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Oregon Real Estate exam 2024 with correct answers
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Oregon Real Estate exam 2024 with correct answers
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Oregon Real Estate exam 2024 with correct answersConstructive eviction - ANSWER: ➡ Acts done or not done by the landlord which materially disturb or impair tenants occupancy so as the tenant is forced to leave
Surrender and acceptance - ANSWER: ➡ Mutual agreement to terminate lease
The residential landlord and tenant act - ANSWER: ➡ Covers leased structures used as home, residence or sleeping place. EXCLUDES nursing homes, lease to own, dorms, frats, resident managers homes
Law of agency - ANSWER: ➡ Statutory law controlling the rights and duties of clients (principals) and agents (brokers)
Fiduciary responsibility - ANSWER: ➡ Loyalty, obedience, accountability
Commission - ANSWER: ➡ Committing an act of making a false statement
Conversion - ANSWER: ➡ Using a clients funds for personal use
Purchase money note - ANSWER: ➡ Note given to the seller in place of cash
Initial agency disclosure pamphlet - ANSWER: ➡ 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 - ANSWER: ➡ Seller and buyer represented by the same real estate business (whether that's a principal broker or associates broker)
Sellers agent - ANSWER: ➡ Listing agent Selling agent - ANSWER: ➡ Agent who writes the offer (can be buyers agent, sellers agent or disclosed limited agent)
Property condition disclosure law - ANSWER: ➡ 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 - ANSWER: ➡ 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 - ANSWER: ➡ Demonstrates the accounting value or financial position of the company. Based on assets and liabilities NOT income and expenses
Net worth - ANSWER: ➡ Assets minus liabilities. Also known as equity
Form W 4 - ANSWER: ➡ Used to determine fed and state income withholding tax
Income statement - ANSWER: ➡ 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 - ANSWER: ➡ Found on the income statement. gross income minus expenses
Budget - ANSWER: ➡ Detailed plan for future receipts and expenditures. Projected profit and loss statement
Net listing - ANSWER: ➡ Specifies amount seller wishes to receive from the sale and
listing agent keeps any above that amount
Listing agreement - ANSWER: ➡ Essentially an employment contract
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