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REAL ESTATE > Mock Exam > Flashcards

Mock Exam Flashcards

1
Q

In oregon, the institution that is to protect the public from incompetence or dishonesty by real estate licenses and create fair/functioning regulatory environment for RE industry is called the

A

RE commission

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2
Q

a net listing is

A

a listing agreement that provides a broker w all process received from a sale OVER a specific amount

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3
Q

payment change date is:

A

the date the a new monthly payment takes effect on an adjustable-rate mortgage or graduated payment morgage

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4
Q

when dividing the annual net income by the purchase price of the property, you would be determine the:

A

capitalization rate

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5
Q

one of the differences between exclusive agency losing and exclusive right to sell listing is:

A

less security w/ exclusive agency listing

bc the seller could procure buy w/o paying a commission w ERTS

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6
Q

In oregon, in order for a person to be called a “client” and not a “customer” what must happen between broker and the person?

A

WRITTEN brokerage agreement must be signed

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7
Q

in the event that no tangible consideration is given, which type of deed is used to convey title?

A

GIFT deed

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8
Q

An estate can be best described at

A

the sum total of all real/personal property owned by an individual at time of DEATH

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9
Q

The residential Lead-based paint hazard reduction act rule states that a seller or lessor of a residential dwelling unit built before 1978 must

A

fully disclose any knowledge the seller/lessor has about whether lead based paint was used in dwelling

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10
Q

In Oregon, which law governs the agency relationships between buyers, sellers, landlords & tenants, and licensees?

A

The Brokerage Relationships in Real Estate Transaction Act

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11
Q

This is a term that determines that a property acquired by a married couple during their marriage is considered to be jointly owned:

A

community property

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12
Q

The amount of principal that has not yet been repaid is called

A

the remaining balance

NOT outstanding Note/debt

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13
Q

The use of credit to purchase property is called:

A

Leverage

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14
Q

a lease often based on consumer price index and that allows for period increases in rent is called

A

graduated elase

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15
Q

If consent is not freely given, such as obtained by duress, menace, fraud or undue influence, it is consent that may:

A

be rescinded

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16
Q

Mils are

A

1/10 cent and sometimes used to express the tax rate per dollar or assessed value

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17
Q

Difference between the FMV and the amount still wed plus 2 additional liens is called

A

equity

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18
Q

Principal broker age requirement is

A

18yrs

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19
Q

this must equal cash amt. that borrower would have to pay for principal interest, taxes and insurance for a predefined number of months

A

PITI

the piti reserves must equal such

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20
Q

If an agent acts in a way that prevents disclosure of something, this action is called

A

concealment

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21
Q

in OR, under the FHL, if a unit was converted to a multi-fan unit after march 13,1991 and no entries accessible to people w handicaps, this would be considered:

A

legal

Must have been ORIGINALLY designed as such to be covered under law

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22
Q

Determining interest rate changes on some adjustable rate mortgages

A

CODI

certificate of deposit interest

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23
Q

relationship between economic life of house and physical life of house is

A

shorter economic life than longer physical life.

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24
Q

a judgement by the court ordering the sale of a property is known as

A

a writ of execution

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25
Q

in some states, a deed of trust is recorded in place of

A

recording a mortgage

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26
Q

the note rate is also known as

A

interest rate stated on mortgage note

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27
Q

if property is in default and a meeting is announced in public location to sell property in order to recoup the mortgage in default.. this would be example of

A

public auction

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28
Q

if tenant has been defiantly not payingg the required rent to landlord, the landlord has right to

A

bring court action

court evicts

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29
Q

what happens in event of joint tenancy

A

survivor owns property in entirety

joint tenancy= tenancy in entirety

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30
Q

a broker seeking to colect a commission on a month to month rental that was earned for their negotiation in the matter, needs to prove what in order to legally collect

A

an oral agreement

broker only needs to prove that an oral agreement was reached in order to collect commission when negotiated MONTH TO MONTH

31
Q

in oregon, real estate commissioner is

A

not part of commission

commissioner is elected by commission… other states they are part of commission and it’s leader

32
Q

As part of maintaining public’s trust, licensees must place all monies or other valuables held on behalf of others in

A

trust accoutn

33
Q

a title plant is a duplicate set of title records maintained at title insurance companies for use in

A

title searches

34
Q

violation of sherman anti trust act could be

A

competing brokers discussing fees and business practices

35
Q

commissions in real estate are generally largest for realtors. who earns 2nd largest?

A

lenders

36
Q

If someone passes away and leaves their property to someone by way of their will, this makes that person their:

A

devisee

37
Q

How does the FHA insure loans?

A

Mutual mortgage insurancw

38
Q

When referring to the “back” or “bottom” ratio, it inclueds

A

Housing costs and all other monthly debt

39
Q

if a deed includes a promise that the owner will build a fence, this is one example of a/an

A

affirmative covenant

a promise that the owner will do something… neg cov is a promise that owner will not do something

40
Q

how many acres in a township?

A

23,040

36 sections.. each section contains 640 acres. 36x640=23040

41
Q

if loan officer is looking into current assets and current liability of the owner, the officer is generally looking at the morrowers

A

liquidity

test to determine potential borrower’s ability to pay off current bills

42
Q

broker must present offers to their client

A

in a timely manner

43
Q

Procuring cause is a legal concept developed by the courts to

A

determine the proportioning of commissions among agents involved n a real estate transaction

44
Q

oregon real estate license is valid for

A

4 years

45
Q

In BRRETA, k now defects must be disclosed if within

A

1 mile of property

46
Q

an agent knows a person that wishes to sell their property to purchase another, more expensive property listed through another brokerage. what is the agency relationship to all parties involved.

A

the agent’s known person is the client, the seller of the more expensive property is the customer.

47
Q

real estate taxes, hazard insurance and mortgage insurance are typically paid by

A

escrow disbursement

48
Q

fees that are paid by the individual owners of condos or planned unit developments that are used to maintain the property and common areas are known as

A

common area assessments…

also known as HOA fees

49
Q

if part of a contract is written and another part is printed, which part takes preference

A

the written part

50
Q

the most common definition of a creditor is

A

a person to whom money is owed

51
Q

A cash payment of 10,001 is given as earnest money to secure a property. what must be filed?

A

IRS form 8300

IRS requires any cash payment over 10k be recorded by filing said form

52
Q

An agent that is an agent for a particular act or transaction is called:

A

a special agent

53
Q

A mortgage that starts out with one rate for the first 5-7 years and changes to a diff rate for rest of term is called a

A

two- step mortgage

54
Q

a time deposit held in a bank which pays a certain amount of interest to the depositor is called a

A

certificate of deposit.

55
Q

if a company or individual has ownership of a mortgage and then transfers ownership to another company or individual, this is called

A

assignment

56
Q

personal property is a term that means

A

any property that is not part of the real property

57
Q

can an agent ad that they will give a finds fee to anyone who provides them with prospects?

A

yes

58
Q

an executory contract is

A

when some performance by one or both parties remains to be done

59
Q

the offer to perform on the terms agreed is called

A

tender

60
Q

an oral agreement is a contract that is _______ in the court of law

A

binding

61
Q

what would someone have to do to back up their secured loan in the bank?

A

collateral (security)

62
Q

If a valid contract has subsequently passed the statute of limitations, the contract is now considered

A

unenforceable

63
Q

the beams that run horizontal and parallel to each other that support the floor and ceiling loads are clled

A

joists

64
Q

this is what describes the property and is recognized by law

A

legal description

65
Q

By what means can a seller inhibit the buyer’s future enjoyment of the property

A

through deed restrictions

66
Q

When a corporation holds title to land, under who’s or what name holds the title?

A

the charter

since a corp. is a fictitious person, the corp holds property title in the name of it’s charter

67
Q

to create a valid mortgage, it must be:

A

in writing

legal description of secured property and statement f debt owed too

68
Q

If an individual is representing a firm that makes loans on real property, they would be known as a

A

lender

69
Q

The OR law that stipulates penalties for license fraud, false ads, and commission of a n act that demonstrates incompetence is called

A

article 6!

70
Q

a mortgage is also sometimes referred to as

A

a first trust deed

71
Q

First priority mortgage is the one that has been

A

recorded first

72
Q

A person w a child under 18 is protected by the fed ban on discrimination based on familial status in order to

A

provide equal access to rentals`

73
Q

a historic building is considered to be a “unique” property and would use what method of appraisal?

A

cost approach

74
Q

If there is a contract that is enforceable at the option of one party, not not at the option f the other, this type of contact is

A

voidable

still enforceable and valid, but also voidable

REAL ESTATE (5 decks)

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