alex's

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Author:
Anonymous
ID:
206335
Filename:
alex's
Updated:
2013-03-12 17:00:47
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oregon
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Description:
real state test
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  1. A Lot and Block Legal Description
    is the easiest and simplest method to describe real property.
  2. A real estate licensee must
    present all written offers to the seller
  3. A court order to a properly designated individual to sell property in order to satisfy a judgment is called
    a writ of execution.
  4. An option is an agreement
    granting exclusive right to buy, sell, or lease property at a given price within a stated period. between competent parties upon legal consideration, creating legally enforceable duties and obligations. both
  5. The agreement in a junior lien permitting a first lien to be  refinanced without suffering loss of priority is called
     a subordination clause.
  6. Walker built a fence that extended onto Scott's land. This is an example of
     an encroachment.
  7. The secondary mortgage market functions to
    enable primary lending institutions to free the funds they have invested in mortgage loans by selling those mortgages to lenders having capital available for real estate investments. minimize fluctuations in the supply of funds available to meet the demand for mortgage loans. both
  8. The Federal Housing Administration does NOT
     insure title.
  9. All of the following statements concerning an appurtenant easement are true, except.
    it must involve adjoinment of the properties at their respective boundary lines.
  10. Which of the following constitutes engaging in professional real estate activity as defined by Oregon law?
    A person who, for a fee, rents real estate owned by others to the public A person who, for a fee, assists owners only in procuring prospective tenants for the owners' rental property  Both I and II
  11. A grantee who obtains a warranty deed receives all of the following warranties EXCEPT that the
    grantor will reimburse the grantee if the structure is defective.
  12. An estate for years
    automatically terminates at the stated expiration date.
  13. With commercial leases, inflation has tended to discourage use of the
    flat lease.
  14. Before an offer to purchase is presented to the seller, the real estate licensee must be sure the offer includes which of the following under Oregon administrative rules?
    Form or type of earnest money received from the purchaser Whether the purchaser will receive a deed or land sales contract at closing Both I and II
  15. Which of the following would be considered real property for purposes of property taxes?
    A mobile home on land owned by the owner of the mobile home
  16. An agreement between competent parties upon legal consideration creating legally enforceable duties and obligations' is a definition of legality of object.
    contract.
  17. A water right is subject to cancellation
    after five consecutive years of non-use. through a statement of intentional abandonment.Both I and II
  18. A landlord may claim a part or all of a tenant's security deposit
     Neither I nor II  if the tenant fails to maintain the tenancy for a minimum number of months in a month-to-month tenancy. for repair of damage caused by the tenant's ordinary wear and tear of the premises.
  19. Following foreclosure of real property due to nonpayment of property taxes and during the statutory redemption period, Oregon law
    allows the taxpayer to live there for the whole period undisturbed.
  20. John, a resident of Oregon who is 17 years old and married, contracts to sell property on a land contract to Arnold, an Oregon resident who is 17 years old and single. The contract is
    voidable at the option of Arnold only.
  21. Oregon law permits property owners to pay special assessments for local improvements, such as sidewalks, in
    a lump sum. payments plus interest on the unpaid balance.  Both I and II
  22. FHA insured loans have mutual mortgage insurance, which
    warrants against loss to the lender.
  23. A store lease which requires the tenant to pay an amount of monthly rent which is based upon the amount of business done by the tenant is referred to as
    a percentage lease.
  24. Truth-in-Lending laws apply to
    residential real estate mortgages.
  25. Under the Real Estate Agency's administrative rule, a property manager must deposit clients' trust funds prior to the close of business
     five banking days following date of receipt.
  26. The usual purpose of an option to renew clause in a lease is to give the
    tenant the option to renew the lease at a pre-set level at the expiration of the term.
  27. Which of the following is essential for a deed to be legally effective?
    The parties must be properly identified. It must be in writing.The property conveyed must be adequately described  I, II, and III only
  28. Under Oregon Administrative Rules, the original, executed property management agreement must be filed and maintained by the property manager
    for six years after the date on which the agreement expired.
  29. What is the name of the document of record that is used to show that a court suit is pending?
    Lis pendens {Notice of Pendency}
  30. In negotiating a mortgage on a large commercial complex, the lender agreed to reduce the interest rate on the loan by one-half of a percent in return for a two percent interest in the acquisition. This type of financing arrangement is known as a
    participation mortgage.
  31. Which of the following are allowed by Oregon law to make bids on property secured by a trust deed which is foreclosed by advertisement and sale?
    The beneficiary The grantor  I and II only
  32. In the Federal Fair Housing Act, Congress declared a national policy of providing fair housing throughout the United States. This policy applies to which of the following?
    The owner of an eight-unit apartment complex where the owner occupies one unit
  33. The capitalization rate to be used in the income approach to the appraisal of real property provides for return on and a return of the investment in the improvements. A return of the investment is provided for by means of
    depreciation methods.
  34. A rectangular tract of land is divided diagonally by a stream, leaving two lots in the shape of right triangles. One lot has a street frontage of 400 feet and a depth of 680 feet. How many acres does this lot contain?
     3.12
  35. Depreciation can be attributed to
    All of the above
  36. A real estate property manager's license enables its holder to
    collect rents from an owner's tenants for compensation.
  37. A provision in a contract to buy real estate stated, 'This contract shall be terminated if the buyer doesn't sell his home at 24 Highland Drive within thirty days.' This provision is an example of a
    contingency.
  38. It is a violation of the Real Estate License Law for a licensee to prepare a competitive market analysis for real estate
    contingent upon reporting a predetermined value.in which the licensee had an undisclosed interest. both
  39. The loan-to-value ratio on a mortgage is the
    loan as a percentage of the sales price or appraised value, whichever is lower.
  40. On the closing documents the loan payoff would be entered as a
    debit to the seller.
  41. The Residential Landlord and Tenant Act applies to all of the following EXCEPT
    the holder of a proprietary lease in a cooperative.
  42. A loan agreement in which the interest rate goes up or down according to some indicator is referred to as
     a renegotiated rate mortgage. a variable rate mortgage. an adjustable mortgage loan. any of the above.
  43. The primary mortgage market is the market in which
    mortgages are originated.
  44. Since the 1973 Oregon Legislature established statutory deed forms for the voluntary conveyance of real property, the real estate licensee should
    have his clients hire an attorney to make any needed deviations from the statutory forms.
  45. In order for a land sales contract to be enforceable between the parties, the documents affecting the transaction must
    Neither I nor II  be recorded. include a title insurance policy.
  46. Unless there exists a deed restriction to the contrary, the holder of a life estate may do all of the following to his holding except
    devise it.
  47. The servient estate in regard to an easement appurtenant is the property
    upon which the easement is placed.
  48. Which of the following statements concerning the cost approach to appraisal is true?
    The cost approach is generally used when appraising public service buildings.
  49. Which of the following terms may NOT be used in advertising, according to Regulation Z {Truth-in- lending} without full disclosure of all credit terms?
    'financing available at 11 % interest'
  50. On those loans where the Federal Reserve's Regulation Z {Truth-in-Lending} applies, the total of the finance charges must be expressed to the nearest 1/8 of 1% as
    an annual percentage rate.
  51. A trust deed is usually released by
    reconveyance deed.
  52. A subordination clause in a mortgage or trust deed
    puts the loan in an inferior position in regard to other liens and encumbrances against the property.
  53. Which of the following statements about Oregon water rights is true?
    A water right is subject to cancellation after five consecutive years of non-use.
  54. Replacement cost is best described as the
    cost of building a property of equivalent utility with the same or similar materials.
  55. The Oregon statutory special warranty deed
    conveys any interest the grantor may receive after the deed is signed
  56. To record a deed in Oregon,
    the deed must include a statement of the consideration.
  57. The term 'depreciation' refers to loss in value due to all of the following EXCEPT
    effective age.
  58. The absence of which of the following would render an earnest money agreement unenforceable?
    Legal purpose
  59. In Oregon, which of the following statements is true when a dry year does not produce enough water in a drainage basin to fill the needs of all the water right holders?
    Domestic users are favored over industrial users if the right holders were issued permits with identical dates of claims. Junior right holders may have to do without water during the deficit condition.
  60. Principal real estate brokers are permitted under Oregon law and administrative rules to:
    authorize an unlicensed employee to make deposits to the principal broker's clients' trust account.
  61. The term 'amortization' can be used in connection with all of the following EXCEPT,
     a deed.
  62. 192A mortgage loan which is secured by a home and certain equipment in the home, is known as a
    package mortgage.
  63. A typical subordination clause in a deed of trust
    places the trust deed in an inferior position to other liens on the property.
  64. What is a beneficiary obligated to do after the trust deed has been paid in full?
    Make a request for reconveyance
  65. O. R. Vest owns a property valued at $247,500 which produces a net income equivalent to an 8.5% rate of capitalization. Economic conditions change to the degree that investors would demand a capitalization rate of 11.3% for this type of property. In this case the value of the property would be
    $186,173.
  66. Under tenancy in common each owner must have 
    Neither I nor II 
  67. An important characteristic of land is that it may be modified or improved. Such improvements tend to increase the value of real estate. Which of the following is not an improvement?
    Planted crops
  68. Demand is one of the elements that help determine value. In order for demand to be effective, it must be implemented by  
    purchasing power. 
  69. Four unrelated persons wish to purchase a parcel of land together and each wants to be able to will his interest to his heirs. They need to take title as which of the following?
          Tenants in common
  70. The Oregon Landlord and Tenant Act permits notices for increases in rent and notices to terminate tenancies to be delivered by 
          Both I and II  first class mail. personal delivery. 
  71. In a real estate sale transaction, title to the real estate passes from seller to buyer when
    the seller executes and delivers the deed, and the buyer accepts the deed.
  72. A customary procedure to enforce deed restrictions on real property is
    an injunction. 
  73. A broker held a 10% earnest money deposit on the sale of a house for $126,500. The seller agreed to pay the broker a commission of 7% of the selling price. He also authorized the broker to pay the outstanding taxes of $2,060.29 and a $569 title insurance fee. After the sale was closed, how much money did the broker owe the seller from the balance of the earnest money deposit?  
          $1,165.71 
  74. A man owned a 36-unit apartment and had 16 unfurnished one-bedroom apartments for $250 per month; 11 unfurnished two-bedroom apartments for $350 per month, and nine furnished one-bedroom apartments rented for $325 per month. Assuming no vacancies, the gross rental annual income for the 36 units would be  
         $129,300 
  75. What type of reduction in value is present when a hydrogen gas storage tank is located next to a property?  
    Economic obsolescence 
  76. The Oregon Landlord and Tenant Act permits notices for increases in rent and notices to terminate tenancies to be delivered by 
         Both I and I                                                            I first class mail. personal delivery.    
  77. A life estate
    can be created by will or deed
  78. Which would cause a deed to be invalid in its inception?
    Legal incompetence of the grantor 
  79. If four persons hold title to real property as tenants in common, they
    would be unable to determine which portion of the land is theirs. 
  80. Funds for an FHA loan come directly from
    lending institutions. 
  81. If a principal real estate broker initials and dates a property management agreement negotiated and signed by a property manager associated with her, the principal broker is
    approving and accepting the agreement with the owner.
  82. The clause that defines or limits the quantity of the estate being conveyed is the
    habendum clause.
  83. A rectangular piece of property 326.7 feet long and 200 feet wide is for sale. The owner wants $7,000 an acre after paying a 8% commission to the listing broker. At what price would you list it?
         $11,413
  84. The manager of an apartment complex that falls within the requirements of federal fair housing laws may legally do which of the following? 
          Neither I nor II      Segregate the families with children in specific portions of the complex.   2,Charge families with children higher rents than for tenants without children  II only 

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