Oregon Real Estate Final Exam Prep (Guaranteed Pass!)

An example of novation is that the correct answers seller's liability for the obligation is replaced by the buyer's. Under Oregon law in a month-to-month tenancy, the landlord has a right to correct answers terminate a tenant's occupancy after 30 days' written notice. To realize the maximum value of a property, a reasonable degree of sociological and economic homogeneity is necessary, but it should not become monotonously uniform. In real estate, this concept is called the principle of correct answers conformity. Which of the following amounts should be entered in blank (10) on the Real Estate Purchase Agreement and Earnest Money Receipt if the listing price was $96,500 and sold for $93,500 with a 7% commission? correct answers $6,545 A landlord of a duplex in Oregon may lawfully correct answers require a tenant to furnish credit references. Which of the following deed forms may convey no ownership rights at all? correct answers Quitclaim deed The lender in a mortgage is the correct answers mortgagee. To grant permission to use a property during hunting season only would create correct answers a license. In 2001, the owner of an apartment building rented his 24 units for $495 per month per unit without a vacancy factor. In 2002, he raised his rents 10%, but had a 10% vacancy factor. His income was correct answers 1 % less in 2002. If I have a permanent right to cross your land to get to my house, my property has correct answers a dominant tenement. Which of the following statements concerning the Federal Housing Administration is true? I. The FHA issues long-term residential loans. II. The FHA issues long-term commercial loans. correct answers Neither To satisfy requirements or reconciliation of clients' trust accounts, a principal real estate broker must: correct answers ~ reconcile accounts monthly. ~ sign and date the reconciliation. Under the Oregon Landlord and Tenant Act, a rental agreement may require a tenant to: correct answers notify the owner when the tenant will be absent from the premises for more than seven days.