Card Set Information
real estate test
An easement across Smith's property would be
Which of the following statements concerning property management accounting is true?
Property managers may transfer funds between owners' accounts of two or more different owners with written authorization by the owners.
A lessee's interest in a rented store is best described as
Which of the following is NOT a party to a trust deed?
The original, executed copy of a tenant's rental agreement must be filed and maintained by the property manager
for six years.
If a property owner agreed, which of the following duties of a property manager could be waived under the Oregon Real Estate License Law?
Neither I nor II
In a trust deed entered into in Oregon, the borrower is called a
To hold real property as tenants in common individuals must
hold undivided interests.
Deed restrictions are a means whereby
the seller can limit or control the buyer's use.
If the mortgagee has the property sold at a foreclosure sale and it brings an amount inadequate to payoff the loan, what can the mortgagee do?
May be able to obtain a deficiency judgment
Involuntary alienation of an estate means
ownership of estates may be transferred by operation of law.
A contract by which the owner agrees with another person that he shall have a right to buy the property at a fixed price within a certain time is called
Concerning water rights in Oregon, it is true that
Oregon is an appropriation doctrine state. the water right is appurtenant Both I and II
In a transaction involving a real estate licensee as an agent, the earnest money check should be made payable to the
An unlicensed personal assistant who engages in activity which requires a license
is subject to civil fines by the Real Estate Commissioner
The priority of a lien for real property taxes is
before a first mortgage lien.
In using which of the following approaches to value must the value of land and building be computed separately?
Cost approach to value
For a buyer to be certain the property he is purchasing has no encroachments he should obtain
An express easement created by the grantor
is an interest. must be in writing.
Under the Truth-in-Lending Law, which of the following need not to be disclosed when discussing the annual percentage rate on the purchase of a single family dwelling that the owner will occupy?
The recording fees
Ownership of real estate is actually transferred from one party to another upon
delivery and acceptance of the deed.
An escrow is
beyond the control of any interested party by themselves.
Consideration in dollars must be stated on the deed
in order for the deed to be recorded, except if given by gift or through exchange.
Using the capitalization technique of valuing real property, if all other factors were equal, what would be the effect on the value of a property if the capitalization rate went down?
The value would increase.
A life tenant may
sell his life interest. not commit waste on the property.
Which of the following would be the appropriate method of selecting a capitalization rate for an income producing property?
Net income divided by value
Restrictions in a deed limiting sales to Caucasians are