Oregon Real Estate Exam Prep Questions and Answers 100% Correct!

Real Property - ANSWER-(goes with the real estate)- immovable - ex. the house itself Personal Property - ANSWER-(goes with the person)- moveable -ex. a set of keys, a lease "When you sell the property what goes with you" ex of estate for years - ANSWER-summer rental ex of periodic tenancy - ANSWER-recurring time frame - week to week estate at will - ANSWER-can end at any time estate at sufferance - ANSWER-staying too long "landlord is suffering" freehold estates - ANSWER-Fee simple absolute, Fee simple defeasible, Life estate Fee simple absolute - ANSWER-highest degree of ownership (taxes) Fee simple defeasible - ANSWER-you can lose the estate from a specific event- alcohol- condition put on the prop Life estate - ANSWER-owe the prop based off of somebody else's life Government powers- PETE - ANSWER-Police power, eminent domain, taxation, escheat Police Power - ANSWER-don't take the prop away from you, but tell you how to use it ex. Zoning, rent control Eminent domain - ANSWER-they do take the prop away from you, and compensation is paid through a process called condemnation Condemnation - ANSWER-when the government says you can't use the prop anymore, but they pay you for that prop. "when a prop is condemned you can't use it anymore" inverse condemnation - ANSWER-If they make ur prop unusable and they don't pay you, you can file for inverse condemnation Taxation - ANSWER-have to pay the government Escheat - ANSWER-when the government takes your prop because they cant find errors or can't find anyone to give it to after you pass away Types of ownership - ANSWER-Severalty, Concurrent Severalty - ANSWER-own it by yourself Concurrent - ANSWER-ownership with others Two types of Concurrent estates - ANSWER-Joint tenancy, Tenancy in common Joint tenancy - ANSWER-(TTIP) - time, title, interest, possession Tenancy in common - ANSWER-possession & no right of survivorship- if you die you can will to others Right of survivorship - ANSWER-can't will to others Essential elements of value- STUD - ANSWER-Scarcity, transferability, utility, demand Scarcity - ANSWER-how much of there is it transferability - ANSWER-can you sell it utility - ANSWER-can you use it dema