Oregon Real Estate Practice questions with correct answers

Oregon Real Estate Practice questions with correct answers An exception to title insurance coverage is -Correct Answer-defects that clearly appear in the title search. A licensee has an agency representation agreement with a buyer. When showing another company's listing, what obligation does the licensee have to the seller and the listing broker at the other company? -Correct Answer-Disclose the agency relationship when arranging the showing and disclose material information about the buyer if presenting an offer. A broker is teaching newly hired salespersons the correct way to complete a listing agreement form. The broker is attempting to show the value of putting the correct property address on the listing. The BEST visual aid to help them learn how to do so accurately would be -Correct Answer-a subdivision plat A formal appraisal will ALWAYS be REQUIRED when the -Correct Answer-lender wants to sell the mortgage to the secondary market. Which of the following would generally be included in the Phase I assessment of a parcel where hazardous substances may have been disposed? -Correct Answer-an on-site visual inspection Even if a loan applicant's current income seems adequate to qualify for a certain loan, the Equal Credit Opportunity Act allows a lender to refuse the loan as a high risk if the applicant's main source of income is -Correct Answer-commission sales A gross lease can be best defined as one where the tenant pays, as a part of the rent, -Correct Answer-no operating expenses of the leased space. A couple owns an older home in a neighborhood that is becoming a commercial area. Because of the change in the use of the land, the couple can expect the value of their parcel to increase at some future time. This is an example of the principle of -Correct Answer-anticipation A broker is showing a buyer one of his residential listings. The buyer says he wants to establish a day care center for seniors in the property. The property has been used as a day care center for no more than five children. How should the broker advise this buyer? -Correct Answer-Provide the buyer with contact information for the local planning and zoning office to confirm the zoning and determine whether it permits his use. Antitrust laws prohibit competing brokers from all of the following EXCEPT -Correct Answer-receiving compensation from both the buyer and the seller. A buyer wants t