Oregon real estate related statutes (Questions with complete solution)

When does oregon's property tax year begin? correct answers July 1st and ends on june 30th of the next year What lender would be the least likely to approve a short sale? correct answers junior lenders b/c they are in a secondary position when it comes to liens against the property and realize there may not be any money left to pay them after the lender in first position gets paid what is true about the assessed value of oregon real estate correct answers It's the value used to calculate the property taxes, and it's based on a percentage of the market value. Property's maximum assessed value correct answers set limits on value growth rates (helps to avoid huge property tax jumps each year) -may not increase more than 3% annually unless additions or major improvements change the property value assessed value correct answers properties also assessed on their assessed value which is the lower of the real market value or the maximum assessed value When will a county begin tax foreclosure proceedings correct answers after 3 years of delinquent property taxes What happens when the court issues a judgement of foreclosure correct answers the two-year redemption period kicks in two-year redemption period correct answers owner needs to pay all taxes, interest, fees and penalties during this period to avoid foreclosure if not property deeded to county and they may sell it and recoup all amounts owed Oregon law designates 2 ways to divide land correct answers subdividing or partitioning Subdividing correct answers property owners divide their land into 4 or more units called lots Partitioning correct answers property owners partition their land and divide it into 3 or fewer units called parcels -less onerous than subdividing Land that lies 6 or fewer miles beyond a city's corporate limits falls under correct answers that citys jurisdiction for land divisions -beyond that, the county has jurisdiction to approve plans, maps and plats