Oregon Real Estate Exam Prep Questions and Answers 100% Correct!

Which of the following is NOT considered "Middle Housing" A) Cottage Cluster B) Townhouses C) Large multifamily homes D) Condo's - ANSWER-Large Multi-family residences Which of the following documents do not need signatures for both buyer and seller? A) Final Agency Agreement B) Title Report C) D) - ANSWER-Final Agency Agreement? Because if the seller doesn't accept the offer they are not obligated to sign Final Agency Agreement - ANSWER-Sale Agreement Types of Depreciation Methods - ANSWER- Chattles - ANSWER- What are newly planted bushes and apple trees considered to be for first year home owners - ANSWER- Chandiler is a - ANSWER-Fixture Gap in chain title - ANSWER- Cloud on Title - ANSWER- Mutual Assent - ANSWER- Recission - ANSWER- Construction Lien - ANSWER- An earnest money deposit on a closing statement shows as a - ANSWER-deposit made to a seller On a closing statement, prepaid taxes shows as a credit to - ANSWER-seller A buyer pays the assumption fee charged by a lender when the buyer assumes the mortgage. Where is this shown on the closing statement? - ANSWER-Debit to buyer only Agency between a broker and principal broker is usually - ANSWER-implied Short Sale - ANSWER-Sale of property in which the sales price is less than the remaining indebtedness. If the seller refuses to provide a disclosure to the property the buyer has the right to - ANSWER-revoke at any time prior to closing Lease-Option - ANSWER-the tenant has the option to purchase a property at a specified price within a certain period Rectangle Survey - ANSWER-meridians and base lines Hypothecation - ANSWER-the use of real property as collateral for a mortgage loan; when a homeowner borrows money from a lender, gives the lender a mortgage on the property as collateral for the loan, and the homeowner retains title to the property, this is an example of hypothecation. Beneficiary - ANSWER-The lender/ Payee who has a security interest in the property by way of a lien. They are the holder of the promissory note and "benefit" from the contract by earning interest on the loan.