BM OREGON FINAL

Unit 1.3 Quiz

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: 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 3: 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 4: 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 5: 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 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: 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: 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 9: ___________ 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 10: 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 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: 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 13: 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 14: ____________________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 15: 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

Unit 5 Final

1: 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 Question 1: 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? Feedback: 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". 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. From topic: 2.14 Acknowledgment of Existing Agency Relationships Forms Question 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 ______________________. Feedback: 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". establishes an agency relationship does not establish an agency relationship he/she must represent them he/she cannot represent them From topic: 2.7 Real Estate Licensee as Seller`s Agent ORS 696.805 Question 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. Feedback: 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". A listing agreement A buyer service agreement A feasibility study Title search From topic: 2.3 Disclosed Limited Agency Question 4: _______________________________ 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. Feedback: 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". Range information Promissory information Confidential information Non-recourse information From topic: 2.2 Definitions Question 5: Jane, the seller , requested her broker, Dave, to relate some confidential information to the buyers. What should Dave do? Feedback: 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". 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 From topic: 2.2 Definitions Question 6: A broker is a person who: Feedback: All of the above describe a broker. The correct answer is "d". 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 From topic: 1.5 Representation (Agency) and Fiduciary Relationships Question 7: The person who hires or appoints an agent to act on their behalf is called a: Feedback: The person who hires or appoints an agent to act on their behalf is called a principal. The correct answer is "b". closing agent principal dual agent universal agent From topic: 1.5 Representation (Agency) and Fiduciary Relationships Question 8: A fiduciary relationship is basically defined as the duty to deal with a client in _________________. Feedback: 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". trust and confidentiality trust and neutrality trust and impartially none of the above From topic: 1.6 Fiduciary Relationship Question 9: A broker owes a client and a customer the following duties: Feedback: A broker owes a client and a customer all of the above duties. The correct answer is "d". to deal honestly and fairly to account for all monies handled to disclose any material facts all of the above From topic: 1.6 Fiduciary Relationship Question 10: 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 __________________. Feedback: Janet has a conflict with seller agency. Janet puts her own best interests before that of the Smiths. The correct answer is "b". buyer agency conflict seller agency conflict dual agency conflict none of the above and Janet is not in conflict with agency

Unit 1.6

1: 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 2: 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 3: 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 4: A list of all properties subject to foreclosure is prepared in_______ of each year for accounts with property taxes three years delinquent.A list of all properties subject to foreclosure is prepared in July of each year for accounts with property taxes three years delinquent. Lien holders may ask to be notified if a certain property is subject to foreclosure. The correct answer is "b". Show related content September July March February 5: The amount of general property taxes imposed on property is based on____________.The amount of general property taxes imposed on property is based on two factors: the assessed value of the property and the tax rate. The governor does not set the local property tax rates. The correct answer is "d". Show related content The tax rate The assessed value of the property The rate set by the governor Both a and b 6: 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 7: ____________________value is the price a buyer will pay and a seller will accept for a property under reasonable and ordinary conditions. Neither the buyer or the seller is under any pressure to complete the transaction.While all of the above are useful in the valuation of property, the fair market value is the price a buyer will pay and a seller will accept for a property under reasonable and ordinary conditions. The correct answer is "c". Show related content Capitalized Income Fair market Use 8: 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 9: 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 10: 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 11: In many cases, the taxpayer who has land situated in a disaster area and whose land is adversely affected by the disaster area may, _____________of each year, elect to defer the taxes levied on the land of the taxpayer for that year.In many cases, the taxpayer who has land situated in a disaster area and whose land is adversely affected by the disaster area may, on or before September 1st of each year, elect to defer the taxes levied on the land of the taxpayer for that year. The correct answer is "b". Show related content on or before February 1st on or before September 1st on or before November 1st on or before December 1st 12: 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 13: 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 14: 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 15: Bancroft Bonding Act allows property owners to pay special assessments ________________.The Bancroft Bonding Act allows property owners to pay special assessments off in a lump sum or gives them a choice to make installment payments. This aids in easing the financial burden of the property owner by not having to pay the special assessment all at once. The correct answer is "c". Show related content in a lump sum in installment payments Both a and b Neither a nor b 1: 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 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: ____________________value is the price a buyer will pay and a seller will accept for a property under reasonable and ordinary conditions. Neither the buyer or the seller is under any pressure to complete the transaction.While all of the above are useful in the valuation of property, the fair market value is the price a buyer will pay and a seller will accept for a property under reasonable and ordinary conditions. The correct answer is "c". Show related content Capitalized Income Fair market Use 4: 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 5: The amount of general property taxes imposed on property is based on____________.The amount of general property taxes imposed on property is based on two factors: the assessed value of the property and the tax rate. The governor does not set the local property tax rates. The correct answer is "d". Show related content The tax rate The assessed value of the property The rate set by the governor Both a and b 6: 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 7: If personal property taxes are not paid by the date shown on the delinquency notice, the tax collector may _______________.If not paid by the date shown on the delinquency notice, the tax collector may issue a warrant, creating a judgment against the taxpayer or may seize and sell the personal property. The correct answer is "c". Show related content issue a warrant creating a judgment seize and sell the property either a or b neither a nor b 8: 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 9: The homestead exemption applies to:The homestead exemption applies to all of the above. In addition, it would also apply to floating home, land to which these structures are attached and prepaid residential leases. The correct answer is "d". Show related content single family homes condominiums manufactured homes all of the above 10: 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 11: To qualify for a veteran`s property tax exemption, the veteran must meet all of the following criteria except:A veteran must meet all of the following criteria stated in a,b,c as well as, the veteran or the veteran's spouse must own it (although they need not own the property free and clear of liens), and the veteran must have been honorably discharged. The veteran does not have to have a spouse or children living on the property. The correct answer is "d". Show related content A veteran must reside on the property The veteran must have served either 90 consecutive days during wartime, prior to February 1, 1955, or 210 consecutive days after that date, unless discharged sooner because of a service-related injury or illness. The veteran must also be certified as being at least 40% disabled. If the disability is not service related, the veteran must have income below set limits and the exemption is for a lower amount than if the disability was service related. The veteran must apply for the exemption by April 1st each year in order to claim the exemption for the next coming tax year. The veteran must not be single and must have a spouse or children living with him/her. 12: 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 13: 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 14: Bancroft Bonding Act allows property owners to pay special assessments ________________.The Bancroft Bonding Act allows property owners to pay special assessments off in a lump sum or gives them a choice to make installment payments. This aids in easing the financial burden of the property owner by not having to pay the special assessment all at once. The correct answer is "c". Show related content in a lump sum in installment payments Both a and b Neither a nor b 15: Tax foreclosure of real property can occur _______after the earliest delinquency date.Tax foreclosure of real property can occur 3 years after the earliest delinquency date. For example: if taxes are delinquent on May 16th of 2008, the property will be subject to foreclose on May 16th, 2011 unless the delinquency has been cured. The correct answer ia "c". Show related content 6 month 1 year 3 years 4 years

unit 3.3

1: 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 2: A main source(s) for preparing a market analysis is:The main sources for preparing a market analysis would be all of the above. The correct answer is "d". Show related content Site information Comparable property information Market conditions All of the above 3: Real estate commissions are negotiated between_____________________________.Real estate commissions are negotiated between the seller and their broker. The correct answer is "a". Show related content the seller and their broker the seller and the closing agent the closing agent and the broker the buyer and the seller 4: 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 5: Don owns a new timeshare development consisting of 8 units. Don is required by law to provide to the purchasers of these units:Only timeshare developments of 13 or more units are subject to the timeshare public report requirements, so small timeshare developments consisting of 12 or fewer units are subject to the property condition disclosure laws. The correct answer is "b". Show related content a public report for the timeshare a property condition disclosure statements a community development statement an owner's public statement 6: 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 7: A limited amount of loan options may lead to:A limited amount of loan options may lead to a decrease in the amount of home buyers. The correct answer is "b". Show related content Increased amount of home buyers Decreased amount of home buyers Does not affect home buying Not of the above 8: A group of individuals is advertising as a real estate team. There are three persons who are licensed and three persons who are not licensed. Which statement is correct in this situation?A licensee may use "team" or "group" to advertise if the team has at least one licensed broker and they all are affiliated with the same principal broker. If there are individuals who are licensed and some who are not, the advertising must clearly state which individuals are licensed and which are not. The correct answer is "d". Show related content they cannot advertise as a team because all of the persons on the team must be licensed they can advertise as a team as they all are affiliated with the same principal broker they must identify which members of the team are licensed and which are not. Both b and c. 9: 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 10: Regarding the property disclosure statement, the listing broker _________________.Regarding the property disclosure statement, the listing broker is also responsible for what he/she knows, or should have known. The correct answer is "a". Show related content is also responsible for what he/she knows, or should have known is not responsible for the disclosure is responsible for everything on the disclosure statement none of the above 11: 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 12: 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 13: 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 14: 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 15: When money is easier to obtain:When money is easier to obtain, it is usually easier for more buyers to enter the market place. The correct answer is "a". Show related content There are usually more buyers in the market place to buy a home Prices usually fall There is usually higher unemployment None of the above

Unit 7.7

1: 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 2: All monies deposited in the trust account cannot be mixed with any operational expenses for the brokerage. The practice is called ____________________ and is illegal.All monies deposited in the trust account cannot be mixed with any operational expenses for the brokerage. The practice is called commingling and is illegal. Conversion relates to the use of one client's fund for another. Reconciliation relates to bank statements and accounts and a receipt and disbursement journal relates to a trust account. The correct answer is "b" Show related content conversion commingling reconciliation a receipt and disbursement journal 3: 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 4: Each brokerage will want to have a____________. This account handles the income and operating expenses that belong to the brokerage.Each brokerage will want to have a general account. This account handles the income and operating expenses for that brokerage. The correct answer is "a". Show related content general account trust account time certificate of deposit none of the above 5: It is customary for the ________________________ to handle earnest money.It is customary for the selling broker and their principal broker to handle earnest money. The correct answer is "a". Show related content selling broker and their principal broker listing broker and their principal broker the buyer the seller 6: 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 that the brokerage uses to handle these funds. The correct answer is "c". Show related content no very unclear strict none of the above 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: A principal broker must maintain a ledger of all trust account activity for deposits and disbursements called a ____________________________.A principal broker must maintain a ledger of all trust account activity for deposits and disbursements called a receipt and disbursement journal. The correct answer is "b". Show related content ledger receipt and disbursement journal reconciliation conversion 9: An affiliated licensee must submit all trust funds to their principal broker within ____________banking days of receipt, unless there are written instructions to the contrary.An affiliated licensee must submit all trust funds to their principal broker within three banking days of receipt, unless there are written instructions to the contrary. The correct answer is "c". Show related content one two three five 10: A local business decided to move their manufacturing plant out of the local area and to a state where it would cost them less to operate. The business employed 20,000 workers. This had a devastating effect on the local economy and the real estate industry. Given these conditions, a local property management brokerage chose to_____________________.Given the negative effect on the economy, the property management company would choose to halt expansion. The Correct answer is "a". Show related content halt expansion increase expansion remain stable none of the above 11: The purpose of a/an ____________________ is to have the brokerage( or if the operating report is for an individual licensee) is to track the operations of the firm or individual.The purpose of an operating report is to have the brokerage( or if the operating report is for an individual licensee) is to track the operations of the firm or individual. The correct answer is "a". Show related content operating report staff performance feasibility 12: Insurance companies determine the level or risk when issuing business insurance policies. This is referred to as:Insurance companies determine the level of risk when issuing business insurance policies. This is referred to as underwriting. The correct answer is "c". Show related content a deductible a premium underwriting policy determination 13: Successful industries anticipate________________________________________.Successful industries anticipate a need and attempt to fill this need as soon as it is possible. The correct answer is "c". Show related content a need and attempt to fill this need as soon as it is possible both a and b neither a nor b 14: 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 15: Conditions which might affect a local property management firm might be:All of the above would affect a local property management firm. The correct answer is "d". Show related content The cost of money (interest rates) The number of licensees entering or exiting the business Changes in demography All of the above 1: The broker has _________banking days from the time they receive funds to turn into the principal broker.The principal broker has three banking days from the time they receive the funds to deposit it into the trust account. The correct answer is "c". Show related content one two three five 2: 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 3: 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 4: Cash receipts from property management activity in Oregon must be in duplicate form and must be___________________________.Cash receipts from property management activity in Oregon must be in duplicate form and must be consecutively numbered. The correct answer is "a". Show related content consecutively numbered stored for at least 10 years given to the Commissioner given to the Agency 5: 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 6: 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 7: Conditions which might affect a local property management firm might be:All of the above would affect a local property management firm. The correct answer is "d". Show related content The cost of money (interest rates) The number of licensees entering or exiting the business Changes in demography All of the above 8: 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 9: 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 10: 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 11: All monies deposited in the trust account cannot be mixed with any operational expenses for the brokerage. The practice is called ____________________ and is illegal.All monies deposited in the trust account cannot be mixed with any operational expenses for the brokerage. The practice is called commingling and is illegal. Conversion relates to the use of one client's fund for another. Reconciliation relates to bank statements and accounts and a receipt and disbursement journal relates to a trust account. The correct answer is "b" Show related content conversion commingling reconciliation a receipt and disbursement journal 12: 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 13: 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 14: The purpose of a/an ____________________ is to have the brokerage( or if the operating report is for an individual licensee) is to track the operations of the firm or individual.The purpose of an operating report is to have the brokerage( or if the operating report is for an individual licensee) is to track the operations of the firm or individual. The correct answer is "a". Show related content operating report staff performance feasibility 15: 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

Unit 3.2

1: John has been a broker in Oregon for five years. He just passed a 40 hour Brokerage Administration and Sales Supervision course. What type of license would John most likely be applying for?John has been a broker for more than three years and has passed a 40 hour Brokerage Administration and Sales Supervision course. Both are required to be a principal broker. The correct answer is "a". Show related content principal broker license broker license property management broker license none of the above 2: A licensee surrendered her license. What must she do to get it back?A surrendered license may not be renewed. The former licensee must reapply and meet all the licensing qualifications required of new license applicants. The correct answer is "d". Show related content Retake the exam only pay a $400 penalty Both a and B She must start all over again as if she was a new applicant. 3: 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 4: Pete is selling a business for Tim who does not own the property where the business is located. He has an assignable lease for 5 years. Pete:Because there is a lease involved with the sale of the business, according to Oregon license law, Pete must have a real estate license to sell the business. Pete does not need to be a principal broker to sell the business. The correct answer is "b". Show related content needs at least a principal broker's license to sell the property needs at least a broker's license to sell the property an appraiser's to sell the property no license to sell the property 5: Bill negotiated the sale of a property while he was in Tigard, Oregon. The property was located in Lynnwood, Washington. In this situation:Professional real estate activity requiring an Oregon real estate license would include transactions negotiated in Oregon, but also including real property located outside of Oregon such as Washington when negotiated in Oregon. The correct answer is "a". Show related content the Oregon license law applies because the property was negotiated while Bill was in Oregon the Oregon license law applies because Washington is considered a northwest state. the Oregon license law does not apply because the property was in another state none of the above 6: A principal broker applicant must have all of the following except:A principal broker must have all of the above except that they are not required to have a property management broker's license. The correct answer is "d". Show related content 3 years of active real estate activity or the equivalent passed the 40 hour Brokerage Administration and Sales Supervision course the applicant must designate and register a place of business and/or a business name under which he will be conducting professional real estate activity. a property management broker license 7: When a broker becomes a principal broker in Oregon, they have their choice of any of the below options except:All of the above would be options for a principal broker in Oregon except becoming a real estate broker in any of the 50 states. The correct answer is "d". Show related content Remaining licensed as a broker associated with his principal broker Becoming licensed as the principal broker of his own firm Becoming licensed as a principal broker associated with another principal broker, and is given the authority supervise licensees in that brokerage firm. Becoming a real estate broker in any of the 50 states 8: 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 9: A non-resident license authorizes the Agency to inspect and examine all transaction closing records, trust account records and other documents pertaining to professional real estate activity that is conducted in_________________.A non-resident license authorizes the Agency to inspect and examine all transaction closing records, trust account records and other documents pertaining to professional real estate activity that is conducted in Oregon State. The correct answer is "d". Show related content any state any country the state where the non-resident lives Oregon State 10: If the manufactured home is to be sold separately from the land, whether the land is owned by the owner of the manufactured home or the manufactured home is located on leased space, the manufactured home is considered__________________________.If the manufactured home is to be sold separately from the land, whether the land is owned by the owner of the manufactured home or the manufactured home is located on leased space, the manufactured home is considered personal property. The correct answer is "b". Show related content real property personal property could be either a or b neither a nor b 11: 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 12: 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 13: 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. 14: To renew an active license the licensee must provide proof that they have completed ____hours of continuing education within the preceding ____________period.To renew an active license the licensee must provide proof that they have completed 30 hours of continuing education within the preceding two year period. The correct answer is "b". Show related content 20, two year 30, two year period 30, one year period 45, two year period 15: 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 16: ______________________________is a structure usually built in a controlled environment (a factory) and designed to be transported to another location.A manufactured home is a structure usually built in a controlled environment (a factory) and designed to be transported to another location. The correct answer is "d". Show related content A stick built home A home built on a slab foundation A home that is a single story stick built home A manufactured home 17: 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 18: 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 19: 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 20: 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 1: Lynn`s birthday is April 24th. She was issued her first license on September 15th, 2020. When will her first license expire?All licenses are issued for a two-year term expiring at the end of the licensee's birth month, the second year after issuance. The correct answer is "a". Show related content Her first license will expire on April 30th, 2022 Her first license will expire on April 30th, 2023 Her first license will expire on September 15th 2022 Her first license will expire on April 24th, 2022 2: 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 3: A_________________ is a real estate broker who is also allowed to engage in professional real estate activity and is authorized to employ, supervise and train other real estate licensees in sales, options, property management and other real estate related activityA principal broker a real estate broker who is also allowed to engage in professional real estate activity and is authorized to employ, and supervise and train other real estate licensees in sales, options, property management and other real estate related activity. Show related content broker principal broker licensed property manager manufactured home broker 4: To renew an active license the licensee must provide proof that they have completed ____hours of continuing education within the preceding ____________period.To renew an active license the licensee must provide proof that they have completed 30 hours of continuing education within the preceding two year period. The correct answer is "b". Show related content 20, two year 30, two year period 30, one year period 45, two year period 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: 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 7: If the manufactured home is to be sold separately from the land, whether the land is owned by the owner of the manufactured home or the manufactured home is located on leased space, the manufactured home is considered__________________________.If the manufactured home is to be sold separately from the land, whether the land is owned by the owner of the manufactured home or the manufactured home is located on leased space, the manufactured home is considered personal property. The correct answer is "b". Show related content real property personal property could be either a or b neither a nor b 8: 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. 9: A non-resident license authorizes the Agency to inspect and examine all transaction closing records, trust account records and other documents pertaining to professional real estate activity that is conducted in_________________.A non-resident license authorizes the Agency to inspect and examine all transaction closing records, trust account records and other documents pertaining to professional real estate activity that is conducted in Oregon State. The correct answer is "d". Show related content any state any country the state where the non-resident lives Oregon State 10: John has been a broker in Oregon for five years. He just passed a 40 hour Brokerage Administration and Sales Supervision course. What type of license would John most likely be applying for?John has been a broker for more than three years and has passed a 40 hour Brokerage Administration and Sales Supervision course. Both are required to be a principal broker. The correct answer is "a". Show related content principal broker license broker license property management broker license none of the above 11: 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 12: 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 13: 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 14: 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 15: The term "value" as used in a competitive market analysis or letter opinion is the estimated worth or price for a specific property and is not intended to mean or imply the "value" was arrived at by ______________________________________.The term "value" as used in a competitive market analysis or letter opinion is the estimated worth or price for a specific property and is not intended to mean or imply the "value" was arrived at by any method of appraisal. The correct answer is "a". Show related content any method of appraisal. a surveyor a structural inspector an abstract of title. 16: 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 17: 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 18: 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 19: The term "real estate" as used in Oregon license law applies to:The term "real estate" as used in Oregon license law applies to real property, an interest or estate in real property, including leaseholds, timeshares estates and timeshare licenses, freehold estate and non-freehold estates. The correct answer is "d". Show related content real property leases timeshares all of the above 20: 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 1: 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 2: An applicant for an Oregon real estate license does not need to be a resident of Oregon An individual who is not a resident of Oregon can obtain a license in the same way as an Oregon resident. Under certain circumstances, he/she can obtain a _________________. This individual resides in and holds a real estate in another state or country.An applicant for an Oregon real estate license does not need to be a resident of Oregon An individual who is not a resident of Oregon can obtain a license in the same way as an Oregon resident. Under certain circumstances, he/she can obtain a non-resident . This individual resides in and holds a real estate in another state or country. The correct answer is "b". Show related content brokers non-resident license property manager license a notary license 3: Bill negotiated the sale of a property while he was in Tigard, Oregon. The property was located in Lynnwood, Washington. In this situation:Professional real estate activity requiring an Oregon real estate license would include transactions negotiated in Oregon, but also including real property located outside of Oregon such as Washington when negotiated in Oregon. The correct answer is "a". Show related content the Oregon license law applies because the property was negotiated while Bill was in Oregon the Oregon license law applies because Washington is considered a northwest state. the Oregon license law does not apply because the property was in another state none of the above 4: 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% 5: Pete is selling a business for Tim who does not own the property where the business is located. He has an assignable lease for 5 years. Pete:Because there is a lease involved with the sale of the business, according to Oregon license law, Pete must have a real estate license to sell the business. Pete does not need to be a principal broker to sell the business. The correct answer is "b". Show related content needs at least a principal broker's license to sell the property needs at least a broker's license to sell the property an appraiser's to sell the property no license to sell the property 6: 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 7: 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 8: The term "real estate" as used in Oregon license law applies to:The term "real estate" as used in Oregon license law applies to real property, an interest or estate in real property, including leaseholds, timeshares estates and timeshare licenses, freehold estate and non-freehold estates. The correct answer is "d". Show related content real property leases timeshares all of the above 9: When a broker becomes a principal broker in Oregon, they have their choice of any of the below options except:All of the above would be options for a principal broker in Oregon except becoming a real estate broker in any of the 50 states. The correct answer is "d". Show related content Remaining licensed as a broker associated with his principal broker Becoming licensed as the principal broker of his own firm Becoming licensed as a principal broker associated with another principal broker, and is given the authority supervise licensees in that brokerage firm. Becoming a real estate broker in any of the 50 states 10: 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 11: 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 12: This license is a "stand alone" license in that the broker does not need to have a regular broker`s license before attaining this license.The real estate property manager license restricts the licensee to those activities related to property management. This license may be considered a broker license limited to property management. The property manager license prohibits the licensee from engaging in any of the following: sales of real property, listing of real property, or options on real property. This license will allow the broker to work independently and without the affiliation or supervision of a principal broker. This license is a "stand alone" license in that the broker does not need to have a regular broker's license before attaining this license. The correct answer is "c". Show related content broker principal broker property manager none of the above 13: Oregon law may allow an appointment of a ______________to oversee the orderly conclusion of the affairs of existing clients of a deceased principal broker.Oregon law may allow an appointment of a temporary license to oversee the orderly conclusion of the affairs of existing clients of a deceased principal broker. The correct answer is "b". Show related content Commissioner temporary license either a or b neither a nor b 14: A copy of any written agreement creating an agency relationship between a real estate broker or principal real estate broker and a client that must be ___________________.A copy of any written agreement creating an agency relationship between a real estate broker or principal real estate broker and a client that must be signed by all parties to the agreement. The correct answer is "b". Show related content stored for 10 years signed by all parties to the agreement. signed by at least one party notarized 15: 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. 16: 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 17: The fee for the renewal of an active license is ______.The fee for the renewal of an active license is $300. The correct answer is "a". Show related content $300 $110 $100 $95 18: 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 19: A person with a _______________is authorized to engage in all professional real estate activity for the public. He/she may engage in professional real estate activity only in association with a principal real estate broker.A person with a real estate broker license is authorized to engage in all professional real estate activity for the public. He/she may engage in professional real estate activity only in association with a principal real estate broker. He/she must be licensed with a principal broker and falls under their control and supervision. The correct answer is "a". Show related content broker license property manager license vehicle dealers license all of the above 20: 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 1: A copy of any written agreement creating an agency relationship between a real estate broker or principal real estate broker and a client that must be ___________________.A copy of any written agreement creating an agency relationship between a real estate broker or principal real estate broker and a client that must be signed by all parties to the agreement. The correct answer is "b". Show related content stored for 10 years signed by all parties to the agreement. signed by at least one party notarized 2: A person with a _______________is authorized to engage in all professional real estate activity for the public. He/she may engage in professional real estate activity only in association with a principal real estate broker.A person with a real estate broker license is authorized to engage in all professional real estate activity for the public. He/she may engage in professional real estate activity only in association with a principal real estate broker. He/she must be licensed with a principal broker and falls under their control and supervision. The correct answer is "a". Show related content broker license property manager license vehicle dealers license all of the above 3: Oregon law may allow an appointment of a ______________to oversee the orderly conclusion of the affairs of existing clients of a deceased principal broker.Oregon law may allow an appointment of a temporary license to oversee the orderly conclusion of the affairs of existing clients of a deceased principal broker. The correct answer is "b". Show related content Commissioner temporary license either a or b neither a nor b 4: Bill negotiated the sale of a property while he was in Tigard, Oregon. The property was located in Lynnwood, Washington. In this situation:Professional real estate activity requiring an Oregon real estate license would include transactions negotiated in Oregon, but also including real property located outside of Oregon such as Washington when negotiated in Oregon. The correct answer is "a". Show related content the Oregon license law applies because the property was negotiated while Bill was in Oregon the Oregon license law applies because Washington is considered a northwest state. the Oregon license law does not apply because the property was in another state none of the above 5: 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 6: 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 7: 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 8: A broker must be licensed and associated with a principal broker for ___________________before applying to become a principal broker.A broker must be licensed and associated with a principal broker for at least three years before applying to become a principal broker. The correct answer is "a". Show related content at least three years at least two years at least one year at least six months 9: 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 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: Lynn`s birthday is April 24th. She was issued her first license on September 15th, 2020. When will her first license expire?All licenses are issued for a two-year term expiring at the end of the licensee's birth month, the second year after issuance. The correct answer is "a". Show related content Her first license will expire on April 30th, 2022 Her first license will expire on April 30th, 2023 Her first license will expire on September 15th 2022 Her first license will expire on April 24th, 2022 12: 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 13: 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. 14: 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 15: 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 16: 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 17: A licensee surrendered her license. What must she do to get it back?A surrendered license may not be renewed. The former licensee must reapply and meet all the licensing qualifications required of new license applicants. The correct answer is "d". Show related content Retake the exam only pay a $400 penalty Both a and B She must start all over again as if she was a new applicant. 18: 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 19: 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 20: 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

Unit 1.7

1: Like federal law, some state laws will require a developer or broker that is selling the lots or condominiums to give a _____________________to each buyer no later than the Signing of a purchase and sale agreement.Some state laws will require a developer or agent that is selling the lots or condominiums to give to each buyer a public offering statement no later than the signing of a purchase and sale agreement. The correct answer is 'a". Show related content public offering statement seller's property disclosure statement buyer broker agreement copy of the listing agreement 2: The person who records a declaration is called a/an_________________.The person who records a declaration is called a declarant. When the declaration is recorded, it converts the property to a number of single estates with an individual deed. The correct answer is "a". Show related content declarant HOA president unit owner maintenance manger 3: The Federal Coastal Zone Management Act assists coastal states in developing and implementing programs for managing their coastal lands. It is also known as:The Federal Coastal Zone Management Act (known as CZM, or CZMA) assists coastal states in developing and implementing programs for managing their coastal lands. The correct answer is "d". Show related content CZM CZMA FCZ Both a and b 4: 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 5: A ____________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 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. Typical easement holders are land trusts that may be managed by non-profit organizations or the government. The correct answer is "b". Show related content license conservation easement building code certificate of occupancy 6: A developer doesn`t need to register with HUD and is exempt if there are less than _____ lots in the subdivision.A developer need not register with HUD and is exempt if there are less than 25 lots in the subdivision. Other exemptions would include subdivisions in which each lot has at least 20 acres, lots sold only to contractors, builders or developers, lots on which a building has already been erected or where a sales contract will obligate the seller to build one within two years, lots leased for a term of no more than five years. The correct answer is "b". Show related content 10 25 50 100 7: 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 8: 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 9: The Federal Water Pollution Control Act is also known as the _____________.The Federal Water Pollution Control Act, also known as the Clean Water Act, sets standards for water quality and wastewater treatment processes. States are required meet these standards. The correct answer is "b". Show related content Federal Water Act Clean Water Act Both a and b neither a nor b 10: 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 11: 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 12: HOA is an acronym for ____________________________.HOA is an acronym for homeowner's association. It is most commonly found with condominium complexes, but can also be used for other forms of housing as well. The correct answer is "a". Show related content Homeowner's association Homeowner's affiliates Homeowner's affidavit Homeowner's appraisal 13: 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 14: _________________is the act of setting aside, property as streets, utility easements, school sites, parks and recreational facilities for the public.Dedication is the act of setting aside, property as streets, utility easements, school sites, parks and recreational facilities for the public. Partitioning and subdividing relates to the dividing up of a larger parcel of into smaller parcels and negotiating refers to the advertising and promotion of a lot or parcel. The correct answer is "c". Show related content Partitioning Subdividing Dedication Negotiating 15: Unlike other investments, property ownership is_____________.Unlike many other investments, property ownership is not usually highly liquid. It takes longer to sell a property than it does most other investments. Investing in property may or may not yield a higher or lower return on your investment. The correct answer is "a". Show related content not highly liquid is usually highly liquid always producing a higher return is never producing a higher return 1: 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 2: 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 3: _____________regulates partitions and subdivisions and approves of any street or roads created for the purpose of partitioning.Local government regulates partitions and subdivisions and approves of any street or roads created for the purpose of partitioning. The correct answer is "a". Show related content Local government State government Federal government None of the above 4: The _______________ has the authority to regulate the separation of land into smaller block or lots (parcels).The local city or county government has the authority to regulate the separation of land into smaller block or lots (parcels). The correct answer is "c". Show related content federal government state government local city or county government Both a and b 5: _______________________ laws regulate the sale of land for development.Both federal and state laws regulate the sale of land for development. The Interstate Land Sales Full Disclosure Act (ILSA) is the federal law. Each state may have different names for their laws. The correct answer is "c". Show related content Federal State Both a and b Neither a nor b 6: 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 7: The Federal Coastal Zone Management Act assists coastal states in developing and implementing programs for managing their coastal lands. It is also known as:The Federal Coastal Zone Management Act (known as CZM, or CZMA) assists coastal states in developing and implementing programs for managing their coastal lands. The correct answer is "d". Show related content CZM CZMA FCZ Both a and b 8: 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 9: NEPA is administered by the ________________________.NEPA is administered by the Environmental Protection Agency (EPA). The correct answer is "a". Show related content Environmental Protection Agency (EPA) Federal Trade Commission (FTC) Department of Justice (DOJ) Department of the Interior 10: 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 11: The purpose of a ____________is to manage growth and land use in an organized fashion to benefit the city or the county and its citizens.An unlawful detainer action relates to a landlord requesting that the tenant be evicted. Price fixing is the cooperative setting of prices by competing firms and is a violation of the Anti-trust Act. The Truth in Lending Act allows consumers to compare loan costs. The purpose of a comprehensive plan is to manage growth and land use in an organized fashion to benefit the city or the county and its citizens. The correct answer is "a". Show related content comprehensive plan unlawful detainer price fixing Truth in Lending Act 12: 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 13: The Federal Water Pollution Control Act is also known as the _____________.The Federal Water Pollution Control Act, also known as the Clean Water Act, sets standards for water quality and wastewater treatment processes. States are required meet these standards. The correct answer is "b". Show related content Federal Water Act Clean Water Act Both a and b neither a nor b 14: 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 15: Economic factors may have a roll in whether people decide to buy property. Which of the following economic factors would have an impact on the public when deciding to buy?All of the above would play a role on the ownership of property. In addition, other factors such as the stock and bond markets, the return on other investments and the cost of renting might also have an impact. The correct answer is "d". Show related content employment legislative measures the cost of construction and labor all of the above

Unit 4.9

1: One mile equals __________ rods.One mile equals 320 rods. The correct answer is "c". Show related content 110 220 320 5,280 2: 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 3: 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 4: 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 5: How many square feet in a lot 210` by 180`?210' x 180' = 37,800 square feet. The correct answer is "c". Show related content 27,800 27,900 37,800 37,900 6: If the diameter of a circular driveway is 50 feet, what is the circumference?50 feet X 3.14 = 157 foot circumference. The correct answer is "b". Show related content 150 foot circumference 157 foot circumference 158 foot circumference 159 foot circumference 7: 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 8: 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 9: Linda owns a lot measuring 60 ft. x 150 ft. The city puts in a new street on the front and the side of his house and assesses her 8 cents per square foot based on the area of this lot. Her cost is what?To arrive at this answer, figure out the area first -- 150' x 60' = 9,000 sq. ft. Then multiply that by the assessed amount (8 cents), and this is what you'll have: 9,000 x .08 = $720 The correct answer is "c". Show related content $57.60 $67.50 $720.00 $875.00 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: Convert 28% to a decimal. The answer is ____________________.When converting percentages to decimals move the decimal point two places to the left. The correct answer is "a". Show related content .28 2.8 28 280 12: One Township equals _______ sections.One Township equals 36 sections. The correct answer is "d". Show related content 24 28 32 36 13: 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 14: For most types of real property, the profit realized on a sale is considered a __________________________.For most types of real property, the profit realized on a sale is considered a capital gain. The answer is "a". Show related content capital gain capital loss deferred gain either a or b. 15: 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 16: When a married couple files a joint return and each spouse has lived in the home as a main home two of the past five years and has not excluded any gain on the sale of another home in the past two years,______________________________________.When a married couple files a joint return and each spouse has lived in the home as a main home two of the past five years and has not excluded any gain on the sale of another home in the past two years, the exemption is a total of $500,000 of the gain. The correct answer is "d". Show related content the exemption is a total of $100,000 of the gain the exemption is a total of $200,000 of the gain the exemption is a total of $250,000 of the gain the exemption is a total of $500,000 of the gain 17: The property sold for $400,000 with a 6% commission. How much was the total commission?Convert 6% to a decimal = .06. then $400,000 x .06 = $ 24,000. The correct answer is "c". Show related content $18,000 $20,000 $24,000 $38,000 18: For you to take a home mortgage interest deduction, your debt must be __________________________.For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. The correct answer is "a". Show related content secured by a qualified home unsecured by a qualify home free and clear both b and c 19: 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 20: Dan sold his property for $600,000 which is a 14% profit from what he paid for it. How much did Dan originally pay for the property?C = T x P $600,000 = "T" then x 114% (100% + 14% = 114% converted to a decimal of 1.14) $600,000 divided by 1.14 = $526,315. Dan paid $526,315 for the property. The correct answer is "d". Show related content $270,200 $350,100.50 $3710,000.80 $526,315.79 21: 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 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: If a circular water tank with a diameter of 20 feet was 4 foot tall, how many cubic feet of water could it hold?The diameter is 20 feet divided by 2 = a radius of 10 feet. 10' X 10' = 100; 100 X 3.14 = 314 square feet. 314 X 4 foot tall = 1,256 cubic foot capacity. the correct answer is "a". Show related content 1,256 1,344 2,444 2,550 24: If the radius is 40 feet, what is the square feet of the circle?40 x 40 = 1600. 1600 x 3.14 = 5024. The correct answer is "d". Show related content 2229 3324 4324 5024 25: 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

Unit 1.10

1: 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 2: 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 3: Non-judicial foreclosure is conducted only when a ___________________exists in a deed of trust/mortgage.Non-judicial foreclosure is conducted only when a power of sale clause exists in deed of trust/mortgage. This clause allows the borrower to pre-authorize the sale of property to pay off the balance loan in the incidence of their default. The correct answer is "a". Show related content power of sale clause partial release clause blanket release clause power of attorney clause 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: A short sale can have advantages to the lender such as:There may be advantages and disadvantages for a lender on a short sale. The above are some of the advantages. It can be less costly than a foreclosure, which is a "make sense" business choice for the lender. They may also be able to minimize or avoid legal fees which can be very costly. Also, there are many issues involving vacant REO (Real Estate Owned) properties. A real estate owned property is one in which the lender has taken back the property. Examples of these issues can include vandalism, environmental issues such as mold and moisture, and city violations for improper property maintenance. The correct answer is "d". Show related content A short sale is usually less costly than a foreclosure thus minimizing losses. Can minimize legal fees The lender doesn't have to deal with property maintenance issues should the property become bank owned. All of the above 12: 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 13: 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 14: 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 15: 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

Unit 7 Final

1: 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 2: ___________________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 3: 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 4: 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 5: _______________________________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) 6: 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 7: 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 8: _____________________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 9: 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 10: 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 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: 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 13: ______________________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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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 40: 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 41: 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 42: 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 43: _________________________ 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 44: 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 45: 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 46: 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 47: 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 48: 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 49: _______________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 50: 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 51: 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 52: 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 53: 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 54: 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 55: 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 56: 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 57: 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 58: 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 59: 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 60: 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 Question 1: What is an identifying code? Feedback: 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". 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 From topic: 1.3 Oregon Administrative Rules Question 2: A property manager must not engage in the management of rental real estate without a ___________________________________between the owner and the property manager. Feedback: 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". listing agreement disclosure agreement written, unexpired property management agreement recourse From topic: 1.6 Property Management Agreements Question 3: Placement of trust funds received by a property manager must be placed in a _____________________________________trust account. Feedback: 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". federally insured interest-bearing state insured bank account the broker's personal account none of the above From topic: 1.8 Clients` Trust Account and Security Deposits Account Requirements Question 4: Any amendment or addendum to the property management agreement must be in writing and include: Feedback: By Oregon statute any amendment or addendum to the property management agreement must include all of the above. The correct answer is "d". 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 From topic: 1.7 Property Management Agreements cont. Question 5: 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 ________________________________________. Feedback: 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". the purchase of real estate the sale of real estate exchanges of real estate All of the above From topic: 1.31 Licensing Requirements Question 6: Can a non-licensed individual who performs certain property management functions be exempt from being licensed? Feedback: 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". 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 From topic: 1.32 Exemptions from Licensing Question 7: 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. Feedback: 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". 10 days 15 days 30 days 60 days From topic: 1.24 Compliance Reviews and Mail-in Audits Question 8: _____________________means an Agency audit of a clients' trust account based on information and documents prepared by a property manager and mailed to the Agency. Feedback: 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". Mail-in audit Mail-in affidavit Mail-in deposition Mail-in conversion From topic: 1.24 Compliance Reviews and Mail-in Audits Question 9: The Agency will provide a property manager with written notice at least ___________ business days before conducting a compliance review. Feedback: 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". 3 5 10 20 From topic: 1.24 Compliance Reviews and Mail-in Audits Question 10: A Landlord Tenant Act can be: Feedback: 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". A federal law A state law Both a and b Neither a nor b From topic: 2.2 Background Question 11: Which of the following would be an exclusion to the Oregon Residential Landlord and Tenant Act? Feedback: All of the above would be excluded from the Oregon Residential Landlord Act. The correct answer is "d". motel hotel living in some institutions all of the above From topic: 2.5 Exclusions Question 12: The landlord has ______________after termination of the rental agreement to refund all deposits due. Feedback: The landlord has 30 days after termination of the rental agreement to refund all deposits due. The correct answer is "c". 10 days 20 days 30 days 45 days From topic: 2.3 Responsibilities of the Landlord Question 13: Deposit money may not be claimed by the landlord to cover ______________________. Feedback: Deposit money may not be claimed by the landlord to cover ordinary wear and tear by the tenant. The correct answer is "a". ordinary wear and tear by the tenant pet damage damages to the structure damages to the appliances From topic: 2.3 Responsibilities of the Landlord Question 14: In a month-to-month lease, the landlord can raise the rent after providing __________________notice. Feedback: In a month-to-month lease, the landlord can raise the rent after providing 30 days notice. The correct answer is "c". 10 days 20 days 30 days 60 days From topic: 2.3 Responsibilities of the Landlord Question 15: For a mobile home space or floating home the landlord must give each tenant a minimum of ________written notice to increase the rent. Feedback: 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". 20 days 25 days 45 days 90 days From topic: 2.3 Responsibilities of the Landlord Question 16: 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. Feedback: 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". 12 hours 24 hours 48 hours 60 hours From topic: 2.3 Responsibilities of the Landlord Question 17: A property manager should manage each property with the ______________ objectives in mind. Feedback: A property manager should manage each property with the owner's objectives in mind. The correct answer is "a". owner's tenant's property manager's none of the above From topic: 3.2 Introduction Question 18: ______________________the owner's profits should always be kept in mind. Feedback: Maximizing the owner's profits should always be kept in mind. The correct answer is "b". Minimizing Maximizing Sharing Both a and c From topic: 3.2 Introduction Question 19: 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? Feedback: 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". residential office industrial agricultural From topic: 3.4 Categories of Property Management cont. Question 20: Which of the following would be a concern for an owner who is leasing retail property? Feedback: All of the above would be concerns for an owner of a retail property. The correct answer is "d". tenant mix parking accessibility All of the above From topic: 3.4 Categories of Property Management cont. Question 21: A study that shows the viability of a business venture is called a ________________ study. Feedback: A study of the viability of a business venture is called a feasibility study. The correct answer is "b". appropriation feasibility rebate committee From topic: 3.7 Feasibility Study Question 22: A feasibility study should be performed by a qualified individual who has ___________. Feedback: A feasibility study should be performed by a qualified individual who has expertise in the industry. The correct answer is "a". expertise in the industry familiarity with arbitrage familiarity with foreign exchange students none of the above From topic: 3.7 Feasibility Study Question 23: It is important to understand your clients to determine: Feedback: All of the above are important factors to know about your clients. The correct answer is "d". If you are meeting their needs Their objectives Understand demand All of the above From topic: 3.6 How to Create a Market Analysis for Property Management Question 24: These leases are sometimes straight, flat or fixed leases. They are called a__________________. Feedback: A gross lease is also referred to as a straight, flat or fixed lease. The correct answer is "b". percentage lease gross lease ground lease net lease From topic: 4.2 Types of Leases Question 25: Step leases are also known as: Feedback: Step leases are also known as graduated leases. The correct answer is "a". Graduated leases Net leases Ground leases Gross leases From topic: 4.2 Types of Leases Question 26: 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? Feedback: 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". net lease net net lease net net net lease gross lease From topic: 4.2 Types of Leases Question 27: Which of the following might be a reason for a landlord to have a graduated lease? Feedback: 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". 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 From topic: 4.2 Types of Leases Question 28: With a __________________the tenant pays a base monthly rent plus some of the expenses. Feedback: With a net lease the tenant pays a base monthly rent plus some of the expenses. The correct answer is "a". net lease gross lease percentage ground From topic: 4.2 Types of Leases Question 29: With a cost-of-living lease: Feedback: A cost-of-living lease could increase rent with a rise in inflation or a cost of living increase. The correct answer is "c". 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 From topic: 4.2 Types of Leases Question 30: The tenant leases the land and constructs a building on it. What type of lease is this? Feedback: When the tenant leases the land and constructs a building on it, this is known as a ground lease. The correct answer is "b". gross lease ground lease percentage lease net lease From topic: 4.2 Types of Leases Question 31: The tenant pays a base amount and a percentage of gross income. What type of lease is this? Feedback: 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". gross lease percentage lease net lease net net lease From topic: 4.2 Types of Leases Question 32: An estate for years is a lease for a_____________________________. Feedback: Unlike the name implies, estate for years is a lease for a fixed period of time. The correct answer is "a". fixed period of time exactly one year exactly two years a person's lifetime From topic: 4.2 Types of Leases Question 33: Leasehold estates are considered less than freehold estates. The person holding the leasehold is referred to as the ____________________________. Feedback: 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". tenant, lessee landlord, lessor mortgagor, borrower mortgagee, lender From topic: 5.2 Property Management and Agency Question 34: The property manager acts as a liaison between the tenant and the landlord. However, the property manager most likely has ___________________________________. Feedback: 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". an agency relationship with just one of the parties an agency relationship with both parties none of the above a customer relationship with both parties From topic: 5.2 Property Management and Agency Question 35: _________________________ is an agency where a property owner hires a broker to procure a tenant for their property: Feedback: Landlord representation is an agency where a property owner hires a broker to procure a tenant for their property. The correct answer is "b". Tenant representation Landlord representation Customer representation of the tenant none of the above From topic: 5.2 Property Management and Agency Question 36: The property manager has a duty to the landlord to maximize their profits, financial accounting of the operations and to ensure the operations are __________________________________. Feedback: 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". within the constraints of the law within the constraints of the lease agreement dominated by the wishes of the tenant both a and b From topic: 5.2 Property Management and Agency Question 37: With respect to the management of funds, property management, almost more than any other real estate activity, involves _____________________________________________. Feedback: 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". management of numerous funds disbursements and deposits of funds detailed bookkeeping all of the above From topic: 5.7 Importance of Knowing Your Brokerage`s Policy on Property Management Question 38: 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_______________________________________. Feedback: Bob brings suit against him for divulging confidential client information. The correct answer is "a". for divulging confidential client information being truthful being loyal being faithful From topic: 5.6 Tenant Representation Question 39: The property manager acts as a/an ____________between the tenant and the landlord. Feedback: The property manager acts as a liaison between the tenant and the landlord. The correct answer is "a". liaison fiduciary arbitrator escrow From topic: 6.2 Purpose of Property Management Question 40: Which of the following is NEVER a duty of a property manager: Feedback: 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". collect rents maintain property screen tenants maintain records on tenant's religion preferences From topic: 6.2 Purpose of Property Management Question 41: Which of the following is a duty the property manager has to a landlord? Feedback: All of the above are duties a property manager has to a landlord. The correct answer is "d". Maximize profits Financial accounting Ensure the operations are within the constraints of the law and the lease agreements. All of the above From topic: 6.2 Purpose of Property Management Question 42: Which of the following is a way in which a lease can be terminated? Feedback: All of the above are ways a lease can be terminated. The correct answer is "d". Destruction of the property Condemnation Illegal use of the property All of the above From topic: 6.4 Ways in which a Leasehold Can be Terminated Question 43: _______________occurs when the landlord removes the tenant from the property. Feedback: Actual eviction occurs when the landlord removes the tenant from the property. The correct answer is "a". Actual eviction Constructive eviction Illegal eviction Both b and c From topic: 6.5 Default and Eviction in Residential Leases Question 44: ___________________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. Feedback: 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". Actual eviction Constructive eviction Default eviction Illegal eviction From topic: 6.5 Default and Eviction in Residential Leases Question 45: Default in a residential lease could be caused__________________________. Feedback: Default in a residential lease could be caused by a tenant or a landlord. The correct answer is "c". by a tenant by a landlord Either a or b Neither a nor b From topic: 6.5 Default and Eviction in Residential Leases Question 46: The practice of mixing trust account funds with that of the brokerage's regular checking account funds is called ____________. Feedback: 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". commingling lis pendens life estate an encumbrance From topic: 7.3 Trust Accounts Question 47: 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. Feedback: 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". general account client's trust account general savings account all of the above From topic: 7.3 Trust Accounts Question 48: All monies held for others must be deposited into a: Feedback: All monies held for others must be deposited into a trust account. The correct answer is "c". general savings account general checking account trust account revolving credit account From topic: 7.6 Deposits into Trust Accounts Question 49: When a brokerage opens a trust account, they must notify the financial institution, in writing,_______________________________. Feedback: 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". 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 From topic: 7.4 Notice to the Financial Institution Question 50: The brokerage must notify the Real Estate Agency of all trust accounts. This notification must be on a form approved by the____________________________. Feedback: 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". attorney general Commissioner governor bank From topic: 7.5 Notice to the Real Estate Agency Question 51: Checks from the trust account must bear the words _____________________ and be pre-numbered. Feedback: Checks from the trust account must bear the words "client's trust account" and be pre-numbered. The correct answer is "c". ledger savings account client's trust account equity line of credit From topic: 7.8 Record of Receipts and Disbursements cont. Question 52: Principal broker, Jane, used money from the brokerage trust account to pay for her administrative assistant. Jane would be guilty of___________________________. Feedback: 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". commingling conversion steering red-lining From topic: 7.12 Disbursement from Trust Accounts Question 53: Within _______________of a property management agreement termination, the property manager must disburse all funds to the parties entitled to the funds. Feedback: 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". 10 days 20 days 30 days 60 days From topic: 7.16 Termination of a Property Management Agreement Question 54: All security deposits are required to be kept in a _____________________by the landlord or an authorized representative of the landlord. Feedback: 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". trust account general checking account savings account equity line of credit account From topic: 7.19 Security Deposit Question 55: When economic conditions are very good, _____________may be a positive managerial move. Feedback: When economic conditions are very good, expansion may be a positive managerial move. The correct answer is "a". expansion contraction static growth closing a business From topic: 7.21 Budgeting for Property Management Firms Question 56: _______________________________is intended to promote accuracy and guard the privacy of the information used in consumer reporting. Feedback: 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". The Fair Credit Reporting Act (FCRA) The Family Credit Reporting Act (FCRA) The Federal Credit Reporting Act (FCRA) The Federal Credit Recording Act (FCRA) From topic: 8.3 Federal Fair Housing and Non-discrimination Statutes Question 57: There are ________________major national credit reporting agencies (CRAs) Feedback: There are three major national credit reporting agencies (CRAs). There are Experian, Equifax NS Trans Union. The correct answer is "b". two three four five From topic: 8.2 Screening and Advertising Question 58: The federal Civil Rights Act of 1866 prohibits all _________ discrimination in the sale or rental of property. Feedback: The federal Civil Rights Act of 1866 prohibits all racial discrimination in the sale or rental of property. The correct answer is "b". age racial sexual military discharge status From topic: 8.5 Administration and Enforcement of Fair Housing and Protected Classes Question 59: The Civil Rights Act of 1968 expands the definition of discrimination to include not only race, but also national origin, color, and ______. Feedback: 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". religion military discharge status sexual disability From topic: 8.3 Federal Fair Housing and Non-discrimination Statutes Question 60: Agencies responsible for the enforcement of the fair housing laws are: Feedback: Agencies responsible for the enforcement of the fair housing laws are both state and federal agencies. The correct answer is "c". state agencies only federal agencies only both a and b neither a nor b

Unit 4.1

1: 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 2: When a borrower receives the Loan Estimate Form from their closed-end lender, it is best to:The most important aspect of the Loan Estimate Form is to compare it with the final Closing Disclosure form to see if there are any major changes to the applied for loan. Show related content show it to their lawyer save it to compare with the Closing Disclosure statement show it to the broker under a listing contract send a copy to the CFPB 3: 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 4: The Truth in Lending Act (TILA) is a United States federal law designed to protect consumers in credit transactions by ____________________.All of the above are required by TILA to protect consumers in credit transactions. The correct answer is "d". Show related content requiring clear disclosure of key terms of the lending arrangement and all costs. promoting the informed use of consumer credit by requiring disclosures about its terms, and costs associated with borrowing requiring the credit terms and interest rate must be stated be a certain manner in the advertisements of loans. all of the above 5: 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 6: 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 7: 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 8: A CLUE report may:A CLUE report may "run with the property" or "run with the person". The correct answer is "c". Show related content "run with the property" "run with the person" Both a and b Neither a nor b 9: The NFIP program is administered by ____________________________________.The NFIP program is administered by FEMA. The correct answer is "b". Show related content Environmental Protection Agency (EPA) Federal Emergency Management Agency FEMA Department of Justice (DOJ) Federal Trade Commission (FTC) 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: Under the TRID Rules, real estate licensees:TRID does not impose any specific responsibilities upon real estate licensees. However, your knowledge of these rules are necessary to help your client. Show related content must fill out the LE application for the client advise clients on establishing legal requirements must deliver LE Forms to their client have no responsibilities, but are suggested to know required regulations 18: ______________________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 19: Which of the following agencies is in charge of the TRID Rules for borrower disclosure?The Consumer Financial Protection Bureau has been given the responsibility of regulating mortgage and trust deed closed-end loans in behalf of the borrower. Show related content Federal Trade Commission Federal Reserve Consumer Financial Protection Bureau HUD 20: 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 1: Last minute negotiations between the buyer and seller will pose a significant risk to:It would trigger a new 3 day, 10 day, and 3 day time period delaying closing. Show related content the lender by delaying closing or starting over the buyer by delaying closing or starting over the seller of delaying closing or starting over all parties to a real estate loan and the real estate transaction 2: 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 3: 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 4: A CLUE report may:A CLUE report may "run with the property" or "run with the person". The correct answer is "c". Show related content "run with the property" "run with the person" Both a and b Neither a nor b 5: 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 6: 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 7: 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 8: 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 9: 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 10: Page 1 of the Closing Disclosure (CD) Form shows the loan costs. Which of the following is not a loan cost?Insurance is not always an expense of the loan. Private mortgage insurance, principal and interest, and PITI loan requirements are part of the loan. Show related content Loan principal and interest monthly amount Private mortgage insurance (if required by the lender) Total PITI loan requirements (if required by the lender) going into an escrow account for principal, interest, property taxes, and homeowner insurance The insurance agent for the homeowners policy 11: 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 12: A borrower may rescind the loan within three days of signing mortgage loan papers. If the time has already passed, and the lender has filed a foreclosure action against the borrower, then the borrower has _____________________from discovery to rescind the loan based upon the lender`s violations of the Truth in Lending Act.A borrower may rescind the loan within three days of signing mortgage loan papers. If the time has already passed, and the lender has filed a foreclosure action against the borrower, then the borrower has three years from discovery to rescind the loan based upon the lender's violations of the Truth in Lending Act. The correct answer is "b". Show related content two years three years five years six years 13: ______________________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 14: Which of the following agencies is in charge of the TRID Rules for borrower disclosure?The Consumer Financial Protection Bureau has been given the responsibility of regulating mortgage and trust deed closed-end loans in behalf of the borrower. Show related content Federal Trade Commission Federal Reserve Consumer Financial Protection Bureau HUD 15: 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 16: 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 17: 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 18: 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 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: 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

Unit 4.8

1: 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 2: 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 3: 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 4: 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 5: The assessed value of the property is $600,000. The tax rate is 1.5%. What is the annual tax?R x A = T R = 1.5% A = $600,000 $600,000 x 1.5% converted to $600,000 x .015 = $9,000 is the annual tax. The correct answer is "d". Show related content $5,000 $5,129 $8,226 $9,000 6: 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 7: A lenders role in the pre-qualification/pre-approval process in relationship to the closing process is:A lenders role in the pre-qualification/pre-approval process in relationship to the closing process is extremely important. The correct answer is "a". Show related content Extremely important Not at all important Only important if the buyer is paying cash Only important if the buyer is from a foreign country 8: 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% 9: 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 10: 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% 11: The value of the property is $300,000. The tax annual tax on the property is $5,000. What is the tax rate?R = A divided by M A = 5,000 M = $300,000 $5,000 divided by $300,000 = .016 converted to 1.6%. The tax rate is 1.6%. The correct answer is "d". Show related content 1% 1.3% 1.5% 1.6% 12: The assessed value of the property is $440,000. The tax rate is 1.5%. What is the annual tax?R x A = T R = 1.5% A = $440,000 $440,000 x 1.5% converted to $440,000 x .015 = $6,600 is the annual tax. The correct answer is "c". Show related content $5,000 $5,129 $6,600 $9,000 13: 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 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 property may affect:The value or price of a home may affect the type of loan needed by the buyer. An example would be a property with a price of $800,000. A buyer making a down payment of 20% would leave a loan balance of $640,000 which would require a jumbo loan product. The correct answer is "a". Show related content The type of loan needed by the buyer The type of closing agent that must be used The type of title insurance company which will insure the property The decision to have the property inspected by a structural inspector 16: 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 17: 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 18: New credit is ____ percent of your credit scoreNew credit is ____ percent of your credit score Show related content 10 25 40 60 19: Which of the following have a role in the type of loan that a borrower may obtain?All of the above have an important role in which loan a buyer may obtain. The correct answer is "d". Show related content Value of the property Borrower's qualifications Borrower's credit scores All of the above 20: 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

Unit 1.5

1: 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 2: ________________________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 3: When documentation that involves the sale of real property is placed in escrow, this means that:An escrow agent is an agent chosen by the parties to a transaction to represent both of them as a neutral third party. He/she holds all documents to the transaction until all terms are met. The correct answer is "c". Show related content it will be submitted to a court of law the real estate brokers are no longer involved in the transaction an escrow agent, chosen by the parties, hold the documents until all of the terms and conditions of the purchase and sale agreement have been met. the deed to the property will be delivered to the purchaser within three business days 4: When a cloud on a title is removed by court action, this is known as:In the event persons are not willing or cannot cooperative in removing title defects, legal action can be taken to remove the cloud on the title. Court action taken to remove a cloud on title is called a quiet title action. This occurs when one property claimant challenges one or more people in a court to determine who is the rightful legal owner. It is intended to "quiet" the conflicting claims on the property, eliminating any ambiguities in the title. The correct answer is "a". Show related content A Quiet Title Action A Contract for Sale A lis pendens None of the above 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: Title insurance policies are issued by title companies and in most states they are regulated under the ____________for each state.Title insurance policies are issued by title companies and in most states they are regulated under the insurance commissioner for each state. The correct answer is "b". Show related content department of licensing real estate division insurance commissioner department of financial institutions department of the treasury 15: When a title search shows that there is a break in the chain of title, this could best be corrected by: 1: 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 2: 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 3: 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 4: 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 5: 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 6: The escrow agent has a fiduciary responsibility to_______________, requiring that he/she protect the interests of each party and take certain precautions in performing his duties.The escrow agent has a fiduciary responsibility to both parties, requiring that he/she protect the interests of each party and take certain precautions in performing his duties. These fiduciary responsibilities might include, confidentiality and impartiality to each party. The correct answer is "c". Show related content the buyer the seller both parties the lender 7: 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 8: An abstract of title is a:An abstract of title is a summary of the various instruments affecting the property (conveyances, wills, judicial proceedings, liens and other encumbrances, etc.) in chronological order of the date of recording. It does not guarantee the validity of title as it merely describes items that have been recorded. The correct answer is "a". Show related content history of the title title insurance survey of the property deed 9: When a cloud on a title is removed by court action, this is known as:In the event persons are not willing or cannot cooperative in removing title defects, legal action can be taken to remove the cloud on the title. Court action taken to remove a cloud on title is called a quiet title action. This occurs when one property claimant challenges one or more people in a court to determine who is the rightful legal owner. It is intended to "quiet" the conflicting claims on the property, eliminating any ambiguities in the title. The correct answer is "a". Show related content A Quiet Title Action A Contract for Sale A lis pendens None of the above 10: The best way to discover a defect in a recorded title to real property is to:A title search is an examination of the public records to determine if any defects are in the title. It's normally carried out by a title company. The correct answer is "d". Show related content hire an attorney have the property surveyed obtain an opinion from a structural inspector perform a title search 11: 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 12: Who chooses the title company that will insure the property?Both the buyer and the seller choose the title company. Their choice is stated in the purchase and sale agreement. The correct answer is "c" Show related content The buyer The seller Both the buyer and the seller The escrow agent 13: 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 14: The proration dates for the seller and buyer__________________.The proration dates for the seller and buyer must match. On a proration, the buyer pays for their share of the items they will use and the seller pays for their share of the items that they used. Taxes, interest and insurances might be some examples of prorations. The correct answer is "c". Show related content must be different by 30 days must to different by 60 days must match none of the above 15: 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 1: When a cloud on a title is removed by court action, this is known as:In the event persons are not willing or cannot cooperative in removing title defects, legal action can be taken to remove the cloud on the title. Court action taken to remove a cloud on title is called a quiet title action. This occurs when one property claimant challenges one or more people in a court to determine who is the rightful legal owner. It is intended to "quiet" the conflicting claims on the property, eliminating any ambiguities in the title. The correct answer is "a". Show related content A Quiet Title Action A Contract for Sale A lis pendens None of the above 2: 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 3: 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 4: An abstract of title is a:An abstract of title is a summary of the various instruments affecting the property (conveyances, wills, judicial proceedings, liens and other encumbrances, etc.) in chronological order of the date of recording. It does not guarantee the validity of title as it merely describes items that have been recorded. The correct answer is "a". Show related content history of the title title insurance survey of the property deed 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: 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 7: 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 8: 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 9: ________________________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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 1: 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 2: 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 3: 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 4: 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 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_______________, requiring that he/she protect the interests of each party and take certain precautions in performing his duties.The escrow agent has a fiduciary responsibility to both parties, requiring that he/she protect the interests of each party and take certain precautions in performing his duties. These fiduciary responsibilities might include, confidentiality and impartiality to each party. The correct answer is "c". Show related content the buyer the seller both parties the lender 7: 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 8: 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 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: 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 11: 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 12: 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 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: ________________________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 15: Who chooses the title company that will insure the property?Both the buyer and the seller choose the title company. Their choice is stated in the purchase and sale agreement. The correct answer is "c" Show related content The buyer The seller Both the buyer and the seller The escrow agent

Unit 3.7

1: 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 2: 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 3: When a broker is working with a buyer or seller, but not representing them, this is referred to as___________________________________.When a broker is working with a buyer or seller, but not representing them, this is referred to as a non-agency or facilitator agency. The correct answer is "d". Show related content non agency dual agency facilitator agency Both a and c 4: 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 5: 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 6: Agency by Estoppel is also known as_________________________________.Agency by Estoppel is also known as ostensible agency. The correct answer is "d". Show related content implied agency express agency written agency ostensible agency 7: 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 8: A licensee is an agent for their principal broker, and the principal broker is an agent for the principal (buyer or seller). When working with a the seller, the licensee is a/an_________________.A licensee is an agent for their principal broker, and the principal broker is an agent for the principal (buyer or seller). In this situation, the licensee is a sub-agent. The correct answer is "b". Show related content agent sub-agent disclosed limited agent seller agent 9: ________________________________ 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 10: 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 11: ________________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 12: 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 13: 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 14: ______________________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 15: ___________________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 16: _______________________________means a real property transaction in which the representation of a buyer and a seller or the representation of two or more buyers within the same real estate brokerage.Disclosed limited agency means a real property transaction in which the representation of a buyer and a seller or the representation of two or more buyers within the same real estate brokerage. The correct answer is "a". Show related content Disclosed limited agency Single agency Universal agency Stable agency 17: 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 18: The maker (the buyer) promises to pay the holder of the note (the seller) an amount which may include________________________.The maker (the buyer) promises to pay the holder of the note (the seller) an amount which may include interest or installment payments. The correct answer is "c". Show related content interest payments installment payments either a or b neither a nor b 19: The real estate broker is employed by the buyer to act in the buyer`s best interest and the agent has a fiduciary responsibility to act in the buyer`s best interests and owes confidentiality, loyalty, full disclosure and dedication to purpose to the buyer. This is an example of ________________________________________.The real estate broker is employed by the buyer to act in the buyer's best interest and the agent has a fiduciary responsibility to act in the buyer's best interests and owes confidentiality, loyalty, full disclosure and dedication to purpose to the buyer. This is an example of buyer agency. The correct answer is "b". Show related content seller agency buyer agency dual agency facilitator agency 20: ____________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 21: 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 22: 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 23: 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 24: Real property also includes a________________________ if it is owned by the same person who owns the land upon which the structure is situated.Real property also includes a manufactured structure if it is owned by the same person who owns the land upon which the structure is situated. A cooperative is not real property. The correct answer is "a". Show related content manufactured structure Cooperative Both a and b neither a nor b 25: 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 1: 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 2: Real property also includes a________________________ if it is owned by the same person who owns the land upon which the structure is situated.Real property also includes a manufactured structure if it is owned by the same person who owns the land upon which the structure is situated. A cooperative is not real property. The correct answer is "a". Show related content manufactured structure Cooperative Both a and b neither a nor b 3: 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 4: 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 5: ___________________________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 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: _______________________________means a real property transaction in which the representation of a buyer and a seller or the representation of two or more buyers within the same real estate brokerage.Disclosed limited agency means a real property transaction in which the representation of a buyer and a seller or the representation of two or more buyers within the same real estate brokerage. The correct answer is "a". Show related content Disclosed limited agency Single agency Universal agency Stable agency 8: 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 9: Agency by Estoppel is also known as_________________________________.Agency by Estoppel is also known as ostensible agency. The correct answer is "d". Show related content implied agency express agency written agency ostensible agency 10: ________________________________means a principal broker who has authority and is responsible for a registered business name.Authorized licensee means a principal broker who has authority and is responsible for a registered business name. The correct answer is "a". Show related content Authorized licensee Real Estate Agency Court appointed Both a and b a nor b 11: 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 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: 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 14: 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 15: 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 16: 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 17: 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 18: If the principal broker reviews such document in hard copy, the principal broker or principal broker who manages the branch office must_____________________________.If the principal broker reviews such document in hard copy, the principal broker or principal broker who manages the branch office must initial and date the document in writing at the time of review. The correct answer is "a". Show related content initial and date the document in writing at the time of review file the paperwork with the Real Estate Agency Both a and b Neither a nor b 19: A real estate licensee whose license is on inactive status may not engage in professional_________________________________.A real estate licensee whose license is on inactive status may not engage in professional real estate activity. The correct answer is "d". Show related content property management lease options sales all of the above 20: 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 21: The listing broker knows that the lowest amount that the seller would be willing to accept is $ 319,000 for their home. During an open house, a potential buyer visits and asks the listing broker "what is the lowest price that the seller will take for this home?" How should the listing broker respond?The listing broker should tell the potential buyer to make a solid good offer. The correct answer is "c". Show related content Tell the potential buyer that the lowest price the seller is accept is $319,000. Tell the potential buyer that the lowest price the seller will accept is $400,000 so that the commission will be greater Tell the potential buyer to make a solid good offer none of the above 22: A licensee is an agent for their principal broker, and the principal broker is an agent for the principal (buyer or seller). When working with a the seller, the licensee is a/an_________________.A licensee is an agent for their principal broker, and the principal broker is an agent for the principal (buyer or seller). In this situation, the licensee is a sub-agent. The correct answer is "b". Show related content agent sub-agent disclosed limited agent seller agent 23: 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 24: If the license has had a status other than active for __________or more consecutive years, the licensee must comply with the reactivation requirements of OAR 863-014-0065If the license has had a status other than active for two or more consecutive years, the licensee must comply with the reactivation requirements of OAR 863-014-0065. The correct answer is "b". Show related content 1 2 3 4 25: 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 1: 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 2: 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 3: Licensees are ____________for their principal broker.Licensees are sub agents for their principal broker. The correct answer is "c". Show related content principals exemption agent sub-agents habendum agents 4: The real estate broker is employed by the buyer to act in the buyer`s best interest and the agent has a fiduciary responsibility to act in the buyer`s best interests and owes confidentiality, loyalty, full disclosure and dedication to purpose to the buyer. This is an example of ________________________________________.The real estate broker is employed by the buyer to act in the buyer's best interest and the agent has a fiduciary responsibility to act in the buyer's best interests and owes confidentiality, loyalty, full disclosure and dedication to purpose to the buyer. This is an example of buyer agency. The correct answer is "b". Show related content seller agency buyer agency dual agency facilitator agency 5: ______________________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 6: _______________________________means a real property transaction in which the representation of a buyer and a seller or the representation of two or more buyers within the same real estate brokerage.Disclosed limited agency means a real property transaction in which the representation of a buyer and a seller or the representation of two or more buyers within the same real estate brokerage. The correct answer is "a". Show related content Disclosed limited agency Single agency Universal agency Stable agency 7: Real property also includes a________________________ if it is owned by the same person who owns the land upon which the structure is situated.Real property also includes a manufactured structure if it is owned by the same person who owns the land upon which the structure is situated. A cooperative is not real property. The correct answer is "a". Show related content manufactured structure Cooperative Both a and b neither a nor b 8: 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 9: ________________________________ 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 10: When a broker is working with a buyer or seller, but not representing them, this is referred to as___________________________________.When a broker is working with a buyer or seller, but not representing them, this is referred to as a non-agency or facilitator agency. The correct answer is "d". Show related content non agency dual agency facilitator agency Both a and c 11: The maker (the buyer) promises to pay the holder of the note (the seller) an amount which may include________________________.The maker (the buyer) promises to pay the holder of the note (the seller) an amount which may include interest or installment payments. The correct answer is "c". Show related content interest payments installment payments either a or b neither a nor b 12: 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 13: 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 14: 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 15: 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 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 listing broker knows that the lowest amount that the seller would be willing to accept is $ 319,000 for their home. During an open house, a potential buyer visits and asks the listing broker "what is the lowest price that the seller will take for this home?" How should the listing broker respond?The listing broker should tell the potential buyer to make a solid good offer. The correct answer is "c". Show related content Tell the potential buyer that the lowest price the seller is accept is $319,000. Tell the potential buyer that the lowest price the seller will accept is $400,000 so that the commission will be greater Tell the potential buyer to make a solid good offer none of the above 18: The type of agency should be disclosed to the principal______________.The type of agency should be disclosed to the principal as soon as possible. The principal needs to understand who is or is not representing them. The correct answer is "c". Show related content anything before the transaction closes after all contingencies have been met as soon as possible does not need to be disclosed 19: 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 20: 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 21: If the license has had a status other than active for __________or more consecutive years, the licensee must comply with the reactivation requirements of OAR 863-014-0065If the license has had a status other than active for two or more consecutive years, the licensee must comply with the reactivation requirements of OAR 863-014-0065. The correct answer is "b". Show related content 1 2 3 4 22: ___________________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 23: 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 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: 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

Unit 4.4

1: 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 2: Sheriff`s sales will require either cash to be paid at the time of sale, or a substantial deposit, with the balance paid later that same day or___________________________.Sheriff's sales will require either cash to be paid at the time of sale, or a substantial deposit, with the balance paid later that same day or up to 30 days after the sale. The correct answer is "a". Show related content up to 30 days after the sale up to 60 days after the sale up to 90 days after the sale up to 120 days after the sale 3: 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 4: The right to pay off the debt prior to foreclosure in an installment sale is called a/an _____________________________________________.The right to pay off the debt prior to foreclosure in an installment sale is called an equitable right of redemption. The correct answer is "b". Show related content right of redemption equitable right of redemption right of option right of specific performance 5: 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 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.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 7: A power of sale clause in a deed of trust allows:A power of sale clause allows the trustee to sell the property should the borrower default. The correct answer is "a". Show related content The trustee to sell the property should the borrower default Grants the borrower a 90 day grace period for late payments Allows the borrower to sell the property after foreclosure None of the above 8: An instrument in which a mortgagor (i.e. the borrower) voluntarily conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure is called a/an;An instrument in which a mortgagor (i.e. the borrower) voluntarily conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure is called a deed in lieu of foreclosure. The correct answer is "b". Show related content Notice of Default Deed in Lieu of Foreclosure A Trustees Deed Foreclosure by Court Action 9: Filing for bankruptcy ___________________________foreclosure.Filing for bankruptcy only temporarily stops foreclosure. The correct answer is "a". Show related content only temporarily stops permanently stops never delays has no effect 10: A short sale can have advantages to the lender such as:All of the above can be advantages to the lender on a short sale. The correct answer is "d". Show related content A short sale is usually less costly than a foreclosure thus minimizing losses. Can minimize legal fees The lender doesn't have to deal with property maintenance issues should the property become bank owned. 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: Some legitimate housing counselors may charge small fees, but fees that amount to thousands of dollars are likely a sign of___________________________.Some legitimate housing counselors may charge small fees, but fees that amount to thousands of dollars are likely a sign of potential fraud. The correct answer is "c". Show related content declining property values increasing property values potential fraud government intervention 13: ______________________________________________________________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 14: 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 15: 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 1: The right to pay off the debt prior to foreclosure in an installment sale is called a/an _____________________________________________.The right to pay off the debt prior to foreclosure in an installment sale is called an equitable right of redemption. The correct answer is "b". Show related content right of redemption equitable right of redemption right of option right of specific performance 2: 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 on a property, the negotiations for a short sale become increasingly more difficult. The correct answer is "a". Show related content lender owner building easement 3: An instrument in which a mortgagor (i.e. the borrower) voluntarily conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure is called a/an;An instrument in which a mortgagor (i.e. the borrower) voluntarily conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure is called a deed in lieu of foreclosure. The correct answer is "b". Show related content Notice of Default Deed in Lieu of Foreclosure A Trustees Deed Foreclosure by Court Action 4: A power of sale clause in a deed of trust allows:A power of sale clause allows the trustee to sell the property should the borrower default. The correct answer is "a". Show related content The trustee to sell the property should the borrower default Grants the borrower a 90 day grace period for late payments Allows the borrower to sell the property after foreclosure None of the above 5: 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 6: Jack had a meeting with the Browns, who had a residence in Eugene, OR. Mr. Brown lost his job and they were behind on their payments. The Browns asked Jack if a short sale was the best alternative for them. How should Jack respond?Jack should discuss their alternatives and suggest they seek professional legal and tax advice. He should not choose the alternatives for his client and should not give them legal or tax advice. The correct answer is "a". Show related content discuss their alternatives and suggest they seek professional legal and tax advice tell them a short sale will be the best thing for them and have better tax consequences than other alternatives tell them a short sale will bring them more net proceeds than other alternatives tell them they should not do a short sale and should walk away from the property and let it foreclose. 7: Sheriff`s sales will require either cash to be paid at the time of sale, or a substantial deposit, with the balance paid later that same day or___________________________.Sheriff's sales will require either cash to be paid at the time of sale, or a substantial deposit, with the balance paid later that same day or up to 30 days after the sale. The correct answer is "a". Show related content up to 30 days after the sale up to 60 days after the sale up to 90 days after the sale up to 120 days after the sale 8: A short sale can have advantages to the lender such as:All of the above can be advantages to the lender on a short sale. The correct answer is "d". Show related content A short sale is usually less costly than a foreclosure thus minimizing losses. Can minimize legal fees The lender doesn't have to deal with property maintenance issues should the property become bank owned. All of the above 9: 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 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: Filing for bankruptcy ___________________________foreclosure.Filing for bankruptcy only temporarily stops foreclosure. The correct answer is "a". Show related content only temporarily stops permanently stops never delays has no effect 12: 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 13: 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 14: 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 15: 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 1: 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 2: 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 3: 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 4: What government agency offers foreclosure avoidance counseling?HUD offers foreclosure avoidance counseling. The correct answer is "a" Show related content HUD EPA DOJ FBI 5: 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 on a property, the negotiations for a short sale become increasingly more difficult. The correct answer is "a". Show related content lender owner building easement 6: 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 7: 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 8: Filing for bankruptcy ___________________________foreclosure.Filing for bankruptcy only temporarily stops foreclosure. The correct answer is "a". Show related content only temporarily stops permanently stops never delays has no effect 9: A short sale can have advantages to the lender such as:All of the above can be advantages to the lender on a short sale. The correct answer is "d". Show related content A short sale is usually less costly than a foreclosure thus minimizing losses. Can minimize legal fees The lender doesn't have to deal with property maintenance issues should the property become bank owned. All of the above 10: 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 11: 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 12: Sheriff`s sales will require either cash to be paid at the time of sale, or a substantial deposit, with the balance paid later that same day or___________________________.Sheriff's sales will require either cash to be paid at the time of sale, or a substantial deposit, with the balance paid later that same day or up to 30 days after the sale. The correct answer is "a". Show related content up to 30 days after the sale up to 60 days after the sale up to 90 days after the sale up to 120 days after the sale 13: A power of sale clause in a deed of trust allows:A power of sale clause allows the trustee to sell the property should the borrower default. The correct answer is "a". Show related content The trustee to sell the property should the borrower default Grants the borrower a 90 day grace period for late payments Allows the borrower to sell the property after foreclosure None of the above 14: 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 15: 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

Unit 3.6

1: 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 2: 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 3: 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 4: 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 5: 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 6: Real estate licensees who sell business opportunities should have a solid working knowledge of:Real estate licensees who sell business opportunities should have a solid working knowledge of the Uniform Securities Act and the Uniform Commercial Code (UCC). The correct answer is "c". Show related content Uniform Commercial Code (UCC) Uniform Securities Act Both a and b Neither a nor b 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: 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 9: 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 10: 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 11: 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 12: 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 13: Other components of a CMA are:All of the above are important components of a CMA. In addition, other considerations such as, proximity to the site property, amenities similar to the site property, property condition, market conditions and the economy, and the number of similar homes on the market (affecting supply and demand), among other things. The correct answer is "d". Show related content Number of bedrooms and bathrooms Days on the market Year Built All of the above 14: Many brokerages do not have a commission split. They charge their licensees a _____________rate to be affiliated with the brokerage. The fee is not related to the licensee`s production.Many brokerages do not have a commission split. They charge their licensees a flat monthly rate to be affiliated with the brokerage. The fee is not related to the licensee's production. The correct answer is "a". Show related content flat monthly capped commission percentage commission incremental cap 15: If the comparable has less of something then there should be:If a comparable property has more of something than the site then adjustments to the comparable are deducted. If a comparable has less of something than the site, then adjustments are increased on the comparable. The correct answer is "a". Show related content An adjustment in the form of an increase to the comparable An adjustment in the form of a decrease to the comparable No adjustment since it is understood that all properties are unique An adjustment to the site in the form of an increase 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: 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 3: A real estate licensee who is an independent contractor may be able to deduct __________ from their federal income tax return.A real estate licensee who is an independent contractor may be able to deduct business elated expenses from their federal income tax return. The correct answer is "b". Show related content Vacations for pleasure to France Business related expenses Non-business related expenses None of the above 4: 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 5: 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 6: 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 7: 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 8: The most common specialization in real estate for licensees is _________________.The most common specialization in real estate for licensees is residential real estate. The correct answer is "b". Show related content commercial real estate residential real estate business opportunities auctions 9: 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 10: 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 11: 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 12: When many similar properties are being auctioned, auctioneers often use a__________.When many similar properties are being auctioned, auctioneers often use a pooled design model. The winning bidder of a given round is given a choice among all the unclaimed (pooled) properties. The correct answer is "c". Show related content separate design model comparable design model pooled design model segregated design model 13: Medical insurance and social security are examples of what type of expense?Self-employment costs would include medical insurance, social security, costs associated with filing self employed taxes, costs of a bookkeeper, liability insurance etc. The correct answer is "c". Show related content Capital expense Client base expense Self-employment expense None of the above 14: 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 15: 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 1: 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 2: 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 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: 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 5: 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 6: 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 7: 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 8: 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 9: 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. 10: 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 11: Many brokerages do not have a commission split. They charge their licensees a _____________rate to be affiliated with the brokerage. The fee is not related to the licensee`s production.Many brokerages do not have a commission split. They charge their licensees a flat monthly rate to be affiliated with the brokerage. The fee is not related to the licensee's production. The correct answer is "a". Show related content flat monthly capped commission percentage commission incremental cap 12: Medical insurance and social security are examples of what type of expense?Self-employment costs would include medical insurance, social security, costs associated with filing self employed taxes, costs of a bookkeeper, liability insurance etc. The correct answer is "c". Show related content Capital expense Client base expense Self-employment expense None of the above 13: Other components of a CMA are:All of the above are important components of a CMA. In addition, other considerations such as, proximity to the site property, amenities similar to the site property, property condition, market conditions and the economy, and the number of similar homes on the market (affecting supply and demand), among other things. The correct answer is "d". Show related content Number of bedrooms and bathrooms Days on the market Year Built All of the above 14: A real estate licensee who is an independent contractor may be able to deduct __________ from their federal income tax return.A real estate licensee who is an independent contractor may be able to deduct business elated expenses from their federal income tax return. The correct answer is "b". Show related content Vacations for pleasure to France Business related expenses Non-business related expenses None of the above 15: 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

Unit 1.4 quiz

1: ______________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 2: Another name for a Mechanic`s Lien is a __________________________Another specific lien is a mechanic's lien also known materialman's lien or a construction lien. The correct answer is "c". Show related content Materialman's Lien Construction Lien Both a and b Neither a nor b 3: ____________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 4: 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 5: A license is considered an___________ to the property.A license is not considered an encumbrance to the property and unlike a lease, it does not transfer an interest in the property. There is no ownership of property. The correct answer is "d". Show related content encumbrance on interest in ownership right in none of the above 6: 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 7: 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 8: 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 9: 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 10: 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 11: As easement appurtenant burdens one parcel of property for the ________ of another property.An easement appurtenant burdens one parcel of property for the benefit of another property. With an easement appurtenant there are at least two parcels of land involved under separate ownership. The correct answer is "a". Show related content benefit merger license conveyance 12: 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 13: An easement is a right of one party to use the real property that is ________ by another party.An easement is an irrevocable right of one party to use the real property that is owned by another party. The owner usually gives up a well defined portion of the property to be used for a specific use. The correct answer is "d". Show related content licensed certified terminated owned 14: Some encumbrances can _________affect title to a property.Some encumbrances can adversely affect title to a property. This could diminish the value of the property. Other encumbrances might not have any effect on the title of property. Some encumbrances might actually increase the value of the property such as utility easements in a subdivision. The correct answer is "d". Show related content adversely positively have no all of the above 15: 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 1: 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 2: A license is considered an___________ to the property.A license is not considered an encumbrance to the property and unlike a lease, it does not transfer an interest in the property. There is no ownership of property. The correct answer is "d". Show related content encumbrance on interest in ownership right in none of the above 3: 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 4: Appurtenant easements are categorized as being either _____________.Appurtenant easements are categorized as being either affirmative or negative. An affirmative easement entitles the holder to do something on another individual's land such as crossing another person's land for ingress or egress. A negative easement divests the servient property owner of the right to do something on the property. For example, the owner of land might enter into an agreement with the owner of an adjoining piece of land not to build a second story on a structure that would obstruct a view or would obstruct the light and air that go onto the adjoining owner's land. The correct answer is "c". Show related content affirmative negative both a and b neither a nor b 5: ___________ 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 6: Deed restrictions place a limit on the ________of a property.Deed restrictions place a limit on the use of a property. Deed restrictions are most common when new construction subdivisions are built. Builders and developers place restrictions on the deed with the purpose of maintaining standards for the use of the property within a development. The correct answer is "a". Show related content use taxes security all of the above 7: 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 8: 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 9: 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 10: An easement could be terminated ____________________________.An easement could be terminated by a written release by the dominant property owner. The sale of the dominant or servient property would not cancel an easement. A written release from the servient property owner would not cancel an easement. The correct answer is "c". Show related content with the sale of the dominant property with the sale of the servient property with the written release from the dominate property owner with the written release from the servient property owner 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: 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 13: Another name for a Mechanic`s Lien is a __________________________Another specific lien is a mechanic's lien also known materialman's lien or a construction lien. The correct answer is "c". Show related content Materialman's Lien Construction Lien Both a and b Neither a nor b 14: 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 15: 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

Unit 7.8

1: 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 2: _______________________________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) 3: 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 4: ______________________________________________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) 5: 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 6: 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 1: 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 2: _______________________________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) 3: 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 4: 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 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)

Unit 2.5

1: 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 2: 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 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: 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 5: 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 1: 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 2: 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 3: 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 4: 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 5: 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

Unit 6.2

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: 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 3: 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 4: 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 5: 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 6: 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 7: 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

Unit 6 final

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: 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 3: 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 4: 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 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: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 Question 1: A contract is an exchange of promises between two or more parties to ______________. Feedback: 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". 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 From topic: 1.2 Definition of a Contract and Essential Elements Question 2: 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? Feedback: 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". consideration lawful purpose mutual agreement all persons must reside in the same state From topic: 1.3 The Essential Elements of a Valid Contract Question 3: Failure to fulfill the promises contained within the contract is known as a_____________. Feedback: Failure to fulfill the promises contained within the contact is known as a breach. The correct answer is "b". group boycott breach homestead fee absolute From topic: 1.22 Default (Breach) And the Rights of Both Parties Question 4: Each party must be legally competent to contract. They must _________________. Feedback: Each party must be legally competent to contract. They must exist and be identifiable. The correct answer is "a". exist and be identifiable reside in the same state have an installment contract only have an unilateral contract only From topic: 1.6 Legally Competent Parties Question 5: An offer to purchase a property made by a buyer is just that, an offer. When does it become a contract? Feedback: 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". 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 From topic: 1.11 Executed Contracts and Executory Contracts Question 6: 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. Feedback: 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". recorded reviewed by the Oregon Real Estate Agency reviewed by the Commissioner in writing From topic: 1.15 What is the Statute of Frauds Question 7: A listing agreement will state the duration of time the listing will be in effect. This is known as the: Feedback: Most states require the listing date have a specific duration also known as the expiration date. The correct answer is "c". Date of the purchase and sale agreement Date of procurement Expiration date Date of execution From topic: 2.16 Ways in Which a Listing Can be Terminated Question 8: In a net listing: Feedback: 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". 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 From topic: 2.10 Net Listing Question 9: In most states, there are four requirements for a listing agreement to be enforceable. They are: Feedback: 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". 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 From topic: 2.7 Types of Listing Agreements Question 10: Who owns the listing at a brokerage? Feedback: 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". Licensee that took the listings Principal broker or brokerage The title company The mortgage company From topic: 2.12 The Relationship of an Affiliated Licensee Question 11: A broker must get approval, in writing, from _______________ to be a dual agent. Feedback: 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". buyer only seller only closing agent both the buyer and the seller From topic: 2.13 Avoiding Dual Agency When Contacted About a Listing Question 12: CLUE is an acronym for __________________________________. Feedback: 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". Comprehensive Loss Underwriting Exchange Commercial Loss Underwriting Exchange Comprehensive Loss Uniform Exchange Compensation Loss Underwriting Exchange From topic: 2.21 Typical Contingency Clauses in Purchase and Sale Agreements Question 13: During the installment period, the vendee has _________________________to the property to possess and enjoy the property. Feedback: During the installment period, the vendee has equitable title to the property to possess and enjoy the property. The correct answer is "c". clear title clouded title equitable title warranty title From topic: 2.26 Real Estate Contracts Question 14: The Plat Law provides for the legal separation of property within Oregon. It is regulated by the __________________________where the property is located. Feedback: 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". local jurisdiction state jurisdiction local sheriff local police From topic: 3.2 Oregon Plat and Partition Law (Plat Law) Question 15: The subdividing of land relates to_____________________________. Feedback: The subdividing of land relates to 4 or more parcels. The dividing of two or three parcels is partitioning. The correct answer is "b". 3 or more parcels 4 or more parcels 5 or more parcels 6 or more parcels From topic: 3.2 Oregon Plat and Partition Law (Plat Law) Question 16: If a subdivision cannot qualify for a certificate of exemption, the Real Estate Agency must issue a _________________________before any selling of the property occurs. Feedback: 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". certificate of eligibility certificate of occupancy certificate of Lis Pendens public report From topic: 3.4 Public Report Question 17: The term _______________________refers to a two-story architectural style often used in early condominiums. Feedback: The term townhome refers to a two-story architectural style often used in early condominiums. The correct answer is "b". cooperative townhouse conventional margin

Unit 1.11

1: 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 2: 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 3: 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 4: 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 5: Section #36 is located in the _______________corner of a township.Section #36 is located in the southeast corner of a township. The correct answer is "b". Show related content northeast southeast northwest southwest 6: A landlord may be able to avoid paying taxes on the sale of a rental property if they sell it and reinvest the money in another property called a_______________________.A landlord may be able to avoid paying taxes on the sale of a rental property if they sell it and reinvest the money in another property called a Like-Kind Exchange or 1031 Exchange. The correct answer is "c". Show related content Like-Kind Exchange 1031 Exchange both a and b neither a nor b 7: ___________________ 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 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: For the sale of a residence, there is a _____________exemption for married people.For the sale of a residence, there is a $500,000 exemption for married people. The correct answer is "d". Show related content $250,000 $300,000 $400,000 $500,000 10: 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 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: 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 13: 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 14: The tax rates for short-term capital gains are_____________________________.The tax rates for short-term capital gains are the same as the rates for ordinary income. Show related content the same as the rates for ordinary income higher rates than ordinary income lower rates than ordinary income None of the above 15: 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 1: 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 2: Bill wants to buy a building that he could lease 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?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 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: ___________________ 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 5: 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 6: 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 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: 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 9: 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 10: Local building codes do not apply to manufactured homes; instead, these houses are built according to specialized guidelines, ______________________in the United States, for manufactured housing.Local building codes do not apply to manufactured homes; instead, these houses are built according to specialized guidelines, Federal HUD regulations in the United States, for manufactured housing. The correct answer is "a". Show related content Federal HUD regulations Federal Housing Authority regulations Federal Fair Housing laws Federal Funding regulations 11: To qualify for the sale of a residence exemption, they must have owned the home and used it as their main residence for at least two of the last _______________ years that preceded the sale for non-government of military people.To qualify for the sale of a residence exemption, they must have owned the home and used it as their main residence for at least two of the five years that preceded the sale for non-government of military people. The correct answer is "b". Show related content four five six seven 12: 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 13: Section #36 is located in the _______________corner of a township.Section #36 is located in the southeast corner of a township. The correct answer is "b". Show related content northeast southeast northwest southwest 14: The tax rates for short-term capital gains are_____________________________.The tax rates for short-term capital gains are the same as the rates for ordinary income. Show related content the same as the rates for ordinary income higher rates than ordinary income lower rates than ordinary income None of the above 15: 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 1: 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 2: 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 3: 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 4: 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 5: 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 6: 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 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: 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 9: The primary source of income for a landlord on a rental property is__________.The primary source of income for a landlord on a rental property is rental income. The correct answer is "a". Show related content rental income tax advantages income from laundry machines and assigned parking stalls income from providing extra storage 10: 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 11: 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 12: To qualify for the sale of a residence exemption, they must have owned the home and used it as their main residence for at least two of the last _______________ years that preceded the sale for non-government of military people.To qualify for the sale of a residence exemption, they must have owned the home and used it as their main residence for at least two of the five years that preceded the sale for non-government of military people. The correct answer is "b". Show related content four five six seven 13: Bill wants to buy a building that he could lease 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?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 14: The tax rates for short-term capital gains are_____________________________.The tax rates for short-term capital gains are the same as the rates for ordinary income. Show related content the same as the rates for ordinary income higher rates than ordinary income lower rates than ordinary income None of the above 15: 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

unit 1.8

1: 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 2: __________________________________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 3: 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 4: A short sale can have advantages to the lender such as:There may be advantages and disadvantages for a lender on a short sale. The above are some of the advantages. It can be less costly than a foreclosure, which is a "make sense" business choice for the lender. They may also be able to minimize or avoid legal fees which can be very costly. Also, there are many issues involving vacant REO (Real Estate Owned) properties. A real estate owned property is one in which the lender has taken back the property. Examples of these issues can include vandalism, environmental issues such as mold and moisture, and city violations for improper property maintenance. The correct answer is "d". Show related content A short sale is usually less costly than a foreclosure thus minimizing losses. Can minimize legal fees The lender doesn't have to deal with property maintenance issues should the property become bank owned. All of the above 5: 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 6: _____________________ 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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

Unit 1.2 Quiz

1: 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. 2: Cubic conversions entail multiplying _________numbers.Cubic conversions entail multiplying three numbers. (Length x width x depth) The correct answer is "b". Show related content two three four five 3: A warehouse has 12 cubic yards of space. Find the cubic feet.12 x 27 = 324 cubic feet. The correct answer is "d". Show related content 657 444 129 324 4: 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 5: 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 6: 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 7: Convert feet to miles. 73,570 feet = _______________miles.Convert feet to miles. 73,570 feet. 73,560 divided by 5,280 = 13.93 miles. The correct answer is "a". Show related content 13.93 14.01 33.2 13.88 8: 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 9: A real estate office is 40 feet by 20 feet. The cost per square foot to lease the office is $5.25 per square foot per month. What would be the annual cost to lease this office?40 feet x 20 feet = 800 square feet 800 x $5.25 = 4,200 per month to lease $4,200 x 12 = $50,400 per year to lease The correct answer is "c". Show related content 50,100 5,100 50,400 5,040 10: 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 11: 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 12: A parcel of land is 900 feet x 90 yards. The parcel of land sells for $39,000 per acre. What is the total price of the parcel?Convert all dimensions to feet 90 yards x 3 = 270 ft Calculate square footage 270 feet x 900 feet = 243,000 feet Next convert the square feet to acres. 243,000 square feet divided by 43,560 = 5.58 acres Calculate the number of acres by the price 5.58 acres x $39,000 = $217,620 total cost. The correct answer is "c". Show related content $259,000 $210,222 $217,620 $517,800 13: 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 14: 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 15: With the Government Survey method of legally describing land, a section can be described as:All of the above can be used to describe a section of land using the Government Survey method. A section is also 640 acres in area. The correct answer is "d". Show related content One mile times one mile 5,280 linear feet times 5,280 linear feet 1,760 linear yards times 1.760 linear yards All of the above

Unit 7.4

1: 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 2: 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 3: Which of the following would be a common provision in a lease?All of the above would be common provisions in a lease. In addition, other common provisions might include: identification of the parties and the property, pets, whether assignment or subletting is permissible, obligations of the parties, duration of the lease, penalties for late payments, notice for rent increases, notice for inspecting the property and options to renew the lease etc. The correct answer is "d". Show related content Payment of rents Use of the premises Maintenance All of the above 4: 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 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: 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 7: 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 8: 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 9: 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 10: 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

unit 1.9

1: With a trust deed, if the homeowner does not pay the loan, the foreclosure process is usually _________________than the formal court foreclosure process.With a trust deed, if the homeowner does not pay the loan, the foreclosure process is usually much faster and less complicated than the formal court foreclosure process. The correct answer is "a". Show related content much faster and less complicated much faster and more complicated both a and b neither a nor b 2: ______________________means either an act of partitioning land or an area or tract of land partitioned.Partition means either an act of partitioning land or an area or tract of land partitioned. The correct answer is "d". Show related content Tract Parcel Lot Partition 3: 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 4: A _____________________involves three parties.A deed of trust involves three parties. The correct answer is "a". Show related content deed of trust mortgage certificate of sale. none of the above 5: The home financed through ODVA must____________________________.The home financed through ODVA must be the veteran's primary residence and be purchased in Oregon. The correct answer "c". Show related content be the veteran's primary residence be purchased in Oregon both a and b neither a nor b 6: 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 7: The clause in a deed of trust which allows the lender to take this foreclosure non-judicially is called a _____________________clause.The clause in a deed of trust which allows the lender to take this foreclosure non-judicially is called a power of sale clause. The correct answer is "b". Show related content debt relief power of sale power of contract redemption of sale 8: _______________________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 9: The current maximum ODVA loan amount is ______________________or a veteran`s remaining eligibility if there has been a previous ODVA loan.The current maximum ODVA loan amount is $ 417,000 or a veteran's remaining eligibility if there has been a previous ODVA loan. The correct answer is "a". Show related content $417,000 $425,000 $535,000 $545,000 10: 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 11: Oregon has ____________acres of public and private forests.Oregon has 28,000,000 acres of public and private forests. The correct answer is "a". Show related content 28,000,000 2,000,000 1,500,000 1,400,00 12: _____________are legal documents that transfer the ownership of real property from one party to another.Deeds are legal documents that transfer the ownership of real property from one party to another. The correct answer is "a". Show related content Deeds Statutes Tenancies Leases 13: Any person who violates the subdivision and partition rules commits a Class ___ felony.Any person who violates the subdivision and partition rules commits a Class C felony. The correct answer is "c". Show related content A B C D 14: ____________________means excavating, surveying, landscaping, demolishing or detaching existing structures or leveling, filling in or otherwise making land ready for construction.Preparation means excavating, surveying, landscaping, demolishing or detaching existing structures or leveling, filling in or otherwise making land ready for construction. The correct answer is "a". Show related content Preparation Site Subcontractor Construction agent 15: According to this section for discrimination, purchaser includes______________________.According to this section for discrimination, purchaser includes all of the above. The correct answer is "d". Show related content an occupant a renter buyer all of the above 16: 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. 17: ___________________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 18: The Oregon ______________________is responsible for forest policy within the state of Oregon.The Oregon Board of Forestry is responsible for forest policy within the state of Oregon. The correct answer is "a". Show related content Board of Forestry Board of Agriculture Environmental Impact Board Committee of Forestry 19: 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 20: __________________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 1: The Oregon ______________________is responsible for forest policy within the state of Oregon.The Oregon Board of Forestry is responsible for forest policy within the state of Oregon. The correct answer is "a". Show related content Board of Forestry Board of Agriculture Environmental Impact Board Committee of Forestry 2: 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 3: Mary owned a three bedroom, one bath house. She wanted to rent out one of the rooms. Upon John`s inquiry, Mary refused to rent to him because he was a male. Is Mary in violation of sexual discrimination?This section does not apply with respect to sex distinction, discrimination or restriction if the real property involved is such that the application of this section would necessarily result in common use of bath or bedroom facilities by unrelated persons of opposite sex. The correct answer is "c". Show related content Yes, she refused John because he was a male Yes, because she refused John because he was white No, because this section does not apply with respect to sex distinction, discrimination or restriction if the real property involved is such that the application of this section would necessarily result in common use of bath or bedroom facilities by unrelated persons of opposite sex. None of the above 4: 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. 5: 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 6: Most foreclosures in _________________are the Non-Judicial Foreclosures.Most foreclosures in Oregon are the Non-Judicial Foreclosures. The correct answer is "c". Show related content each state the eastern states Oregon none of the above 7: 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 8: ____________________means excavating, surveying, landscaping, demolishing or detaching existing structures or leveling, filling in or otherwise making land ready for construction.Preparation means excavating, surveying, landscaping, demolishing or detaching existing structures or leveling, filling in or otherwise making land ready for construction. The correct answer is "a". Show related content Preparation Site Subcontractor Construction agent 9: ___________________________means a contractor that has no direct contractual relationship with the owner.Subcontractor means a contractor that has no direct contractual relationship with the owner. The correct answer is "c". Show related content Preparation Site Subcontractor Contractor 10: _______________________means an easement noted on a subdivision plat or partition plat for the purpose of installing or maintaining public or private utility infrastructure for the provision of water, power, heat or telecommunications to the public.Utility easement means an easement noted on a subdivision plat or partition plat for the purpose of installing or maintaining public or private utility infrastructure for the provision of water, power, heat or telecommunications to the public. The correct answer is "b". Show related content Tract Utility easement Lot Property line adjustment 11: The home financed through ODVA must____________________________.The home financed through ODVA must be the veteran's primary residence and be purchased in Oregon. The correct answer "c". Show related content be the veteran's primary residence be purchased in Oregon both a and b neither a nor b 12: 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 13: ________________________means the division line between two units of land.Property line means the division line between two units of land. The correct answer is "d". Show related content Tract Parcel Lot Property line 14: ___________________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 15: ______________________means either an act of partitioning land or an area or tract of land partitioned.Partition means either an act of partitioning land or an area or tract of land partitioned. The correct answer is "d". Show related content Tract Parcel Lot Partition 16: The current maximum ODVA loan amount is ______________________or a veteran`s remaining eligibility if there has been a previous ODVA loan.The current maximum ODVA loan amount is $ 417,000 or a veteran's remaining eligibility if there has been a previous ODVA loan. The correct answer is "a". Show related content $417,000 $425,000 $535,000 $545,000 17: Any person who violates the subdivision and partition rules commits a Class ___ felony.Any person who violates the subdivision and partition rules commits a Class C felony. The correct answer is "c". Show related content A B C D 18: A _____________________involves three parties.A deed of trust involves three parties. The correct answer is "a". Show related content deed of trust mortgage certificate of sale. none of the above 19: _______________________________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 20: _______________________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

Unit 3.4

1: _________________________________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 2: 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 3: 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 4: An advantage of E-mail transmission is that:An advantage of E-mail transmission is that there is documentation of content. The correct answer is "a". Show related content There is documentation of content It takes more time than delivery in person None of the above All of the above 5: The ________________requires that certain types of contracts be in writing and that they must be signed (acknowledged) by all of the parties that will be bound to the contract.The statute of frauds requires that certain types of contracts be in writing and that they must be signed (acknowledged) by all of the parties that will be bound to the contract. The statute of limitations sets deadlines for filing a lawsuit. A subordination clause relates to lien priority and surrender is when a landlord and tenant agree to terminate a lease. The correct answer is "a". Show related content statute of frauds Statute of limitations subordination clause surrender clause 6: 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 7: 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 8: 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 9: A buyer writes a check for insufficient funds for the earnest money. The buyer could ____________________.A buyer writes a check for insufficient funds for the earnest money. The buyer could be held in breach of the contract. The correct answer is "a". Show related content be held in breach of the contract get an extension of time to get the funds, even if the seller refuses both a and b neither a nor b 10: 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 11: 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 12: A typical party to a transaction would be:All of the above could typically be involved in a transaction. The correct answer is "d". Show related content Seller's broker Buyer's broker Structural Inspector All of the above 13: 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 14: 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. 15: A timeshare interest may be _______or__________.A timeshare interest may be fixed or floating. The correct answer is "b". Show related content fixed, variable fixed, floating fixed, static variable, floating 16: ____________________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 17: A transaction coordinator performs the following:A transaction coordinator's main role is to communicate with all of the various professionals associated with a transaction, ensure that actions are being completed in a timely manner and that everything is running smoothly. They do not perform any underwriting or appraisal functions. The correct answer is "a". Show related content Communicates with professionals involved in the transaction Performs the final underwriting for the transaction Appraises the property None of the above 18: Under which circumstance, might it be wise for you or your client to seek legal advice?All of the above could be cause to seek legal advice. The correct answer is "d". Show related content A pending divorce action where there is a contest Title issues such as judgments or clouds on the title that could cause problems Boundary disputes exist All of the above 19: 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 20: 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

Unit 4.10

: 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 2: There can be simple interest and ____________ interest.There can be simple interest and compounded interest. The correct answer is "c". Show related content valid withholding compounded divisional 3: 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 4: 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 5: Private mortgage insurance must be obtained for all Loan-to-value ratios (LTV`s) over_______________________.Private mortgage insurance must be obtained for all Loan-to-value ratios (LTV's) over 80%. The correct answer is "d". Show related content 50% 60% 75% 80% 6: The word amortize means to ____________________.The word amortize means to bring to death. The correct answer is "d". Show related content charge illegal high interest rates dispose of property hold property as sole ownership bring to death 7: 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 8: In a land contract, the title or deed is held by the __________________until the full payment is made.In a land contract, the title or deed is held by the owner until the full payment is made. The correct answer is "a". Show related content seller buyer closing agent bank 9: 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 10: In a land contract the vendor is the ______________________.In a land contract the vendor is the seller. The correct answer is "a". Show related content seller buyer closing agent bank 11: 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 12: 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 13: 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 14: 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 15: 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

unit 2 FINAL EXAM

Question 1: Budgeting is necessary for every company. These tasks include: Feedback: 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". Keeping the budget on track Financial analysis Reporting to upper management All of the above From topic: 1.9 Planning and scheduling Question 2: _____________________involves analyzing situations and finding solutions to issues that come up. Feedback: 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". Underwriting Loan application analysis Truth-in-lending Problem Solving From topic: 1.8 A Prioritized List of Ten Management Tasks Question 3: A group of licensed real estate professionals have a team captain, team associates and licensed and unlicensed assistants. This is known as a ____________________________. Feedback: 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". group investment organization real estate investment rust team concept syndicate From topic: 1.7 Team Concept and Advertising Question 4: _______________also establishes the necessary disclosures required for advertising that refers to certain credit terms. Feedback: TILA also establishes the necessary disclosures required for advertising that refers to certain credit terms. The correct answer is "a". TILA RESPA FBI DOJ (Department of Justice) From topic: 1.6 Advertising Disclosure Requirements Question 5: 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: Feedback: 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". Neutral escrow laws Fair Housing Act Both a and b Neither a nor b From topic: 1.6 Advertising Disclosure Requirements Question 6: The _____________________________________is responsible for supervising the advertising of the brokerage as well as the individual advertising of affiliates. Feedback: 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". licensee principal broker Commissioner Oregon Real Estate Agency From topic: 1.3 Advertising OAR 863-015-0125 cont. Question 7: 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. Feedback: 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". lis pendens interpleader disposition unlawful detainer From topic: 2.13 Dispute of Earnest Money Question 8: When making an offer to purchase a property, the buyer usually submits a good faith deposit called a/an _______________. Feedback: 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". lease clause earnest money marketing agreement marketable title From topic: 2.8 Handling of Earnest Money Question 9: The practice of using mixed trust account funds with that of the brokerage's regular checking account funds is called ____________. Feedback: 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". commingling conversion life estate an encumbrance From topic: 2.3 Trust Accounts Question 10: Earnest money can be in the form of ____________. Feedback: 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". cash check a promissory note all of the above From topic: 2.8 Handling of Earnest Money Question 11: The maker of a promissory note is the __________. Feedback: 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". seller buyer listing broker buyer's broker From topic: 2.8 Handling of Earnest Money Question 12: Real estate sales commissions are usually paid by the _________ Feedback: Real estate sales commissions are usually paid by the seller. The correct answer is "a". seller buyer lender none of the above From topic: 2.16 Closing Disclosure Form Question 13: When it comes to setting and choosing a location for your brokerage. Neighboring tenants are important. They might: Feedback: All of the above are considerations when reviewing neighboring tenants when choosing a site. The correct answer is "d". Aid in increasing traffic Aid in decreasing traffic Use your services All of the above From topic: 3.3 Neighboring Tenants Question 14: A good facility should: Feedback: 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". Promote efficient business operations Present your business in a good light Allow for future business growth All of the above From topic: 3.2 Site Option Factors Relating to Selecting a Business Location Question 15: Open space with half cubicles are often referred to as a ___________. Feedback: 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". counter design occupational design private design bull pens From topic: 3.9 Two Basic Office Designs Question 16: ASP is an acronym for: Feedback: 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". Automated Service provider Area Service Provider Applications Service Provider Attachment Service Provider From topic: 3.17 The Use of Purchased Software versus In-House Software Question 17: A violation of any license law provision is a________________________. Feedback: A violation of any license law provision is a Class A misdemeanor. The correct answer is "a". Class A misdemeanor Class B misdemeanor Class A felony Class B felony From topic: 3.31 Limited License Question 18: The escrow officer and broker are responsible for ensuring that all necessary loan documentation has arrived at the _____________. Feedback: 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". escrow office seller's home structural inspector's place of business department of licensing From topic: 4.2 Settlement Question 19: The escrow officer is responsible for ensuring that the ______is recorded. Feedback: The escrow officer is responsible for ensuring that the deed is recorded. The correct answer is "d". purchase and sale agreement escrow instructions certification deed From topic: 4.15 The Role of the Licensee in the Escrow Closing Process Question 20: An escrow agent acts as a ____________________ party. Feedback: 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". neutral third republican democratic independent From topic: 4.2 Settlement Question 21: Closing documents are usually signed at ______________. Feedback: 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". the lender's office the escrow company the seller's home none of the above From topic: 4.3 Uniform Settlement Statement Question 22: The Uniform Settlement statement, also known as a __________________________is a detailed list of all costs and credits associated with a real estate transaction. Feedback: 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". Closing Disclosure Statement balance sheet closing statement Both a and c From topic: 4.3 Uniform Settlement Statement Question 23: A lender charges 5% interest on a $200,000 loan. What is the interest for the first year? Feedback: 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". $10,000 $20,000 $300,000 $400,000 From topic: 4.7 Taxes and Insurance at Closing Question 24: The income statement is also known as a/an: Feedback: The income statement can also be called all of the above. The correct answer is "d". All of the above Profit and loss statement Earnings statement Operation statement From topic: 5.3 Income Statement Question 25: An income statement reports a firm's income or loss for a_____________________. Feedback: An income statement reports a firm's income or loss for a specific period of time. The correct answer is "a". specific period of time a single moment always one month always one year From topic: 5.3 Income Statement Question 26: Assets = Liabilities + Net Worth is an equation for a: Feedback: Assets = Liabilities + Net Worth is an equation for a balance sheet. The correct answer is "c". Liquidity ratio Income statement Balance sheet Cost of goods sold From topic: 5.3 Income Statement Question 27: Fixed liabilities are over a time period greater than: Feedback: Fixed liabilities are over a period greater than one year. The correct answer is" d". 2 months 3 months 6 months one year From topic: 5.5 Liabilities Question 28: EIN is an acronym for: Feedback: EIN is an acronym for Employer Identification Number. The correct answer is "a". Employer Identification Number Effective Identification Number Equity Identification Number Employer Interstate Identification Number From topic: 5.12 Payroll Records and Taxes Question 29: In most states, transaction files must usually be kept: Feedback: 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". At the location where the brokerage is located At the Department of Licensing At the licensee's home office None of the above From topic: 6.5 Transaction File Question 30: 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. Feedback: 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". 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 From topic: 6.2 Records Question 31: A transaction file should include: Feedback: 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". All document in the transaction Notes Closing statements All of the above From topic: 6.5 Transaction File Question 32: ___________________________requires that records be kept on all real estate activity. Feedback: The Oregon Real Estate Agency requires that records be kept on all real estate activity. The correct answer is "a". The Oregon Real Estate Agency Oregon Attorney General HUD Oregon Fair Housing Department From topic: 6.3 Required Records Question 33: How long must real estate records be retained in Oregon? Feedback: Real estate records must be retained for six years in Oregon. The correct answer is "d". one year three years four years six years From topic: 6.19 Recordkeeping Question 34: Office standards for both employees and independent contractors should be in writing in the form of a/an _______________________. Feedback: 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". office policy manual letter from the Commissioner informal memo from the principal broker, written every week a compilation of employee requests From topic: 7.2 The Value of an Office Policy and Procedures Manual Question 35: Should a dispute arise between management and an affiliated licensee, an office policy and procedures manual could prove to be invaluable for____________________________________. Feedback: 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". charging them with conspiracy having management revoke their license resolving any issues none of the above From topic: 7.2 The Value of an Office Policy and Procedures Manual Question 36: A policy manual covers advertising, web sites and trade fairs. These are considered: Feedback: Advertising, web sites and trade fairs would be considered external communications. The correct answer is "b". internal communications external communications prohibitive communications state communications From topic: 7.14 Codes/Values/Principles Question 37: In peer-to-peer evaluations, workers evaluate their _________. Feedback: In peer-to-peer evaluations, workers evaluate their co-workers. The correct answer is "c". customers clients co-workers The CEO of the firm only From topic: 7.10 Methods for Evaluation of Staff Performance Question 38: Ethics ________________generally deal with corporate values and guiding principles. Feedback: 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". codes indicators trusts none of the above From topic: 7.15 Elements of Work Ethics Question 39: The two major components of a comparable market analysis (CMA) are: Feedback: The two major components of a comparable market analysis (CMA) are the site and the comparables. The correct answer is "a". The site and the comparables The building plans and the comparables The as-built drawings and the comparables None of the above From topic: 8.3 Comparative Market Analysis (CMA) Question 40: Adjustments to the comparables should be used: Feedback: Adjustments to the comparables should be used for each comparable if needed. The correct answer is "b". 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 From topic: 8.4 Adjustments for the Differences Question 41: CMA is an acronym for: Feedback: CMA is an acronym for a Comparative Marketing analysis. The correct answer is "b". Compete Market Analysis Comparative Market Analysis Comparative Median Analysis Conservative market Analysis From topic: 8.3 Comparative Market Analysis (CMA) Question 42: Counseling involves advising and guiding to assist others in make informed real estate decisions, rather than_____________________________________. Feedback: All of the above are not activities real estate counselors would normally partake in. The correct answer is "d". assisting them in any negotiations in a transaction assisting them in selling their property assisting them in buying property All of the above From topic: 8.11 Counseling Question 43: ____________________________ must directly supervise all licensees who act as counselors. Feedback: A principal broker must directly supervise all licensees who act as counselors. The correct answer is "a". A principal broker The commissioner Both a and b Neither a nor b From topic: 8.11 Counseling Question 44: The main purpose of Anti-Trust Laws are to do what? Feedback: 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". Promote interstate trade Prevent Fraud Promote Ethical Business Practices Promote the policy and practice of competition From topic: 9.2 Anti-Trust Question 45: 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______________________________. Feedback: The courts may have a right to supervise the business that is in violation for up to 10 years. The correct answer is "d". 6 months 1 year 6 years 10 years From topic: 9.4 Penalties for Anti-Trust Violations Question 46: A corporation found guilty of Anti-Trust violations could be fined up to_______. Feedback: 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". $100,000 $1,000,000 $5,000,000 $100,000,000 From topic: 9.4 Penalties for Anti-Trust Violations Question 47: 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 ________________. Feedback: 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". steering block busting redlining all of the above From topic: 9.14 Case Studies in Discrimination cont. Question 48: All new construction and modifications must be ______________________. Feedback: 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". inspected by a HUD inspector inspected by a lead-based paint inspector inspected by an asbestos abatement inspector readily accessible to individuals with disabilities From topic: 9.21 Title III of the Americans with Disabilities Act Question 49: The sales price on a property was $200,000. The commission was 6%. What is the commission expressed in dollars? Feedback: 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". $10,000 $12,000 $15,800 $ 16,250 From topic: 10.6 Broker's Commission Question 50: The commission earned on a sales was $15,000. The sale price was $300,000. What was the commission percentage rate? Feedback: 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". 4.5% 5% 5.5% 6% From topic: 10.6 Broker's Commission Question 51: ______________________________is a failure to disclose a material fact out of ignorance when the broker should have known otherwise. Feedback: 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". Puffing Negligent misrepresentation Concealment Misrepresentation From topic: 10.12 Introduction to Torts Question 52: 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. Feedback: 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". W-9 1099- Misc. W-2 W-10 From topic: 10.16 When You Are an Employee Question 53: If you are an independent contractor you may be able to deduct business expenses on Schedule _____of your income tax return. Feedback: 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". A B C D 1: 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 2: 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 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: 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 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: ___________________________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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: _______________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) 26: 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 27: 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 28: 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 29: 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 30: 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 31: ____________________________ 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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 40: 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 41: 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 42: 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 43: 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 44: 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 45: 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 46: 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 47: 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 48: 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 49: 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 50: 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 51: 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 52: 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% 53: ______________________________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

Unit 4 Final

Question 1: Recording of a deed serves what purpose? Feedback: 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". Give constructive notice to the public Establishes priority of the deed Identifies proof of ownership All of the above From topic: 6.26 Recording Question 2: Which person would most likely disburse the funds due to the seller as net proceeds? Feedback: 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". The closing (escrow) agent The buyer The seller's real estate broker The lender From topic: 6.26 Recording Question 3: The accounting of all financial items in a transaction will normally be specified in: Feedback: 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". A Vesting Statement A secondary market statement Closing Disclosure An assessment statement From topic: 6.25 Document Preparation Question 4: A VOE stands for: Feedback: A VOE stands for verification of employment. The correct answer is "c". Vented only status Verification only entry Verification of employment Verification only existing From topic: 6.19 Lender verifications Question 5: A verification of deposit (VOD) is important for the lender because it verifies: Feedback: A verification of deposit (VOD) verifies all of the above. The correct answer is "d". Funds available for a down payment Funds available for closing costs Funds in reserve All of the above From topic: 6.19 Lender verifications Question 6: "Just sign this now; we'll fill in the blanks later" could be a sign of: Feedback: "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". 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 From topic: 4.17 Ten Warning Signs of a Mortgage Modification Scam according to the OCC Question 7: The index + the margin = Feedback: The index + the margin = ARM Interest Rate. The correct answer is "a". The ARM conversion fee The ARM prepayment penalty None of the above ARM interest rate From topic: 6.13 Basic Features of ARM`s Question 8: Payment caps limit: Feedback: Payment caps limit the monthly payment increase. The correct answer is "b". 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 From topic: 6.13 Basic Features of ARM`s Question 9: As a real estate professional, care must be taken not to advise your client that the _______will automatically be forgiven in a short sale. Feedback: 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". debt certification identification number dividends none of the above From topic: 4.9 Short Sales An Introduction Question 10: An instrument in which a mortgagor (i.e. the borrower) voluntarily conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure is called a/an; Feedback: An instrument in which a mortgagor (i.e. the borrower) voluntarily conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure is called a deed in lieu of foreclosure. The correct answer is "b". Notice of Default Deed in Lieu of Foreclosure A Trustees Deed Foreclosure by Court Action From topic: 4.8 Deed in Lieu of Foreclosure Question 11: 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: Feedback: 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". interest only mortgage graduated payment mortgage take-out mortgage reverse mortgage From topic: 6.8 Budget Mortgages Question 12: A _______________is a single mortgage that covers more than one parcel of real estate and utilized in development projects. Feedback: 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". collateral mortgage blanket mortgage reverse participation From topic: 6.5 Collateral Assignment Question 13: Consider this scenario: (1) the seller holds onto the existing mortgage (2) the seller names the property's selling price (3) the seller offers a loan at a higher interest rate than the existing mortgage (4) the buyer pays the seller a fixed monthly amount and (5) the seller uses part of this money towards the existing loan and then pockets the difference. What kind of mortgage is this? Feedback: This mortgage would be considered a wrap-around mortgage. Wrap-around mortgages are a creative, though rare, way to allow buyers to purchase a home without having to qualify for a loan or to pay closing costs. The contract is made between the buyer and seller with the lender's approval. The correct answer is "b". Blanket mortgage Wrap-around mortgage Participation mortgage Home equity mortgage From topic: 6.5 Collateral Assignment Question 14: The Morgans' purchased a home. Included in the purchase was a refrigerator, washer, dryer and cook range. By including the appliances with the real property, this mortgage could be considered a/an: Feedback: The Morgans' mortgage included both real and personal property which is a package mortgage. The correct answer is "c". open end mortgage blanket mortgage package mortgage graduated payment mortgage From topic: 6.4 Chattel Mortgages Question 15: With a deed of trust, the trustee has the power to sell the property at auction known as a: Feedback: With a deed of trust, the trustee has the power to sell the property at auction known as a trustee's sale. The correct answer is "d". Open auction Barrier Action Certified sale Trustee's sale From topic: 4.3 What is the difference between a mortgage and a deed of trust? Question 16: A _____________________________________is a mortgage that was recorded first and has lien priority over any other mortgages. Feedback: 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". second mortgage junior mortgage first mortgage Both a and b From topic: 6.3 Forms of Financing Question 17: After conventional loans are originated, they are typically sold to the _______________. Feedback: 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". primary market secondary market Federal Reserve Either a or b From topic: 6.2 Conventional Loans Question 18: Conventional loans are __________________________________. Feedback: Conventional loans are all other loans that are not government loans. FHA, VA, and USDA are all government loans. The correct answer is "d". FHA loans VA loans USDA loans not government loans From topic: 6.2 Conventional Loans Question 19: TILA does not apply to: Feedback: Credit primarily for agriculture, business, commercial or organizational purposes as well as student loans are exempt from TILA. The correct answer is "c". Creditors who extend credit primarily for business, commercial, agricultural, or organizational purposes Student Loan Programs Both a and b Neither a nor b From topic: 1.3 Right of Rescission: Question 20: RESPA is an acronym for: Feedback: RESPA is an acronym for Real Estate Settlement Procedures Act. The correct answer is "a". Real Estate Settlement Procedures Act Real estate Security Procedures Act Real Estate Security Procurement Act Real Estate Settlement Procurement Act From topic: 1.10 Real Estate Settlement and Procedures Act (RESPA) Question 21: 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. Feedback: 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". affiliated business arrangement disclosure ARM disclosure statement servicing transfer disclosure statement initial escrow account statement From topic: 1.11 Affiliated Companies Question 22: The ____________________provides an estimate of the settlement costs and names of all required service providers. Feedback: The loan estimate provides an estimate of the settlement costs and names of all required service providers. The correct answer is "b". good fairness estimate loan estimate closing disclosure HUD 1 statement From topic: 1.14 RESPA Disclosures Question 23: ______________________ensures that all consumers are given an equal chance to obtain credit. Feedback: The Equal Credit Opportunity Act ensures that all consumers are given an equal chance to obtain credit. The correct answer is "b". Earnest Money Act The Equal Credit Opportunity Act Doctrine of Emblements None of the above From topic: 1.16 Equal Credit Opportunity Act Question 24: When a consumer submits a loan application to a lender, the lender must get the Loan Estimate form to that applicant: Feedback: The 3 day requirement is NOT business days, but 3 calendar days. The rules do not say calendar days, just 3 days. The borrower must sign for the receipt of the form. by registered mail within 10 days within 10 days within 3 business days within 3 calendar days From topic: 1.23 TRID Forms Question 25: When sending out a Loan Estimate (LE) Form to a loan applicant, the lender must make sure that: Feedback: 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. 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 From topic: 1.23 TRID Forms Question 26: A lender changed the loan structure with a different loan product after issuing a Loan Estimate Form, what is the requirement under TRID rules? Feedback: 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. 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 From topic: 1.23 TRID Forms Question 27: Consummation occurs when the buyer/borrower becomes contractually obligated to: Feedback: Consummation is not the same thing as closing or settlement. Consummation occurs when the consumer becomes contractually obligated to the creditor on the loan. the seller to the mortgage broker to the creditor/lender on the loan continue with the escrow process From topic: 1.26 Loan Estimate (LE) Disclosure Question 28: 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? Feedback: 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. 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 From topic: 1.42 Review Question 29: The market where borrowers and loan originators negotiate terms and conditions of a mortgage directly is referred to as a _______________________. Feedback: 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". primary market secondary market buyer's market seller's Market From topic: 2.2 Mortgage Markets Question 30: ___________________________are the largest sellers of mortgage products for lenders. Feedback: Mortgage brokers are the largest sellers of mortgage products for lenders. The correct answer is "c". Commercial banks Savings banks Mortgage brokers Pension funds From topic: 2.3 Various Sources of Real Estate Financing Question 31: Mortgage bankers fund loans with ______________________. Feedback: 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". their own capital. capital from others Either a or b Neither a nor b From topic: 2.3 Various Sources of Real Estate Financing Question 32: The Federal Reserve System is also known as the _______. Feedback: The Federal Reserve System is also known as the Fed. The correct answer is "b". Ginnie Mae Federal Reserve Freddie Mac Portfolio market From topic: 2.5 The Influence of Government in Mortgage Lending Question 33: An interest only payment is also referred to as a _________________. Feedback: An interest only payment is also referred to as a straight note payment. The correct answer is "d". fully amortized payment partially amortized payment bi-monthly payment straight note payment From topic: 2.8 Loan Payment Plans Question 34: Lenders may take the index and add a few extra percentage points known as: Feedback: 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". The convertible index The percentage index The amortized index The margin From topic: 2.10 Basic Features of ARM`s Question 35: If the index is 5% and the margin is 2%, the interest rate on the ARM loan is: Feedback: Index Rate + The Margin = ARM Interest Rate. The correct answer is "d" 8% 9% 3Z% 7% From topic: 2.11 Interest Rate Caps Question 36: A mortgage involves a relationship between which two parties? Feedback: A mortgage involves a relationship between two parties - the mortgagee and the mortgagor. The correct answer is "a". trustee, trustor trustee, beneficiary trustor, beneficiary mortgagee, mortgagor From topic: 3.2 What is the Difference Between a Mortgage and a Deed of Trust? Question 37: The highest bidder at trustee's foreclosure sale, done through a deed of trust, will receive _______________________. Feedback: 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". a certificate of sale a certificate of entitlement a trustee's deed a certificate of purchase From topic: 3.2 What is the Difference Between a Mortgage and a Deed of Trust? Question 38: With a deed of trust foreclosure, the lender must first serve the borrower with__________________________. Feedback: 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". a notice of lis pendens a notice of the doctrine of laches a notice of default a notice to pay rent or quit From topic: 3.3 A Deed of Trust Question 39: Who holds title to property in a lien theory state? Feedback: In a lien theory state, the buyer holds the deed to the property during the mortgage term. The correct answer is "c". lender trustor buyer seller From topic: 3.7 Title Theory State versus Lien Theory States Question 40: An acceleration clause in a mortgage or deed of trust requires the balance of the loan to become due immediately, if ____________________________________. Feedback: 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". the borrower defaults on the payments the borrower sells the property Either a or b Neither a nor b From topic: 3.9 Acceleration Clause Question 41: Due-On-Sale clause is also referred to as a/an ____________________________. Feedback: Due-On-Sale clause is also referred to as an alienation clause. The correct answer is "b". acceleration clause alienation clause granting clause lock-in clause From topic: 3.9 Acceleration Clause Question 42: 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? Feedback: 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". 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 From topic: 3.13 The Tax Benefits of Real Estate cont. Question 43: The buyer legally owns the property when _______________________________. Feedback: The buyer legally owns the property when the loan has funded and recording numbers are made available. The correct answer is "a". 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 From topic: 3.6 Recording Mortgages and Deeds of Trusts Question 44: Conventional loans are any loans which are ______________________________. Feedback: Conventional loans are any loans which are not government loans. The correct answer is "a". not government loans VA loans FHA loans USDA loans From topic: 5.2 Conventional Loans Question 45: FHA _____________________________________mortgages on single family and multifamily homes including manufactured homes. Feedback: FHA insures mortgages on single family and multifamily homes including manufactured homes. The VA guarantees mortgages and neither FHA or VA make loans directly. The correct answer is "b". guarantees insures makes direct all of the above From topic: 5.3 Government Financing Question 46: FHA will lend on condominiums if _______________________________. Feedback: FHA will lend on condominiums, if the condominium development has been approved for FHA. The correct answer is "a". 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 From topic: 5.6 FHA Condominium Loans Question 47: ORVET is an acronym for: Feedback: ORVET is an acronym for Oregon Veteran. The correct answer is "c Oregon Voluntary Estate Tax Oregon Value Estate Tax Oregon Veteran None of the above From topic: 5.14 Oregon Department of Veterans` Affairs Question 48: Subprime loans carry a higher rate of interest than prime loans to compensate_______________. Feedback: Subprime loans carry a higher rate of interest than prime loans to compensate for increased credit risk. The correct answer is "a". for increased credit risk the borrower for decreased credit risk the seller From topic: 5.18 Subprime Loans Question 49: Adjustments for differences in comparables should be made to: Feedback: Adjustments for differences in comparables should be made to the comparable. The correct answer is "a". The comparable The site Both the site and the comparable Adjustments are not allowed From topic: 7.14 Sales Comparison Approach Question 50: _____________________________is the price a buyer will pay and a seller will accept for a property under reasonable and ordinary conditions. Feedback: 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". Economic value Fair market value Cost Physical value From topic: 7.7 The Difference Between Cost, Value and Price in the Appraisal Process Question 51: Who does an appraiser work for? Feedback: The lender The borrower The seller The closing agent The lender From topic: 7.8 The Role of an Appraiser Question 52: Physical depreciation is a loss in value due to _________________________. Feedback: 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". wear and tear, damage or defects that are structural outside environmental influences such as airport noise both a and b neither a nor b From topic: 7.10 Estimating Depreciation Question 53: When depreciation is caused by a loss of building utility, it is known as _____________. Feedback: 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". physical depreciation external depreciation wear and tear depreciation functional obsolescence From topic: 7.10 Estimating Depreciation Question 54: The income approach, also known______________________________, is usually used for income producing properties. Feedback: 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". as the capitalization method as the cost-in-place method as the quantity survey method as the square foot method From topic: 7.12 Income Approach Question 55: The gross income minus bad debt and the vacancy factor = _____________________. Feedback: The gross income minus bad debt and the vacancy factor = effective gross income. The correct answer is "d". net income yearly income monthly income effective gross income From topic: 7.12 Income Approach Question 56: The effective income minus operating expenses = _____________________. Feedback: The effective income minus operating expenses = the net income. The correct answer is "b". gross income net income operating income expense income From topic: 7.13 Capitalization Rate Question 57: With low supply and high demand, prices tend to: Feedback: With low supply and high demand, prices tend to rise. The correct answer is "a". Rise Fall Remain stable None of the above From topic: 7.17 Market Conditions Question 58: With a high supply and low demand, prices tend to: Feedback: With a high supply and low demand, prices tend to fall. The correct answer is "b". Rise Fall Remain stable None of the above From topic: 7.17 Market Conditions Question 59: Those who originate loans for consumers are known as the: Feedback: 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". Primary market Secondary Market Mortgage Underwriter Mortgage Processor From topic: 7.18 Effects of Financing Terms on the Market Value of Property Question 60: __________________________is a concept in real estate appraisal. It states that the value of a property is directly related to the use of that property. Feedback: 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". Highest and best use Capitalization rate Fixed expenses Gross income multiplier From topic: 7.21 The Concept of Highest and Best Use Question 61: The higher your credit score: Feedback: The higher your credit score the less risk you pose to creditors. The correct answer is "a". 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 From topic: 8.3 The Role of the Pre- Qualification/Pre-Approval Question 62: Your payment history accounts for ___ percent of your credit score: Feedback: Your payment history accounts for 35 percent of your credit score. The correct answer is "c". 50 10 35 15 From topic: 8.10 What Information Do Credit Scoring Models Use to Calculate a Score? Question 63: 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? Feedback: $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". $5,264 $5,600 $5,889 $6,010 From topic: 8.11 Points on a Mortgage Loan and Down Payments Question 64: An ARM had an index rate of 4%. The margin was 1.5%. What was the ARM rate? Feedback: Index rate + the margin = ARM interest rate 4% + 1.5% = 5.5% The interest rate is 5.5%. The correct answer is "b". 4% 5.5% 6.5% 7% From topic: 8.12 Calculating an ARM Rate Question 65: A buyer qualifies for a loan for $188,000 or a $233,000 priced home. What is the loan to value ratio? Feedback: 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". 70% 78% 50% 81% From topic: 8.13 Loan to Value Ratio Question 66: A buyer obtains an 80% loan on a $300,000 sale price. What is the loan amount? Feedback: L = V x R R = 80% V = $300,000 $300,000 x 80% converted to $300,000 x .80 = $240,000 (loan amount). The correct answer is "d". $200,400 $210,000 $220,000 $240,000 From topic: 8.13 Loan to Value Ratio Question 67: A buyer obtains an 80% loan on a $200,000 sale price. What is the loan amount? Feedback: 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". $200,400 $210,000 $220,000 $160,000 From topic: 8.13 Loan to Value Ratio Question 68: The sales price on a property was $200,000. The commission was 6%. What was the commission expressed in dollars? Feedback: 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". $10,000 $12,000 $15,800 $16,250 From topic: 8.14 Broker`s Commission Question 69: 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? Feedback: $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". $2,750 $3,750 $4,750 $5,750 From topic: 8.14 Broker`s Commission Question 70: A property has a market value of $500,000. The assessed value is 80% of the market value. The tax rate is 1.5%. What is the annual tax? Feedback: M = 500,000 R = 1.5% 1. Find the assessed value: $500,000 x .80 = $400,000 is the assessed value 2. R x A = T $400,000 x 1.5% converted to $400,000 x .015 = $6,000 annual tax. The correct answer is "a". $6,000 $6,500 $7,888 $7,899 From topic: 8.15 Taxes Question 71: The value of the property is $322,330. The annual tax on the property is $4,000. What is the tax rate? Feedback: 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". 1.24% 1.3% 1.5% 1.6% From topic: 8.15 Taxes Question 72: _________________________is the income on which tax is paid. Feedback: Taxable income is the income on which tax is paid, it is gross income minus allowable tax deductions. The correct answer is "a". Taxable income Gross income Tax credit Tax deduction From topic: 9.20 Taxable Income Question 73: Taxable income is _______________________certain tax deductions. Feedback: Taxable income is gross income minus certain tax deductions. The correct answer is "b". net income minus gross income minus net income plus gross income None of the above From topic: 9.20 Taxable Income Question 74: A person may ______________by using an installment sale. Feedback: A person may defer tax on a gain by using an installment sale. The correct answer is "a". defer tax on a gain defer tax on a loss avoid income tax avoid capital gains tax From topic: 9.21 Capital Gain Question 75: When a single person has lived in the home as a main home two of the past five years and has not excluded any gain on the sale of another home in the past two years, the exemption is a total of ____________________________. Feedback: When a single person has lived in the home as a main home two of the past five years and has not excluded any gain on the sale of another home in the past two years, the exemption is a total of $250,000 of the gain. The correct answer is "c". $1000,000 of the gain. $150,000 of the gain $250,000 of the gain. $300,000 of the gain. From topic: 9.21 Capital Gain Question 76: One cubic yard equals ______ cubic feet. Feedback: One cubic yard = 27 cubic feet. The correct answer is "d". 3 9 12 27 From topic: 9.2 Conversions Question 77: One mile equals __________ rods. Feedback: One mile equals 320 rods. The correct answer is "c". 110 220 320 5,280 From topic: 9.2 Conversions Question 78: If the Radius is 15 feet, what is the square feet of the circle? Feedback: 15 X 15 = 225; 225 X 3.14 = 707 square feet (706.5 rounded to 707). The correct answer is "c". 620 square feet 625 square feet 707 square feet 720 square feet From topic: 9.10 Circles Question 79: Points are usually charged on the _________________________. Feedback: Points are usually charged on the loan amount. The correct answer is "c". sale price down payment loan amount None of the above From topic: 9.33 Excess Points Question 80: 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? Feedback: 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". $210,000 $330,000 $3310,000.50 $400,000.85 From topic: 9.16 Profit and Loss Problems Question 81: 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. Feedback: 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". defeasance clause subordination clause lock-in-clause prepayment penalty From topic: 10.4 General Loan Definitions cont. Question 82: A ______________________________ allows another loan to have a higher priority, usually the first position, than the existing loan. Feedback: A subordination clause allows another loan to have a higher priority, usually the first position, than the existing loan. The correct answer is "b". defeasance clause subordination clause lock-in-clause prepayment penalty From topic: 10.4 General Loan Definitions cont. Question 83: This is a penalty charged by the lender when payments from the borrower are received late: Feedback: A late payment penalty charged by the lender when payments from the borrower are late. The correct answer is "c". Defeasance clause Subordination clause Late payment penalty Prepayment penalty From topic: 10.4 General Loan Definitions cont. Question 84: Due-On-Sale clause is also referred to as a/an ________________________clause. Feedback: Due-On-Sale clause is also referred to as an alienation clause. The correct answer is "c". defeasance clause subordination clause alienation prepayment penalty From topic: 10.3 General Loan Definitions cont. Question 85: Interest is the _______ of borrowing money. Feedback: Interest is the cost of borrowing money. The correct answer is "c". loan ratio cost issuance balance From topic: 10.5 Interest and Amortization Definitions and How Interest is Computed Question 86: The word amortize means to ____________________. Feedback: The word amortize means to bring to death. The correct answer is "d". charge illegal high interest rates dispose of property hold property as sole ownership bring to death From topic: 10.7 Amortization Defined Question 87: Interest may be calculated as either a_______________________. Feedback: Interest may be calculated as either a fixed or variable rate. The correct answer is "a". fixed or variable rate standard or substandard rate standard or variable rate none of the above From topic: 10.5 Interest and Amortization Definitions and How Interest is Computed Question 88: GRM stands for __________________________________. Feedback: GRM stands for Gross Rent Multiplier. The correct answer is "a". Gross Rent Multiplier Gross Return Multiplier General Reserve Multiplier General Reserve Market From topic: 10.25 Gross Rent Multiplier (GRM) and Gross Income Multiplier Question 89: 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? Feedback: 90 days x $24.44 per day = $2,200 credit to the buyer and debit to the seller. The correct answer is "a". $2,200 $3,000.50 $2,555.50 $22,339.60 From topic: 10.28 Property Tax and Insurance Proration`s Question 90: 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. Feedback: 90 days x $6.94 = $624.60 refund to the seller from the insurance company. The correct answer is "a". $624.60 $676.90 $777.88 $799.50 From topic: 10.29 Insurance Prorations 1: 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 2: 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 3: Who does an appraiser work for?The lender Show related content The borrower The seller The closing agent The lender 4: 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 5: 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 6: A buyer obtains an 80% loan on a $300,000 sale price. What is the loan amount?L = V x R R = 80% V = $300,000 $300,000 x 80% converted to $300,000 x .80 = $240,000 (loan amount). The correct answer is "d". Show related content $200,400 $210,000 $220,000 $240,000 7: 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 8: When a single person has lived in the home as a main home two of the past five years and has not excluded any gain on the sale of another home in the past two years, the exemption is a total of ____________________________.When a single person has lived in the home as a main home two of the past five years and has not excluded any gain on the sale of another home in the past two years, the exemption is a total of $250,000 of the gain. The correct answer is "c". Show related content $1000,000 of the gain. $150,000 of the gain $250,000 of the gain. $300,000 of the gain. 9: 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 10: __________________________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 11: 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 12: 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 13: 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 14: 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 15: ___________________________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 16: With a deed of trust, the trustee has the power to sell the property at auction known as a:With a deed of trust, the trustee has the power to sell the property at auction known as a trustee's sale. The correct answer is "d". Show related content Open auction Barrier Action Certified sale Trustee's sale 17: 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 18: 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 19: 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 20: 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 21: The gross income minus bad debt and the vacancy factor = _____________________.The gross income minus bad debt and the vacancy factor = effective gross income. The correct answer is "d". Show related content net income yearly income monthly income effective gross income 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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% 32: 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 33: 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 34: 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 35: 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 36: Conventional loans are __________________________________.Conventional loans are all other loans that are not government loans. FHA, VA, and USDA are all government loans. The correct answer is "d". Show related content FHA loans VA loans USDA loans not government loans 37: 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 38: 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 39: 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 40: 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 41: Consider this scenario: (1) the seller holds onto the existing mortgage (2) the seller names the property`s selling price (3) the seller offers a loan at a higher interest rate than the existing mortgage (4) the buyer pays the seller a fixed monthly amount and (5) the seller uses part of this money towards the existing loan and then pockets the difference. What kind of mortgage is this?This mortgage would be considered a wrap-around mortgage. Wrap-around mortgages are a creative, though rare, way to allow buyers to purchase a home without having to qualify for a loan or to pay closing costs. The contract is made between the buyer and seller with the lender's approval. The correct answer is "b". Show related content Blanket mortgage Wrap-around mortgage Participation mortgage Home equity mortgage 42: 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 43: FHA _____________________________________mortgages on single family and multifamily homes including manufactured homes.FHA insures mortgages on single family and multifamily homes including manufactured homes. The VA guarantees mortgages and neither FHA or VA make loans directly. The correct answer is "b". Show related content guarantees insures makes direct all of the above 44: 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 45: 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 46: When a consumer submits a loan application to a lender, the lender must get the Loan Estimate form to that applicant:The 3 day requirement is NOT business days, but 3 calendar days. The rules do not say calendar days, just 3 days. The borrower must sign for the receipt of the form. Show related content by registered mail within 10 days within 10 days within 3 business days within 3 calendar days 47: 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 48: 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 49: 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% 50: 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 51: "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 52: 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% 53: 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 54: 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 55: 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 56: 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 57: 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 58: 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 59: _____________________________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 60: 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

Unit 3 FINAL

Question 1: 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. Feedback: 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". two three four six From topic: 2.47 Violations and Disciplinary Actions Question 2: 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. Feedback: 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". Commissioner attorney general secretary of state office of the comptroller From topic: 2.33 Inactive licenses Question 3: ______________ hours of continuing education required, within the preceding two year period. Feedback: 30 hours of continuing education required, within the preceding two year period. The correct answer is "a" 30 15 7.5 3 From topic: 2.31 License Renewal Question 4: 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. Feedback: 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". two three four five From topic: 2.26 Principal Brokers Question 5: Any real estate licensee may offer or sell campground memberships by means of membership camping contracts as long as the transactions are treated ______________________. Feedback: 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. like a special property transactions as any other real estate transaction Both a and b Neither a nor b From topic: 4.26 Membership Camping Contract Question 6: 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. Feedback: 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". 40 60 90 150 From topic: 2.25 Brokers Question 7: Membership campgrounds, are regulated by a law which is administered by the__________________________________. Feedback: 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". Oregon Real Estate Agency Oregon Parks and Recreation Department Oregon Outdoor Agency Oregon Attorney General From topic: 4.25 Campground Memberships Question 8: 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. Feedback: 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". 5 calendar days 10 calendar days 15 calendar days 20 calendar days From topic: 2.23 Residency Question 9: To hold an auction for real property in Oregon, a person is required to: Feedback: 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". hold an Oregon auction license hold an Oregon property manager license hold an Oregon broker license all of the above From topic: 4.22 Auctions Question 10: 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 ___________________________________. Feedback: 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". attorney-in-fact. principal broker broker licensed property manager From topic: 2.21 Attorney-in-Fact Question 11: The ________________restricts the licensee to only those activities related to property management. Feedback: The licensed property manager license restricts the licensee to only those activities related to property management. The correct answer is "b". principals broker license licensed property manager broker license vehicle dealers broker license From topic: 2.16 Property Manager Question 12: Brokerages are responsible for the supervision and actions of their licensees. This is known as: Feedback: Brokerages are responsible for the supervision and actions of their licensees. This is known as vicarious liability. The correct answer is "c". Statute of Frauds Unintentional Misrepresentation Vicarious Liability Doctrine of Latches From topic: 4.14 Appropriate Circumstances to Seek the Assistance Question 13: A seller decides not to sell the property to the buyer after having a mutually accepted contract and without legal excuse. The seller ___________________________. Feedback: 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". 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 From topic: 4.12 Seller Breach Question 14: To qualify for any real estate license in Oregon, an applicant must, at the time of the application have the following EXCEPT: Feedback: 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". be 21 years of age completed the required education pass the required exam paid the required fees From topic: 2.11 All Three License Applications Question 15: Which of the following is not a type of real estate license in Oregon? Feedback: The three types of real estate brokers in Oregon are principal broker, broker and licensed property manager . The correct answer is "c". Principal broker broker manufactured home broker licensed property manager From topic: 2.10 Types of Licenses Question 16: A/an ________________________returns each party back to their original position. Feedback: A rescission returns each party back to their original position. The correct answer is "a". rescission habendum express contract implied contract From topic: 4.10 Termination of a Purchase and Sale Agreement (PSA) Question 17: Real estate dealings are considered professional real estate activity when they are performed for another and involve________________. Feedback: Real estate dealings are considered professional real estate activity when they are performed for another and involve¬¬¬¬¬¬ compensation. The correct answer is "a". compensation foreign persons both a and b neither a nor b From topic: 2.9 Businesses Question 18: 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. Feedback: 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". subordinate clause contingency is a clause covenant clause datum clause From topic: 4.8 The Use of Addenda in a Purchase and Sale Agreement Question 19: 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 ________________________. Feedback: 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". you need a business opportunity license you need a dealers license you need a real estate license. you need at notary license. From topic: 2.6 Professional Real Estate Activity Question 20: It is the listing broker's duty to present ________________ Feedback: It is listing broker's duty to present ALL offers. The correct answer is "d". 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 From topic: 4.6 Presenting All Offers and Multiple Offers Question 21: 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. Feedback: 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". the risk to time invested by Both a and b Neither a nor b From topic: 4.5 Using Caution When Writing a Purchase and Sale Agreement Question 22: 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. Feedback: 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". in writing notarized recorded analyzed From topic: 4.3 Importance of the Statute of Frauds Regarding Real Estate Contracts Question 23: The person who hires or appoints a broker to act on his/her behalf is a _____________. Feedback: The person who hires or appoints a broker to act on his/her behalf is a principal. The correct answer is "b". broker principal manager easement From topic: 1.2 Definitions: Question 24: In Oregon, a brokerage must register with the ____________________. Feedback: In Oregon, a brokerage must register with the Oregon Real Estate Agency. The correct answer is "d". attorney general housing authority office of the comptroller Oregon Real Estate Agency From topic: 1.2 Definitions: Question 25: The principal broker has the responsibility of supervising the licensees of a brokerage. What might be included in this supervision? Feedback: 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". 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 From topic: 1.4 Relationship Between the Principal Broker and the Licensee Question 26: 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_________________. Feedback: 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". sub-agent principal universal agent none of the above From topic: 1.6 Sub-Agency Question 27: 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. Feedback: 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". W-9 1099- Misc. W-2 W-10 From topic: 1.7 Independent Contractor or Employee Question 28: A brokerage must have a business sign. The name on this sign must be as named as ____________________. Feedback: 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". on their business license the name of the licensee assumed business named if there is one all of the above From topic: 1.13 Real Estate Office Question 29: The two major components of a comparable market analysis (CMA) are: Feedback: The two major components of a comparable market analysis (CMA) are the site and the comparables to the site. The correct answer is "a". The site and the comparables The building plans and the comparables The as-built drawings and the comparables None of the above From topic: 3.4 Comparables Question 30: Adjustments for differences in comparables should be made to: Feedback: Adjustments for differences in comparables should be made to the comparable. The correct answer is "a". the comparable the site both the site and the comparable adjustments are not allowed From topic: 3.5 Adjustments Question 31: Factors which affect price are: Feedback: Many factors affect price. All of the above are good examples. The correct answer is "d". Interest rates Supply and demand The economy All of the above From topic: 3.7 Market Conditions Question 32: If there is a plentiful supply and low demand, then prices tend to: Feedback: 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". Rise Fall Usually stay the same None of the above From topic: 3.7 Market Conditions Question 33: Those who originate loans for consumers are known as the: Feedback: 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". Primary market Secondary Market Loan arranger Mortgage Processor From topic: 3.10 Financing Terms on the Market Value of Property Question 34: All advertising falls under the direct supervision of ____________________. Feedback: All advertising falls under the direct supervision of a broker's principal broker. The correct answer is "c". the real Estate Commissioner the attorney general a broker's principal broker the closing agent From topic: 3.19 Advertising Question 35: Real estate licensees and sellers of real property must disclose __________________ condition of, or title to the property. Feedback: 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". material facts that affect the physical sellers who have AIDS or HIV Both a or b Neither a nor b From topic: 3.20 Disclosures Question 36: Who is exempt from providing a seller's property disclosure statement? Feedback: All of the above are exempt from providing a seller's property disclosure statement. The correct answer is "d". 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 From topic: 3.20 Disclosures Question 37: A buyer who does not waive their right to revoke will have __________________after the receipt of the disclosure statement to revoke their offer. Feedback: 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". 2 business days 3 business days 5 business days 10 business days From topic: 3.20 Disclosures Question 38: Once signed by both parties, the term of the contract cannot be changed except ______________________. Feedback: 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". by the seller by the seller's broker by the buyer's broker by mutual agreement of the parties From topic: 4.1 Objectives Question 39: The federal Civil Rights Act of 1866 prohibits all _________ discrimination in the sale or rental of property Feedback: The federal Civil Rights Act of 1866 prohibits all racial discrimination in the sale or rental of property. The correct answer is "b". age racial sexual military discharge status From topic: 5.4 Civil Rights Act of 1968 and 1988 Amendment Question 40: 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 ________________. Feedback: 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". steering block busting redlining all of the above From topic: 5.9 Discrimination in the Provision of Brokerage Services Question 41: 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. Feedback: 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". blockbusting steering redlining age discrimination From topic: 5.9 Discrimination in the Provision of Brokerage Services Question 42: Housing that satisfies the legal definition of senior housing or housing for older persons___________________________. Feedback: 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". must include families with children can legally exclude families with children can excluded certain races can exclude most religions From topic: 5.10 Exemptions to Fair Housing Laws Including Senior Housing Question 43: ______________who has been harmed by a housing action may file a fair housing complaint. Feedback: Anyone who has been harmed by a housing action may file a fair housing complaint. The correct answer is "a". Anyone Only a tenant Only a client Only a customer From topic: 5.15 Penalties for Violating Fair Housing Laws Question 44: In this chapter, which of the following is not a classification for a real estate license: Feedback: 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". Broker Expert Broker Principal Broker Licensees From topic: 6.2 Introduction Question 45: Recent statistics show that most home buyers begin their search for a property ____________. Feedback: Recent statistics show that most home buyers begin their search for a property on the internet. The correct answer is"d". with a real estate professional by getting a referral from their lender by getting a referral from family on the internet. From topic: 6.15 Brokerage`s Website and Available Technology Question 46: Marketing and promotional materials are examples of what type of expense? Feedback: 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". Operational expense Capital expense Tax expense Vesting expense From topic: 6.22 Expenses Question 47: Transaction files must be stored at: Feedback: Most states require that the transaction file be stored at the brokerage. The correct answer is "a". The brokerage The agent's home office The mortgage company None of the above From topic: 6.27 Maintaining Business Records Question 48: The IRS requires that each business expense be accompanied by: Feedback: 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". A log signed by the designated broker A Form W-2 A receipt An affidavit signed by the DOL From topic: 6.27 Maintaining Business Records Question 49: 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: Feedback: 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". residential property commercial property industrial property agricultural property From topic: 6.32 An Overview of Property Specialization Question 50: Adjustments for differences in comparables should be made to: Feedback: The adjustments for the differences are always made to the comparable property. The correct answer is "a". The comparable The site Both the site and the comparable Adjustments are not allowed From topic: 6.37 Adjustments Question 51: Oral evidence in court is referred to as: Feedback: Oral evidence in court is referred to as parol evidence which is much weaker than written documentation. The correct answer is "c". Lis pendens testimony Unlawful Detainer Parol evidence None of the above From topic: 6.43 Discipline Question 52: When making an offer to purchase a property, the buyer usually submits a good faith deposit called a/an _______________. Feedback: 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". lease clause earnest money marketing agreement marketable title From topic: 7.3 Trust Accounts Question 53: The practice of mixing trust account funds with that of the brokerage's regular checking account funds is called ____________. Feedback: 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". commingling lis pendens conversion an encumbrance From topic: 7.3 Trust Accounts Question 54: All monies held for others must be deposited into a: Feedback: All monies held for others must be deposited into a trust account. The correct answer is "c". general savings account general checking account trust account revolving credit account From topic: 7.3 Trust Accounts Question 55: A _______________________is a promise to pay an agreed amount of money by a certain date in the future. Feedback: 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". promissory note trust account general account earnest money From topic: 7.26 Promissory Notes Question 56: In a real estate transaction, when might you most likely see a promissory note? Feedback: A promissory note is commonly used with a purchase and sale agreement as earnest money. The correct answer is "c". after a structural inspection after funding the transaction with a purchase and sale agreement when viewing properties From topic: 7.20 Handling of Earnest Money Question 57: The relationship between the broker and their principal is referred to as: Feedback: The relationship between the broker and their principal is referred to as agency. The correct answer is "a". agency equitable estoppel encumbrance From topic: 7.31 Relationship Between Brokers and Affiliated Licensees Question 58: Which of the following would not be an example of a broker: Feedback: 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". 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 From topic: 7.30 Definitions Question 59: A fiduciary relationship is basically defined as the duty to deal with a client in _________________. Feedback: 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". trust and confidentiality trust and neutrality trust and impartially none of the above From topic: 7.33 Fiduciary Relationship Question 60: A broker owes a client and a customer the following duties: Feedback: A broker owes a client and a customer all of the above duties. The correct answer is "d". to deal honestly and fairly to account for all monies handled to disclose any material facts all of the above From topic: 7.34 Client vs. Customer Question 61: 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____________________. Feedback: 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". seller agency buyer agency neutral agency facilitator agency From topic: 7.36 Seller Agency Definition Question 62: ______________________is created by either an oral or written agreement between the principal and the broker. It indicates their express intent for this representational status. Feedback: 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". Express agency Implied agency Estoppel agency none of the above From topic: 7.44 The Creation and Termination of Agency in Real Estate Question 63: ____________is an agency relationship created by the actions of the parties. Feedback: Implied agency is an agency relationship created by the actions of the parties. The correct answer is "c". Estoppel agency Lis Pendens agency Implied Agency none of the above From topic: 7.44 The Creation and Termination of Agency in Real Estate Question 64: When both parties agree to terminate the agency this is referred to as______________. Feedback: When both parties agree to terminate the agency this is referred to as mutual agreement. The correct answer is "a". mutual agreement mutual acceptance meeting of the minds court appointed termination From topic: 7.45 How an Agency Might Be Terminated Question 65: 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? Feedback: 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". 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 From topic: 7.47 Confidential Information 1: 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 2: 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 3: 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 4: 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 5: ______________________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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 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: 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 27: ______________ 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 28: 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 29: 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. 30: 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 31: 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 32: 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 33: 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 34: 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 35: ______________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 36: 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 37: 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 38: 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 39: 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 40: 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 41: 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 42: 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 43: 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 44: 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 45: 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 46: 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 47: 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 48: 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 49: 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 50: 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 51: 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 52: 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 53: 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 54: 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 55: 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 56: 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 57: 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 58: 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 59: 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 60: 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. 61: ____________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 62: 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 63: 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 64: 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 65: 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

Unit 4.6

1: 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 2: Capacity refers to the borrower`s:Capacity refers to the borrower's ability to repay the loan and is one of the major considerations when a loan underwriter decides to grant a loan. The correct answer is"a". Show related content Ability to repay the loan Ability to own more than one home Ability to have their income double within 10 years None of the above 3: 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 4: Appointments for signing final documents with the closing agent usually takes place:Appointments for signing final documents with the closing agent usually takes place a few days prior to closing. Many lenders require that the signed documents get returned for a final underwriting review before funding. The correct answer is "b". Show related content One week prior to closing A few days prior to closing A few hours prior to closing Two weeks prior to closing 5: In almost all real estate transactions:In almost all real estate transactions the lender's policy is separate from the homeowner's policy. The correct answer is "b". Show related content The lender's title policy is combined with the homeowner's policy The lender's policy is separate from the homeowner's policy There is no homeowner's policy None of the above 6: 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 "a". Show related content sale and leaseback purchases and sale agreement reconveyance take-out loan 7: 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 8: A ________________________is an interim loan covering construction and development costs, secured by a mortgage on the property financed.A construction loan is an interim loan covering construction and development costs, secured by a mortgage on the property financed. The correct answer is "a". Show related content construction loan reverse mortgage loan participation loan home equity 9: Who normally orders an appraisal?In most cases the lender orders the appraisal. The correct answer is "a". Show related content The lender The buyer The title company The closing agent 10: After the construction is completed, a long term ________________loan may be acquired to pay off the remaining construction loan.After the construction is completed, a long term take-out loan may be acquired to pay off the remaining construction loan. The correct answer is "c". Show related content participation package take-out home equity 11: A structural pest inspector will inspect the following:A structural pest inspector will inspect the systems of the home and many other items. The correct answer is "a". Show related content The systems of a home The tax assessment The title report All of the above 12: 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 13: 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 14: A _______________________is an assignment of an asset to a lender as security for a loan and collateral for the debt.A collateral assignment is an assignment of an asset to a lender as security for a loan and collateral for the debt. The correct answer is "a". Show related content collateral assignment financing contingency satisfaction of mortgage special assessment 15: _________________are usually secured by real property and allow a borrower to access funds using a checkbook or ATM. A Credit limit is established and usually there are no additional fees associated with accessing the account. These lines of credit bear a lower interest rate than credit cards and some banks base the monthly payments on the actual amount that you use.Home equity loans are usually secured by real property and allow a borrower to access funds using a checkbook or ATM. A Credit limit is established and usually there are no additional fees associated with accessing the account. The correct answer is "a". Show related content Home equity loans Take-out loans Participation loans Package loan 16: 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 17: When granting a loan, the lender will consider:A lender will take many things into consideration when granting a loan. The items above are great examples of those considerations. The correct answer is "d". Show related content Borrower's collateral Borrower's ability to repay the loan Borrower's credit reputation All of the above 18: A __________________________provides for periodic payments resulting in the loan being repaid in its entirety by the end of the mortgage without the need for a balloon payment.A fully amortized mortgage provides for periodic payments resulting in the loan being repaid in its entirety by the end of the mortgage without the need for a balloon payment. The correct answer is "b". Show related content partially amortized mortgage fully amortized mortgage interest only mortgage none of the above 19: 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 20: Negative amortization on an ARM loan can happen because of:Negative amortization on an ARM loan can happen because of a payment cap. The payment would not cover the interest and cause negative amortization. The correct answer is "a". Show related content A payment cap A convertible clause A periodic cap A lifetime or overall cap 1: 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 2: 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. This would discourage borrowers from refinancing to get 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 3: 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 4: 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 5: With a chattel mortgage, the borrower and the lender usually have a written agreement called a:With a chattel mortgage, the borrower and the lender usually have a written agreement called a security agreement. A purchase and sale agreement relates to the sale of property. A unilateral contract relates to a contract whereby only one party needs to perform and an agency agreement relates to agency between a broker and their principal. The correct answer is "c". Show related content purchase and sale agreement unilateral agreement security agreement agency agreement 6: Capacity refers to the borrower`s:Capacity refers to the borrower's ability to repay the loan and is one of the major considerations when a loan underwriter decides to grant a loan. The correct answer is"a". Show related content Ability to repay the loan Ability to own more than one home Ability to have their income double within 10 years None of the above 7: A __________________________provides for periodic payments resulting in the loan being repaid in its entirety by the end of the mortgage without the need for a balloon payment.A fully amortized mortgage provides for periodic payments resulting in the loan being repaid in its entirety by the end of the mortgage without the need for a balloon payment. The correct answer is "b". Show related content partially amortized mortgage fully amortized mortgage interest only mortgage none of the above 8: _________________are usually secured by real property and allow a borrower to access funds using a checkbook or ATM. A Credit limit is established and usually there are no additional fees associated with accessing the account. These lines of credit bear a lower interest rate than credit cards and some banks base the monthly payments on the actual amount that you use.Home equity loans are usually secured by real property and allow a borrower to access funds using a checkbook or ATM. A Credit limit is established and usually there are no additional fees associated with accessing the account. The correct answer is "a". Show related content Home equity loans Take-out loans Participation loans Package loan 9: When a title company issues a commitment for title insurance, the commitment will include all of the following EXCEPT the:When a title company issues a commitment for title insurance, it will include all of the above except the type of loan the buyer is purchasing. The correct answer is "d" Show related content Legal Description Current Owner Exceptions to coverage Type of loan the buyer is purchasing 10: A structural pest inspector will inspect the following:A structural pest inspector will inspect the systems of the home and many other items. The correct answer is "a". Show related content The systems of a home The tax assessment The title report All of the above 11: 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 12: Appointments for signing final documents with the closing agent usually takes place:Appointments for signing final documents with the closing agent usually takes place a few days prior to closing. Many lenders require that the signed documents get returned for a final underwriting review before funding. The correct answer is "b". Show related content One week prior to closing A few days prior to closing A few hours prior to closing Two weeks prior to closing 13: 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 14: 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 "a". Show related content sale and leaseback purchases and sale agreement reconveyance take-out loan 15: A _______________________is an assignment of an asset to a lender as security for a loan and collateral for the debt.A collateral assignment is an assignment of an asset to a lender as security for a loan and collateral for the debt. The correct answer is "a". Show related content collateral assignment financing contingency satisfaction of mortgage special assessment 16: 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 17: 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 18: The Morgans` purchased a home. Included in the purchase was a refrigerator, washer, dryer and cook range. By including the appliances with the real property, this mortgage could be considered a/an:The Morgans' mortgage included both real and personal property which is a package mortgage. The correct answer is "c". Show related content open end mortgage blanket mortgage package mortgage graduated payment mortgage 19: 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 20: A __________________________________________mortgage is a home financing technique where the buyer borrows from the seller instead of, or in addition to, a bank.A purchase money mortgage is a home financing technique where the buyer borrows from the seller instead of, or in addition to, a bank. Construction mortgages, take-out mortgages and blanket loans relate to construction loans and are usually obtained through a bank. The correct answer is "a". Show related content purchase money construction take-out blanket

unit 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: 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 3: 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 4: ________________requires that businesses with 15 or more employees may not discriminate in hiring or promotion, or job placement against an individual with a disability if the person is otherwise qualified to perform the job. They must also make reasonable accommodation for such an individual in the form of restructuring the job, modifying work schedules, acquiring or modifying existing equipment.Title I of the Americans with Disability Act requires that businesses with 15 or more employees may not discriminate in hiring or promotion, or job placement against an individual with a disability if the person is otherwise qualified to perform the job. They must also make reasonable accommodation for such an individual in the form of restructuring the job, modifying work schedules, acquiring or modifying existing equipment. The correct answer is "a". Show related content Title I of the Americans with Disability Act Title II of the Americans with Disabilities Act Title III of the Americans with Disabilities Act Title IV of the Americans with Disabilities Act 5: Discrimination in housing can be related to:All of the above can be forms of discrimination related to housing. The correct answer is "d". Show related content Advertising Conduct by members of the real estate industry Sale or rental of a dwelling All of the above 6: 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 7: Commercial facilities, such as factories, must comply with the ADA`s architectural standards for _________________Commercial facilities, such as factories, must comply with the ADA's architectural standards for new construction. The correct answer is "a". Show related content new construction old buildings historical registry buildings none of the above 8: 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 9: 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 10: 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 11: ______________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 12: 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 13: Penalties for violations of the Fair Housing Act could include:Penalties for violations of the Fair Housing Act could include all of the above. The correct answer is "d". Show related content civil penalties monetary fines mandatory change in advertising policies all of the above 14: The ADA was enacted to guarantee those individuals with ___________or _____________disabilities equal opportunity.Both a and b would be the correct. The correct answer is "c". Show related content major, minor physical, mental Either a or b Neither a nor b 15: 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

Unit 7.1

1: 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 2: 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 3: 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 4: _____________________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 5: 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 6: 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 7: 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 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: 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 10: If a property management agreement is terminated, the property manager must suspend management activity pursuant to the terms of the management agreement. What is the longest period of time the property manager has to return all monies to the parties?The property manager must return all monies to the proper parties within 60 days after termination of the property management agreement. The correct answer is "d". Show related content 10 days 20 days 30 days 60 days

Unit 4.3

1: 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 2: 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 3: 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 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: With a prepayment penalty, the borrower __________when paying off a loan early.With a prepayment penalty, the borrower is penalized when paying off a loan early. The correct answer is "b". Show related content is rewarded is penalized is prohibited none of the above 6: 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 7: Loans which do not have prepayment penalties are often referred to as_______________Loans which do not have prepayment penalties are often referred to as open mortgages. The correct answer is "a". Show related content open mortgages adjustable rate mortgages interest only mortgages open amortization 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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

Unit 3.1

1: 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 2: 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 3: If a principal broker needs to be absent from the company for an extended period of time, he/she delegates supervisory duties to _______________________through a written authorization.If a principal broker needs to be absent from the company for an extended period of time, he/she delegates supervisory duties to another principal broker or a broker who has three years of experience as a real estate broker through a written authorization. The correct answer is "d". Show related content another principal broker the commissioner a broker who has three years of experience as a real estate broker either a or c 4: 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 5: 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 6: 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 7: Jason owns ABC Realty and is the principal broker. He has set up a permanent booth in a shopping mall to show prospective clients listings that are for sale. Pete mans the booth five days a week. The booth has been in existence for 6 months. The booth is considered a ______________________.A temporary structure used solely for the distribution of information is not considered a branch office. If a principal broker wanted to place a booth, that was staffed by licensees, in a shopping mall to display real estate information, he would need to register the booth as a branch office, since it is not a temporary structure. The correct answer is "c". Show related content main office temporary office branch office has no classification 8: 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 9: The length of absence for the principal broker may not exceed ____ days.The length of absence for the principal broker may not exceed 90 days. The correct answer is "c". Show related content 30 days 60 days 90 days 120 days 10: 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 11: 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 12: 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 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: In Oregon, a real estate brokerage must maintain a place of business. This business must be in Oregon, unless the principal broker holds a real estate license in another state and holds ____________________________.In Oregon, a real estate brokerage must maintain a place of business. This business must be in Oregon, unless the principal broker holds a real estate license in another state and holds an Oregon reciprocal license. The correct answer is "a". Show related content an Oregon reciprocal license. an Oregon property manager's license an Oregon appraiser's license an Oregon notary license 15: 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 1: 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 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 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: 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 12: 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 13: 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 14: The length of absence for the principal broker may not exceed ____ days.The length of absence for the principal broker may not exceed 90 days. The correct answer is "c". Show related content 30 days 60 days 90 days 120 days 15: Jason owns ABC Realty and is the principal broker. He has set up a permanent booth in a shopping mall to show prospective clients listings that are for sale. Pete mans the booth five days a week. The booth has been in existence for 6 months. The booth is considered a ______________________.A temporary structure used solely for the distribution of information is not considered a branch office. If a principal broker wanted to place a booth, that was staffed by licensees, in a shopping mall to display real estate information, he would need to register the booth as a branch office, since it is not a temporary structure. The correct answer is "c". Show related content main office temporary office branch office has no classification

Unit 1 Final

1: 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 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: 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 4: 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 5: 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 6: 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 7: 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 8: Which of the following would be considered a right of ownership under the bundle of rights?Correct! All of the above are some examples of ownership rights under the concept of the bundle of rights. Show related content Water rights Mineral, oil and gas rights Right to build on the property All of the above 9: ___________means a single unit of land that is created by a subdivision of land.Lot means a single unit of land that is created by a subdivision of land. The correct answer is "c". Show related content Tract Parcel Lot Block 10: 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 11: 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 12: 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 13: _________________________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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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. 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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. 33: 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 34: The primary source of income for a landlord on a rental property is__________.The primary source of income for a landlord on a rental property is rental income. The correct answer is "a". Show related content rental income tax advantages income from laundry machines and assigned parking stalls income from providing extra storage 35: 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 36: 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 37: Oregon is a _________________law state.Correct! Oregon is a common law state. Show related content common community property Steering Redlining 38: 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 39: 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 40: 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 41: 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 42: Cubic conversions entail multiplying _________numbers.Cubic conversions entail multiplying three numbers. (Length x width x depth) The correct answer is "b". Show related content two three four five 43: 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 44: 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 45: 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 46: 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 47: 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 48: ____________________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 49: 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 50: 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 51: 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 52: 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 53: 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 54: 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 55: ____________________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 56: 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 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: 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 59: A developer doesn`t need to register with HUD and is exempt if there are less than _____ lots in the subdivision.A developer need not register with HUD and is exempt if there are less than 25 lots in the subdivision. Other exemptions would include subdivisions in which each lot has at least 20 acres, lots sold only to contractors, builders or developers, lots on which a building has already been erected or where a sales contract will obligate the seller to build one within two years, lots leased for a term of no more than five years. The correct answer is "b". Show related content 10 25 50 100 60: _________________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 Question 1: Which of the following is most likely not a reason why people own rental property? Feedback: 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". Capital gain Liquidity Tax advantages Leverage From topic: 11.2 Maximizing Rental IncomeQuestion 2: The primary source of income for a landlord on a rental property is__________. Feedback: The primary source of income for a landlord on a rental property is rental income. The correct answer is "a". rental income tax advantages income from laundry machines and assigned parking stalls income from providing extra storage From topic: 11.2 Maximizing Rental IncomeQuestion 3: 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 _________________________. Feedback: 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". a capital gain a capital loss leverage a property exchange From topic: 11.3 Advantages of Rental Real EstateQuestion 4: A landlord may be able to avoid paying taxes on the sale of a rental property if they sell it and reinvest the money in another property called a_______________________. Feedback: A landlord may be able to avoid paying taxes on the sale of a rental property if they sell it and reinvest the money in another property called a Like-Kind Exchange or 1031 Exchange. The correct answer is "c". Like-Kind Exchange 1031 Exchange both a and b neither a nor b From topic: 11.4 Like-Kind ExchangesQuestion 5: 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. Feedback: 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". occupancy rate vacancy rate rental rate certificate of occupancy From topic: 11.5 Disadvantages of Rental Real EstateQuestion 6: Bill wants to buy a building that he could lease 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? Feedback: 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". residential office industrial agricultural From topic: 11.7 Categories of Property ManagementQuestion 7: Which of the following would be a concern for an owner who is leasing retail property? Feedback: All of the above would be valid concerns for an owner of a retail property. The correct answer is "d". tenant mix parking accessibility All of the above From topic: 11.7 Categories of Property ManagementQuestion 8: For the sale of a residence, there is a ___________exemption for single people. Feedback: For the sale of a residence, there is a $250,000 exemption for single people. The correct answer is "a". $250,000 $300,000 $400,000 $500,000 From topic: 11.8 Tax Aspects of Transferring Title to Real PropertyQuestion 9: For the sale of a residence, there is a _____________exemption for married people. Feedback: For the sale of a residence, there is a $500,000 exemption for married people. The correct answer is "d". $250,000 $300,000 $400,000 $500,000 From topic: 11.8 Tax Aspects of Transferring Title to Real PropertyQuestion 10: To qualify for the sale of a residence exemption, they must have owned the home and used it as their main residence for at least two of the last _______________ years that preceded the sale for non-government of military people. Feedback: To qualify for the sale of a residence exemption, they must have owned the home and used it as their main residence for at least two of the five years that preceded the sale for non-government of military people. The correct answer is "b". four five six seven From topic: 11.8 Tax Aspects of Transferring Title to Real PropertyQuestion 11: The tax rates for short-term capital gains are_____________________________. Feedback: The tax rates for short-term capital gains are the same as the rates for ordinary income. the same as the rates for ordinary income higher rates than ordinary income lower rates than ordinary income None of the above From topic: 11.8 Tax Aspects of Transferring Title to Real PropertyQuestion 12: 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? Feedback: Yes, because he has meet the residence requirements and house boats are allowed for the exemption. The correct answer is "d". 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 From topic: 11.8 Tax Aspects of Transferring Title to Real PropertyQuestion 13: Metes refers to __________ while bounds refers to ______________ Feedback: 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". measurements, boundaries meters, boundaries measurements, business measurements, buildings From topic: 11.9 Physical Description of PropertyQuestion 14: A metes and bound legal description will start at _________ Feedback: 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". a point which is always the farthest northern boundary of the property a point of beginning a principal meridian a baseline From topic: 11.9 Physical Description of PropertyQuestion 15: 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 _____________________________. Feedback: 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". 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 From topic: 11.9 Physical Description of PropertyQuestion 16: The government Survey Method of legally describing property is also known as the_________________________________. Feedback: The Government Survey Method is known by all of the above terms. The correct answer is "d". Public Land Survey System Rectangular Survey Method Section and Township System All of the above From topic: 11.10 Government SurveyQuestion 17: The Government Survey Method is system of land description which denotes _________(north and south lines) ____________(east and west lines). Feedback: The Government Survey Method is system of land description which meridians(north and south lines) and base lines(east and west lines). The answer is "a". meridians, base lines base lines, meridians Section lines Constructions lines From topic: 11.10 Government SurveyQuestion 18: With the Government Survey method of legally describing land, the area of a township is: Feedback: 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". 6 square mile 6 miles square 36 square miles Both b and c From topic: 11.13 Principal Meridian and Base LineQuestion 19: Each township is divided up into ___________ sections. Feedback: Each township is divided up into 36 sections which measure 1 mile times 1 mile. The correct answer is "c". 48 54 36 100 From topic: 11.14 A Township Contains 36 SectionsQuestion 20: One quarter of a section is _____________acres? Feedback: A section = 640 acres. One quarter of a section = 160 acres. The correct answer is "b". 640 160 100 480 From topic: 11.14 A Township Contains 36 SectionsQuestion 21: Section #1 is located in the __________________ corner of a township. Feedback: Section #1 is located in the northeast corner of a township. The correct answer is "a" northeast southeast northwest southwest From topic: 11.14 A Township Contains 36 SectionsQuestion 22: Section #36 is located in the _______________corner of a township. Feedback: Section #36 is located in the southeast corner of a township. The correct answer is "b". northeast southeast northwest southwest From topic: 11.14 A Township Contains 36 SectionsQuestion 23: The plat map method for describing real property is often described as a_______________. Feedback: 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". lot and block method lot and subdivision method block and subdivision method all of the above From topic: 11.15 Plat MapQuestion 24: When a plat has been ______________, it becomes a sufficient full legal description to identify property. Feedback: 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". built upon granted a certificate of occupancy recorded connected to all utilities From topic: 11.15 Plat MapQuestion 25: Which of the following is NOT considered to be a sufficient legal description on a deed? Feedback: 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". Metes and Bounds description Street name and house number Government Survey Recorded plat map From topic: 11.16 Legal Descriptions and Their ImportanceQuestion 26: CLUE refers to_____________________________. Feedback: CLUE is an acronym for comprehensive loss underwriters exchange and may run with the land or with a person. The correct answer is "a". Comprehensive Loss Underwriters Exchange Comparable Lenders Underwriting Experience Comparable Loss Underwriting Exchange Commissioned Loss Underwriting Exchange From topic: 11.24 Why Some Properties May Not be InsurableQuestion 27: ___________________ 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. Feedback: 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". Green building Modular building Stick building Frame building From topic: 11.23 Green BuildingQuestion 28: A _____________home is one that is constructed almost entirely in a factory. Feedback: A manufactured home is one that is constructed almost entirely in a factory. The correct answer is "a". manufactured modular building stick building frame building From topic: 11.22 Manufactured HomesQuestion 29: According to industry statistics the modular constructions projects have _____________in the last ten years. Feedback: According to industry statistics the modular constructions projects have more than doubled in the last ten years. The correct answer is "d". increased by 5% increased by 10% increased by 15% more than doubled From topic: 11.18 Types of ConstructionQuestion 30: Local building codes do not apply to manufactured homes; instead, these houses are built according to specialized guidelines, ______________________in the United States, for manufactured housing. Feedback: Local building codes do not apply to manufactured homes; instead, these houses are built according to specialized guidelines, Federal HUD regulations in the United States, for manufactured housing. The correct answer is "a". Federal HUD regulations Federal Housing Authority regulations Federal Fair Housing laws Federal Funding regulations From topic: 11.22 Manufactured HomesQuestion 31: Stick built roofs allow for a little more design flexibility and better use of _________space. Feedback: Stick built roofs allow for a little more design flexibility and better use of attic space. The correct answer is "c". window door attic wall From topic: 11.21 The Roof Final Exam Number of questions: 74Question 1: Notice must be given to tenants at least _______days before a condo conversion begins. Feedback: 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). 30 60 90 120 From topic: 7.42 Condominium Conversions and TenantsQuestion 2: The owner of land which is being taken through condemnation must be paid a/an ___________________________for the property. Feedback: 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". fair and just compensation amount determined by a utility company amount determined by a communications company amount determine solely by the owner From topic: 1.40 Governmental Limitations on Real PropertyQuestion 3: _____________is the right of the government to acquire ownership of privately held property for public use. Feedback: 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". Eminent domain Escheat Taxation Lis Pendens From topic: 1.40 Governmental Limitations on Real PropertyQuestion 4: The actual act of taking of private property for public use is done through ____________proceedings. Feedback: 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". Foreclosure Condemnation Deed in lieu of foreclosure All of the above. From topic: 1.40 Governmental Limitations on Real PropertyQuestion 5: ____________________in a condominium complex are common areas that are reserved for the use of one unit or more. Feedback: 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". General common elements Limited common elements Liability common elements Insured common elements From topic: 1.34 General Common ElementsQuestion 6: Recorded plats may be amended or changed by a/an _______________. Feedback: 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". affidavit of correction binding sales agreement dedication partitioning From topic: 7.32 Recording PlatsQuestion 7: Estate at sufferance is a lease where the tenant is occupying the property __________________________. Feedback: 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". 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. From topic: 1.30 Leasehold EstatesQuestion 8: Leasehold estates carry _________ interest than a freehold estate. Feedback: Correct! Leasehold estates are considered less than freehold estates. more less the same a certain percentage of From topic: 1.28 Types of Estates in LandQuestion 9: REIT is an acronym for: Feedback: Correct! REIT is an acronym for Real Estate Investment Trust. Real Estate Investment Trust Real Estate Interest Trust Real Estate Interim Trust Real Estate Income Trust From topic: 1.27 TrustsQuestion 10: When land is divided into two or three units, the process is called ________and the individual units are called ____________. Feedback: 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". partitioning, parcels parcels, portioning subdivisions, lots lots, subdivisions From topic: 7.22 Subdivision and Partition ProcessQuestion 11: If the title to property was held by Tenancy by the Entirety, it would be held by _______________________________. Feedback: Correct! Tenancy by the Entirety can only be held by married individuals or persons in a domestic partnership. a corporation a married couple or domestic partnership any unrelated individuals any of the above From topic: 1.20 Community Property and Common Law (continued)Question 12: A developer doesn't need to register with HUD and is exempt if there are less than _____ lots in the subdivision. Feedback: A developer need not register with HUD and is exempt if there are less than 25 lots in the subdivision. Other exemptions would include subdivisions in which each lot has at least 20 acres, lots sold only to contractors, builders or developers, lots on which a building has already been erected or where a sales contract will obligate the seller to build one within two years, lots leased for a term of no more than five years. The correct answer is "b". 10 25 50 100 From topic: 7.20 ISLA is Administered by?Question 13: Oregon is a _________________law state. Feedback: Correct! Oregon is a common law state. common community property Steering Redlining From topic: 1.19 Community Property and Common LawQuestion 14: When one person individually owns the property they are said to own the property in/as ______________. This is also known as ____________ ownership. Feedback: Correct! When an individual owns property solely this is known as sole ownership or ownership in severalty. tenant in common, joint tenancy severalty, sole unity of possession, unity interest joint tenancy, sole From topic: 1.18 Severalty and Concurrent OwnershipQuestion 15: Annual crops are known as _____________________. Feedback: Correct! Annual crops are known as both emblements and fructus industrials. emblements fructus industrials both a and b an orchard From topic: 1.17 Plants Trees and CropsQuestion 16: A tenant installed a light bulb in a floor lamp that she owned. The light bulb is considered to be____________________________. Feedback: 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. real property personal property property of the tenant both b and c From topic: 1.16 Fixtures (continued)Question 17: 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. Feedback: 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". risk management tool environmental expertise tax liability legal liability From topic: 8.15 Class Soils cont.Question 18: Items that are installed by a tenant to enable them to carry on a trade or a business are called _______________________. Feedback: Correct! When a tenant installs items to be able to carry on a trade of a business, these are known as trade fixtures. trade fixtures estate fixtures contract fixtures automatic fixtures From topic: 1.13 Trade FixturesQuestion 19: An owner of a parcel of land sold the mineral right to the land to another person. The mineral rights _____________________________. Feedback: 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. 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 From topic: 1.12 SeveranceQuestion 20: The purpose of _____________is to protect the public from unsafe, substandard construction. Feedback: 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". a building code a conservation easement a covenant eminent domain From topic: 7.12 Building CodesQuestion 21: Which of the following would be considered a right of ownership under the bundle of rights? Feedback: Correct! All of the above are some examples of ownership rights under the concept of the bundle of rights. Water rights Mineral, oil and gas rights Right to build on the property All of the above From topic: 1.10 Prior Appropriation Rights SystemQuestion 22: Riparian Rights refer to water that _____________________ to a property Feedback: Correct! Riparian Rights refer to water that flows through or adjacent to a property. flows through or over flows through or adjacent flows under flows from or near From topic: 1.9 Surface WatersQuestion 23: Which of the following would be an economic characteristics that would influence value? Feedback: Scarcity is an economic characteristic that would influence value. The other choices are physical characteristics. The correct answer is "a". scarcity indestructible nature immobility non-homogeneity (each parcel is unique). From topic: 8.9 Physical Characteristics of LandQuestion 24: _________________is usually issued when a property was being used for a particular purpose prior to zoning or prior to a zoning change. Feedback: 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". A variance A nonconforming use permit A buffer zone Bulk zoning From topic: 7.8 Nonconforming UseQuestion 25: A typical item of personal property that might be transferred with real property in a transaction would be __________________. Feedback: Correct! Any freestanding item that is not attached is considered personal property. refrigerator washer dryer all of the above From topic: 1.5 Uniform Commercial CodeQuestion 26: Ownership of personal property is transferred using a____________. Feedback: 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". bill of sale deed deed of trust mortgage From topic: 1.4 Personal PropertyQuestion 27: The short sale process usually takes ____________than a normal real estate transaction. Feedback: 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". a much shorter amount of time a much longer time the same amount of time none of the above From topic: 8.4 Short Sale ProcessQuestion 28: Which of the following are examples of economic factors that influence property ownership: Feedback: 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". Interest rates Employment Cost of construction All of the above From topic: 7.2 Factors that Influence Property OwnershipQuestion 29: 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________. Feedback: 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". fall, rise rise, fall stay the same, fall rise, stay the same From topic: 7.2 Factors that Influence Property OwnershipQuestion 30: If a person dies intestate and there are no legal heirs, then the property reverts to the state through_________________. Feedback: 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". escheat a will trust monitoring From topic: 8.2 WillsQuestion 31: A person who dies not leaving a will is considered_____________________. Feedback: A person who dies not leaving a will is considered intestate. intestate testate escheat having no heirs From topic: 8.2 WillsQuestion 32: A rectangle room is 10 feet x 12 feet. What is the square footage? Feedback: Multiply the two sides together to determine the square footage. 10 x 12 = 120 square feet. The correct answer is "b". 1,200 square feet 120 square feet 130 square feet 12 square feet From topic: 2.3 Finding the Area of a RectangleQuestion 33: 1 square mile = ______________________ Feedback: 1 square mile = 640 acres (5,280 x 5,280 = 27.878,400 divided by 43,560= 640). The correct answer is "a". 640 acres 120 acres 420 acres 320 acres From topic: 2.2 Real Property MeasurementsQuestion 34: 1 mile = ____________ Feedback: 1 mile = 5,280 feet. The correct answer is "d". 2,222 feet 3,200 feet 1,760 feet 5,280 feet From topic: 2.4 Linear MeasurementsQuestion 35: In regards to a triangle, the base x height divided by 2 = _________. Feedback: 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". angle volume area none of the above From topic: 2.6 Calculating the Area of a TriangleQuestion 36: Cubic conversions entail multiplying _________numbers. Feedback: Cubic conversions entail multiplying three numbers. (Length x width x depth) The correct answer is "b". two three four five From topic: 2.7 Calculating Cubic MeasurementsQuestion 37: Metes refers to __________ while bounds refers to ______________ Feedback: 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". measurements, boundaries meters, boundaries measurements, business measurements, buildings From topic: 2.11 Metes and BoundsQuestion 38: A township is divided up into ___________ sections. Feedback: Each township is divided up into 36 sections which measure 1 mile times 1 mile. The correct answer is "c". 48 54 36 100 From topic: 2.17 A Township Contains 36 SectionsQuestion 39: When a plat has been ______________, it becomes a sufficient full legal description to identify property. Feedback: 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". built upon granted a certificate of occupancy recorded connected to all utilities From topic: 2.18 Plat Map MethodQuestion 40: The _________document is evidence that one has rights of ownership. Feedback: 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". deed title lis pendens all of the above From topic: 3.2 Title and DeedQuestion 41: The covenant of _________states that the grantor owns the property being transferred and that the grantee will have peaceable possession. Feedback: 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". seizen further assistance against encumbrances right to convey From topic: 3.4 Forms of DeedsQuestion 42: ____________________is the gift of land donated to the public without compensation. Feedback: 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". Dedication Fair market value Condemnation Escheat From topic: 3.9 Title Transferred To and From GovernmentQuestion 43: To claim adverse possession, __________requirements must apply. Feedback: To claim adverse possession, 5 requirements must apply. They are: open, notorious, continuous, adverse and hostile. The correct answer is "c". 3 4 5 10 From topic: 3.12 Adverse PossessionQuestion 44: A couple owns property as tenants by the entirety (married couples). Upon the death of one spouse, the estate passes to ________________________. Feedback: 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". 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 From topic: 3.13 DeathQuestion 45: 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 ________________. Feedback: 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". testament legatees devisees codicil From topic: 3.13 DeathQuestion 46: An encumbrance is an interest or right that a person has on _______________property. Feedback: 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". their own another person's both a and b Neither a nor b From topic: 4.2 Encumbrances, Liens, Deed Restrictions, EncroachmentsQuestion 47: A homeowner built a fence which was partly on his neighbor's property. This would be considered a/an __________________________. Feedback: 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". mechanic's lien encroachment tax lien special assessment From topic: 4.3 EncroachmentsQuestion 48: An easement in gross benefits __________________________. Feedback: 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". adjacent land owner a person or company Either a or b Neither a nor b From topic: 4.6 Easement in GrossQuestion 49: A general lien usually attaches to ________of the debtor's property. Feedback: 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". a specific parcel personal property real property all of the above From topic: 4.11 LiensQuestion 50: In general, lien priority is established by the______________________. The first to record has the highest priority. Feedback: 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". date of recording highest dollar amount of the lien lowest dollar amount different in every county where it is recorded From topic: 4.14 Priority of Liens on a TitleQuestion 51: 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. Feedback: 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". cloud on title lis pendens standard coverage extended coverage From topic: 5.4 A Cloud on Title - Title DefectQuestion 52: When a title search shows that there is a break in the chain of title, this could best be corrected by: Feedback: 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". providing a special warranty deed providing a bargain and sale deed providing a sheriff's deed procuring a quiet title action From topic: 5.7 Title EvidenceQuestion 53: There is a ____________________clause in the purchase and sale agreement that requires that parties to comply with all deadlines specified in the agreement. Feedback: 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". possession clause time is of the essence earnest money clause title clause From topic: 5.12 The Closing Process and EscrowQuestion 54: 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? Feedback: Both the buyer and the seller must agree to change the closing date and extend the transaction. The correct answer is "b". 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 From topic: 5.14 EscrowQuestion 55: The exemption would apply to proceeds of a sale so long as they were used to purchase another residence within _______following the sale. Feedback: 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". 1 year 2 years 3 months 6 months From topic: 6.3 To Qualify for the Oregon Homestead ExemptionQuestion 56: When local governments levy a charge on the properties that are benefited by local improvement, this is known as a________________________________. Feedback: 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". general tax ad valorem tax special assessment tax all of the above From topic: 6.7 Bancroft Bonding ActQuestion 57: Real property general taxes are assessed ad valorem. Ad valorem means: Feedback: These general taxes are ad valorem taxes which means that that they are taxed according to value. An assessment is the valuation o

Unit 2.9

1: 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 2: 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 3: 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 4: 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 5: 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

Unit 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: 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 3: 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 4: _____________________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 5: _______________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) 6: 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

Unit 1.1 quiz

1: Crops could be used as security on a loan. 2: Leasehold estates carry less interest than a freehold estate. 3: Estate at sufferance is a lease where the tenant is occupying the property illegally and without the consent of the landlord .An estate at sufferance is a lease where the tenant is occupying the property illegally and without the consent of the landlord. 4: A main concern with joint ventures is that they can restrict Competition. 5: PUD is an acronym for a Planned unit Development. 6: If the grantor of an estate specifies that the grantor will get the estate back after the life tenant, then this is referred to as an estate in reversion. 7: A fee simple estate must have the following:Correct! A fee simple estate must have the following: Must be land or some interest in land and must be for an indefinite duration. Other names for a fee simple estate is "fee" or "fee simple absolute". Show related content Must be land or some interest in land An indefinite duration Both a and b No attached garage 8: An owner sells their 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. 9: If the crop of a perennial planting is sold, then it becomes the personal property of the purchaser. 10: In some states there are legal life estates that were created to benefit spouses under common law. The idea behind dower and curtsey was to provide the surviving spouse who did not share the ownership of the property with a means of support, following the death of the spouse who owned the property 11: Items that are installed by a tenant to enable them to carry on a trade or a business are called Trade fixtures. 12: HOA is an acronym for Homeowner's association 13: When each joint tenant has an equal interest in the property, this is known as the unity of interest. Show related content the unity of interest the unity of title the unity of time the unity of possession 14: Which of the following would be considered a right of ownership under the bundle of rights?Correct! All of the above are some examples of ownership rights under the concept of the bundle of rights. Show related content Water rights Mineral, oil and gas rights Right to build on the property All of the above 15: The Uniform Commercial Code is also known as the UCC/ Uniform commercial code Both A and B

Unit 6.1

1: 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 2: 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 3: 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 4: 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 5: 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 6: 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

Unit 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: 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 3: 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 4: 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 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

Unit 7.2

1: 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 2: 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 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: The landlord is required to provide trash cans and arrange for removal, ____________________________.The landlord is required to provide trash cans and arrange for removal, but the tenant may be asked to pay for the service. The correct answer is "a". Show related content but the tenant may be asked to pay for the service and the landlord must for this service only if in the verbal lease agreement none of the above 5: 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 6: 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 7: 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 8: 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 9: 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 10: Which of the following is NOT an allowable fee that a landlord can charge a tenant?A late rent payment is an allowable fee that a landlord can charge a tenant. A landlord cannot charge tenants a fee for normal wear and tear. The correct answer is "b". Show related content Late rent payment Normal wear and tear Either a or b Neither a nor b

Unit 2.6

1: 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 2: 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 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: ___________________________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 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

Unit 7.3

1: 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 2: 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 3: 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 4: 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 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: ______________________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 7: 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 8: 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 9: 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 10: 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

Unit 5.1

1: 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 2: 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 3: 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: 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 5: 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

Unit 4.2

1: 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 2: __________________________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 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: 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 5: 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 6: 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 7: 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 8: 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 9: 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 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: The Federal National Mortgage Association is known as ________________.The Federal National Mortgage Association is known as Fannie Mae. The correct answer is "d". Show related content Ginnie Mae Freddie Mac Either answer Neither answer 12: 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 13: 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 14: 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 15: 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

Unit 4.7

1: 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 2: The gross income minus bad debt and the vacancy factor = _____________________.The gross income minus bad debt and the vacancy factor = effective gross income. The correct answer is "d". Show related content net income yearly income monthly income effective gross income 3: 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 4: A buyer who did not have enough money for a down payment on a regular loan might desire a:A buyer who did not have enough money for a down payment might desire a purchase money mortgage. While not all purchase money loans have lower down payments, the possibility may exist with this type of loans. The correct answer is "a" Show related content Purchase Money Mortgage An FHA Loan A conventional loan An interest only loan 5: If the comparable has less of something there should be:If the comparable has less of something there should be an adjustment in the form of an increase to the comparable. The correct answer is "a". Show related content An adjustment in the form of an increase to the comparable An adjustment in the form of a decrease to the comparable No adjustment since it is understood that all properties are unique An adjustment to the site in the form of an increase 6: 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 7: When money is easier to obtain:When money is easier to obtain, more buyers have access to this money and there are usually more buyers in the market place. The correct answer is "a". Show related content There are usually more buyers in the market place to buy a home Prices usually fall There is usually higher unemployment None of the above 8: 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 9: The seller may have special needs and circumstances which should be taken into consideration when pricing a property. Which of the following might be a special circumstance?All of the above might be considered a special circumstance for a seller. Other examples might include the timing of a change in the size of their family such as a birth or having family member living with them, illness, divorce, death etc. The correct answer is "d". Show related content Timing, so that their children can finish out a school year Job Transfers and employment When their next home might be available for occupancy All of the above 10: 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 11: 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 12: 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 13: 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 14: _____________________________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 15: Which are examples of a loan type?All of the above are examples of loan types. There are many other types of loans and also subsets of loan programs within the above loans. A real estate professional should understand these loans and their availability to borrowers. The correct answer is"d". Show related content ARM FHA, VA Conventional All of the above 16: In appraisal, the amount of funds needed to build a structure added to the value of the land is defined as the_____________.In appraisal, the amount of funds needed to build a structure added to the value of the land is defined as the cost. The correct answer is "c". Show related content value price cost net income 17: The market that purchases loans from the primary loan originators is the: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 Interest rate adjustment market 18: 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 19: Common components of a CMA are:Components of a CMA consist of all of the above. In addition, common items might also include curb appeal, obsolesce, amenities, square footage, out buildings, garage area, updated systems of the home, remodeling and the quality of construction. The correct answer is "d". Show related content Number of bedrooms and bathrooms Days on the market Year Built All of the above 20: When a seller offers financing to the buyer, this is known as a/an :When a seller offers financing to the buyer, this is known as a purchase money mortgage. Known also simply as seller financing. The advantages of the seller offering this type of financing as they may be able to attract more buyers: who do not have a down payment for a conventional mortgage, who have credit score that are too low to obtain a regular mortgage, those who do not shoe sufficient income to a regular mortgage. The correct answer is "b". Show related content ARM Mortgage Purchase Money Mortgage Conventional Loan Jumbo Loan 1: 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 2: 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 3: Employment, inflation and the stock and bond market are examples of:Employment, inflation and the stock and bond market are examples of the general state of the economy. These conditions play an important role when preparing a Comparative Market Analysis. The correct answer is "a". Show related content The general state of the economy The secondary market The doctrine of Laches None of the above 4: A lender will almost always require an appraisal to insure that the value of the property is___________________________.A lender will almost always require an appraisal to insure that the value of the property is sufficient collateral for the loan. The correct answer is "c". Show related content at par value at assessed value sufficient collateral for the loan none of the above 5: A limited amount of loan options may lead toA limited amount of loan options may lead to a decrease in the amount of home buyers as it may be more difficult for a buyer to qualify for these loan programs. The correct answer is "b". Show related content Increased amount of home buyers Decreased amount of home buyers Does not affect home buying None of the above 6: 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 7: 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 8: In appraisal, the amount of funds needed to build a structure added to the value of the land is defined as the_____________.In appraisal, the amount of funds needed to build a structure added to the value of the land is defined as the cost. The correct answer is "c". Show related content value price cost net income 9: A property must pass some tests before considering its highest and best use. These might include:All of the above would be tests for determining the highest and best use of a property. The correct answer is "d". Show related content Maximal productivity physical possibility Financial feasibility Legally allowable All of the above 10: 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 11: 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 12: The seller may have special needs and circumstances which should be taken into consideration when pricing a property. Which of the following might be a special circumstance?All of the above might be considered a special circumstance for a seller. Other examples might include the timing of a change in the size of their family such as a birth or having family member living with them, illness, divorce, death etc. The correct answer is "d". Show related content Timing, so that their children can finish out a school year Job Transfers and employment When their next home might be available for occupancy All of the above 13: 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 14: A _________________can be any negotiation where the seller gives the buyer something.A seller concession can be any negotiation where the seller gives the buyer something. The correct answer is "b". Show related content buyer concession seller concession property exchange none of the above 15: The income that the property is currently earning is referred to as the______________.The income that the property is currently earning is referred to as the contract rent. The economic rent considers that the value of the rent as if the property were currently on the open market. The correct answer is "a". Show related content contract rent economic rent external rent internal rent 16: 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 17: 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 18: The gross income minus bad debt and the vacancy factor = _____________________.The gross income minus bad debt and the vacancy factor = effective gross income. The correct answer is "d". Show related content net income yearly income monthly income effective gross income 19: Who does an appraiser work for?The lender Show related content The borrower The seller The closing agent The lender 20: 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

unit 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: 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 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: 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 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

Unit 7.5

1: 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 2: 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 3: 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 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: Licensees who perform property management and are affiliated with brokerages that do not have trust accounts should______________________________.Licensees who perform property management and are affiliated with brokerages that do not have trust accounts should not perform property management. If the broker is depositing or disbursing monies on behalf of others, then their brokerage will be required to have a trust account. The correct answer is "b". Show related content open their own trust account for the deposits and disbursements of trust account funds not perform property management use their personal account for the deposits and disbursements of trust account funds ask their clients to open a trust accounts 7: 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 8: 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 9: _________________________ 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 10: 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

Unit 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: 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 3: 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 4: ______________________________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 5: 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

unit 2.4

1: 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 2: 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 3: 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 4: 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 5: 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 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

Unit 2.2

1: 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: 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 3: 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 4: 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 5: 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 6: 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

Unit 6.3

1: 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 2: 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 3: 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 4: 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 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: ____________________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 8: 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

Unit 7.6

1: 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 2: 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 3: 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 4: 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 5: ___________________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 6: _______________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 7: 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

Unit 4.5

1: 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: 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 3: 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 4: 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 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: FHA has mortgage limits depending on the ___________________within the United States and its` territories.FHA has mortgage limits depending on the county within the United States and its' territories. Show related content city county state urbanization 7: 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 8: Which of the following is not a qualification for getting a HECM?All of the above are qualification for a HECM loan except all borrowers must be 62 years old (not 65 years old). The correct answer is "a". Show related content All owners must be 65 years old They must be living in the home A borrower must not be delinquent on any federal debt The borrower must participate in a consumer information session given by an approved HECM Counseling Agency. 9: 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% 10: To simplify things, VA and HUD/FHA (Department of Housing and Urban Development/Federal Housing Administration) use the same_____________________.To simplify things, VA and HUD/FHA (Department of Housing and Urban Development/Federal Housing Administration) use the same appraisal form. The correct answer is "d". Show related content rules for qualifying for a loan loan limits credit qualifications appraisal form 11: 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 12: The home financed through ODVA must____________________________.The home financed through ODVA must be the veteran's primary residence and be purchased in Oregon. The correct answer "c". Show related content be the veteran's primary residence be purchased in Oregon both a and b neither a nor b 13: 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 14: USDA Section 52 loans are primarily used to help low-income individuals to purchase homes in ______________.USDA Section 52 loans are primarily used to help low-income individuals to purchase homes in rural areas. The correct answer is "a". Show related content rural areas urban areas both a and b neither a nor b 15: A VA appraisal is called a ____________________________________.A VA appraisal is called a certificate of reasonable value (CRV). A certificate of eligibility and a DD214 relate to the veteran's qualification to get a loan and not the appraisal. The correct answer is "a". Show related content certificate of reasonable value (CRV) VA appraisal certificate of eligibility DD214

Unit 2.8

1: ____________________________ 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 2: 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 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: 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

Unit 5.2

1: _______________________________ 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 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: ___________________________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: 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 5: 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