Oregon Real Estate exam Review Questions and answers, Graded A+/ verified| latest update 2024/25|

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