Oregon Real Estate Exam Questions With Complete Solutions.

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 agentSelling agent - Agent who writes the offer (can be buyers agent, sellers agent or disclosed limited agent)