130 QUESTIOS AND ANSWERS
Oregon law specifically includes which of the following as "general common
elements" of a condo? - ANSWER All of the above
All listing agreements entered into by Oregon licensees must: - ANSWER State
a definite expiration date
When completing a budget forecast, the property manager should: - ANSWER
Study past budgets and past income and expense reports
When the buyer is taking out a new loan, interest begins accruing on the that
loan: - ANSWER When the funds are disbursed by the lender
All of the following documents could be used in the foreclosure of a real estate
mortgage EXCEPT a: - ANSWER Indenture deed
When using the cost approach to appraising, the appraiser deducts depreciation
from the reproduction cost of the building. This depreciation represents: -
ANSWER Loss of value due to any cause
A tenancy by the entirety may be created by: - ANSWER A married couple
The priority of a lien for real property taxes is: - ANSWER Before a first
mortgage lien
Which of the following statements regarding earnest money agreements is true?
- ANSWER The licensee is required to specify on the earnest money receipt the
type of the earnest money received
, The deed form that creates the greatest potential liability to the grantor is the: -
ANSWER General warranty deed
Two appraisers were asked to appraise an apartment property. Both arrived at
the same net income but the first appraiser used a capitalization rate of 6%
while the second appraiser used a capitalization rate of 8%. The reason that one
appraiser would choose a higher capitalization rate would be due to the fact that
the appraiser estimated: - ANSWER A higher risk
With certain restrictions, the federal tax laws permit deductions for mortgage
interest on: - ANSWER Primary residences, second homes and rental property
There are three main causes of depreciation. Which one of these finds its origin
in social sources which is the basis for the old axiom known in social circles,
that 'more houses are torn down than fall down"? - ANSWER Economic
obsolescence
In the foreclosure by the county of real property because of nonpayment of
taxes, who has the right of possession during the statutory period of
redemption? - ANSWER The delinquent taxpayer
If you sell a property for your client and he takes back a purchase money
mortgage in part payment, he becomes a: - ANSWER Mortgagee
Zoning ordinances control the use of private land through several kinds of
restrictions. Which of the following is NOT a zoning restriction? - ANSWER
Non-conforming uses
Title insurance in Oregon is:
Issued to insure the named party only
Protection against false impersonations
Not required by law - ANSWER All of the above
Two parties signed a contract which both knew was for an illegal purpose.
Under these circumstances the contract would be: - ANSWER Void
Oregon law specifically includes which of the following as "general common
elements" of a condo? - ANSWER All of the above
All listing agreements entered into by Oregon licensees must: - ANSWER State
a definite expiration date
When completing a budget forecast, the property manager should: - ANSWER
Study past budgets and past income and expense reports
When the buyer is taking out a new loan, interest begins accruing on the that
loan: - ANSWER When the funds are disbursed by the lender
All of the following documents could be used in the foreclosure of a real estate
mortgage EXCEPT a: - ANSWER Indenture deed
When using the cost approach to appraising, the appraiser deducts depreciation
from the reproduction cost of the building. This depreciation represents: -
ANSWER Loss of value due to any cause
A tenancy by the entirety may be created by: - ANSWER A married couple
The priority of a lien for real property taxes is: - ANSWER Before a first
mortgage lien
Which of the following statements regarding earnest money agreements is true?
- ANSWER The licensee is required to specify on the earnest money receipt the
type of the earnest money received
, The deed form that creates the greatest potential liability to the grantor is the: -
ANSWER General warranty deed
Two appraisers were asked to appraise an apartment property. Both arrived at
the same net income but the first appraiser used a capitalization rate of 6%
while the second appraiser used a capitalization rate of 8%. The reason that one
appraiser would choose a higher capitalization rate would be due to the fact that
the appraiser estimated: - ANSWER A higher risk
With certain restrictions, the federal tax laws permit deductions for mortgage
interest on: - ANSWER Primary residences, second homes and rental property
There are three main causes of depreciation. Which one of these finds its origin
in social sources which is the basis for the old axiom known in social circles,
that 'more houses are torn down than fall down"? - ANSWER Economic
obsolescence
In the foreclosure by the county of real property because of nonpayment of
taxes, who has the right of possession during the statutory period of
redemption? - ANSWER The delinquent taxpayer
If you sell a property for your client and he takes back a purchase money
mortgage in part payment, he becomes a: - ANSWER Mortgagee
Zoning ordinances control the use of private land through several kinds of
restrictions. Which of the following is NOT a zoning restriction? - ANSWER
Non-conforming uses
Title insurance in Oregon is:
Issued to insure the named party only
Protection against false impersonations
Not required by law - ANSWER All of the above
Two parties signed a contract which both knew was for an illegal purpose.
Under these circumstances the contract would be: - ANSWER Void
