Unit I Law - Oregon Real Estate Law 3 Flashcards
92.385 Examination; public report; waiver of examination in other state.
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TEST* Public usually always means the State
(1) The Real Estate Commissioner may make an examination of any subdivision or series partition subject to ORS 92.305 to 92.495 to be offered for sale or lease and may make a public report of the commissioner’s findings. If a subdivision or series partition is located within this state and if no report is made within 45 days after examination of the subdivision or series partition, the report shall be deemed waived.
92.385 Examination; public report; waiver of examination in other state.
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(2) The commissioner may waive an examination of a real estate subdivision located in another state only when that state has an existing subdivision law which provides for the examination of and a public report on the real estate subdivision and only where that state will waive examination of a real estate subdivision or series partition located within this state and will accept in lieu thereof a report prepared by the commissioner under subsection (1) of this section.
92.395 Waiver of examination in this state; notice to subdivider or series partitioner.
With respect to any subdivision or series partition within this state, if, after examination of the preliminary notice of intention required by ORS 92.345 or the reply to the Real Estate Commissioner’s request for further information, the commissioner concludes that the sale or lease of any portion of such subdivision or series partition would be reasonably certain not to involve any misrepresentation, deceit or fraud, the commissioner shall waive all of the provisions of ORS 92.305 to 92.495, except ORS 92.475 to 92.495 and 92.990 (2), which the commissioner considers unnecessary for the protection of the public from fraud, deceit or misrepresentation. The commissioner shall notify the subdivider or series partitioner within 15 days of receipt of the preliminary notice of intention of the approval or disapproval of any waiver. However, the commissioner may, for good and sufficient cause, revoke any waiver at any time upon 10 days’ notice and a hearing held for such purpose.
92.405 Sale prohibited where public report not waived; distribution and use of public report.
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This feels pretty important Entire reason for reporting sub division laws and requirements
(1) Unless the making of a public report has been waived, a person may not sell or lease a lot, parcel or interest in a subdivision or series partition prior to the issuance of the report.
92.405 Sale prohibited where public report not waived; distribution and use of public report.
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(2) A copy of the public report, when issued, must be given to the prospective purchaser by the subdivider, series partitioner or developer, or an agent of the subdivider, series partitioner or developer, prior to the execution of a binding contract or agreement for the sale or lease of a lot, parcel or interest in a subdivision or series partition. The subdivider, series partitioner or developer, or an agent of the subdivider, series partitioner or developer, shall take a receipt from the prospective purchaser or lessee upon delivery of a copy of the Real Estate Commissioner’s public report. The receipt must be kept on file within this state in the possession of the subdivider, series partitioner or developer subject to inspection by the commissioner for a period of three years from the date the receipt is taken.
92.405 Sale prohibited where public report not waived; distribution and use of public report.
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(3) The commissioner’s public report may not be used for advertising purposes unless the report is used in its entirety. No portion of the report shall be underscored, italicized or printed in larger or heavier type than the balance of the report unless the true copy of the report so emphasizes such portion.
92.405 Sale prohibited where public report not waived; distribution and use of public report.
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(4) The commissioner may furnish at cost copies of the public report for the use of subdividers, series partitioners and developers.
92.405 Sale prohibited where public report not waived; distribution and use of public report.
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(5) The requirements of this section extend to lots, parcels or other interests sold by the subdivider, series partitioner or developer after repossession.
92.405 Sale prohibited where public report not waived; distribution and use of public report.
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(6) In addition to other sanctions provided by law, a violation of subsection (1), (2) or (3) of this section is an unlawful practice subject to ORS 646.608.
92.410 Review of subdivisions for which public report issued; revised public report; compliance with ORS 92.305 to 92.495.
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Partitions/sub-divisions done before 1976 may require this commissioner report if sold.
(1) Notwithstanding the effective date of chapter 643, Oregon Laws 1975, prior to February 1, 1976, the Real Estate Commissioner may review any subdivision for which a public report has been issued and is dated prior to September 13, 1975, and when the commissioner considers it necessary for the protection of the public from fraud, deceit or misrepresentation, the commissioner may, after notice to the subdivider, issue a revised public report for the subdivider and subsequent developers of interests in the subdivision to comply with the provisions of ORS 92.305 to 92.495 as though the public report had been issued and dated after September 13, 1975.
92.410 Review of subdivisions for which public report issued; revised public report; compliance with ORS 92.305 to 92.495.
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(2) Any subdivision for which a public report has been issued and is dated prior to September 13, 1975, and for which the commissioner has not issued a revised public report under subsection (1) of this section prior to February 1, 1976, shall not be required to comply with the amendments to ORS 92.305 to 92.495 and made by chapter 643, Oregon Laws 1975
92.415 Advance of travel expense for examination of subdivision or series partition.
When an examination is to be made of subdivided or series partitioned lands situated in the State of Oregon, or of subdivided lands situated outside the state which will be offered for sale or lease within this state, the Real Estate Commissioner, in addition to the filing fee provided in ORS 92.355, may require the subdivider or series partitioner to advance payment of an amount estimated by the commissioner to be the expense incurred in going to and returning from the location of the project, and an amount estimated to be necessary to cover the additional expense of such examination, subject to prior approval of the Oregon Department of Administrative Services and a report to the Emergency Board prior to adopting the fee and shall be within the budget authorized by the Legislative Assembly as that budget may be modified by the Emergency Board. The amounts estimated by the commissioner, under this section shall be based upon any applicable limits established and regulated by the Oregon Department of Administrative Services under ORS 292.220.
92.425 Conditions prerequisite to sale.
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(1) No lot, parcel or interest in a subdivision or series partition shall be sold by a subdivider, series partitioner or developer by means of a land sale contract unless a collection escrow is established within this state with a person or firm authorized to receive escrows under the laws of this state and all of the following are deposited in the escrow:
(a) A copy of the title report or abstract, as it relates to the property being sold.
(b) The original sales document or an executed copy thereof relating to the purchase of real property in the subdivision or series partition clearly setting forth the legal description of the property being purchased, the principal amount of the encumbrance outstanding at the date of the sales document and the terms of the document.
(c) A commitment to give a partial release for the lot, parcel or other interest being sold from the terms and provisions of any blanket encumbrance as described in ORS 92.305 (1). Except as otherwise provided in subsection (4) of this section, the commitment shall be in a form satisfactory to the Real Estate Commissioner.
(d) A commitment to give a release of any other lien or encumbrance existing against such lot, parcel or other interest being sold as revealed by such title report. Except as otherwise provided in subsection (4) of this section, the commitment shall be in a form satisfactory to the commissioner.
(e) A warranty or bargain and sale deed in good and sufficient form conveying merchantable and marketable title to the purchaser of such lot, parcel or other interest.
92.425 Conditions prerequisite to sale.
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(2) The subdivider, series partitioner or developer shall submit written authorization allowing the commissioner to inspect all escrow deposits established pursuant to subsection (1) of this section.
92.425 Conditions prerequisite to sale.
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(3) In lieu of the procedures provided in subsection (1) of this section, the subdivider, series partitioner or developer shall conform to such alternative requirement or method which the commissioner may deem acceptable to carry into effect the intent and provisions of this section.
92.425 Conditions prerequisite to sale.
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(4) The requirements of subsection (1)(c) and (d) of this section relating to use of a commitment form acceptable to the commissioner and the provisions of subsection (2) of this section shall not apply to subdivided or series partitioned lands described by ORS 92.325 (3)(h).
Seismic Risk Disclosure - House Bill 2140
Each seller of residential property described must deliver a Seismic Risk Disclosure form to each buyer who makes a written offer to purchase. Refusal to provide this form gives the buyer the right to revoke their offer at any time prior to closing the transaction.
Buyers Acknowledgements
Each buyer is to acknowledge and state understanding of the disclosures. If there are any amendments to this disclosure, they are to be made by the seller and are not the representations of any financial institution making a loan pertaining to the property or any real estate licensee engaged by the seller or the buyer.
92.427 Cancellation of agreement to buy interest in subdivision or series partition; procedure; effect; waiver; exemptions.
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**At least a few questions from this section on test*
(1) A purchaser of a lot, parcel or interest in a subdivision or series partition may cancel, for any reason, any contract, agreement or any evidence of indebtedness associated with the sale of the lot, parcel or interest in the subdivision or series partition within ** TESTthree business days (Sat and sunday are not business days***** from the date of signing by the purchaser of the first written offer or contract to purchase.
92.427 Cancellation of agreement to buy interest in subdivision or series partition; procedure; effect; waiver; exemptions.
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(2) Cancellation, under subsection (1) of this section, occurs when the purchaser of a lot, parcel or interest gives written notice to the seller at the seller’s address. The three business days cancellation period in subsection (1) of this section does not begin until the seller provides the purchaser with seller’s address for cancellation purposes.
92.427 Cancellation of agreement to buy interest in subdivision or series partition; procedure; effect; waiver; exemptions.
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(3) A notice of cancellation given by a purchaser of a lot, parcel or interest in a subdivision or series partition need not take a particular form and is sufficient if it indicates by any form of written expression the intention of the purchaser not to be bound by the contract or evidence of indebtedness.
92.427 Cancellation of agreement to buy interest in subdivision or series partition; procedure; effect; waiver; exemptions.
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(4) Notice of cancellation, if given by mail, shall be given by certified mail, return receipt requested, and is effective on the date that such notice is deposited with the United States Postal Service, properly addressed and postage prepaid.
92.427 Cancellation of agreement to buy interest in subdivision or series partition; procedure; effect; waiver; exemptions.
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5) Upon receipt of a timely notice of cancellation, the seller shall immediately return to the purchaser all payments received from the purchaser. In case of payments made by check, the seller is not required to return the payment to a purchaser until the check is finally paid as provided in ORS 74.2130. Upon return of all such payments the purchaser shall immediately transfer the purchaser’s rights in the lot, parcel or interest to the seller, not subject to any encumbrance created or suffered by the purchaser. In the case of cancellation by a purchaser of any evidence of indebtedness, the purchaser shall return the purchaser’s copy of the executed evidence of indebtedness to the seller, and the seller shall cancel the evidence of indebtedness. Any encumbrances against the purchaser’s interest in the lot, parcel or interest arising by operation of law from an obligation of the purchaser existing prior to transfer of the lot, parcel or interest to the purchaser shall be extinguished by the reconveyance.
92.427 Cancellation of agreement to buy interest in subdivision or series partition; procedure; effect; waiver; exemptions.
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(6) An act of a purchaser is not effective to waive the right of cancellation granted by subsection (1) of this section. A subdivider, series partitioner or developer may require that a purchaser of a lot, parcel or interest in a subdivision or series partition execute and deliver to the subdivider, series partitioner or developer, after the expiration of the three-day cancellation period, a signed statement disclaiming any notice of cancellation that may have been made by the purchaser prior to expiration of the three-day cancellation period for the offer under subsection (1) of this section, that may have been timely and properly done under this section and that has not been received by the subdivider, series partitioner or developer. In case of execution of any such statement by the purchaser, the statement shall be sufficient to rescind the notice of cancellation.
92.427 Cancellation of agreement to buy interest in subdivision or series partition; procedure; effect; waiver; exemptions.
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(7) This section does not apply to:
(a) The sale of a lot in a subdivision or a parcel in a series partition that has a residential dwelling upon it at the time of sale;
(b) The sale of a lot in a subdivision or a parcel in a series partition when, at the time of sale, the seller has contracted with the purchaser to build a residential dwelling upon the lot or parcel; or
(c) The sale of a lot in a subdivision or a parcel in a series partition to a person who derives a substantial portion of income from the development or purchase and sale of real property.
92.427 Cancellation of agreement to buy interest in subdivision or series partition; procedure; effect; waiver; exemptions.
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(8) Notwithstanding subsection (7) of this section, this section applies to a planned community subdivision of manufactured dwellings created under ORS 92.830 to 92.845.
92.430 Notice to purchaser of cancellation rights; form.
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(1) Subject to ORS 92.427 (7), the first written real property sales contract signed by the purchaser for the sale of a lot, parcel or interest in a subdivision or series partition shall contain, either upon the first page of such contract or upon a separate sheet attached to such first page, the following notice in at least 8-point type:
92.430 Notice to purchaser of cancellation rights; form.
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(2) A copy of the notice set forth in subsection (1) of this section shall be given to each purchaser under a contract described in subsection (1) of this section at the time of or immediately following the purchaser’s signing of such contract, for the use of the purchaser.
92.433 Escrow documents required of successor to vendor’s interest.
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(1) A purchaser of a vendor’s interest or a holder of an encumbrance secured by a vendor’s interest in a land sale contract for which an escrow has been established pursuant to ORS 92.425 shall deposit in the escrow any instruments necessary to assure that the contract vendee can obtain the legal title bargained for upon compliance with the terms and conditions of the contract.
92.433 Escrow documents required of successor to vendor’s interest.
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(2) A subdivider, series partitioner or developer who has sold lots, parcels or interests in a subdivision or series partition under a land sale contract shall not dispose of or subsequently encumber the vendor’s interest therein unless the terms of the instrument of disposition or the encumbrance provide the means by which the purchaser or holder of the encumbrance will comply with subsection (1) of this section.
92.455 Inspection of records.
Records of the sale or lease of real property within a subdivision or series partition shall be subject to inspection by the Real Estate Commissioner.
92.460 Blanket encumbrance permitted only in certain circumstances.
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*****can have a blanket encumberance, but the lien on individual lots is removed when buyer pays.
(1) Subject to the provisions of ORS 92.425, no lot, parcel or other interest in a subdivision or series partition shall be sold by a subdivider, series partitioner or developer subject to a blanket encumbrance unless there exists in the blanket encumbrance or other supplementary agreement a provision which by its terms shall unconditionally provide that the purchaser or lessee of a lot, parcel or other interest can obtain legal title or other interest bargained for, free and clear of the blanket encumbrance, upon compliance with the terms and conditions of the purchase or lease.
92.460 Blanket encumbrance permitted only in certain circumstances.
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(2) In lieu of the requirement of subsection (1) of this section, the subdivider, series partitioner or developer shall conform to any alternative requirement or method which the Real Estate Commissioner deems acceptable to carry into effect the intent and provisions of this section.
92.465 Fraud and deceit prohibited. No person shall, in connection with the offer, sale or lease of any lot, parcel or interest in a real estate subdivision or series partition, directly or indirectly:
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(1) Employ any device, scheme or artifice to defraud;
***determined by commissioner
92.465 Fraud and deceit prohibited. No person shall, in connection with the offer, sale or lease of any lot, parcel or interest in a real estate subdivision or series partition, directly or indirectly:
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(2) Make any untrue statement of a material fact or fail to state a material fact necessary to make the statement made, in the light of the circumstances under which it is made, not misleading;
***cant say “we’re putting in a golf course and then not”