Oregon Real Estate Practice Exam| 75 Questions| Correct 100%

An exception to title insurance coverage is - ANSWER defects that clearly appear in the title search. A licensee has an agency representation agreement with a buyer. When showing another company's listing, what obligation does the licensee have to the seller and the listing broker at the other company? - ANSWER Disclose the agency relationship when arranging the showing and disclose material information about the buyer if presenting an offer. A broker is teaching newly hired salespersons the correct way to complete a listing agreement form. The broker is attempting to show the value of putting the correct property address on the listing. The BEST visual aid to help them learn how to do so accurately would be - ANSWER a subdivision plat A formal appraisal will ALWAYS be REQUIRED when the - ANSWER lender wants to sell the mortgage to the secondary market. Which of the following would generally be included in the Phase I assessment of a parcel where hazardous substances may have been disposed? - ANSWER an on-site visual inspection Even if a loan applicant's current income seems adequate to qualify for a certain loan, the Equal Credit Opportunity Act allows a lender to refuse the loan as a high risk if the applicant's main source of income is - ANSWER commission sales A gross lease can be best defined as one where the tenant pays, as a part of the rent, - ANSWER no operating expenses of the leased space.