PSI Exam Prep Oregon Real Estate| 80 Questions and Answers (Graded A+)

How does a creditor who has obtained a judgment get satisfaction against a debtor who will not pay? - ANSWER-Writ of execution. A major difference between freehold and nonfreehold estates is that all freehold estates _________. - ANSWER-are of indeterminable duration. The economic characteristics of land are - ANSWER-Scarcity, location, and durability. At the time of harvest, crops that require annual planting are generally considered to be - ANSWER-Personal Property. A legal easement can be created by any of the following EXCEPT - ANSWER-merger of titles What type of map is MOST useful for describing the terrain of a very hilly lot? - ANSWER-contour map. Tenants are still in their rental property even though their lease has expired. The landlord has given them written notice to quit and refused to accept rent. They are - ANSWER-Tenants at sufferance. The real estate contract for a specific property for use as an unlicensed whiskey sales operation was forced to terminate. The termination was the result of - ANSWER-impossibility of performance. The purpose of requiring an earnest money deposit in a real estate sales contract is to - ANSWER-provide evidence of the buyer's intention to carry out the contract. When one of the parties to an agreement fails to perform one of its conditions, that contract is deemed to be - ANSWER-Breached. A will has been drawn up leaving the family homestead to the owners' granddaughter. Once that has been done, the owners may - ANSWER-make any changes they wish through a codicil or a later will. At the closing on June 15, the buyer is assuming a mortgage presently on the property, on which the monthly interest charge is currently $600. The seller has made the payment due on June 1. Assuming a VA mortgage, what is the adjustment made at closing? - ANSWER-Debit the seller $300; Credit the buyer $300. For Federal income tax purposes, which of the following are costs of homeownership that may be deducted from gross income? - ANSWER-Mortgage loan interest, local property taxes, mortgage loan origination fees. MOST closed real estate transactions should be reported to the IRS. REQUIRED information includes seller name(s) and social security number(s) and - ANSWER-the sale price. The buyer is assuming the mortgage presently on the property in the mount of $110,000. What is the adjustment made at closing? - ANSWER-Credit buyer $110,000; no adjustment to the seller. A judgment has been properly recorded. Any subsequent purchasers, whether they ha