Oregon Real Estate exam (Already Graded A+)

Constructive eviction correct answers Acts done or not done by the landlord which materially disturb or impair tenants occupancy so as the tenant is forced to leave Surrender and acceptance correct answers Mutual agreement to terminate lease The residential landlord and tenant act correct answers Covers leased structures used as home, residence or sleeping place. EXCLUDES nursing homes, lease to own, dorms, frats, resident managers homes Law of agency correct answers Statutory law controlling the rights and duties of clients (principals) and agents (brokers) Fiduciary responsibility correct answers Loyalty, obedience, accountability Commission correct answers Committing an act of making a false statement Conversion correct answers Using a clients funds for personal use Purchase money note correct answers Note given to the seller in place of cash Initial agency disclosure pamphlet correct answers Describes agency choices/must be given to seller prior to entering into listing agreement and to buyer when first contact is made of buyer is seeking representation Disclosed limited agency correct answers Seller and buyer represented by the same real estate business (whether that's a principal broker or associates broker) Sellers agent correct answers Listing agent Selling agent correct answers Agent who writes the offer (can be buyers agent, sellers agent or disclosed limited agent) Property condition disclosure law correct answers Buyers right to receive disclosure statement on potential property, rescind transaction within 5 business days based on statement and to waive the right to rescind Lending collateral analysis correct answers Real property market analysis for use by a lending institution in support of a loan application. The loan transaction must be less than 250K Balance sheet correct answers Demonstrates the accounting value or financial position of the company. Based on assets and liabilities NOT income and expenses Net worth correct answers Assets minus liabilities. Also known as equity