: Page 1 of the Loan Estimate required information includes all the following EXCEPT:Page 1 simply has the lender and loan information on it. Show related content Notification of a Rate Lock Name of the lender and application ID # The name of the Broker and MLS # Any balloon payment at the end of the loan 6: Pre-paid costs are costs:Prepaid costs are items to be paid by the consumer in advance of the first scheduled payment of the loan; paid prior to closing. Show related content paid by the lender upfront paid by the seller under the listing agreement paid by the borrower prior to the first loan payment that can be paid after closing 7: ______________________ensures that all consumers are given an equal chance to obtain credit.The Equal Credit Opportunity Act ensures that all consumers are given an equal chance to obtain credit. The correct answer is "b". Show related content Earnest Money Act The Equal Credit Opportunity Act Doctrine of Emblements None of the above 8: A ____________________________________________is a data base comprised of insurance claims from various insurance companies.A Comprehensive Loss Underwriters Exchange (CLUE) is a data base comprised of insurance claims from various insurance companies. The correct answer is "a". Show related content Comprehensive Loss Underwriters Exchange Comprehensive Limited Underwriters Exchange Comprehensive Liability Underwriters Exchange Complete Loss Underwriters Exchange 9: The Closing Disclosure (CD) is likely to be prepared and delivered by:The TRID rules apply to lenders which includes the 3 day delivery. Agents are not part of the process. Show related content the agent of the buyer the agent of the seller the lender to the borrower the escrow company to the borrower 10: What responsibilities does a real estate licensee have regarding the TRID rules for loan applications?The TRID rules only apply to the lender. Though there are no rule requirements, the real estate licensee should be familiar with the rules. Show related content Filling out the forms with the buying client Going over the Loan Estimate Form issued by the lender with the buying client Explaining the ramifications to the seller There are no requirement rules, but the real estate licensee should be familiar with the rules. 11: Which of the following TRID time line requirements for a loan application and the Loan Estimate Form is correct?The Loan Estimate must be provided by the closed-end lender within 3 business days of receiving the loan application. The prospective borrower then has 10 days to respond whether he or she wishes to proceed. Show related content Lender has 3 days to deliver, the buyer/borrower has 30 days to accept Lender has 10 days to deliver, the buyer/borrower has 10 days to accept Lender has 3 days to deliver, the buyer/borrower has 10 days to accept There are no acceptance days required of the borrower to proceed with the loan 12: The loans exempt from the TRID rules would NOT include the following:The TRID rules do not exempt the financing of a condominium purchase. Financing a mobile home on "rented land" is exempt. HELOCS and reverse mortgages are exempt. Show related content Home Equity Lines of Credit or HELOCS secured by a home Mortgages on mobile homes or other "movable" dwellings that are not permanently attached to real estate/land Reverse mortgages on homes The purchase of a condominium 13: The disclosure of the TIP costs represent which of the following?The total AMOUNT of interest that the consumer will pay over the entire loan term. For example, if the Loan Amount is $100,000 and the total amount of interest that the consumer will pay over the Loan Term is $50,000, then the TIP is 50%. Show related content The amount of each monthly payment that will be for taxes The percentage of each monthly payment that will be for taxes The total amount of interest that will be paid over the life of the loan The amount of sales and excise tax that will have to be paid 14: One of the main purposes of the Dodd-Frank Act and the formation of the LE and CD forms was to make sure the borrower at closing is informed of possible:Probably the main factor was the fact that people signed up for loans where the debt grew in size through the life of the loan; negative amortization. This is one of the last things discussed on the Closing Disclosure form. All the other areas were required before Dodd-Frank. Show related content negative amortization of the debt the total interest that is paid during the loan service agreements that for the loan the borrower is signing up for the effective annual interest rate (APR) of the loan 15: FEMA is a division of the _________________________________.FEMA is a division of the U.S Department of Homeland Security. The correct answer is "a". Show related content U.S Department of Homeland Security The National Insurance Commission U.S. Department of the Treasury U.S. Department of the Interior 16: An Initial Escrow Account is also known as a/an ____________________.An Initial Escrow Account is also known as an impound account. The correct answer is "a". Show related content impound account loan underwriting account trust account supply account 17: Which one of the following governmental agency might be involved with violations of the Equal Opportunity Credit Act?All of the above might be involved with violations of the Equal Opportunity Credit Act. The correct answer is "d". Show related content FTC Comptroller of the Currency Federal Deposit Insurance Corporation all of the above 18: Which of the following categories of costs is not a loan cost?Closing costs are associated with the escrow work in closing a transaction. It is separate from the loan. Costs for the loan are loan origination fees, costs chosen by the lender (and not the borrower), and costs of the loan the borrower can choose to make. Show related content Origination Charges Services the Borrower Did Not Shop For Services the Borrower May Shop For escrow fees 19: The Loan Estimate and Closing Disclosure Forms were designed by the CFPB to provide consumers/borrowers with:The TRID forms integrate the existing disclosure regulations with the new additional provisions required by the Dodd-Frank Act. The new extensive disclosures are intended to make the mortgage process clearer to consumers. The new LE and CD TRID forms must be used for all real estate transactions involving a new closed-end consumer mortgage application. Show related content additional information required under the Dodd-Frank Act information on lender loans protection from defaulting on loans payment if loans defaulted during their lifetime 20: The Truth in Lending Act (TILA), was enacted in _____________.The Truth in Lending Act (TILA), was enacted in 1968. The correct answer is "c". Show related content 1955 1958 1968 1975

6.1

1: Failure to fulfill the promises contained within the contract is known as a_____________.Failure to fulfill the promises contained within the contact is known as a breach. The correct answer is "b". Show related content group boycott breach homestead fee absolute 2: An offer to purchase a property made by a buyer is just that, an offer. When does it become a contract?Only when an offer is fully acknowledged (all parties have agreed and signed and no other changes have been made) and all parties have initialed and agreed to any prior changes that an offer becomes a contract. When this happens, the contract is said to have mutual acceptance. The correct answer is "b". Show related content Usually within one year of the offer Only when an offer is fully acknowledged (all parties have agreed and signed and no other changes have been made) and all parties have initialed and agreed to any prior changes that an offer becomes a contract When it is recorded none of the above 3: Each party must be legally competent to contract. They must _________________.Each party must be legally competent to contract. They must exist and be identifiable. The correct answer is "a". Show related content exist and be identifiable reside in the same state have an installment contract only have an unilateral contract only 4: The purchase or transfer of real property often involves many terms and conditions as well as pricing. Because of this, the need for having these agreements _______________is essential.The purchase or transfer of real property often involves many terms and conditions as well as pricing. Because of this, the need for having these agreements in writing is essential. The correct answer is "d". Show related content recorded reviewed by the Oregon Real Estate Agency reviewed by the Commissioner in writing 5: A contract is an exchange of promises between two or more parties to ______________.A contract is an exchange of promises between two or more parties to do or refrain from doing an act. The correct answer is "a". Show related content do or refrain from doing an act. not have any other contracts with others enter into a lawsuit seek the advice of real estate brokers 6: For a real estate contract to be valid and enforceable in court it must contain certain elements. Which is not an element for an enforceable real estate contract?A, B and C are elements that are necessary for a valid, enforceable real estate contract. In addition, the parties must be competent and it must be in writing. Residency in the same state is not a required element. The correct answer is "d". Show related content consideration lawful purpose mutual agreement all persons must reside in the same state

5.2

1: Jane, the seller , requested her broker, Dave, to relate some confidential information to the buyers. What should Dave do?Information that the seller instructs the licensee to relate to the buyer is not considered confidential information and Dave may relate this information. He should do so in writing to protect all of the parties. The correct answer is "d". Show related content get the request in writing present the confidential information to the buyers not honor the request because it is confidential information Both a and b 2: Affirmative duties are those duties which a licensee owes to their clients, customers and other third parties. Because the licensee owes duties to a party, it ______________________.Affirmative duties are those duties which a licensee owes to their clients, customers and other third parties. Because the licensee owes duties to a party does not establish an agency relationship. The correct answer is "b". Show related content establishes an agency relationship does not establish an agency relationship he/she must represent them he/she cannot represent them 3: ___________________________is a contract between the buyer and the seller of real property and a real estate broker or principal real estate broker where the broker has been authorized to act as an agent for the seller for compensation to offer the real property for sale and to find and obtain a buyer.A listing agreement is a contract between the buyer and the seller of real property and a real estate broker or principal real estate broker where the broker has been authorized to act as an agent for the seller for compensation to offer the real property for sale and to find and obtain a buyer. A buyers service agreement is an agreement relating to the representation of a buyer. A feasibility study has to do with the discovery of facts about a property in relationship to its intended use. A title search relates to the title of a property not is not a contract. The correct answer is "a". Show related content A listing agreement A buyer service agreement A feasibility study Title search 4: John had a residential listing which was located about 2 miles from where a convicted sex offender lived. What should John disclose to a potential buyer?There is no obligation on the part of a person licensed to disclose to a potential purchaser of residential property the proximity of a convicted sex offender. The correct answer is "d". Show related content the address where the convicted sex offender lives the names and address of all sex offenders in a 2 mile radius of the listing the names and address of all sex offenders in a 5 mile radius of the listing There is no obligation on the part of a person licensed to disclose to a potential purchaser of residential property the proximity of a convicted sex offender. 5: _______________________________ means information communicated to a real estate licensee or the licensee`s broker by the buyer or seller of 1-4 residential units for a real estate transaction, including, but not limited to price, terms, financial qualifications or motivation to buy or sell.Confidential information means information communicated to a real estate licensee or the licensee's broker by the buyer or seller of 1-4 residential units for a real estate transaction, including, but not limited to price, terms, financial qualifications or motivation to buy or sell. The correct answer is "c". Show related content Range information Promissory information Confidential information Non-recourse information 1: Jane, the seller , requested her broker, Dave, to relate some confidential information to the buyers. What should Dave do?Information that the seller instructs the licensee to relate to the buyer is not considered confidential information and Dave may relate this information. He should do so in writing to protect all of the parties. The correct answer is "d". Show related content get the request in writing present the confidential information to the buyers not honor the request because it is confidential information Both a and b 2: John had a residential listing which was located about 2 miles from where a convicted sex offender lived. What should John disclose to a potential buyer?There is no obligation on the part of a person licensed to disclose to a potential purchaser of residential property the proximity of a convicted sex offender. The correct answer is "d". Show related content the address where the convicted sex offender lives the names and address of all sex offenders in a 2 mile radius of the listing the names and address of all sex offenders in a 5 mile radius of the listing There is no obligation on the part of a person licensed to disclose to a potential purchaser of residential property the proximity of a convicted sex offender. 3: Affirmative duties are those duties which a licensee owes to their clients, customers and other third parties. Because the licensee owes duties to a party, it ______________________.Affirmative duties are those duties which a licensee owes to their clients, customers and other third parties. Because the licensee owes duties to a party does not establish an agency relationship. The correct answer is "b". Show related content establishes an agency relationship does not establish an agency relationship he/she must represent them he/she cannot represent them 4: ___________________________is a contract between the buyer and the seller of real property and a real estate broker or principal real estate broker where the broker has been authorized to act as an agent for the seller for compensation to offer the real property for sale and to find and obtain a buyer.A listing agreement is a contract between the buyer and the seller of real property and a real estate broker or principal real estate broker where the broker has been authorized to act as an agent for the seller for compensation to offer the real property for sale and to find and obtain a buyer. A buyers service agreement is an agreement relating to the representation of a buyer. A feasibility study has to do with the discovery of facts about a property in relationship to its intended use. A title search relates to the title of a property not is not a contract. The correct answer is "a". Show related content A listing agreement A buyer service agreement A feasibility study Title search 5: _______________________________ means information communicated to a real estate licensee or the licensee`s broker by the buyer or seller of 1-4 residential units for a real estate transaction, including, but not limited to price, terms, financial qualifications or motivation to buy or sell.Confidential information means information communicated to a real estate licensee or the licensee's broker by the buyer or seller of 1-4 residential units for a real estate transaction, including, but not limited to price, terms, financial qualifications or motivation to buy or sell. The correct answer is "c". Show related content Range information Promissory information Confidential information Non-recourse information

3.7

1: Jane, the seller , requested her broker, Dave, to relate some confidential information to the buyers. What should Dave do?Information that the seller instructs the licensee to relate to the buyer is not considered confidential information and Dave may relate this information. He should do so in writing to protect all of the parties. The correct answer is "d". Show related content get the request in writing present the confidential information to the buyers not honor the request because it is confidential information Both a and b 2: An agency might be terminated by the operation of law, Which of the following would be an agency terminated by the operation of law?An agency might be terminated by the operation of law by any of the above. The correct answer is "d". Show related content Bankruptcy Death Incapacity all of the above 3: Hong decides to be a dual agent. What steps must Hong take to do this?Hong must do all of the above when being a dual agent. In addition he may not disclose the motivation of the buyer or the seller unless authorized to do so in writing or may not disclose what the buyer is willing to pay or the terms that they will agree to, cannot disclose what the seller is willing to accept or the terms that they will agree to. The correct answer is "d". Show related content get permission in writing from both the buyer and seller prior to doing this deal with the buyer and seller impartially he must not disclose personal information about the buyer or seller unless authorized to do so in writing by the parties. all of the above 4: A promissory note must always specify the _________.A promissory note must specify the amount of the note. The full legal description, real estate brokers or title insurer need not be included in the note. The correct answer is "a". Show related content dollar amount full legal description of the property buyer's broker and listing broker title company that will insure title 5: Janet, the listing broker for the Browns, did not disclose that the roof leaked to the buyers because she thought it was confidential information. What was the correct thing for Janet to do?Janet has the duty and obligation to disclose any material defects to prospective purchasers. It is not considered confidential information. The correct answer is "d". Show related content disclose the leak, only with permission from the sellers disclose the leak, only if the buyers ask do not disclose the leak, as it is confidential information the leak must be disclosed as it is a material defect 6: Janet, a licensee with XYZ Realty, has a listing with the Smiths and is the seller`s broker. Janet also has her own home listed for sale at the same time. Janet`s home is very similar to the Smith`s. In the course of performing an open house for the Smiths, Janet meets a potential buyer and suggests to the buyer that he should view her home and tells them that it is a better value and in a nicer neighborhood. Janet puts her own best interests before that of the Smiths because she wanted to sell her home first. This is an example of __________________.Janet has a conflict with seller agency. Janet puts her own best interests before that of the Smiths. The correct answer is "b". Show related content buyer agency conflict seller agency conflict dual agency conflict none of the above and Janet is not in conflict with agency 7: The change of license status, transfer, change of license category or the reactivation of a license is effective when the Agency_________________________________________.The change of license status, transfer, change of license category or the reactivation of a license is effective when the Agency actually receives all required forms and required fees. The correct answer is "c". Show related content actually receives all required forms actually receives all required fees Both a and b Neither a nor b 8: ________________means the person who has permitted or directed a broker to act on their behalf. In a real property transaction, this generally means the buyer or the seller.Principal means the person who has permitted or directed a broker to act on their behalf. In a real property transaction, this generally means the buyer or the seller. The correct answer is "b". Show related content Attorney-in-fact Principal Remainderman Rescission 9: A fiduciary relationship is basically defined as the duty to deal with a client in _________________.A fiduciary relationship is basically defined as the duty to deal with a client in trust and confidentiality. The word is derived from the Latin word fides, meaning faith, and fiducia, meaning trust. The correct answer is "a". Show related content trust and confidentiality trust and neutrality trust and impartially none of the above 10: When a real estate broker is employed to act in the best interests of the seller in a real estate transaction, this is referred to as____________________.When a real estate broker is employed to act in the best interests of the seller in a real estate transaction, this is referred to as seller agency. The correct answer is "a". Show related content seller agency buyer agency neutral agency facilitator agency 11: John, a broker for XYZ Realty LLC, has a listing with Mr. and Mrs. Brown for their property on Lynnwood Place in Tigard, OR. Mr. and Mrs. Brown would be considered:The Browns would be considered both the sellers and the principals. John would be considered the broker. The correct answer is "d". Show related content the principals the sellers the broker Both a and b 12: ___________________is when a broker is representing both the seller and the buyer in the same real estate transaction.Dual Agency is when a broker is representing both the seller and the buyer in the same real estate transaction. The correct answer is "c". Show related content Facilitator agency Seller agency Dual agency Buyer agency 13: Most states have ________laws on the procedures for handling trust accounts.Most states have very strict procedures for the handling of trust accounts. This is because these monies are being held for others. If a state does an audit on a brokerage that has a trust account, they will usually spend most of the audit time on the trust account and the procedures the brokerage uses to handle these funds. The correct answer is "c". Show related content no very unclear strict none of the above 14: ____________is an agency relationship created by the actions of the parties.Implied agency is an agency relationship created by the actions of the parties. The correct answer is "c". Show related content Estoppel agency Lis Pendens agency Implied Agency none of the above 15: ________________________________ means information communicated to a real estate licensee or the licensee`s broker by the buyer or seller of 1-4 residential units for a real estate transaction, including, but not limited to price, terms, financial qualifications or motivation to buy or sell.Confidential information means information communicated to a real estate licensee or the licensee's broker by the buyer or seller of 1-4 residential units for a real estate transaction, including, but not limited to price, terms, financial qualifications or motivation to buy or sell. The correct answer is "c". Show related content Range information Promissory information Confidential information Non-recourse information 16: In a transaction the buyer is usually the _______________ of the note.In a transaction the buyer is usually the maker of the note. The correct answer is "a". Show related content maker holder trustee devisee 17: The practice of mixing trust account funds with that of the brokerage`s regular checking account funds is called ____________.The practice of mixing trust account funds with that of the brokerage's regular checking account funds is called commingling and is prohibited by law in most states. An encumbrance is a nonpossessory right or interest in real property held by someone other than the owner. A life estate is an estate whose duration is limited to the lifetime of a specified person or persons. A lis pendens is a recorded notice stating there is a lawsuit pending that may affect title to real property. The correct answer is "a". Show related content commingling lis pendens conversion an encumbrance 18: If the property is destroyed, the agency_________________________.If the property is destroyed, the agency terminates. The correct answer is "a". Show related content terminates continues indefinitely continues for one full year continues for 2 full years 19: When both parties agree to terminate the agency this is referred to as______________.When both parties agree to terminate the agency this is referred to as mutual agreement. The correct answer is "a". Show related content mutual agreement mutual acceptance meeting of the minds court appointed termination 20: ______________________is created by either an oral or written agreement between the principal and the broker. It indicates their express intent for this representational status.Express agency is created by either an oral or written agreement between the principal and the broker. It indicates their express intent for this representational status. The correct answer is "a". Show related content Express agency Implied agency Estoppel agency none of the above 21: A note is _____________________cash.A note is not as solid as cash and complications can arise anytime this instrument is used in a transaction. The correct answer is "a". Show related content not as solid as better the same as superior to 22: The person who hires or appoints an agent to act on their behalf is called a:The person who hires or appoints an agent to act on their behalf is called a principal. The correct answer is "b". Show related content closing agent principal dual agent universal agent 23: A _______________________is a promise to pay an agreed amount of money by a certain date in the future.A promissory note is a promise to pay an agreed amount of money by a certain date in the future. The correct answer is "a". Show related content promissory note trust account general account earnest money 24: __________________means a written proposal executed by a buyer for the sale or lease of real property.Offer means a written proposal executed by a buyer for the sale or lease of real property. The correct answer is "b". Show related content Value Offer Cost Realization 25: The principal real estate broker must review each document of agreement generated in a real estate transaction within _________________banking days after it has been accepted, rejected, or withdrawn.The principal real estate broker must review each document of agreement generated in a real estate transaction within seven banking days after it has been accepted, rejected, or withdrawn. The correct answer is "c". Show related content 3 5 7 10

3.2

1: The Commissioner may enter into ___________with other states or countries, to permit Oregon real estate licensees to obtain licenses in such other states or countries.The Commissioner may enter into reciprocal agreements with other states or countries, to permit Oregon real estate licensees to obtain licenses in such other states or countries. The correct answer is "a". Show related content reciprocal agreements permit agreement interstate agreements none of the above 2: In the license application, broker applicants must designate the principal broker with whom they will be affiliated with if they intend to have a license that is _____________.In the license application, the broker applicant must designate the principal broker with whom they will be affiliated with if they intend to have a license that is of active status. The correct answer is "a". Show related content of active status. of inactive both a or b neither a nor b 3: A business opportunity sale is the sale of a business where _________________.A business opportunity sale is the sale of a business where no real property or lease is attached. The correct answer is "c". Show related content no real property is attached no lease is attached Both a and b Neither a nor b 4: A power of attorney is a legal document which allows a person the authority to act as a legal representative for another person, and to make binding legal and financial decisions on their behalf. A person who is authorized to perform business-related transactions on behalf of someone else is a/an ___________________________________.A power of attorney is a legal document which allows a person the authority to act as a legal representative for another person, and to make binding legal and financial decisions on their behalf. A person who is authorized to perform business-related transactions on behalf of someone else is an attorney-in-fact. The correct answer is "a". Show related content attorney-in-fact. principal broker broker licensed property manager 5: Mr. Anderson has been appointed by the court to conclude the brokerage real estate affairs at XYZ Realty Inc. whose principal broker died. What must Mr. Anderson do with all listings and buyer representation agreements on which there are no outstanding offers?Mr. Anderson must cancel all of the listing agreements and buyer representation agreements on which there are no outstanding offers. The correct answer is "c". Show related content let the expiration date on each pass and then close the office ask to extend the expiration dates on each cancel all of the listings and buyer representation agreements on which there are no outstanding offers. do nothing 6: Advertising by a licensee, in process and in substance, must be _______________Advertising by a licensee must be all of the above. Many other items must be contained in the advertising including the licensed name or registered business name of the principal real estate broker, or property manager. The correct answer is "d". Show related content truthful not deceptive not misleading all of the above 7: A real estate licensee whose license is on inactive status may not engage in professional real estate activity. The ____________may reprimand, suspend, revoke, or impose a civil penalty against an inactive licensee under ORS 696.301.A real estate licensee whose license is on inactive status may not engage in professional real estate activity. The Commissioner may reprimand, suspend, revoke, or impose a civil penalty against an inactive licensee under ORS 696.301. The correct answer is "a". Show related content Commissioner attorney general secretary of state office of the comptroller 8: In addition to the 60 hours property management course, what other course work is required to obtain a property management license?Other than the 60 hour property management broker course, no other course work is required to get a property management broker license. The correct answer is "d". Show related content a 150 clock hour broker prelicensure course a 40 hour Brokerage Administration and Sales Supervision course a 20 hours Special Sales course none 9: Which of the following would be exempt from real estate licensure in Oregon?All of the above would be exempt under Oregon license law. The correct answer is "d". Show related content An inn keeper A court appointed administrator An attorney when in the course of practicing law for a client all of the above 10: A 27-hour _______________________course must be completed by a broker licensee prior to their first renewal of an active license.A 27-hour Advanced Real Estate Practices course must be completed by a broker licensee prior to their first renewal of an active license. The correct answer is "b". Show related content Advanced Law Advanced Real Estate Practices Ethics Business Management 11: Mr. Smith has been appointed by the court to conclude the brokerage real estate affairs at ABC Realty Inc. whose principal broker died. While Mr. Smith was closing out business, he received a call from a prospective client to have ABC Realty list their property. Mr. Smith:In concluding the business of ABC Realty, Mr. Smith is not allowed to take any new listings. The correct answer is "a". Show related content cannot accept any new listings in concluding the business of the brokerage could take the listing if it was well priced could take the listing if the expiration of the listing was six month or less could take the listing subject to cancellation when the firm closed 12: The term of a temporary license cannot exceed __________unless the Commissioner agrees to extend the term.The term of a temporary license cannot exceed one year unless the Commissioner agrees to extend the term. The correct answer is "d". Show related content 90 days 120 days 180 days one year 13: To qualify for a real estate broker license, an applicant must successfully complete the real estate broker`s educational courses which are a total of ____ hours.To qualify for a real estate broker license, applicants must successfully complete the real estate broker's educational courses which are a total of 150 hours. The correct answer is "d". Show related content 40 60 90 150 14: The ________________restricts the licensee to only those activities related to property management.The licensed property manager license restricts the licensee to only those activities related to property management. The correct answer is "b". Show related content principals broker license licensed property manager broker license vehicle dealers broker license 15: The Oregon Real Estate Agency is a ________________agency.The Oregon Real Estate Agency is a state government agency. The correct answer is "a". Show related content state government local government federal government private non-profit 16: Which of the following would be exempt from real estate licensure in Oregon?The law exempts a person performing professional real estate activity under order of a court such as persons acting in his official capacity as a receiver, a conservator, a trustee in bankruptcy, a personal representative or a trustee. The correct answer is "c". Show related content a person who is taking a listing a person who is negotiating a sales contract a person who is negotiation a transaction as a personal representative of the estate a person who is negotiating leases and collecting rent on a single family residence. 17: A real estate license does not allow a person to perform securities transactions involving real estate. Transactions related to real estate that involve securities require compliance with the_____________________.A real estate license does not allow a person to perform securities transactions involving real estate. Transactions related to real estate that involve securities require compliance with the Oregon Securities Law. The correct answer is "b". Show related content National Association of Realtors Oregon Securities Law The Department of the Interior Insurance Commissioner 18: The records may be maintained in ____________that allows for inspection and copying by the commissioner or the commissioner`s representatives.The records may be maintained in any format that allows for inspection and copying by the commissioner or the commissioner's representatives. The correct answer is "c". Show related content paper format electronic format either/both a or b neither a nor b 19: Oregon Real Estate Board members are appointed by the______________________.Oregon Real Estate Board members are appointed by the Governor. The correct answer is "d". Show related content Oregon legislature Commissioner Oregon Fair Housing Board Governor 20: The applicant must pass both portions of the broker exam with a score of at least ___________.The applicant must pass both portions of the broker exam with a score of at least 75%. The correct answer is "b". Show related content 70% 75% 80% 85%

1.10

1: On May 14, 2009, the Obama Administration announced incentives and uniform procedures for short sales under its ____________________________.On May 14, 2009, the Obama Administration announced incentives and uniform procedures for short sales under its Foreclosure Alternatives Program (FAP). The correct answer is "a". Show related content Foreclosure Alternatives Program (FAP). National Loan Modification Program Bank Foreclosure Policy none of the above 2: To read directly about environmental laws, go to the Oregon Department of Environmental Quality website and click on _____________from their website.To read directly about environmental laws, go to the Oregon Department of Environmental Quality website and click on Laws and Regulations from their website. The correct answer is "c". Show related content Projects and Programs Public Notices Laws and Regulations News Releases 3: A/an _______________is an auction and is held in a public place.The sheriff's sale is an auction and is held in a public place. Sheriff's sales will require either cash to be paid at the time of sale, or a substantial deposit, with the balance paid from that same day up to 30 days after the sale. The correct answer is "b". Show related content notice of default sheriff's sale interpleader Lis Pendens 4: When there is more than one ___________on a property, the negotiations for a short sale become increasingly more difficult.When there is more than one lender, a short sale transaction may become more difficult. The lien holders in a junior position (2nd, 3rd, 4th position etc.) may be unwilling to cooperate. The correct answer is "a". Show related content lender owner building easement 5: Environmental laws in Oregon can be found at which website?Environmental laws in Oregon can be found at the Oregon Department of Environmental Quality. The correct answer is "a". Show related content Oregon Department of Environmental Quality Oregon Department of the Interior Oregon Real Estate Agency none of the above 6: As a real estate professional, care must be taken not to advise your client that the _______will automatically be forgiven in a short sale.Some short sale debt is not forgiven. Licensees must be sure not to advise their clients that the debt will be forgiven. The correct answer is "a". Show related content debt certification identification number dividends none of the above 7: Licensees should be sure to include the verbiage in the Purchase and Sale Agreement _____________________when dealing with a short sale.This verbiage in the purchase and sale is extremely important. The reason that this point is important is to protect the seller/listing broker from paying a commission when the bank will not approve of a short sale. The correct answer is "b". Show related content escrow company must take lesser amount subject to all underlying lien holder approval both listing broker and buyer's broker must take less than half the commission an appraiser must take half of their normal appraisal fee 8: Of special interest to real estate brokers is the Oregon Department of Environmental Quality website "Calculate my Carbon Footprint", then click on_________________.Of special interest to real estate brokers is the Oregon Department of Environmental Quality website "Calculate my Carbon Footprint", then click on housing. The correct answer is "a". Show related content housing clean air clean water wildlife 9: Environmental laws in Oregon can be found at which website?Environmental laws in Oregon can be found at the Oregon Department of Environmental Quality. The correct answer is "a". Show related content Oregon Department of Environmental Quality Oregon Department of the Interior Oregon Real Estate Agency none of the above 10: Generally speaking, a lender will not consider a short sale without______________________.Generally speaking, a lender will not consider a short sale without an actual bona fide offer. The correct answer is "a". Show related content an actual bona fide offer. first serving a notice of default first serving a notice of trustee's sale first having the sheriff's sale 11: To read directly about environmental laws, go to the Oregon Department of Environmental Quality website and click on _____________from their website.To read directly about environmental laws, go to the Oregon Department of Environmental Quality website and click on Laws and Regulations from their website. The correct answer is "c". Show related content Projects and Programs Public Notices Laws and Regulations News Releases 12: Which of the following items might be covered on the Oregon Department of Environmental Quality website?All of the above items are covered on their website. The correct answer is "d". Show related content Projects and Programs Public Notices Laws and Regulations All of the above 13: In a short sale the _______agree/s to accept less than the mortgage amount owed by the borrower/homeowner.A short sale is a transaction in which the lender/lenders agree to accept less than the mortgage amount owed by the borrower/homeowner. The short sale lender has complete control as to whether they will or will not approve of a short sale. The correct answer is "c". Show related content title company structural inspector lender/lenders escrow company 14: Some lenders will accept a deed in lieu of foreclosure because:Deed in lieu of foreclosure (DIL) is a way to be released from a home loan. A borrower who cannot pay their mortgage may attempt a deed in lieu of foreclosure transaction. Instead of going through the foreclosure process, the borrower relinquishes the deed and returns it to the lender. All of the above are reason why the lender might accept a DIL. The correct answer is "d". Show related content accepting the deed may be easier less expensive faster than going through the foreclosure process. all of the above 15: Which of the following items might be covered on the Oregon Department of Environmental Quality website?All of the above items are covered on their website. The correct answer is "d". Show related content Projects and Programs Public Notices Laws and Regulations All of the above

3.3

1: Oregon law requires that a seller provide a buyer of residential property with ________________with a completed disclosure form as part of the offer and the acceptance, unless they are exempt.Oregon law requires that a seller provide a buyer of residential property with 1-4 dwelling units with a completed disclosure form as part of the offer and the acceptance, unless they are exempt. The correct answer is "d". Show related content 6 or more dwelling units 10 or more dwelling units 12 or more dwelling units 1-4 dwelling units 2: Which are examples of a loan type?All of the above are example of common loan types. The correct answer is "d". Show related content ARM FHA, VA Conventional All of the above 3: John is making flyers to advertise his new listing. What must appear on the flyer by Oregon law?Oregon law requires the name as licensed by the State or registered business name of the principal broker or property manager. The correct answer is "b". Show related content John's home address The name as licensed by Oregon State or registered business name of the principal broker or property manager John's real estate license number all of the above 4: Adjustments for differences in comparables should be made to:Adjustments for differences in comparables should be made to the comparable. The correct answer is "a". Show related content the comparable the site both the site and the comparable adjustments are not allowed 5: The broker and seller have an Exclusive Agency Listing Agreement. The seller procures the buyer. The broker is entitled to:When the broker and seller have an Exclusive Agency Listing Agreement and the seller procures the buyer, the broker is entitled to no commission. The correct answer is "b". Show related content A listing office commission No commission One half of the listing office commission The selling office commission 6: A buyer who does not waive their right to revoke will have __________________after the receipt of the disclosure statement to revoke their offer.A buyer who does not waive their right to revoke will have five business days after the receipt of the disclosure statement to revoke their offer. The correct answer is "c". Show related content 2 business days 3 business days 5 business days 10 business days 7: Real estate licensees and sellers of real property must disclose __________________ condition of, or title to the property.Real estate licensees and sellers of real property must disclose material facts that affect the physical condition of, or title to the property. The correct answer is "a". Show related content material facts that affect the physical sellers who have AIDS or HIV Both a or b Neither a nor b 8: The market that purchases loans from the primary loan originators is:The market that purchases loans from the primary loan originators is the secondary market. The correct answer is "a". Show related content Secondary Market Purchase money mortgage market ARM market An interest rate adjustment market 9: Licensees should obtain a written signature from the buyer upon receiving the disclosure statement to show _____________________________________.Licensees should obtain a written signature from the buyer upon receiving the disclosure statement to show proof of the receipt and the date of the receipt. The correct answer is "c'. Show related content proof of the receipt date of the receipt both a and b neither a nor 10: More weight should be given to comparable properties which:More weight should be given to comparable properties which had recent sales. The type of loan, structural inspector or title company would most likely not affect the comparable in using it to arrive at a value. The correct answer is "a". Show related content Have had recent sales Have obtained the same loan to purchase the property Have used the same structural inspector for the property Have used the same title company 11: Those who originate loans for consumers are known as the:Those who originate loans for consumers are known as the primary market. The primary market often sells loans to the secondary market. The correct answer is "a". Show related content Primary market Secondary Market Loan arranger Mortgage Processor 12: Many brokers will not enter into an exclusive agency agreement because:Many brokers will not enter into an exclusive agency agreement because of all of the above reasons. The correct answer is "d". Show related content They may not get reimbursed for their efforts even if the home sells May not be able to re-coup their expenditures for marketing and advertising if the home sells There is a possibility that there could be some confusion over who procured the purchaser. All of the above 13: Greater weight is given to the comparable properties thatGreater weight is given to comparables that have all of the above features. The correct answer is "d". Show related content Have had recent sales Have close proximity to the site Those which have similar amenities All of the above 14: If interest rates are lowered:If interest rates are lowered a buyer can usually qualify for a more expensive home since they would be paying less in interest. The correct answer is "a". Show related content A buyer can qualify for a more expensive home A buyer would always qualify for a less expensive home Interest rate never effect the buyer's qualification A buyer must purchase a government loan 15: The property disclosure statement laws apply to________________ real property.The property disclosure statement laws apply to residential real property. The correct answer is "c". Show related content commercial agricultural residential All of the above

1.6

1: Properties owned by _____________ may be exempt for general property taxesProperties owned by religious groups may be exempt for general property taxes. In addition, properties owned by non-profit organizations and the government may also be exempt. The correct answer is "a". Show related content religious groups high tech companies medical manufacturing company real estate companies 2: RDP is an acronym for:Oregon State passed legislation to make virtually all of the rights afforded to married couples available to same-sex couples. The new status is referred to in Oregon law as a domestic partnership. Oregon's legislation has no ceremony requirement. In Oregon couples are only required to register their domestic partnerships. RDP is an acronym for Registered Domestic Partner. The correct answer is "a". Show related content Registered Domestic Partner Registered Deferment Program Remainderman Deferment Program Real Delivery Program 3: For property tax purposes, a manufactured home is considered:A manufactured home used as a residence or for business, commercial or office purposes is assessed as personal property when the land under it is owned by someone other than the owner of the manufactured home. A manufactured home would be considered real property for purposes of property taxes when it is on land owned by the owner of the manufactured home. The correct answer is "c". Show related content real property personal property either a or b neither a nor b 4: The homestead exemption applies to:This exemption applies to judgment liens solely. It does not protect against foreclosures that arise out of real property taxes, mechanic's lien, mortgages, deeds of trust or other specific liens. The correct answer is "d". Show related content mortgage lien foreclosures tax lien foreclosures mechanic's lien foreclosures judgment lien foreclosures 5: The property tax year starts on _______and continues through the following ______of the next year.The property tax year starts on July 1st and continues through the following June 30th of the next year. The correct answer is "a". Show related content July 1st, June 30th January 1st, December 31st May 1st, April 30th September 1st, August 31st 6: During the redemption period following a property tax foreclosure, the delinquent taxpayer has the right of possession to the property. He/she can continue to reside in or retain the possession of the property as long as he/she does not damage or destroy the property. The length of the redemption period is _________?The length of the redemption period after a tax foreclosure in Oregon is two years. The correct answer is "b". Show related content 1 year 2 years 3 years 4 years 7: If a person believes that their property should not be included in the foreclosure process, they must file their reasons with the court within ______after the publication.If a person believes that their property should not be included in the foreclosure process, they must file their reasons with the court within 30 days after the publication. The correct answer is "a". Show related content 30 days 60 days 90 days 1 year 8: Owners of forest land may also apply to have their land assessed at its value for forest use instead its market value. These owners, however, are subject to a special severance tax if ________________________.Owners of forest land may also apply to have their land assessed at its value for forest use instead its market value. These owners, however, are subject to a special tax if/when timber is harvested from the land. This is referred to as a severance tax. Planting more trees on forest land or artificially watering the land would not cause a severance tax. The correct answer is "b". Show related content they artificially water the forest land timber is harvested from the land they plant more tees on the land all of the above 9: The determination of fair market value is important for various reasons. Which of the following would be an important reason to determine fair market value?All of the above are important reasons to determine the fair market value of real property. In addition, it may be used for tax purposes. The correct answer is "d". Show related content When a property is being taken by the government through condemnation When a property is being sold When a home is being re-financed All of the above 10: After certifying that a property is adversely affected by the disaster, the commissioners shall forward the application to the _______________.After certifying that a property is adversely affected by the disaster, the commissioners shall forward the application to the Department of Revenue (DOR). The correct answer is "a". Show related content Department of Revenue. mayor of the city real estate commission IRS 11: The amount of the homestead exemption is ________ for an individual debtor and __________ if two or more co-owners are debtors.The amount of the homestead exemption is $40,000 for an individual debtor and $50,000 if two or more co-owners are debtors. The correct answer is "a". Show related content $40,000, $50,000 $60,000, $80,000 $70,000, $$90,000 $100,000, $150,000 12: Farmland used primarily to make a profit from farming may be assessed based on its agricultural value rather than its value at highest and best use. The reason for this is that:Farmland used primarily to make a profit from farming may be assessed based on its agricultural value rather than its value at highest and best use. This is to encourage farming in Oregon State. The correct answer is "a". Show related content to encourage farming in Oregon State to allow the municipalities' greater revenue encourage urban growth to discourage farming in Oregon State 13: Having a reverse mortgage __________citizens from qualifying for the deferral program.Having a reverse mortgage does not prevent citizens from qualifying for the deferral program. The money they receive from the reverse mortgage is not considered as "income" for deferral qualification. The correct answer is "b". Show related content prevents does not prevent may prevent both a and c 14: In Oregon, the homestead exemption__________________.The exemption applies automatically to the judgment debtor's personal residence. In Oregon, unlike some other states, the homestead exemption is automatic: to benefit from it you do not first need to file any document with the state declaring your homestead. However, you must meet certain conditions. The correct answer is "a". Show related content is automatic is granted by the state through an application process is granted by the county through an application process is granted by the city through an application process 15: Real property general taxes are assessed ad valorem. Ad valorem means:These general taxes are ad valorem taxes which means that that they are taxed according to value. An assessment is the valuation of property used for tax purposes. County designated appraisers value property (according to fair market value) and assess the tax. Special improvements, special assessment and the Bancroft Act all relate to special assessments and not to general property taxes. The correct answer is "a". Show related content That they are taxed according to value They are taxed according to their benefit from the special improvement They are taxed by a special assessment They are eligible to use the Bancroft Bonding Act

2.10

1: The commission earned on a sales was $15,000. The sale price was $300,000. What was the commission percentage rate?R = B divided by P B = $15,000 P = $ $300,000 $15,000 divided by $300,000 = .05 converted to 5%. The commission rate is 5%. The correct answer is "b". Show related content 4.5% 5% 5.5% 6% 2: ______________________________is a failure to disclose a material fact out of ignorance when the broker should have known otherwise.Negligent misrepresentation is a failure to disclose a material fact out of ignorance when the broker should have known otherwise. The correct answer is "b". Show related content Puffing Negligent misrepresentation Concealment Misrepresentation 3: Tom is an employee of a firm in Eugene. His working hours are from 8am-5pm. He has a very detailed job description. His lunch hour is from 1pm until 2pm. He receives a ___________at the end of the year for a statement of his earnings.An employer must provide an employee with a Form W-2, Wage and Tax Statement, showing the amount or earnings and taxes withheld. The correct answer is "c". Show related content W-9 1099- Misc. W-2 W-10 4: If you are an independent contractor you may be able to deduct business expenses on Schedule _____of your income tax return.If you are an independent contractor you may be able to deduct business expenses on Schedule C of your income tax return. The correct answer is "c". Show related content A B C D 5: The sales price on a property was $200,000. The commission was 6%. What is the commission expressed in dollars?P x R = B P = $200,000 R = 6% $200,000 x 6% converted to .06 = $12,000. The commission expressed in dollars is $12,000. The correct answer is "b". Show related content $10,000 $12,000 $15,800 $ 16,250

7.8

1: The federal Civil Rights Act of 1866 prohibits all _________ discrimination in the sale or rental of property.The federal Civil Rights Act of 1866 prohibits all racial discrimination in the sale or rental of property. The correct answer is "b". Show related content age racial sexual military discharge status 2: The Civil Rights Act of 1968 expands the definition of discrimination to include not only race, but also national origin, color, and ______.The Civil Rights Act of 1968 expands the definition of discrimination to include not only race, but also national origin, color, and religion. The correct answer is "a". Show related content religion military discharge status sexual disability 3: _______________________________is intended to promote accuracy and guard the privacy of the information used in consumer reporting.The Fair Credit Reporting Act (FCRA) is intended to promote accuracy and guard the privacy of the information used in consumer reporting. The correct answer is "a". Show related content The Fair Credit Reporting Act (FCRA) The Family Credit Reporting Act (FCRA) The Federal Credit Reporting Act (FCRA) The Federal Credit Recording Act (FCRA) 4: There are ________________major national credit reporting agencies (CRAs)There are three major national credit reporting agencies (CRAs). There are Experian, Equifax NS Trans Union. The correct answer is "b". Show related content two three four five 5: Agencies responsible for the enforcement of the fair housing laws are:Agencies responsible for the enforcement of the fair housing laws are both state and federal agencies. The correct answer is "c". Show related content state agencies only federal agencies only both a and b neither a nor b 6: ______________________________________________administers and enforces federal laws and establishes policies that ensure all citizens of the US have equal access to the housing of their choice.The Office of Fair Housing and Equal Opportunity (FHEO) administers and enforces federal laws and establishes policies that ensure all citizens of the US have equal access to the housing of their choice. The correct answer is "a". Show related content The Office of Fair Housing and Equal Opportunity (FHEO) The Office of Federal Housing and Equal Opportunity (FHEO) The Office of Federal Housing and Effective Opportunity (FHEO) The Office of Fair Housing and Effective Opportunity (FHEO)

2.8

1: The two major components of a comparable market analysis (CMA) are:The two major components of a comparable market analysis (CMA) are the site and the comparables. The correct answer is "a". Show related content The site and the comparables The building plans and the comparables The as-built drawings and the comparables None of the above 2: Counseling involves advising and guiding to assist others in make informed real estate decisions, rather than_____________________________________.All of the above are not activities real estate counselors would normally partake in. The correct answer is "d". Show related content assisting them in any negotiations in a transaction assisting them in selling their property assisting them in buying property All of the above 3: CMA is an acronym for:CMA is an acronym for a Comparative Marketing analysis. The correct answer is "b". Show related content Compete Market Analysis Comparative Market Analysis Comparative Median Analysis Conservative market Analysis 4: Adjustments to the comparables should be used:Adjustments to the comparables should be used for each comparable if needed. The correct answer is "b". Show related content Never For each comparable used if needed Only comparable with different square footage Only when the comparable has a yard created by a landscape architect 5: ____________________________ must directly supervise all licensees who act as counselors.A principal broker must directly supervise all licensees who act as counselors. The correct answer is "a". Show related content A principal broker The commissioner Both a and b Neither a nor b

7.4

1: The tenant pays a base amount and a percentage of gross income. What type of lease is this?When the tenant pays a base amount and a percentage of their gross income, this is known as a percentage lease. A gross lease is not tied to gross income. The correct answer is "b". Show related content gross lease percentage lease net lease net net lease 2: An estate for years is a lease for a_____________________________.Unlike the name implies, estate for years is a lease for a fixed period of time. The correct answer is "a". Show related content fixed period of time exactly one year exactly two years a person's lifetime 3: With this lease the tenant pays a flat monthly amount and the landlord pays for all of the operating costs. What type of lease is this?With a gross lease the tenant pays a flat monthly amount and the landlord pays for all of the operating costs. The correct answer is "d". Show related content net lease net net lease net net net lease gross lease 4: With a cost-of-living lease:A cost-of-living lease could increase rent with a rise in inflation or a cost of living increase. The correct answer is "c". Show related content The rent is tied to rises in the cost of living The rent goes up with general inflation Either a or b Neither a nor b 5: These leases are sometimes straight, flat or fixed leases. They are called a__________________.A gross lease is also referred to as a straight, flat or fixed lease. The correct answer is "b". Show related content percentage lease gross lease ground lease net lease 6: With a __________________the tenant pays a base monthly rent plus some of the expenses.With a net lease the tenant pays a base monthly rent plus some of the expenses. The correct answer is "a". Show related content net lease gross lease percentage ground 7: Barbara has leased on a month to month basis with her landlord. At the end of each month the lease renews itself unless either party give proper notice to the other party to terminate the lease. What type of lease does Barbara have?A periodic tenancy is a lease where there is no termination date set. It has a specific lease period, ( one day, a week, a month or one year) and then continues for similar periods (one day, a week, a month or one year) until either party gives notice of termination. The correct answer is "b". Show related content A life estate lease A periodic tenancy lease An estate at sufferance lease None of the above 8: Which of the following might be a reason for a landlord to have a graduated lease?A graduated lease would cover the expected expense increase of the landlord. The increase is based on an estimated rather than actual costs. The correct answer is "a". Show related content Covers the expected increases for expenses of the landlord Covers the expected increase for expenses for the tenant Both a and b Neither a nor b 9: Sam had a lease to occupy an apartment with a term from Feb. 1st through July. 1st. At the end of the term, his landlord gave him proper legal notice to vacate. Sam paid no attention to the notice, stopped paying rent of any kind and still occupies the property on Nov. 1st. This is an example of__________________.An estate at sufferance is a lease where tenant is occupying the property illegally and without the consent of the landlord. Such cases might involve a trespasser or a tenant who has been asked to leave after the expiration of the lease period. Even though the tenant's possession is illegal, the landlord must begin legal procedures for eviction. Sam has an estate at sufferance lease. The correct answer is "a". Show related content an estate at sufferance lease periodic lease estate for years lease estate at will lease 10: Sue has a lease for one year (an estate for years lease). The one year lease has expired and she is in the process of negotiating a new lease with the landlord. She continues to pay her rent according to the terms of the expired lease. This situation is now:An estate at will usually originates after an estate for years or a periodic tenancy has terminated. The term of the lease is indefinite and the lease can be terminated by either party and automatically terminates at the death of either party. The correct answer is "a". Show related content an estate at will a life estate a periodic estate an illegal estate

1.11

1: With the Government Survey method of legally describing land, the area of a township is:The area of a township is 6 miles times 6 miles which is equal to 6 miles square (not 6 square miles) or 36 square miles. The correct answer is "d". Show related content 6 square mile 6 miles square 36 square miles Both b and c 2: When describing real property using the metes and bounds method- this method uses the measurement and direction of each boundary line. This is also called the _____________________________.The measurement and direction of each boundary line is also called a course and bearing for each boundary line. Township and range lines are used in the Government Survey method of describing property. The correct answer is "a". Show related content Course and bearing of each boundary line Compass bearing only of each boundary line Township of each boundary line Range line of each boundary line 3: John is single and owns a houseboat. He has used it as his primary residence for 4 of the last 5 years. He is selling the houseboat. Can he qualify for the residential capital gains exemption?Yes, because he has meet the residence requirements and house boats are allowed for the exemption. The correct answer is "d". Show related content No, because he has not lived on the house boat for five of the last five years No, because houseboats do not qualify for the exemption No, because he is single Yes, because he has meet the residence requirements and house boats are allowed for the exemption 4: Which of the following would be a concern for an owner who is leasing retail property?All of the above would be valid concerns for an owner of a retail property. The correct answer is "d". Show related content tenant mix parking accessibility All of the above 5: ___________________ is the practice of increasing the efficiency with which buildings use resources like energy, water, and materials, while reducing building impacts on human health and the environment during the building`s lifecycle, through better design, construction and operation.Green building is the practice of increasing the efficiency with which buildings use resources like energy, water, and materials, while reducing building impacts on human health and the environment during the building's lifecycle, through better design, construction and operation. The correct answer is "a". Show related content Green building Modular building Stick building Frame building 6: For the sale of a residence, there is a ___________exemption for single people.For the sale of a residence, there is a $250,000 exemption for single people. The correct answer is "a". Show related content $250,000 $300,000 $400,000 $500,000 7: Which of the following is NOT considered to be a sufficient legal description on a deed?Property street addresses and house numbers are not considered adequate since they do not describe the boundaries. Legal descriptions based on a survey (metes and bounds, recorded plat map or government survey), should be used. Note that on a listing agreement, street addresses and house numbers are adequate. The correct answer is "c". Show related content Recorded plat map Metes and Bounds description Street name and house number Government Survey 8: According to industry statistics the modular constructions projects have _____________in the last ten years.According to industry statistics the modular constructions projects have more than doubled in the last ten years. The correct answer is "d". Show related content increased by 5% increased by 10% increased by 15% more than doubled 9: Each township is divided up into ___________ sections.Each township is divided up into 36 sections which measure 1 mile times 1 mile. The correct answer is "c". Show related content 48 54 36 100 10: Rental properties can be purchased with borrowed funds. This means a landlord can purchase a rental property by putting down only a percentage of the total value. This is an example of _________________________.Rental properties can be purchased with borrowed funds. This means a landlord can purchase a rental property by putting down only a percentage of the total value. This is an example of leverage. The correct answer is "c". Show related content a capital gain a capital loss leverage a property exchange 11: The government Survey Method of legally describing property is also known as the_________________________________.The Government Survey Method is known by all of the above terms. The correct answer is "d". Show related content Public Land Survey System Rectangular Survey Method Section and Township System All of the above 12: Which of the following is most likely not a reason why people own rental property?Owning rental property can produce capital gain, especially in the long run. There are also many tax advantages to owning property as well as leverage (an owner can make a small down payment and still have control over the property. Real property does NOT have a liquidity advantage. It may take some time or be difficult to sell a property. The correct answer is "b". Show related content Capital gain Liquidity Tax advantages Leverage 13: The plat map method for describing real property is often described as a_______________.The plat map method for describing real property is also referred to as a lot and block method. The subdivision is made up of blocks and the blocks are made up of lots. The correct answer is "a". Show related content lot and block method lot and subdivision method block and subdivision method all of the above 14: The _______________________is calculated as the percentage of all available units in a rental property, such as a hotel or apartment complex, that are vacant or unoccupied at a particular time.The vacancy is calculated as the percentage of all available units in a rental property, such as a hotel or apartment complex, that are vacant or unoccupied at a particular time. The opposite of a vacancy rate is an occupancy rate. The correct answer is "b". Show related content occupancy rate vacancy rate rental rate certificate of occupancy 15: CLUE refers to_____________________________.CLUE is an acronym for comprehensive loss underwriters exchange and may run with the land or with a person. The correct answer is "a". Show related content Comprehensive Loss Underwriters Exchange Comparable Lenders Underwriting Experience Comparable Loss Underwriting Exchange Commissioned Loss Underwriting Exchange

7 FINAL

1: ___________________occurs when the landlord causes a major interference with the tenant`s possession of the property. An example would be failure to fix a broken toilet and sink.Constructive eviction occurs when the landlord causes a major interference with the tenant's possession of the property. An example would be failure to fix a broken toilet and sink. The correct answer is "b". Show related content Actual eviction Constructive eviction Default eviction Illegal eviction 2: Within _______________of a property management agreement termination, the property manager must disburse all funds to the parties entitled to the funds.Within 60 days of a property management agreement termination, the property manager must disburse all funds to the parties entitled to the funds. The correct answer is "d". Show related content 10 days 20 days 30 days 60 days 3: The property manager acts as a/an ____________between the tenant and the landlord.The property manager acts as a liaison between the tenant and the landlord. The correct answer is "a". Show related content liaison fiduciary arbitrator escrow 4: The tenant leases the land and constructs a building on it. What type of lease is this?When the tenant leases the land and constructs a building on it, this is known as a ground lease. The correct answer is "b". Show related content gross lease ground lease percentage lease net lease 5: An estate for years is a lease for a_____________________________.Unlike the name implies, estate for years is a lease for a fixed period of time. The correct answer is "a". Show related content fixed period of time exactly one year exactly two years a person's lifetime 6: Agencies responsible for the enforcement of the fair housing laws are:Agencies responsible for the enforcement of the fair housing laws are both state and federal agencies. The correct answer is "c". Show related content state agencies only federal agencies only both a and b neither a nor b 7: Checks from the trust account must bear the words _____________________ and be pre-numbered.Checks from the trust account must bear the words "client's trust account" and be pre-numbered. The correct answer is "c". Show related content ledger savings account client's trust account equity line of credit 8: Which of the following might be a reason for a landlord to have a graduated lease?A graduated lease would cover the expected expense increase of the landlord. The increase is based on an estimated rather than actual costs. The correct answer is "a". Show related content Covers the expected increases for expenses of the landlord Covers the expected increase for expenses for the tenant Both a and b Neither a nor b 9: Which of the following is a way in which a lease can be terminated?All of the above are ways a lease can be terminated. The correct answer is "d". Show related content Destruction of the property Condemnation Illegal use of the property All of the above 10: Which of the following is NEVER a duty of a property manager:The following would all be common duties of a property manager EXCEPT keeping records on tenants religious preferences, which could be discriminatory. The correct answer is "d". Show related content collect rents maintain property screen tenants maintain records on tenant's religion preferences 11: There are ________________major national credit reporting agencies (CRAs)There are three major national credit reporting agencies (CRAs). There are Experian, Equifax NS Trans Union. The correct answer is "b". Show related content two three four five 12: _______________occurs when the landlord removes the tenant from the property.Actual eviction occurs when the landlord removes the tenant from the property. The correct answer is "a". Show related content Actual eviction Constructive eviction Illegal eviction Both b and c 13: A landlord has the right to inspect the property. At least __________________notice must be given before entering the property, except in case of emergency, agreement to the contrary or unless it is impracticable to do so.A landlord has the right to inspect the property. At least 24 hours notice must be given before entering the property, except in case of emergency, agreement to the contrary or unless it is impracticable to do so. The correct answer is "b". Show related content 12 hours 24 hours 48 hours 60 hours 14: For a mobile home space or floating home the landlord must give each tenant a minimum of ________written notice to increase the rent.For a mobile home space or floating homes the landlord must give each tenant a minimum of 90 days written notice to increase the rent. The correct answer is "d". Show related content 20 days 25 days 45 days 90 days 15: Placement of trust funds received by a property manager must be placed in a _____________________________________trust account.Placement of trust funds received by a property manager must be placed in a federally insured interest-bearing trust account. The correct answer is "a". Show related content federally insured interest-bearing state insured bank account the broker's personal account none of the above 16: _______________________________is intended to promote accuracy and guard the privacy of the information used in consumer reporting.The Fair Credit Reporting Act (FCRA) is intended to promote accuracy and guard the privacy of the information used in consumer reporting. The correct answer is "a". Show related content The Fair Credit Reporting Act (FCRA) The Family Credit Reporting Act (FCRA) The Federal Credit Reporting Act (FCRA) The Federal Credit Recording Act (FCRA) 17: A study that shows the viability of a business venture is called a ________________ study.A study of the viability of a business venture is called a feasibility study. The correct answer is "b". Show related content appropriation feasibility rebate committee 18: Step leases are also known as:Step leases are also known as graduated leases. The correct answer is "a". Show related content Graduated leases Net leases Ground leases Gross leases 19: All security deposits are required to be kept in a _____________________by the landlord or an authorized representative of the landlord.All security deposits are required to be kept in a trust account by the landlord or an authorized representative of the landlord. The correct answer is "a". Show related content trust account general checking account savings account equity line of credit account 20: The landlord has ______________after termination of the rental agreement to refund all deposits due.The landlord has 30 days after termination of the rental agreement to refund all deposits due. The correct answer is "c". Show related content 10 days 20 days 30 days 45 days 21: The property manager has a duty to the landlord to maximize their profits, financial accounting of the operations and to ensure the operations are __________________________________.The property manager has a duty to the landlord to maximize their profits, financial accounting of the operations and to ensure the operations are within the constraints of the law and within the constraints of the lease agreement. The correct answer is "d". Show related content within the constraints of the law within the constraints of the lease agreement dominated by the wishes of the tenant both a and b 22: A property manager must record the transfer of any funds from a _________________ account or security deposits account by a check, by written proof of transmittal or receipt retained in the property manager`s records.A property manager must record the transfer of any funds from a clients' trust account or security deposits account by a check, by written proof of transmittal or receipt retained in the property manager's records. The correct answer is "b". Show related content general account client's trust account general savings account all of the above 23: The tenant pays a base amount and a percentage of gross income. What type of lease is this?When the tenant pays a base amount and a percentage of their gross income, this is known as a percentage lease. A gross lease is not tied to gross income. The correct answer is "b". Show related content gross lease percentage lease net lease net net lease 24: A licensed property manager is only authorized to engage in the management of rental real estate and is not authorized to engage in other professional real estate activity such as ________________________________________.A licensed property manager is only authorized to engage in the management of rental real estate and is not authorized to engage in other professional real estate activity such as the sale, purchase or exchange of real estate. The correct answer is "d". Show related content the purchase of real estate the sale of real estate exchanges of real estate All of the above 25: With respect to the management of funds, property management, almost more than any other real estate activity, involves _____________________________________________.With respect to the management of funds, property management, almost more than any other real estate activity, involves management of numerous funds, disbursements of those funds and extensive detailed bookkeeping. The correct answer is "d". Show related content management of numerous funds disbursements and deposits of funds detailed bookkeeping all of the above 26: ______________________the owner`s profits should always be kept in mind.Maximizing the owner's profits should always be kept in mind. The correct answer is "b". Show related content Minimizing Maximizing Sharing Both a and c 27: The federal Civil Rights Act of 1866 prohibits all _________ discrimination in the sale or rental of property.The federal Civil Rights Act of 1866 prohibits all racial discrimination in the sale or rental of property. The correct answer is "b". Show related content age racial sexual military discharge status 28: These leases are sometimes straight, flat or fixed leases. They are called a__________________.A gross lease is also referred to as a straight, flat or fixed lease. The correct answer is "b". Show related content percentage lease gross lease ground lease net lease 29: _________________________ is an agency where a property owner hires a broker to procure a tenant for their property:Landlord representation is an agency where a property owner hires a broker to procure a tenant for their property. The correct answer is "b". Show related content Tenant representation Landlord representation Customer representation of the tenant none of the above 30: In a month-to-month lease, the landlord can raise the rent after providing __________________notice.In a month-to-month lease, the landlord can raise the rent after providing 30 days notice. The correct answer is "c". Show related content 10 days 20 days 30 days 60 days 31: The practice of mixing trust account funds with that of the brokerage`s regular checking account funds is called ____________.The practice of mixing trust account funds with that of the brokerage's regular checking account funds is called commingling and is prohibited by law in most states. An encumbrance is a nonpossessory right or interest in real property held by someone other than the owner. A life estate is an estate whose duration is limited to the lifetime of a specified person or persons. A lis pendens is a recorded notice stating that there is a lawsuit pending that may affect title to real property. The correct answer is "a". Show related content commingling lis pendens life estate an encumbrance 32: A Landlord Tenant Act can be:There are both Federal and State landlord Tenant Acts in Oregon. State statutes and courts normally govern landlord-tenant relationships; however, during national/regional emergencies and in preventing discrimination, federal law, the Civil Rights Act of 1968 and U.S. Code, Chapter 45, Federal Fair Housing Act, may be applicable. The correct answer is "c". Show related content A federal law A state law Both a and b Neither a nor b 33: With a cost-of-living lease:A cost-of-living lease could increase rent with a rise in inflation or a cost of living increase. The correct answer is "c". Show related content The rent is tied to rises in the cost of living The rent goes up with general inflation Either a or b Neither a nor b 34: It is important to understand your clients to determine:All of the above are important factors to know about your clients. The correct answer is "d". Show related content If you are meeting their needs Their objectives Understand demand All of the above 35: A feasibility study should be performed by a qualified individual who has ___________.A feasibility study should be performed by a qualified individual who has expertise in the industry. The correct answer is "a". Show related content expertise in the industry familiarity with arbitrage familiarity with foreign exchange students none of the above 36: What is an identifying code?Identifying code means a unique series of letters and/or numbers are assigned by a property manager to a property management agreement at the time the agreement is signed by the parties and used on all transactions and records to reference the agreement. A property manager may use a supplemental unique series of letters and/or numbers on transactions and records if the property manager establishes a clear audit trail to a specific property management agreement and to the original identifying code. The correct answer is "a". Show related content a unique series of letters and/or numbers assigned by a property manager to a property management agreement at the time the agreement a number assigned to the property manager by the IRS a number assigned to the property manager from the Property Management Institute a code that is assigned by the State or Oregon for property management 37: When a brokerage opens a trust account, they must notify the financial institution, in writing,_______________________________.When a brokerage opens a trust account, they must notify the financial institution, in writing, that the account is for the purpose of holding funds that belong to others. The financial institution must be located within Oregon State. The correct answer is "a". Show related content that the account is for the purpose of holding funds that belong to others to combine the trust account with the brokerage's general account that all affiliates of the firm are authorized as signers on the account All of the above 38: A property manager must not engage in the management of rental real estate without a ___________________________________between the owner and the property manager.A property manager must not engage in the management of rental real estate without a written, unexpired property management agreement between the owner and the property manager. The correct answer is "c". Show related content listing agreement disclosure agreement written, unexpired property management agreement recourse 39: The Agency will provide a property manager with written notice of a mail-in audit at least __________________________before required information and documentation must be provided to the Agency.The Agency will provide a property manager with written notice of a mail-in audit at least 30 days before required information and documentation must be provided to the Agency. The correct answer is "c". Show related content 10 days 15 days 30 days 60 days 40: The brokerage must notify the Real Estate Agency of all trust accounts. This notification must be on a form approved by the____________________________.The brokerage must notify the Real Estate Agency of all trust accounts. This notification must be on a form approved by the Commissioner. The correct answer is "b". Show related content attorney general Commissioner governor bank 41: When economic conditions are very good, _____________may be a positive managerial move.When economic conditions are very good, expansion may be a positive managerial move. The correct answer is "a". Show related content expansion contraction static growth closing a business 42: _____________________means an Agency audit of a clients` trust account based on information and documents prepared by a property manager and mailed to the Agency.Mail-in audit means an Agency audit of a clients' trust account based on information and documents prepared by a property manager and mailed to the Agency. The correct answer is "a". Show related content Mail-in audit Mail-in affidavit Mail-in deposition Mail-in conversion 43: Which of the following would be a concern for an owner who is leasing retail property?All of the above would be concerns for an owner of a retail property. The correct answer is "d". Show related content tenant mix parking accessibility All of the above 44: A property manager should manage each property with the ______________ objectives in mind.A property manager should manage each property with the owner's objectives in mind. The correct answer is "a". Show related content owner's tenant's property manager's none of the above 45: With a __________________the tenant pays a base monthly rent plus some of the expenses.With a net lease the tenant pays a base monthly rent plus some of the expenses. The correct answer is "a". Show related content net lease gross lease percentage ground 46: Which of the following is a duty the property manager has to a landlord?All of the above are duties a property manager has to a landlord. The correct answer is "d". Show related content Maximize profits Financial accounting Ensure the operations are within the constraints of the law and the lease agreements. All of the above 47: Any amendment or addendum to the property management agreement must be in writing and include:By Oregon statute any amendment or addendum to the property management agreement must include all of the above. The correct answer is "d". Show related content identifying code the date of the amendment the signature of the property manager and the signatures of all owners who signed the initial property management agreement. all of the above 48: Bill wanted to buy a building that he could lease out to tenants. His concerns were building features (ceiling heights and floor load capacity), access to transportation and environmental concerns. What type of building might he be considering buying?Bill would be considering an industrial building. With an industrial building ceiling heights, floor load capacity, access to transportation and environmental concerns would be of prime importance as well as access to power and water. The correct answer is "c". Show related content residential office industrial agricultural 49: The property manager acts as a liaison between the tenant and the landlord. However, the property manager most likely has ___________________________________.The property manager acts as a liaison between the tenant and the landlord. However, the property manager most likely has an agency relationship with just one of the parties. The correct answer is "b". Show related content a customer relationship with both parties an agency relationship with just one of the parties an agency relationship with both parties none of the above 50: The Agency will provide a property manager with written notice at least ___________ business days before conducting a compliance review.The Agency will provide a property manager with written notice at least 5 business days before conducting a compliance review. The correct answer is "b". Show related content 3 5 10 20 51: All monies held for others must be deposited into a:All monies held for others must be deposited into a trust account. The correct answer is "c". Show related content general savings account general checking account trust account revolving credit account 52: Singh finds a suitable location and starts verbal negotiations with the owner. Sing tells the owner of the complex that Bob is desperate to lease something right away. Bob brings a lawsuit against him_______________________________________.Bob brings suit against him for divulging confidential client information. The correct answer is "a". Show related content for divulging confidential client information being truthful being loyal being faithful 53: The Civil Rights Act of 1968 expands the definition of discrimination to include not only race, but also national origin, color, and ______.The Civil Rights Act of 1968 expands the definition of discrimination to include not only race, but also national origin, color, and religion. The correct answer is "a". Show related content religion military discharge status sexual disability 54: Can a non-licensed individual who performs certain property management functions be exempt from being licensed?Generally, an individual who engages in professional real estate activity (ORS 696.010) for another and for compensation must be licensed. However, a number of individuals are exempt from licensing requirements. The statute lists 26 exemptions from licensing for individuals in ORS 696.030. Some exemptions from licensing are specific to employees who are involved the in management of rental real estate. The correct answer is "c". Show related content No Yes, if given permission by their principal broker Yes, is they fall into the exempt category by Oregon statute Yes, if they are from out of state 55: Principal broker, Jane, used money from the brokerage trust account to pay for her administrative assistant. Jane would be guilty of___________________________.Jane would be guilty of conversion since she used funds, that were to be held in trust for others, for her own expenses. The correct answer is "b". Show related content commingling conversion steering red-lining 56: With this lease the tenant pays a flat monthly amount and the landlord pays for all of the operating costs. What type of lease is this?With a gross lease the tenant pays a flat monthly amount and the landlord pays for all of the operating costs. The correct answer is "d". Show related content net lease net net lease net net net lease gross lease 57: Which of the following would be an exclusion to the Oregon Residential Landlord and Tenant Act?All of the above would be excluded from the Oregon Residential Landlord Act. The correct answer is "d". Show related content motel hotel living in some institutions all of the above 58: Deposit money may not be claimed by the landlord to cover ______________________.Deposit money may not be claimed by the landlord to cover ordinary wear and tear by the tenant. The correct answer is "a". Show related content ordinary wear and tear by the tenant pet damage damages to the structure damages to the appliances 59: Default in a residential lease could be caused__________________________.Default in a residential lease could be caused by a tenant or a landlord. The correct answer is "c". Show related content by a tenant by a landlord Either a or b Neither a nor b 60: Leasehold estates are considered less than freehold estates. The person holding the leasehold is referred to as the ____________________________.Leasehold estates are considered less than freehold estates. The person holding the leasehold is referred to as the tenant (lessee). The correct answer is "a". Show related content tenant, lessee landlord, lessor mortgagor, borrower mortgagee, lender

Unit 1.5

: The escrow agent who is acting as the agent for both the buyer and the seller is a ________________who protects the interests of each party to the transaction.The escrow agent acts almost as a dual agent, representing the buyer and the seller in the transaction. This imposes a fiduciary responsibility to both parties, requiring that he/she protect the interests of each party and take certain precautions in performing his duties. The escrow agent who is acting as the agent for both the buyer and the seller is a neutral third party who protects the interests of each party to the transaction. The correct answer is "c". Show related content neutral third party dual agent both a and b neither a nor b 2: The term ___________refers to a deed (title to real property) which has been recorded but includes unusual items that would give a reasonable person pause before accepting title.The term cloud on a title refers to a deed (title to real property) which has been recorded but includes unusual items that would give a reasonable person pause before accepting title. Lis pendens is a notice that a lawsuit is pending. Standard and extended coverage are types of title coverage. The correct answer is "a". Show related content cloud on title lis pendens standard coverage extended coverage 3: A premium for a lender`s policy was issued on March 31st, 2020 and paid for by the buyer. When would the next policy premium to due from the buyer?The premium for title insurance is a one time, non-reoccurring fee. The correct answer is "d". Show related content In one month In six months In one year Another premium is not due 4: A property that was being insured through title insurance was thought to have an encroachment from a neighboring property. What might the title insurance company or the lender require?In some circumstances, the lender or the title insurance company may require a property survey to determine the exact location of the home and boundary lines, as well as easements and rights of way. A survey is often used, if there is any doubt whether or not any encroachments exist. It is the best way to determine an encroachment. The correct answer is "b". Show related content Quiet title action A survey Preliminary title report Abstract of title 5: To have the authority to represent the parties in a transaction, the escrow agent must have a______________.To have the authority to represent the parties in a transaction, the escrow agent must have a written contract. In a purchase and sale agreement, contract for deed or lease option the language in the contract specifies the closing agent, the date of closing, and other obligations of the parties. The correct answer is "c". Show related content death certificate redemption certificate written contract estoppels certificate 6: To be able to determine if the title to a property is marketable, the purchaser should:The purchaser should have the title insurance company do a title search. The title search will reveal any breaks in the chain of title, any defects on the title and encumbrances on the title. The correct answer is "a". Show related content have the title company perform a title search have the escrow agent perform a title search get a survey of the property have the lender perform a title search 7: ALTA is an acronym for ________________________________.ALTA is an acronym for American Land Title Association. The coverage was developed by the American Land Title Association (ALTA) to protect against loss. The correct answer is "d". Show related content American Land Torrens Association American Loan Title Association American Lien Title Association American Land Title Association 8: Who usually pays for the lender`s title insurance policy?The buyer usually pays for the lender's policy for title insurance. The seller usually pays for the owner's policy of title insurance. The correct answer is "a". Show related content the buyer the seller the buyer's broker the seller's broker 9: To determine if the property might have some physical problems, the title company may have a ________performed, to determine the location of easements, encroachments and improvements.To determine if the property might have some physical problems, the title company may have a spot survey performed, to determine the location of easements, encroachments and improvements. A title search, abstract of title and a certificate of title would look at matters of records and not the physical aspects of the property. The correct answer is "a". Show related content spot survey title search abstract of title certificate of title 10: The cost of the owner`s title insurance policy is usually based upon:The cost of an owner's policy would be based on the amount the insured could lose which is the cost of the property. The correct answer is "c". Show related content the size of the lot of the property the age of the house on the property the cost of the property the loan amount 11: The closing date for a transaction was stated in the purchase and sale agreement as Match 10th, 2020. The sellers requested that the closing date be extended to March 25th, 2020 since the new home that they were purchasing had not yet been completed by the builder. The buyers would not agree to extend closing. What should the closing agent do?Both the buyer and the seller must agree to change the closing date and extend the transaction. The correct answer is "b". Show related content try to negotiate with the buyer and the seller escrow is a neutral 3rd party and has no authority to change closing dates change the closing date to March 25th, since the sellers will not have a place to live get the lenders permission to change the closing date 12: The escrow agent has a fiduciary responsibility to:The escrow agent acts almost as a dual agent, representing the buyer and the seller in the transaction. This a fiduciary responsibility to both parties, requiring that he protect the interests of each party and take certain precautions in performing his/her duties. These fiduciary responsibilities might include, confidentiality and impartiality to each party. The correct answer is "d". Show related content The buyer The seller Neither the buyer or the seller Both the buyer and the seller 13: It the parties to the transaction cannot perform their obligations within the time stated in the agreement, then they need to sign an addendum extending the date of the deadline. This is known a/as an___________________________.There is a time is of the essence clause in the purchase and sale agreement that requires that parties to comply with all deadlines specified in this agreement. If they cannot perform their obligations within the time stated in the agreement, then they need to sign an addendum extending the date of the deadline. This is known as an extension of closing. The correct answer is "b". Show related content closing affidavit extension of closing fiduciary responsibility affidavit totally new instructions for escrow form 14: The buyer and seller both wish to change the escrow instructions for the escrow agent. How might they accomplish this?Escrow instructions create an agreement between the buyer and the escrow agent and the seller and the escrow agent. The escrow instruction can be changed through an amendment to the purchase and sale agreement. The correct answer is "a". Show related content by amending the purchase and sale agreement by initiating a court order by filing a satisfaction of judgment by fining a lis pendens 15: A title plant is a:When there is a request for title insurance, the title company searches records pertaining to a specific property which is called a title search. These records are usually found at a title plant. The correct answer is "a". Show related content place where real estate records are kept subdivision plat map specific type of title insurance survey 1: An unpaid lien can be removed by payment of the lien and recording a _____________to evidence the payment.An unpaid lien can be removed by payment of the lien and recording a Satisfaction of Lien to evidence the payment of the lien. A lis pendens is a notice that a lawsuit is pending. A quite title action is court action taken to remove a cloud on title where the other party is unwilling or cannot cooperate. A quit claim deed removes a person from title and can also be used to remove some clouds on a deed. The correct answer is "b". Show related content Lis Pendens Satisfaction of Lien Quiet Title Action Quit Claim Deed 2: Researching the transfer of real property and any encumbrances, transfers or defects is known as:A title search is an analysis of the public records to determine if any defects, transfers or encumbrances may affect title. It's normally performed by a title company. A cloud on the title is a questionable item that may be of concern to a potential purchaser. A quiet title action is a court action to "quiet the title and remove a defect on title. Title insurance is the actual insuring of the property. The correct answer is "a". Show related content A title search A cloud on a title A title insurance A quiet title action 3: ________________________is the most commonly used type of title evidence.While all of the above are used to evidence title, title insurance is the most common. The correct answer is "a". Show related content Title insurance abstract of title certificate of title Torrens system 4: The closing date for a transaction was stated in the purchase and sale agreement as Match 10th, 2020. The sellers requested that the closing date be extended to March 25th, 2020 since the new home that they were purchasing had not yet been completed by the builder. The buyers would not agree to extend closing. What should the closing agent do?Both the buyer and the seller must agree to change the closing date and extend the transaction. The correct answer is "b". Show related content try to negotiate with the buyer and the seller escrow is a neutral 3rd party and has no authority to change closing dates change the closing date to March 25th, since the sellers will not have a place to live get the lenders permission to change the closing date 5: To have the authority to represent the parties in a transaction, the escrow agent must have a______________.To have the authority to represent the parties in a transaction, the escrow agent must have a written contract. In a purchase and sale agreement, contract for deed or lease option the language in the contract specifies the closing agent, the date of closing, and other obligations of the parties. The correct answer is "c". Show related content death certificate redemption certificate written contract estoppels certificate 6: The escrow agent has a fiduciary responsibility to:The escrow agent acts almost as a dual agent, representing the buyer and the seller in the transaction. This a fiduciary responsibility to both parties, requiring that he protect the interests of each party and take certain precautions in performing his/her duties. These fiduciary responsibilities might include, confidentiality and impartiality to each party. The correct answer is "d". Show related content The buyer The seller Neither the buyer or the seller Both the buyer and the seller 7: The premium for title insurance is;The premium for title insurance is a one time, non-reoccurring fee. The correct answer is "d". Show related content a monthly fee a biannual fee an annual fee a one- time, non-reoccurring fee 8: On a lender`s policy of title insurance the loan balance_______________, because of payments made by the borrower.On a lender's policy of title insurance the loan balance decreases because of payments made by the borrower. The correct answer is "a". Show related content decreases increases stays the same none of the above 9: Which of the following could be a cloud on a title?All of the above could be clouds on a title. The correct answer is "d". Show related content A judgment A name being misspelled on a deed A lien that was satisfied, but not property recorded All of the above 10: It the parties to the transaction cannot perform their obligations within the time stated in the agreement, then they need to sign an addendum extending the date of the deadline. This is known a/as an___________________________.There is a time is of the essence clause in the purchase and sale agreement that requires that parties to comply with all deadlines specified in this agreement. If they cannot perform their obligations within the time stated in the agreement, then they need to sign an addendum extending the date of the deadline. This is known as an extension of closing. The correct answer is "b". Show related content closing affidavit extension of closing fiduciary responsibility affidavit totally new instructions for escrow form 11: When a title search shows that there is a break in the chain of title, this could best be corrected by:A Quiet Title Action is intended to "quiet" the conflicting claims on the property, eliminating any ambiguities in the title. The correct answer is "d". Show related content providing a special warranty deed providing a bargain and sale deed providing a sheriff's deed procuring a quiet title action 12: The _____________refers to of all recorded instruments affecting the property traced back to when the original owner or when the government conveyed title to private persons.The chain of title refers to of all recorded instruments affecting the property traced back to when the original owner or when the government conveyed title to private persons. It consists of all recorded title transfers, encumbrances, satisfactions of liens, and court proceedings pertaining to the land and to the owners of the land. In essence, it is a history of the documentation pertaining to a property. It is also evidence of conveyance from each grantor to each grantee in a chronological order. Court action taken to remove a cloud on title is called a quiet title action. A title plant is where recorded documents that pertain to title of a property are stored. The correct answer is "a". Show related content chain of title quiet title action title plant Both a and b 13: The __________policy insures the insured party against any item affecting title that has been made as a matter of public record only.The standard coverage policy insures the insured party against any item affecting title that has been made as a matter of public record only. The correct answer is "b". Show related content extended coverage standard coverage Both a and b Neither a nor b 14: Neither the buyer nor the seller are obligated to sign the extension for closing If the seller or the buyer chooses not to extend the closing date, then the transaction___________________.Neither the buyer nor the seller are obligated to sign the extension for closing. If the seller or the buyer chooses not to extend the closing date, then the transaction is now dead. It should be noted that if the buyer defaulted on their timeline obligations, they could lose their earnest money. The correct answer is "a". Show related content is now dead is automatically extended for one week is automatically extended for ten days is automatically extended for thirty days 15: There is a ____________________clause in the purchase and sale agreement that requires that parties to comply with all deadlines specified in the agreement.There is a time is of the essence clause in the purchase and sale agreement that requires parties to comply with all deadlines specified in this agreement. If they cannot perform their obligations within the time stated in the agreement, then they need to sign an addendum extending the date of the deadline. This is known as an extension of closing. The correct answer is "b". Show related content possession clause time is of the essence earnest money clause title clause

2.9

1: A broker tells residents in a neighborhood that a religious group has just purchased a home in their area and wants to make a retreat out of the home. The broker tells homeowners in the neighborhood they should consider selling, as their property prices may drop. This is an example of ________________.A broker tells residents in a neighborhood that a religious group has just purchased a home in their area and wants to make a retreat out of the home. The broker tells homeowners in the neighborhood they should consider selling, as their property prices may drop. This is an example of block busting. Block busting is the inducement of homeowners by a real estate licensee to sell real property quickly, and usually for less than what the property is worth, by spreading rumors about ethnic minorities moving into the neighborhood and thereby generating business for the real estate licensee. This practice is outlawed in Oregon as well as a violation of the federal Fair Housing Act of 1968. The correct answer is "b". Show related content steering block busting redlining all of the above 2: A corporation found guilty of Anti-Trust violations could be fined up to_______.Individuals may be fined up to $1 million for violations of anti-trust laws. A corporation may be fined up to $100,000,000 for each violation of Anti-trust laws. The correct answer is "d". Show related content $100,000 $1,000,000 $5,000,000 $100,000,000 3: If a business is found to be in violation of an Anti-Trust Act the courts may order supervision for a period of up to______________________________.The courts may have a right to supervise the business that is in violation for up to 10 years. The correct answer is "d". Show related content 6 months 1 year 6 years 10 years 4: All new construction and modifications must be ______________________.All new construction and modifications must be readily accessible to individuals with disabilities. Readily accessible means that disabled visitors and employees can access and use the facility. The correct answer is "d". Show related content inspected by a HUD inspector inspected by a lead-based paint inspector inspected by an asbestos abatement inspector readily accessible to individuals with disabilities 5: The main purpose of Anti-Trust Laws are to do what?Anti-Trust Laws and Unfair Business Practices are designed to promote the policy and practice of COMPETITION. Some of the symptoms of a lack of competition are higher pricing and diminishing quality of a service or product. The correct answer is "d". Show related content Promote interstate trade Prevent Fraud Promote Ethical Business Practices Promote the policy and practice of competition

7.3

1: A feasibility study should be performed by a qualified individual who has ___________.A feasibility study should be performed by a qualified individual who has expertise in the industry. The correct answer is "a". Show related content expertise in the industry familiarity with arbitrage familiarity with foreign exchange students none of the above 2: An ________________management company is concerned with assuring the owner that they will get the maximum return for the land.An agricultural management company is concerned with assuring the owner that they will get the maximum return for the land. The correct answer is "d". Show related content residential office industrial agricultural 3: It is important to understand your clients to determine:All of the above are important factors to know about your clients. The correct answer is "d". Show related content If you are meeting their needs Their objectives Understand demand All of the above 4: A study that shows the viability of a business venture is called a ________________ study.A study of the viability of a business venture is called a feasibility study. The correct answer is "b". Show related content appropriation feasibility rebate committee 5: The main objective of a feasibility study is to determine whether a certain plan is:All of the above would be objectives of a feasibility study. The correct answer is "d". Show related content Feasible Profitable Worth pursuing All of the above 6: Bill wanted to buy a building that he could lease out to tenants. His concerns were building features (ceiling heights and floor load capacity), access to transportation and environmental concerns. What type of building might he be considering buying?Bill would be considering an industrial building. With an industrial building ceiling heights, floor load capacity, access to transportation and environmental concerns would be of prime importance as well as access to power and water. The correct answer is "c". Show related content residential office industrial agricultural 7: ______________________the owner`s profits should always be kept in mind.Maximizing the owner's profits should always be kept in mind. The correct answer is "b". Show related content Minimizing Maximizing Sharing Both a and c 8: Bill manages a strip mall. What type of property manager is he?Bill is a retail property manager. The correct answer is "d". Show related content residential office industrial retail 9: Which of the following would be a concern for an owner who is leasing retail property?All of the above would be concerns for an owner of a retail property. The correct answer is "d". Show related content tenant mix parking accessibility All of the above 10: A property manager should manage each property with the ______________ objectives in mind.A property manager should manage each property with the owner's objectives in mind. The correct answer is "a". Show related content owner's tenant's property manager's none of the above

2.4

1: A lender charges 5% interest on a $200,000 loan. What is the interest for the first year?A = R x L R = 5% L= $200,000 $200,000 x 5% converted to $200,000 x .05 = $10,000. The annual interest rate for the first year is $10,000. The correct answer is "a". Show related content $10,000 $20,000 $300,000 $400,000 2: The escrow officer and broker are responsible for ensuring that all necessary loan documentation has arrived at the _____________.The escrow officer and broker are responsible for ensuring that all necessary loan documentation has arrived at the escrow office This is where the closing documents are usually signed. The correct answer is "a". Show related content escrow office seller's home structural inspector's place of business department of licensing 3: Closing documents are usually signed at ______________.Closing documents are usually signed at the escrow company. However, in some circumstances the escrow company will perform a signing at the buyer's or seller's home. In some states the closing takes place in an attorney's office. The correct answer is "b". Show related content the lender's office the escrow company the seller's home none of the above 4: The Uniform Settlement statement, also known as a __________________________is a detailed list of all costs and credits associated with a real estate transaction.The Uniform Settlement statement, also known as a closing statement or HUD I Statement is a detailed list of all costs and credits associated with a real estate transaction. The correct answer is "d". Show related content Closing Disclosure Statement balance sheet closing statement Both a and c 5: The escrow officer is responsible for ensuring that the ______is recorded.The escrow officer is responsible for ensuring that the deed is recorded. The correct answer is "d". Show related content purchase and sale agreement escrow instructions certification deed 6: An escrow agent acts as a ____________________ party.An escrow agent acts as a neutral third party. Their instructions come from the buyer and the seller on items that have mutually been agreed upon. The correct answer is "a". Show related content neutral third republican democratic independent

7.1

1: A licensed property manager is only authorized to engage in the management of rental real estate and is not authorized to engage in other professional real estate activity such as ________________________________________.A licensed property manager is only authorized to engage in the management of rental real estate and is not authorized to engage in other professional real estate activity such as the sale, purchase or exchange of real estate. The correct answer is "d". Show related content the purchase of real estate the sale of real estate exchanges of real estate All of the above 2: Any amendment or addendum to the property management agreement must be in writing and include:By Oregon statute any amendment or addendum to the property management agreement must include all of the above. The correct answer is "d". Show related content identifying code the date of the amendment the signature of the property manager and the signatures of all owners who signed the initial property management agreement. all of the above 3: A property manager must disburse earned management fees from the client`s trust account _______________________________unless a different schedule of disbursement is specified in the property management agreement, and may only disburse such fees if sufficient funds are available.A property manager must disburse earned management fees from the client's trust account at least once each month unless a different schedule of disbursement is specified in the property management agreement, and may only disburse such fees if sufficient funds are available. The correct answer is "b". Show related content at least each week at least once each month at least quarterly at least yearly 4: A property manager must not engage in the management of rental real estate without a ___________________________________between the owner and the property manager.A property manager must not engage in the management of rental real estate without a written, unexpired property management agreement between the owner and the property manager. The correct answer is "c". Show related content listing agreement disclosure agreement written, unexpired property management agreement recourse 5: Placement of trust funds received by a property manager must be placed in a _____________________________________trust account.Placement of trust funds received by a property manager must be placed in a federally insured interest-bearing trust account. The correct answer is "a". Show related content federally insured interest-bearing state insured bank account the broker's personal account none of the above 6: Upon completion of a compliance review, if the Agency has reasonable grounds to believe that the funds of an owner or tenant may be missing, funds may have been misappropriated, or the property manager`s records are in such a condition that the property manager is placing owners` and/or tenants` money at risk the Agency may immediately initiate an investigation without___________________________________.Upon completion of a compliance review, if the Agency has reasonable grounds to believe that the funds of an owner or tenant may be missing, funds may have been misappropriated, or that the property manager's records are in such a condition that the property manager is placing owners' and/or tenants' money at risk the Agency may immediately initiate an investigation without providing a property manager with an opportunity to cure noncompliance. The correct answer is "b". Show related content due process providing a property manager with an opportunity to cure noncompliance Both a and b Neither a nor b 7: The Agency will provide a property manager with written notice at least ___________ business days before conducting a compliance review.The Agency will provide a property manager with written notice at least 5 business days before conducting a compliance review. The correct answer is "b". Show related content 3 5 10 20 8: Oregon`s statutes on property management with respect to licensure and property management activity are extensive. These laws serve which of the following purposes:All of the above are served by Oregon's statutes and laws for property management. In addition, to encourage real estate property managers to comply with the applicable statutes and rules through education and permits the Agency's authority to reprimand, suspend or revoke a real estate property manager license. The correct answer is "d". Show related content To specify requirements for the management of rental real estate To protect owners and tenants of rental real estate To encourage real estate property managers to comply with the applicable statutes and rules through education All of the above 9: The following individuals may engage in the management of rental real estate, unless they are exempt:All of the above individuals may engage in the management of rental real estate. The correct answer is "d". Show related content A licensed real estate broker, under the supervision of a licensed principal real estate broker A licensed principal real estate broker A licensed property manager All of the above 10: A property manager may not deposit any funds received on behalf of an owner in ________________________________________________,or commingle any such funds received with personal funds of the property manager.A property manager may not deposit any funds received on behalf of an owner in the property manager's personal account or commingle any such funds received with personal funds of the property manager. The correct answer is "a". Show related content the property manager's personal account a federally insured trust account either a or b neither a nor b

7.5

1: Because of the detailed nature of property management, ____________________may not want to devote the time it takes to oversee and supervise affiliates who are performing property management activities.Because of the detailed nature of property management, a principal broker may not want to devote the time it takes to oversee and supervise affiliates who are performing property management activities. The correct answer is "a". Show related content a principal broker a title officer the Commissioner both b and c 2: The property manager acts as a liaison between the tenant and the landlord. However, the property manager most likely has ___________________________________.The property manager acts as a liaison between the tenant and the landlord. However, the property manager most likely has an agency relationship with just one of the parties. The correct answer is "b". Show related content a customer relationship with both parties an agency relationship with just one of the parties an agency relationship with both parties none of the above 3: Singh finds a suitable location and starts verbal negotiations with the owner. Sing tells the owner of the complex that Bob is desperate to lease something right away. Bob brings a lawsuit against him_______________________________________.Bob brings suit against him for divulging confidential client information. The correct answer is "a". Show related content for divulging confidential client information being truthful being loyal being faithful 4: The property manager has a duty to the landlord to maximize their profits, financial accounting of the operations and to ensure the operations are __________________________________.The property manager has a duty to the landlord to maximize their profits, financial accounting of the operations and to ensure the operations are within the constraints of the law and within the constraints of the lease agreement. The correct answer is "d". Show related content within the constraints of the law within the constraints of the lease agreement dominated by the wishes of the tenant both a and b 5: Leasehold estates are considered less than freehold estates. The person holding the leasehold is referred to as the ____________________________.Leasehold estates are considered less than freehold estates. The person holding the leasehold is referred to as the tenant (lessee). The correct answer is "a". Show related content tenant, lessee landlord, lessor mortgagor, borrower mortgagee, lender 6: This is an agency where a prospective tenant hires a broker as their agent to procure a rental or lease of a property. What is the name of this agency?An agency where a prospective tenant hires a broker as their agent to procure a rental or lease of a property is called tenant representation. The correct answer is "a". Show related content Tenant representation Landlord representation Express agency Implied agency 7: As with any area of specialization in real estate, the managing of properties requires expertise. The principal broker or the licensee ______________________________.should take a course called property management for beginners Show related content should ensure that they have the expertise to perform property management activities should not worry about their expertise since the Commissioner will oversee any property management activity should take a course called property management for beginners Both b and c 8: Those brokerages that do have trust accounts for earnest money deposits may not want to combine these with property management funds.Those brokerages that do have trust accounts for earnest money deposits may not want to combine these with property management funds. The correct answer is "a". Show related content Trust accounts General account Checking accounts Saving accounts 9: Ultimately, the ____________________is responsible for the actions of their affiliates.Ultimately, the principal broker is responsible for the actions of their affiliates. The correct answer is "b". Show related content brokerage staff principal broker Oregon Real Estate Agency Commissioner 10: _________________________ is an agency where a property owner hires a broker to procure a tenant for their property:Landlord representation is an agency where a property owner hires a broker to procure a tenant for their property. The correct answer is "b". Show related content Tenant representation Landlord representation Customer representation of the tenant none of the above

2.1

1: Budgeting is necessary for every company. These tasks include:These tasks include the development of an annual budget, financial analysis, keeping the budget on track, management of the budget and reporting these requirements to upper management or owners of the firm. The correct answer is "d". Show related content Keeping the budget on track Financial analysis Reporting to upper management All of the above 2: _______________also establishes the necessary disclosures required for advertising that refers to certain credit terms.TILA also establishes the necessary disclosures required for advertising that refers to certain credit terms. The correct answer is "a". Show related content TILA RESPA FBI DOJ (Department of Justice) 3: A group of licensed real estate professionals have a team captain, team associates and licensed and unlicensed assistants. This is known as a ____________________________.A group of licensed real estate professionals have a team captain, team associates and licensed and unlicensed assistants. This is known as a team concept. The correct answer is "c". Show related content group investment organization real estate investment rust team concept syndicate 4: The _____________________________________is responsible for supervising the advertising of the brokerage as well as the individual advertising of affiliates.The principal broker is responsible for supervising the advertising of the brokerage as well as the individual advertising of affiliates. The correct answer is "b". Show related content licensee principal broker Commissioner Oregon Real Estate Agency 5: _____________________involves analyzing situations and finding solutions to issues that come up.Problem solving involves analyzing situations and finding solutions to certain problems or issues. Underwriting, loan application analysis and truth-in-lending relate to lending and assessing risk and informing consumers about credit. The correct answer is "d". Show related content Underwriting Loan application analysis Truth-in-lending Problem Solving 6: Real Estate brokers are prohibited from advertising or make any statement that indicates a limitation or preference based on race, color, national origin, religion, sex, familial status, or handicap. If they do this they are in violation of:Real Estate brokers who advertise or make any statements that indicate a limitation or preference based on race, color, national origin, religion, sex, familial status, or handicap are in violation of the Fair Housing Act. The correct answer is "b". Show related content Neutral escrow laws Fair Housing Act Both a and b Neither a nor b

2.7

1: Ethics ________________generally deal with corporate values and guiding principles.Ethics codes generally deal with corporate values and guiding principles. How the code is developed and why the code is developed is as important as the content of the code itself. The correct answer is "a". Show related content codes indicators trusts none of the above 2: Office standards for both employees and independent contractors should be in writing in the form of a/an _______________________.Office standards for both employees and independent contractors should be in writing in the form of an office policy and procedures manual. The correct answer is "a". Show related content office policy manual letter from the Commissioner informal memo from the principal broker, written every week a compilation of employee requests 3: A policy manual covers advertising, web sites and trade fairs. These are considered:Advertising, web sites and trade fairs would be considered external communications. The correct answer is "b". Show related content internal communications external communications prohibitive communications state communications 4: Should a dispute arise between management and an affiliated licensee, an office policy and procedures manual could prove to be invaluable for____________________________________.Should a dispute arise between management and an affiliated licensee, this manual could prove to be invaluable for resolving any issues. The correct answer is "c". Show related content charging them with conspiracy having management revoke their license resolving any issues none of the above 5: In peer-to-peer evaluations, workers evaluate their _________.In peer-to-peer evaluations, workers evaluate their co-workers. The correct answer is "c". Show related content customers clients co-workers The CEO of the firm only

4.5

1: FHA currently requires a minimum down payment of ________________.FHA currently requires a minimum down payment of 3.5%. The correct answer is "d". Show related content 2% 2.5% 2.75% 3.5% 2: Marty wanted to purchase an FHA loan to rehabilitate a home for his primary residence. What kind of mortgage would he be most interested in obtaining?Marty would most likely be looking at a FHA 203(k) rehabilitation loan. The FHA 203(k) loan was designed for borrowers who want to rehabilitate or repair a home so they can live in it as their primary residence. The correct answer is "b". Show related content 203(b) 203(k) 208(b) 208(k) 3: Subprime lenders are more likely to have the term _____________________in their lender names.Subprime lenders are more likely to have terms like consumer, finance, and acceptance in their lender names. The correct answer is "d". Show related content consumer finance acceptance all of the above 4: ODVA is prohibited from financing:ODVA is prohibited from financing vacation homes, investment, commercial, personal properties, or bare land. The correct answer is "d". Show related content Bare land commercial property vacation homes all of the above 5: Higher limits for FHA loans are allowed in areas___________________________.Higher limits for FHA loans are allowed in areas with higher housing costs. The correct answer is "b". Show related content with lower housing costs with higher housing costs where there are a greater number of single family homes where there are a greater number of condominiums 6: Unlike most conventional loans, FHA-insured loans require ________________________________for a down payment.Unlike most conventional loans, FHA-insured loans require very little cash for a down payment. The correct answer is "b". Show related content larger down payment very little down a greater amount of cash and always a co-signer higher reserves 7: FHA is an acronym for _____________________________.FHA is an acronym for the Federal Housing Administration. The correct answer is "b". Show related content The Federal Home Act The Federal Housing Administration The Fair Housing Act The Fair Home Administration 8: As long as the senior(s) stay in their home, they __________________________.As long as the senior(s) stay in their home, they don't have to pay the loan back. The correct answer is "a". Show related content don't have to pay the loan back only have to pay back 20% of the loan only have to pay back 30% of the loan only have to pay back 3% of the loan 9: HECM loans are designed for________________________.HECM loans are designed for seniors. All owners must be 62 years or older to qualify for this loan. The correct answer is "d". Show related content first time home buyers low income buyers veterans seniors 10: Conventional loans are any loans which are ______________________________.Conventional loans are any loans which are not government loans. The correct answer is "a". Show related content not government loans VA loans FHA loans USDA loans 11: FHA will lend on condominiums if _______________________________.FHA will lend on condominiums, if the condominium development has been approved for FHA. The correct answer is "a". Show related content the condominium development has been approved for FHA the condominium development has been approved for military housing only the condominium development has at least 100 units the condominium development is located in Washington DC 12: ODVA is an acronym for:ODVA is an acronym for Oregon Department of Veterans Affairs. The correct answer is "b". Show related content Oregon Disability for Veterans Affairs Oregon Department of Veterans Affairs Office Recording of Veterans Affairs Office Department of Veterans Affairs 13: Which of the following loan programs would be considered conventional financing?Only seller financing from the above would be considered a conventional loan. The correct answer is "d". Show related content FHA VA Oregon Veterans' Loan Seller Financing 14: The most popular FHA loan is the__________________.The most popular FHA loan is the 203b program. The correct answer is "a". Show related content 203(b) program 203(k) 208(b) 208(k) 15: Which of the following would not be an advantage of a FHA loan?All of the above would be advantages of an FHA loan except the low loan limits. The correct answer is "d". Show related content Low down payments Flexible income, debt and credit requirements No prepayment penalty Relatively low loan limits

2.5

1: Fixed liabilities are over a time period greater than:Fixed liabilities are over a period greater than one year. The correct answer is" d". Show related content 2 months 3 months 6 months one year 2: An income statement reports a firm`s income or loss for a_____________________.An income statement reports a firm's income or loss for a specific period of time. The correct answer is "a". Show related content specific period of time a single moment always one month always one year 3: The income statement is also known as a/an:The income statement can also be called all of the above. The correct answer is "d". Show related content Profit and loss statement Earnings statement Operation statement All of the above 4: Assets = Liabilities + Net Worth is an equation for a:Assets = Liabilities + Net Worth is an equation for a balance sheet. The correct answer is "c". Show related content Liquidity ratio Income statement Balance sheet Cost of goods sold 5: EIN is an acronym for:EIN is an acronym for Employer Identification Number. The correct answer is "a". Show related content Employer Identification Number Effective Identification Number Equity Identification Number Employer Interstate Identification Number

7.2

1: If a tenant is ____________late in paying rent, the landlord is allowed to issue a 144-hour notice to pay or vacate.If a tenant is 5 days late in paying rent, the landlord is allowed to issue a 144-hour notice to pay or vacate. The correct answer is "a". Show related content 5 days 10 days 20 days 30 days 2: A landlord has the right to inspect the property. At least __________________notice must be given before entering the property, except in case of emergency, agreement to the contrary or unless it is impracticable to do so.A landlord has the right to inspect the property. At least 24 hours notice must be given before entering the property, except in case of emergency, agreement to the contrary or unless it is impracticable to do so. The correct answer is "b". Show related content 12 hours 24 hours 48 hours 60 hours 3: John charged a fee to Sally (his tenant) for non-sufficient funds check. Is this allowable?A fee for a non-sufficient funds check is allowable. The correct answer is "a". Show related content Yes No, because he has to give Sally the chance to make the check good No, because he has to give Sally one year to pay None of the above 4: Which of the following would be an exclusion to the Oregon Residential Landlord and Tenant Act?All of the above would be excluded from the Oregon Residential Landlord Act. The correct answer is "d". Show related content motel hotel living in some institutions all of the above 5: Unless the lease states otherwise there is an assumption that the tenant has a duty to_____________________________.Unless the lease states otherwise there is an assumption that the tenant has a duty to pay rent. The correct answer is "a". Show related content pay rent keep the landlord informed of where they are pay utilities pay taxes 6: Federal law covers any real property on___________________________________.Federal law covers any real property, federally-owned or financed housing. The correct answer is "c". Show related content federally-owned housing federally financed housing Both a and b Neither a nor b 7: When the landlord tells the tenant they have the right under a rental agreement to occupy the dwelling unit to the exclusion of others, and gives them the keys, this is known as:When the landlord tells the tenant they have the right under a rental agreement to occupy the dwelling unit to the exclusion of others, and gives them the keys, this is known as delivery of possession. The correct answer is "a". Show related content Delivery of possession The right to vacate Lawful detainer Pay rent or vacate 8: In a month-to-month lease, the landlord can raise the rent after providing __________________notice.In a month-to-month lease, the landlord can raise the rent after providing 30 days notice. The correct answer is "c". Show related content 10 days 20 days 30 days 60 days 9: A landlord can give a tenant a __________ day notice to vacate and not state a reason why.A landlord can give a tenant a 30 day notice to vacate and not state a reason why. The correct answer is "c". Show related content 10 20 30 60 10: Included in the Oregon Residential Landlord and Tenant Act are mobile homes, houseboats and other structures used as a_________________________.Included in the Oregon Residential Landlord and Tenant Act are mobile homes, houseboats and other structures used as a sleeping place. The correct answer is "a". Show related content sleeping place recreational retreat storage unit office space

6.2

1: In most states, there are four requirements for a listing agreement to be enforceable. They are:Be sure to check your individual state and the requirements for an enforceable listing. If the requirements are not met, the listing may be unenforceable in a court of law. The correct answer is "d". Show related content The listing must be in writing and it must identify the property to be sold The listing must be signed by the licensee and the seller(s) It must state the compensation for the broker and a promise to pay the broker All of the above 2: In a net listing:As the name implies, the seller specifies what they would like to net from the proceeds of a sale on a net listing. Please note net listings are illegal in many states. The correct answer is "a". Show related content The seller specifies the amount they would like to receive from the net proceeds of the sale The commission is expressed as a percentage of the list price The commission is expressed as a flat rate The commission is expressed as a percentage of the sales price 3: Who owns the listing at a brokerage?The principal broker or brokerage owns all the listing, not the licensee who took the listing. Because of this, a licensee must obtain permission to take the listing with them should they leave their current brokerage. The correct answer is "b". Show related content Licensee that took the listings Principal broker or brokerage The title company The mortgage company 4: A listing agreement will state the duration of time the listing will be in effect. This is known as the:Most states require the listing date have a specific duration also known as the expiration date. The correct answer is "c". Show related content Date of the purchase and sale agreement Date of procurement Expiration date Date of execution 5: During the installment period, the vendee has _________________________to the property to possess and enjoy the property.During the installment period, the vendee has equitable title to the property to possess and enjoy the property. The correct answer is "c". Show related content clear title clouded title equitable title warranty title 6: CLUE is an acronym for __________________________________.CLUE is an acronym for Comprehensive Loss Underwriting Exchange. It is a compilation of all insurance claims. The CLUE may be a report on a particular person or on a property. The correct answer is "a". Show related content Comprehensive Loss Underwriting Exchange Commercial Loss Underwriting Exchange Comprehensive Loss Uniform Exchange Compensation Loss Underwriting Exchange 7: A broker must get approval, in writing, from _______________ to be a dual agent.Both parties to the transaction (buyer and seller) must agree, in writing, for a broker to be a dual agent. The correct answer is "d". Show related content buyer only seller only closing agent both the buyer and the seller

2.3

1: Open space with half cubicles are often referred to as a ___________.Open spaces with half cubicles are referred to as bull pens as opposed to private offices. They usually require less square footage which can equate to savings for the firm. The correct answer is "d". Show related content counter design occupational design private design bull pens 2: ASP is an acronym for:ASP is an acronym for application service provider. Examples would be e-mail providers such as Hotmail, Gmail, and Yahoo! Mail. The correct answer is "c". Show related content Automated Service provider Area Service Provider Applications Service Provider Attachment Service Provider 3: When it comes to setting and choosing a location for your brokerage. Neighboring tenants are important. They might:All of the above are considerations when reviewing neighboring tenants when choosing a site. The correct answer is "d". Show related content Aid in increasing traffic Aid in decreasing traffic Use your services All of the above 4: A violation of any license law provision is a________________________.A violation of any license law provision is a Class A misdemeanor. The correct answer is "a". Show related content Class A misdemeanor Class B misdemeanor Class A felony Class B felony 5: A good facility should:All of the above items should be considered for a suitable facility for a business. In addition, the facility should accomplish these objectives at an economical cost. The correct answer is "d". Show related content Promote efficient business operations Present your business in a good light Allow for future business growth All of the above

7.6

1: ___________________occurs when the landlord causes a major interference with the tenant`s possession of the property. An example would be failure to fix a broken toilet and sink.Constructive eviction occurs when the landlord causes a major interference with the tenant's possession of the property. An example would be failure to fix a broken toilet and sink. The correct answer is "b". Show related content Actual eviction Constructive eviction Default eviction Illegal eviction 2: Which of the following is a duty the property manager has to a landlord?All of the above are duties a property manager has to a landlord. The correct answer is "d". Show related content Maximize profits Financial accounting Ensure the operations are within the constraints of the law and the lease agreements. All of the above 3: Which of the following is NEVER a duty of a property manager:The following would all be common duties of a property manager EXCEPT keeping records on tenants religious preferences, which could be discriminatory. The correct answer is "d". Show related content collect rents maintain property screen tenants maintain records on tenant's religion preferences 4: Which of the following is a way in which a lease can be terminated?All of the above are ways a lease can be terminated. The correct answer is "d". Show related content Destruction of the property Condemnation Illegal use of the property All of the above 5: The property manager acts as a/an ____________between the tenant and the landlord.The property manager acts as a liaison between the tenant and the landlord. The correct answer is "a". Show related content liaison fiduciary arbitrator escrow 6: The property manager also has a duty to the tenant to:The property manager also has a duty to the tenant to ensure a safe and habitable dwelling and to ensure the terms of the lease or rental agreement are carried out. The correct answer is "c". Show related content Ensure the tenant has a safe and habitable dwelling Ensure the terms of the lease or rental agreement are carried out. Both a and b Neither a nor b 7: When a tenant fails to pay the rent as per the rental agreement, the landlord is required by law to________________.call the police immediately Show related content give notice to the tenant remove the tenant from the premises immediately call the sheriff immediately call the police immediately

1.8

1: The fact that a creditor may release its lien to allow the property to be sold does not necessarily mean that the creditor has or will____________________.The fact that a creditor may release its lien to allow the property to be sold does not necessarily mean that the creditor has or will forgive the deficiency. The correct answer is "a". Show related content forgive the deficiency give permission for the property to be sold Both a and b Neither a nor b 2: People with few or no assets usually have_____________________________.People with few or no assets usually have very simple wills. The correct answer is "b". Show related content very complicated wills very simple wills complicated trusts none of the above 3: A single unit of land that is created by a partition of land is called a____________.A single unit of land that is created by a partition of land is called a parcel. The correct answer is "d". Show related content lot tract common area parcel 4: Land is the part of_______________________________.Land is the part of the earth's surface, subsurface and air above it. The correct answer is "d". Show related content the earth's surface the earth's subsurface air above the land all of the above 5: Generally speaking, a lender will not consider a short sale without______________________.Generally speaking, a lender will not consider a short sale without an actual bona fide offer. The correct answer is "a". Show related content an actual bona fide offer first serving a notice of default first serving a notice of trustee's sale first having the sheriff's sale 6: Sue and Bob own a home in a neighborhood where many of the properties and structures are lacking attention and in need of repair. The neighborhood diminishes the value of their property. This is known as the____________________.Sue and Bob own a home in a neighborhood where many of the properties and structures are lacking attention and in need of repair. The neighborhood diminishes the value of their property. This is known as the theory of regression. The correct answer is "a". Show related content theory of regression theory of progression lien theory theory of Lis Pendens 7: Josh owns a home in a neighborhood where all of the homes are larger and nicer than his property. The neighborhood with nicer homes increases the value of Josh`s property. This is known as the____________________.Josh owns a home in a neighborhood where all of the homes are larger and nicer than his property. The neighborhood with nicer homes increases the value of Josh's property. This is known as the theory of progression. The correct answer is "b". Show related content theory of regression theory of progression lien theory title theory 8: _____________________ disposes the assets and estate of two people, often married couples or partners.A joint will splits the assets and estate of two people, often married couples or partners. The correct answer is "a". Show related content Joint will Holographic will Oral will Pourover will 9: __________________________________is a real estate transaction where the proceeds of the sale will not generate sufficient funds to pay the debt(s) secured by the property (and the seller is unable to pay this difference).A short sale is a real estate transaction where the proceeds of the sale will not generate sufficient funds to pay the debt(s) secured by the property (and the seller is unable to pay this difference). The correct answer is "a". Show related content short sale foreclosure deed in lieu of foreclosure lease back 10: If a person dies intestate with heirs, then the property will be given to the heirs according to the______________________________________.If a person dies intestate with heirs, then the property will be given to the heirs according to the law of descent and distribution. The correct answer is "c". Show related content law of descent law of distribution Both a and b Neither a nor b 11: A person who dies leaving a will is considered______________________.A person who dies leaving a will is considered testate. The correct answer is "b". Show related content intestate testate escheat having no heirs 12: One or more contiguous lots or parcels in the same ownership is known as a _____________.One or more contiguous lots or parcels in the same ownership is known as a tract. The correct answer is "b". Show related content subdivision tract common area partition 13: There is only so much given land on the earth. More land cannot be manufactured or created. This is referred to as _________________________________.There is only so much given land on the earth. More land cannot be manufactured or created. This is referred to as scarcity. The correct answer is "c". Show related content immovable regression scarcity progression 14: Real estate is_________________________________________.Real estate is land and anything that becomes attached to land. The correct answer is "c". Show related content land anything that becomes attached to land Both a and b Neither a nor b 15: A single unit of land that is created by a subdivision of land is called a______________.A single unit of land that is created by a subdivision of land is call a lot. The correct answer is "b". Show related content tract lot common area partition

6.3

1: ____________________has the authority to impose a civil penalty, issue cease and desist orders of further sales of condominium units and request a court ordered injunction for violations of the condominium law provisions, in addition to regulation under the real estate licensing statues and administrative rules.The Commissioner has the authority to impose a civil penalty, issue cease and desist orders of further sales of condominium units and request a court ordered injunction for violations of the condominium law provisions, in addition to regulation under the real estate licensing statues and administrative rules. The correct answer is "d". Show related content The local police The local sheriff The governor The Commissioner 2: The subdividing of land relates to_____________________________.The subdividing of land relates to 4 or more parcels. The dividing of two or three parcels is partitioning. The correct answer is "b". Show related content 3 or more parcels 4 or more parcels 5 or more parcels 6 or more parcels 3: Once the condominium has been created, a disclosure statement, prepared by the creator of the condominium, is adopted and issued by the________________________.Once the condominium has been created, a disclosure statement, prepared by the creator of the condominium, is adopted and issued by the Real Estate Agency. The correct answer is "c". Show related content developer listing broker Real Estate Agency condominium manager 4: The partitioning of property involves the separation of a tract of land into ________________parcels within a calendar year when the tract of land existed as a single unit or as contiguous units under single ownership at the beginning of the year.The partitioning of property involves the separation of a tract of land into two or three parcels within a calendar year when the tract of land existed as a single unit or as contiguous units under single ownership at the beginning of the year. The correct answer is "a". Show related content two or three four five eight 5: If a subdivision cannot qualify for a certificate of exemption, the Real Estate Agency must issue a _________________________before any selling of the property occurs.If a subdivision cannot qualify for a certificate of exemption, the Real Estate Agency must issue a public report before any selling of the property occurs. The correct answer is "d". Show related content certificate of eligibility certificate of occupancy certificate of Lis Pendens public report 6: The term _______________________refers to a two-story architectural style often used in early condominiums.The term townhome refers to a two-story architectural style often used in early condominiums. The correct answer is "b". Show related content cooperative townhouse conventional margin 7: The Subdivision Control law provides for the legal separation of property within Oregon and is administered through the Oregon Real Estate Agency at the state level. It is separate and distinct from the Plat Law in that it ___________________________The Subdivision Control law provides for the legal separation of property within Oregon and is administered through the Oregon Real Estate Agency at the state level. It is separate and distinct from the Plat Law in that it regulates the marketing of subdivided property. The correct answer is "c". Show related content regulates resale condominiums regulates cooperatives regulates the marketing of subdivided property none of the above 8: The Plat Law provides for the legal separation of property within Oregon. It is regulated by the __________________________where the property is located.The Plat Law provides for the legal separation of property within Oregon. It is regulated by the local jurisdiction where the property is located. The correct answer is "a". Show related content local jurisdiction state jurisdiction local sheriff local police

Unit 1.2

1: When describing real property using the metes and bounds method- this method uses the measurement and direction of each boundary line. This is also called the _____________________________.The measurement and direction of each boundary line is also called a course and bearing for each boundary line. Township and range lines are used in the Government Survey method of describing property. The correct answer is "a". Show related content Course and bearing of each boundary line Compass bearing only of each boundary line Township of each boundary line Range line of each boundary line 2: The base of a triangle is 30 feet and the height of the triangle is 40 feet. What is the area of the triangle?30 feet x 40 feet = 1,200 square feet divided by 2 = 600 square feet. The correct answer is "a". Show related content 600 square feet 300 square feet 1200 square feet 1800 square feet 3: A township is divided up into ___________ sections.Each township is divided up into 36 sections which measure 1 mile times 1 mile. The correct answer is "c". Show related content 48 54 36 100 4: To convert smaller units of measurement to a larger one ___________________To convert smaller units of measurement to a larger one, divide by the conversion. Example - convert inches to feet. 24" divided by 12 = 2 feet. The correct answer is "a". Show related content divide by the conversion multiply by the conversion add the conversion subtract the conversion 5: In regards to a triangle, the base x height divided by 2 = _________.The base x height divided by 2 = the area of a triangle and is two dimensional. The area of a triangle is not three dimensional and cannot be the volume. The area of a triangle does not relate necessarily to the angles formed by the triangle. The correct answer is "c". Show related content angle volume area none of the above 6: A metes and bound legal description will start at _________A metes and bound legal description will start at a point of beginning which may or may not be the farthest northern boundary. Principal meridians and baselines are used for the Government Survey Method to describe property and not the metes and bounds method of describing property. The correct answer is "b". Show related content a point which is always the farthest northern boundary of the property a point of beginning a principal meridian a baseline 7: With the Government Survey method of legally describing land, the area of a township is:The area of a township is 6 miles times 6 miles which is equal to 6 miles square (not 6 square miles) or 36 square miles. The correct answer is "d". Show related content 6 square mile 6 miles square 36 square miles Both b and c 8: The plat map method for describing real property is often described as a_______________.The plat map method for describing real property is also referred to as a lot and block method. The subdivision is made up of blocks and the blocks are made up of lots. The correct answer is "a". Show related content lot and block method lot and subdivision method block and subdivision method all of the above 9: 1 acre = _________________________.1 acre = 43,560 square feet (approx. 208.8 x 208.8). The correct answer is "a" Show related content 43,560 square feet 48,111 square feet 23,900 square feet 5,280 square feet 10: _______measurements relate to volume and measure the space within a three-dimensional space.Cubic measurements relate to volume and measure the space within a three-dimensional space. Square foot measurements deal with the two dimensional surface area of a parcel and linear measurements relate to distance and are one dimensional. The correct answer is "c". Show related content square foot linear cubic all of the above 11: A square parcel of land that was 480` on one side would contain ________ acres.480 x 480 = 230,400 divided by 43,560 = 5.29 acres. The correct answer is "a" Show related content 5.29 acres 7 acres 8.2 acres 4 acres 12: Convert 60 yards to feet.Convert yards to feet. 60 yards 60 x 3 = 180 feet. The correct answer is "d". Show related content 220 feet 340 feet 110 feet 180 feet 13: One quarter of a section is _____________acres?A section = 640 acres. One quarter of a section = 160 acres. The correct answer is "b". Show related content 640 160 100 480 14: 1 square mile = ______________________1 square mile = 640 acres (5,280 x 5,280 = 27.878,400 divided by 43,560= 640). The correct answer is "a". Show related content 640 acres 120 acres 420 acres 320 acres 15: The government Survey Method of legally describing property is also known as the_________________________________.The Government Survey Method is known by all of the above terms. The correct answer is "d". Show related content Public Land Survey System Rectangular Survey Method Section and Township System All of the above

2.2

1: When making an offer to purchase a property, the buyer usually submits a good faith deposit called a/an _______________.When a buyer submits an offer to purchase a property, an earnest money deposit is usually submitted with the offer. This earnest money is intended to show that the buyer is acting in good faith and that they have a bona fide offer. While earnest money is not necessarily required to accompany an offer in most states, it is generally an accepted practice. A lease clause involves the leasing, not purchasing of property. A marketing agreement is usually an agreement with the seller on the strategy for marketing a listing. Marketable title refers to a title condition to a specific property that allows for the sale or exchange of that property. The correct answer is "b". Show related content lease clause earnest money marketing agreement marketable title 2: Earnest money can be in the form of ____________.Earnest money could be all of the above. However, many brokerages do not allow earnest money in the form of cash since tracking of the funds may be difficult. The correct answer is "d". Show related content cash check a promissory note all of the above 3: The practice of using mixed trust account funds with that of the brokerage`s regular checking account funds is called ____________.The practice of using mixed trust account funds with that of the brokerage's regular checking account funds is called conversion and is prohibited by law in most states. An encumbrance is a nonpossessory right or interest in real property held by someone other than the owner. A life estate is an estate whose duration is limited to the lifetime of a specified person or persons. A lis pendens is a recorded notice stating there is a lawsuit pending that may affect title to real property. The correct answer is "a". Show related content commingling conversion life estate an encumbrance 4: Principal broker, Joe, was holding earnest money for the Smith/Anderson transaction. The transaction was terminated and the parties could not come to agreement as to who owned the funds. Joe wanted to have the court decide the rightful owner of the funds. He filed a/an ___________________________________ with the court.Joe filed an interpleader with the court so that it could decide who was the rightful owner of the earnest money. The correct answer is "b". Show related content lis pendens interpleader disposition unlawful detainer 5: Real estate sales commissions are usually paid by the _________Real estate sales commissions are usually paid by the seller. The correct answer is "a". Show related content seller buyer lender none of the above 6: The maker of a promissory note is the __________.The maker of the promissory note is the buyer and the holder of the note is the seller. The promissory note is an instrument between the buyer and the seller and not their brokers. The correct answer is "b". Show related content seller buyer listing broker buyer's broker 1: The practice of using mixed trust account funds with that of the brokerage`s regular checking account funds is called ____________.The practice of using mixed trust account funds with that of the brokerage's regular checking account funds is called conversion and is prohibited by law in most states. An encumbrance is a nonpossessory right or interest in real property held by someone other than the owner. A life estate is an estate whose duration is limited to the lifetime of a specified person or persons. A lis pendens is a recorded notice stating there is a lawsuit pending that may affect title to real property. The correct answer is "a". Show related content commingling conversion life estate an encumbrance 2: Real estate sales commissions are usually paid by the _________Real estate sales commissions are usually paid by the seller. The correct answer is "a". Show related content seller buyer lender none of the above 3: Earnest money can be in the form of ____________.Earnest money could be all of the above. However, many brokerages do not allow earnest money in the form of cash since tracking of the funds may be difficult. The correct answer is "d". Show related content cash check a promissory note all of the above 4: When making an offer to purchase a property, the buyer usually submits a good faith deposit called a/an _______________.When a buyer submits an offer to purchase a property, an earnest money deposit is usually submitted with the offer. This earnest money is intended to show that the buyer is acting in good faith and that they have a bona fide offer. While earnest money is not necessarily required to accompany an offer in most states, it is generally an accepted practice. A lease clause involves the leasing, not purchasing of property. A marketing agreement is usually an agreement with the seller on the strategy for marketing a listing. Marketable title refers to a title condition to a specific property that allows for the sale or exchange of that property. The correct answer is "b". Show related content lease clause earnest money marketing agreement marketable title 5: Principal broker, Joe, was holding earnest money for the Smith/Anderson transaction. The transaction was terminated and the parties could not come to agreement as to who owned the funds. Joe wanted to have the court decide the rightful owner of the funds. He filed a/an ___________________________________ with the court.Joe filed an interpleader with the court so that it could decide who was the rightful owner of the earnest money. The correct answer is "b". Show related content lis pendens interpleader disposition unlawful detainer 6: The maker of a promissory note is the __________.The maker of the promissory note is the buyer and the holder of the note is the seller. The promissory note is an instrument between the buyer and the seller and not their brokers. The correct answer is "b". Show related content seller buyer listing broker buyer's broker

2.6

1: ___________________________requires that records be kept on all real estate activity.The Oregon Real Estate Agency requires that records be kept on all real estate activity. The correct answer is "a". Show related content The Oregon Real Estate Agency Oregon Attorney General HUD Oregon Fair Housing Department 2: How long must real estate records be retained in Oregon?Real estate records must be retained for six years in Oregon. The correct answer is "d". Show related content one year three years four years six years 3: A principal broker in Oregon is allowed store real estate records in _______________________, other than the main office of the principal broker or a branch office so long as certain criteria are met.A principal broker in Oregon is allowed store real estate records in a single location in Oregon, other than the main office of the principal broker or a branch office so long as certain criteria are met. The correct answer is a". Show related content a single location in Oregon multiple locations in Oregon a single location outside of the State of Oregon multiple locations outside of the State of Oregon 4: In most states, transaction files must usually be kept:In most states, transaction file must be kept at a location where the brokerage is located. A licensee may also keep a duplicate file for their own use. He correct answer is "a". Show related content At the location where the brokerage is located At the Department of Licensing At the licensee's home office None of the above 5: A transaction file should include:Everything regarding a transaction should be kept in the transaction file. This could also prove useful if there was ever a dispute of lawsuit. The correct answer if "d". Show related content All document in the transaction Notes Closing statements All of the above

7.7

1: ___________________occurs when the landlord causes a major interference with the tenant`s possession of the property. An example would be failure to fix a broken toilet and sink.Constructive eviction occurs when the landlord causes a major interference with the tenant's possession of the property. An example would be failure to fix a broken toilet and sink. The correct answer is "b". Show related content Actual eviction Constructive eviction Default eviction Illegal eviction 2: Which of the following is a duty the property manager has to a landlord?All of the above are duties a property manager has to a landlord. The correct answer is "d". Show related content Maximize profits Financial accounting Ensure the operations are within the constraints of the law and the lease agreements. All of the above 3: Which of the following is NEVER a duty of a property manager:The following would all be common duties of a property manager EXCEPT keeping records on tenants religious preferences, which could be discriminatory. The correct answer is "d". Show related content collect rents maintain property screen tenants maintain records on tenant's religion preferences 4: Which of the following is a way in which a lease can be terminated?All of the above are ways a lease can be terminated. The correct answer is "d". Show related content Destruction of the property Condemnation Illegal use of the property All of the above 5: The property manager acts as a/an ____________between the tenant and the landlord.The property manager acts as a liaison between the tenant and the landlord. The correct answer is "a". Show related content liaison fiduciary arbitrator escrow 6: The property manager also has a duty to the tenant to:The property manager also has a duty to the tenant to ensure a safe and habitable dwelling and to ensure the terms of the lease or rental agreement are carried out. The correct answer is "c". Show related content Ensure the tenant has a safe and habitable dwelling Ensure the terms of the lease or rental agreement are carried out. Both a and b Neither a nor b 7: When a tenant fails to pay the rent as per the rental agreement, the landlord is required by law to________________.call the police immediately Show related content give notice to the tenant remove the tenant from the premises immediately call the sheriff immediately call the police immediately