Oregon Real Estate - National Exam
Questions and Verified Solutions 100%
Correct Answers Already Graded A+
QUESTIONS AND ANSWERS
Tie-in arrangement. ANSWER -An antitrust violation in which the provider of a service
requires the customer or client to purchase another service
Glenn is purchasing a home for $400,000. The property appraised at $415,000 and Glenn is
financing $300,000. What's the loan-to-value ratio?. ANSWER -75% Lenders use the lesser
of the sales price or appraised value. This results in an LTVR of 75%.
Your client, Joseph, has a commercial income-producing property. How long does he
depreciate this property?. ANSWER -39 years
Special warranty deed. ANSWER -Deed that warrants that the grantor received title and
there were no encumbrances other than those noted
Executor's Deed. ANSWER -Type of deed that conveys real property from a decedent's
estate to a buyer
Chip is a residential and commercial agent. His friend asks him to list his cattle ranch for
sale, but Chip's never listed an agricultural property before. How should Chip handle this
listing so he can still work for his friend but also not work outside his area of expertise?.
ANSWER -Disclose to his friend that he's not an agricultural expert and ask his friend's
permission to work with an agricultural expert in his firm.
Chip could turn down the listing or refer the listing to a more experienced agent. If he
wants to work the listing for his friend, he should disclose his lack of experience to the
client and ask permission to partner with an ag expert at his firm.
For 25 years, Isadora loved being her own boss, but now she's getting tired of the day in,
day out tedium of running her business. She's ready to retire and move to a tropical island.
, She decides to sell her entire business in one fell swoop: the property together with all the
equipment and furnishings. What type of loan would the buyer need to obtain?. ANSWER -
package loan because the sale includes both personal and real property.
Malcolm purchased an old convenience store, and after renovations will open a small vegan
grocery. He paid $517,000, of which $417,000 was for the building, and renovations cost
him $107,000. What does the amount $524,000 represent?. ANSWER -Depreciable basis
Ron's company leased a building so that they could build an escape room experience. After
operating for two years, their attendance (and thus their profits) started to drop
significantly, so they decided it was time to close the location. When they started taking
down the installation, they realized that some of the structures they built will damage the
walls if they try to remove them. Which of these is true about these trade fixtures..
ANSWER -Ron may take the fixtures as long as he repairs any damage caused by removal.
According to the law, commercial tenants may remove trade fixtures when the lease ends,
but only if they are detachable without damaging the property or if the damage is repaired.
A rundown home, overgrown with weeds and in desperate need of repairs, is driving down
property values on the block. What economic principle is at work here?. ANSWER -
Regression
Kelvin isn't sure how to read this legal description, but his agent said something about
reading it from right to left. Here's the description: "The north half of the northwest
quarter of Section 6, Township 8 north, Range 68 west of the 5th principal meridian. What
land description method did surveyors use for this piece of property?. ANSWER -
Rectangular government survey
Legal descriptions that use the RGSS usually include the state, name of the principal
meridian, township, and range designations with compass directions and section numbers.
Rectangular government survey
Legal descriptions that use the RGSS usually include the state, name of the principal
meridian, township, and range designations with compass directions and section numbers.
- Marcus can choose whether or not to continue the listing agreement with Ron.
- Bankruptcy has no impact on agency agreements.
Questions and Verified Solutions 100%
Correct Answers Already Graded A+
QUESTIONS AND ANSWERS
Tie-in arrangement. ANSWER -An antitrust violation in which the provider of a service
requires the customer or client to purchase another service
Glenn is purchasing a home for $400,000. The property appraised at $415,000 and Glenn is
financing $300,000. What's the loan-to-value ratio?. ANSWER -75% Lenders use the lesser
of the sales price or appraised value. This results in an LTVR of 75%.
Your client, Joseph, has a commercial income-producing property. How long does he
depreciate this property?. ANSWER -39 years
Special warranty deed. ANSWER -Deed that warrants that the grantor received title and
there were no encumbrances other than those noted
Executor's Deed. ANSWER -Type of deed that conveys real property from a decedent's
estate to a buyer
Chip is a residential and commercial agent. His friend asks him to list his cattle ranch for
sale, but Chip's never listed an agricultural property before. How should Chip handle this
listing so he can still work for his friend but also not work outside his area of expertise?.
ANSWER -Disclose to his friend that he's not an agricultural expert and ask his friend's
permission to work with an agricultural expert in his firm.
Chip could turn down the listing or refer the listing to a more experienced agent. If he
wants to work the listing for his friend, he should disclose his lack of experience to the
client and ask permission to partner with an ag expert at his firm.
For 25 years, Isadora loved being her own boss, but now she's getting tired of the day in,
day out tedium of running her business. She's ready to retire and move to a tropical island.
, She decides to sell her entire business in one fell swoop: the property together with all the
equipment and furnishings. What type of loan would the buyer need to obtain?. ANSWER -
package loan because the sale includes both personal and real property.
Malcolm purchased an old convenience store, and after renovations will open a small vegan
grocery. He paid $517,000, of which $417,000 was for the building, and renovations cost
him $107,000. What does the amount $524,000 represent?. ANSWER -Depreciable basis
Ron's company leased a building so that they could build an escape room experience. After
operating for two years, their attendance (and thus their profits) started to drop
significantly, so they decided it was time to close the location. When they started taking
down the installation, they realized that some of the structures they built will damage the
walls if they try to remove them. Which of these is true about these trade fixtures..
ANSWER -Ron may take the fixtures as long as he repairs any damage caused by removal.
According to the law, commercial tenants may remove trade fixtures when the lease ends,
but only if they are detachable without damaging the property or if the damage is repaired.
A rundown home, overgrown with weeds and in desperate need of repairs, is driving down
property values on the block. What economic principle is at work here?. ANSWER -
Regression
Kelvin isn't sure how to read this legal description, but his agent said something about
reading it from right to left. Here's the description: "The north half of the northwest
quarter of Section 6, Township 8 north, Range 68 west of the 5th principal meridian. What
land description method did surveyors use for this piece of property?. ANSWER -
Rectangular government survey
Legal descriptions that use the RGSS usually include the state, name of the principal
meridian, township, and range designations with compass directions and section numbers.
Rectangular government survey
Legal descriptions that use the RGSS usually include the state, name of the principal
meridian, township, and range designations with compass directions and section numbers.
- Marcus can choose whether or not to continue the listing agreement with Ron.
- Bankruptcy has no impact on agency agreements.
