Mock Exam Flashcards
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
RE commission
a net listing is
a listing agreement that provides a broker w all process received from a sale OVER a specific amount
payment change date is:
the date the a new monthly payment takes effect on an adjustable-rate mortgage or graduated payment morgage
when dividing the annual net income by the purchase price of the property, you would be determine the:
capitalization rate
one of the differences between exclusive agency losing and exclusive right to sell listing is:
less security w/ exclusive agency listing
bc the seller could procure buy w/o paying a commission w ERTS
In oregon, in order for a person to be called a “client” and not a “customer” what must happen between broker and the person?
WRITTEN brokerage agreement must be signed
in the event that no tangible consideration is given, which type of deed is used to convey title?
GIFT deed
An estate can be best described at
the sum total of all real/personal property owned by an individual at time of DEATH
The residential Lead-based paint hazard reduction act rule states that a seller or lessor of a residential dwelling unit built before 1978 must
fully disclose any knowledge the seller/lessor has about whether lead based paint was used in dwelling
In Oregon, which law governs the agency relationships between buyers, sellers, landlords & tenants, and licensees?
The Brokerage Relationships in Real Estate Transaction Act
This is a term that determines that a property acquired by a married couple during their marriage is considered to be jointly owned:
community property
The amount of principal that has not yet been repaid is called
the remaining balance
NOT outstanding Note/debt
The use of credit to purchase property is called:
Leverage
a lease often based on consumer price index and that allows for period increases in rent is called
graduated elase
If consent is not freely given, such as obtained by duress, menace, fraud or undue influence, it is consent that may:
be rescinded
Mils are
1/10 cent and sometimes used to express the tax rate per dollar or assessed value
Difference between the FMV and the amount still wed plus 2 additional liens is called
equity
Principal broker age requirement is
18yrs
this must equal cash amt. that borrower would have to pay for principal interest, taxes and insurance for a predefined number of months
PITI
the piti reserves must equal such
If an agent acts in a way that prevents disclosure of something, this action is called
concealment
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:
legal
Must have been ORIGINALLY designed as such to be covered under law
Determining interest rate changes on some adjustable rate mortgages
CODI
certificate of deposit interest
relationship between economic life of house and physical life of house is
shorter economic life than longer physical life.
a judgement by the court ordering the sale of a property is known as
a writ of execution
in some states, a deed of trust is recorded in place of
recording a mortgage
the note rate is also known as
interest rate stated on mortgage note
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
public auction
if tenant has been defiantly not payingg the required rent to landlord, the landlord has right to
bring court action
court evicts
what happens in event of joint tenancy
survivor owns property in entirety
joint tenancy= tenancy in entirety
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
an oral agreement
broker only needs to prove that an oral agreement was reached in order to collect commission when negotiated MONTH TO MONTH
in oregon, real estate commissioner is
not part of commission
commissioner is elected by commission… other states they are part of commission and it’s leader
As part of maintaining public’s trust, licensees must place all monies or other valuables held on behalf of others in
trust accoutn
a title plant is a duplicate set of title records maintained at title insurance companies for use in
title searches
violation of sherman anti trust act could be
competing brokers discussing fees and business practices
commissions in real estate are generally largest for realtors. who earns 2nd largest?
lenders
If someone passes away and leaves their property to someone by way of their will, this makes that person their:
devisee
How does the FHA insure loans?
Mutual mortgage insurancw
When referring to the “back” or “bottom” ratio, it inclueds
Housing costs and all other monthly debt
if a deed includes a promise that the owner will build a fence, this is one example of a/an
affirmative covenant
a promise that the owner will do something… neg cov is a promise that owner will not do something
how many acres in a township?
23,040
36 sections.. each section contains 640 acres. 36x640=23040
if loan officer is looking into current assets and current liability of the owner, the officer is generally looking at the morrowers
liquidity
test to determine potential borrower’s ability to pay off current bills
broker must present offers to their client
in a timely manner
Procuring cause is a legal concept developed by the courts to
determine the proportioning of commissions among agents involved n a real estate transaction
oregon real estate license is valid for
4 years
In BRRETA, k now defects must be disclosed if within
1 mile of property
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.
the agent’s known person is the client, the seller of the more expensive property is the customer.
real estate taxes, hazard insurance and mortgage insurance are typically paid by
escrow disbursement
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
common area assessments…
also known as HOA fees
if part of a contract is written and another part is printed, which part takes preference
the written part
the most common definition of a creditor is
a person to whom money is owed
A cash payment of 10,001 is given as earnest money to secure a property. what must be filed?
IRS form 8300
IRS requires any cash payment over 10k be recorded by filing said form
An agent that is an agent for a particular act or transaction is called:
a special agent
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
two- step mortgage
a time deposit held in a bank which pays a certain amount of interest to the depositor is called a
certificate of deposit.
if a company or individual has ownership of a mortgage and then transfers ownership to another company or individual, this is called
assignment
personal property is a term that means
any property that is not part of the real property
can an agent ad that they will give a finds fee to anyone who provides them with prospects?
yes
an executory contract is
when some performance by one or both parties remains to be done
the offer to perform on the terms agreed is called
tender
an oral agreement is a contract that is _______ in the court of law
binding
what would someone have to do to back up their secured loan in the bank?
collateral (security)
If a valid contract has subsequently passed the statute of limitations, the contract is now considered
unenforceable
the beams that run horizontal and parallel to each other that support the floor and ceiling loads are clled
joists
this is what describes the property and is recognized by law
legal description
By what means can a seller inhibit the buyer’s future enjoyment of the property
through deed restrictions
When a corporation holds title to land, under who’s or what name holds the title?
the charter
since a corp. is a fictitious person, the corp holds property title in the name of it’s charter
to create a valid mortgage, it must be:
in writing
legal description of secured property and statement f debt owed too
If an individual is representing a firm that makes loans on real property, they would be known as a
lender
The OR law that stipulates penalties for license fraud, false ads, and commission of a n act that demonstrates incompetence is called
article 6!
a mortgage is also sometimes referred to as
a first trust deed
First priority mortgage is the one that has been
recorded first
A person w a child under 18 is protected by the fed ban on discrimination based on familial status in order to
provide equal access to rentals`
a historic building is considered to be a “unique” property and would use what method of appraisal?
cost approach
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
voidable
still enforceable and valid, but also voidable
