Real Estate Exam – Oregon with Complete Solutions!

Earnest money can be in the form of - ANSWER-cash or check and/or promissory note Real estate sales commissions are usually paid by the - ANSWER-seller Open spaces with half cubicles are often referred to as a - ANSWER-bull pens An escrow agent acts as a ____ party - ANSWER-neutral third Office standards for both employees and independent contractors should be in writing in the form of a/an - ANSWER-office policy manual ASP is an acronym for: - ANSWER-Applications Service Provider The two major components of a comparable market analysis (CMA) are: - ANSWER-the site and the comparables The income statement is also known as a/an: - ANSWER-profit and loss statement and earnings statement and operations statement Problem Solving - ANSWER-_____ involves analyzing situations and finding solutions to issues that come up. Negligent misrepresentation - ANSWER-_____ is a failure to disclose a material fact out of ignorance when the broker should have known otherwise. The escrow officer and broker are responsible for ensuring that all necessary loan documentation has arrived at the - ANSWER-escrow office The Oregon Real Estate Agency - ANSWER-_____ requires that records be kept on all real estate activity. If you are an independent contractor you may be able to deduct business expenses on Schedule _______of your income tax return. - ANSWER-C Fixed liabilities are over a time period greater than: - ANSWER-one year Should a dispute arise between management and an affiliated license - ANSWER-an office policy and procedures manual could prove to be invaluable for resolving any issues A policy manual covers advertising web sites and trade fairs. These are considered: - ANSWER-external communications When making an offer to purchase a property the buyer usually submits a good faith deposit called a/an - ANSWER-earnest money The _______is responsible for supervising the advertising of the brokerage as well as the individual advertising of affiliates. - ANSWER-principal broker The maker of a promissory note is the - ANSWER-buyer Counseling involves advising and guiding to assist others in making informed real estate decisions rather than - ANSWER-assisting them in any negotiations in a transaction AND assisting them in selling their property AND assisting them in buying property EIN is an acronym for: - ANSWER-Employer Identification Number When it comes to setting and choosing a location for your brokerage. Neighboring tenants are important. They might: - ANSWER-aid in increasing traffic and/or aid in decreasing traffic and/or using your services. A lender charges 5% interest on a $200 - ANSWER-000 loan. What is the interest for the first year?, $10.000 A group of licensed real estate professionals have a team captain & team associates and licensed and unlicensed assistants. This is known as a - ANSWER-team concept A principal broker - ANSWER-must directly supervise all licensees who act as counselors. All new construction and modifications must be - ANSWER-readily accessible to