Oregon Real Estate Exam Questions and Answers 100% Pass

Document Content and Description Below

Oregon Real Estate Exam Questions and Answers 100% Pass Constructive eviction ✔✔Acts done or not done by the landlord which materially disturb or impair tenants occupancy so as the tenant is fo... rced to leave Surrender and acceptance ✔✔Mutual agreement to terminate lease The residential landlord and tenant act ✔✔Covers leased structures used as home, residence or sleeping place. EXCLUDES nursing homes, lease to own, dorms, frats, resident managers homes Law of agency ✔✔Statutory law controlling the rights and duties of clients (principals) and agents (brokers) Fiduciary responsibility ✔✔Loyalty, obedience, accountability Commission ✔✔Committing an act of making a false statement Conversion ✔✔Using a clients funds for personal use Purchase money note ✔✔Note given to the seller in place of cash Initial agency disclosure pamphlet ✔✔Describes agency choices/must be given to seller prior to entering into listing agreement and to buyer when first contact is made of buyer is seeking representation Disclosed limited agency ✔✔Seller and buyer represented by the same real estate business (whether that's a principal broker or associates broker) Sellers agent ✔✔Listing agent Selling agent ✔✔Agent who writes the offer (can be buyers agent, sellers agent or disclosed limited agent) Property condition disclosure law ✔✔Buyers right to receive disclosure statement on potential property, rescind transaction within 5 business days based on statement and to waive the right to rescind Lending collateral analysis ✔✔Real property market analysis for use by a lending institution in support of a loan application. The loan transaction must be less than 250K Balance sheet ✔✔Demonstrates the accounting value or financial position of the company. Based on assets and liabilities NOT income and expenses Net worth ✔✔Assets minus liabilities. Also known as equity Form W 4 ✔✔Used to determine fed and state income withholding tax Income statement ✔✔Aka profit and loss statement, income and expense statement or operating statement. Shows company's income and expenses or profit and loss for a given period. Shows net profit or net loss. Net profit/net loss ✔✔Found on the income statement. gross income minus expenses Budget ✔✔Detailed plan for future receipts and expenditures. Projected profit and loss statement Net listing ✔✔Specifies amount seller wishes to receive from the sale and listing agent keeps any above that amount Listing agreement ✔✔Essentially an employment contract Exclusive agency listing ✔✔Broker is entitled to a commission of any agent sells the property. The owner can sell without being liable for commission Residential Lead Based Paint Hazard Reduction A [Show More]

Last updated: 6 months ago

Preview 1 out of 22 pages