Oregon Real Estate Exam Questions and Answers 100% Verified!

Constructive 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 Exclusive agency listing - ANSWER-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 Act of 1992 - ANSWER-HUD and EPA require disclosure of known info on lead paint before the sale or lease of housing built before 1978 Liquidated damages - ANSWER-Amount agreed in advance which will compensate a party to a contract for any loss he may suffer. This is what earnest money represents Contingency - ANSWER-Contract provision requiring completion of a certain act or event before the contract is binding Novation - ANSWER-Replacing an obligation to perform with another obligation or ad