Oregon Real Estate Practice Exam with verified answers

An exception to title insurance coverage is correct answers 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 answers 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 answers a subdivision plat A formal appraisal will ALWAYS be REQUIRED when the correct answers 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 answers 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 answers commission sales A gross lease can be best defined as one where the tenant pays, as a part of the rent, correct answers 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 answers 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 answers 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 answers receiving compensation from both the buyer and the seller. A buyer wants to purchase a home for $60,000. The lender appraises the home for $58,000 and offers to finance it with an 80% loan-to-value loan, charging a loan origination fee of 1.5 points. How much will the buyer's loan origination fee be? correct answers $696