Oregon Real Estate Exam Questions and Answers 100% Correct(RATED A+)

How many days does a principal broker have to provide the name and account number of the bank after opening a trust account? - ANSWER-10 business days What is the age a person has to be to get a reverse mortgage? - ANSWER-62 years old and if married both persons must be at least 62 What is de-titling a manufactured home? - ANSWER-Placing it on a lot permanently thereby changing it from personal property to real property. In so doing, ownership is evidenced by a deed rather than a title and becomes part of the real property and is taxed as such. Each active, inactive and expired real estate licensee must maintain on file with the Agency a current mailing address and email address and notify the Agency of a change within: - ANSWER-10 calendar days of a change Managing SHORT TERM VACATION RENTALS does or does not require a real estate license? - ANSWER-does not How must a landlord deliver actual notice of a 24 hour inspection 90.150 Service or delivery of actual notice. When this chapter requires actual notice, service or delivery of that notice shall be executed by one or more of the following methods: - ANSWER-(1) Verbal notice that is given personally to the landlord or tenant or left on the landlord's or tenant's telephone answering device. (2) Written notice that is personally delivered to the landlord or tenant, left at the landlord's rental office, sent by facsimile to the landlord's residence or rental office or to the tenant's dwelling unit, or attached in a secure manner to the main entrance of the landlord's residence or tenant's dwelling unit. (3) Written notice that is delivered by first class mail to the landlord or tenant. If the notice is mailed, the notice shall be considered served three days after the date the notice was mailed. (4) Any other method reasonably calculated to achieve actual receipt of notice, as agreed to and described in a written rental agreement. Who does USPAP (Uniform Standards of Professional Appraisal Practice) license? - ANSWER-licenses appraisers What is a blind bid? - ANSWER-A blind bid in an auction is also known as a clock bid or rafter bid and is used to induce bidders to up their bid. It is the practice of accepting a non-existing bid from a non-existing bidder and is fraudulent. True or false: Landlord w/no pet policy must allow service pets for handicapped and there can be no pet deposit. - ANSWER-True What environmental process would a lender want done for a person buying a gas station? - ANSWER-Phase 1 study An option is: (a) A unilateral contract (b) A sales contract (c) A lease (d) None of the above - ANSWER-unilateral contract The Willamette Stone is the "Initial Point" or Point of Beginning of the Willamette Meridian. All land surveys and property descriptions in Oregon and Washington are referenced to this point. - ANSWER- A buyer purchasing a farm property which has a tax deferral receives the deferral as a r