OREGON REAL ESTATE FINAL STUDY GUIDE LATEST 2023 RATED A+

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OREGON REAL ESTATE FINAL STUDY GUIDE LATEST 2023 RATED A+ How many days notice must The Agency provide before performing a compliance review? ✔✔5 days How long can a real estate broker's licen... se be expired before it lapses? ✔✔1 year who is not allowed to be an authorized signer on a property management trust account? ✔✔Property Owner What are the three things required when opening a client trust account? ✔✔1. The date the account was opened 2. The acct number 3. A statement authorizing the RE commissioner to examine the account Which association purchases mortgages and bundles them into mortgage backed securities? ✔✔FANNIE MAE The federal national mortgage association What are the principals of valuation? ✔✔DUST Demand, utility, scarcity, transferability A reconciliation has how many parts?> ✔✔3 If a RE broker receives more than __ in cash for a single transaction, then he/she must report it to the IRS on form 8300. ✔✔$10,000 What's the difference between the Civil Rights act of 1964 and the Fair Housing Act of 1968? ✔✔The Fair House Act is a subset of the Civil Rights Act What is the Bancroft Bonding Act? ✔✔dealing with water and charter What must happen before a lot in a subdivision can be sold through a land sale contract? ✔✔A collection escrow must be established in the state Oregon with a party that is legally allowed to receive escrows. What is a property's assessed value? ✔✔The lower of it's real market value or it's maximum assessed value What is the difference between a Broker price opinion and competitive market analysis? ✔✔The BPO is more formal and in depth Attempting to interfere with a fair housing investigation is a ___ under Oregon law? ✔✔Class A misdemeanor How many years must records be kept for RE activities? ✔✔6 years What is the difference between revenue and receipts? ✔✔revenue is when money belongs to you and receipts are when you receive the money An ORVET home loan cannot be used to? ✔✔finance a farm What are the three categories of liens? ✔✔Consensual, statutory, judgment When must the seller's disclosure be sent? ✔✔Once the seller receives a written offer to purchase In a 1031 exchange how long does an investor have to choose a replacement property after closing escrow on the old property? ✔✔45 days How long does a buyer have to revoke their offer after receving a seller's property disclosure statement? ✔✔5 business days Which is a non-permitted use of land zoned exclusively farm? ✔✔Sports park When using a promissory note as earnest money what is mandatory? ✔✔The note must be made payable within a specified number of days What are the buyers rights if the seller does not offer a disclosure? ✔✔To revoke their offer at no penalty up to the transaction is officially closed The final offer to purchase must be delivered to both the buyer and the seller in how many days? ✔✔3 days What entity purchases mortgages which meet certain criteria and bundles them into mortgage backed securities? ✔✔FANNIE MAE To qualify as a REIT, at least ____% of holdings must be in a form of RE assets and cash? ✔✔75 What is the max total debt to income ratio that a borrower can have and still qualify for a FHA backed loan? ✔✔43% How does the Federal Reserve System influence the economy? ✔✔1. Raising or lowering the interest rate on short term loans for private financial institutions 2. Trading government securities with private financial institutions on the open market. 3. Raising and lowering the amount of money financial institutions are required to keep in reserve. How long can a RE property manager or RE broker wait to register a client's trust account? ✔✔10 days Tenants who receive section 8 vouchers will be required by HUD to pay no more than ___ as monthly rent ✔✔30% of their income When the owner/manager agreement is terminated, the property manager has how many days to turn over all of the documents to the owner? ✔✔60 days What is the term for a taxable value limit established for a property? ✔✔maximum assessed value According to the rules of the Federal Deposit Insurance Corporation, is an appraisal, performed by a state certified or licensed appraiser, required for all real estate-related financial transactions? ✔✔Yes, unless a lien on real estate has been taken as collateral in an abundance of caution Where are negotiable certificates of deposit traded? ✔✔Money markets The Federal Reserve System buys and sells government securities in order to influence which of the following? ✔✔The federal funds rate If a borrower has credit scores above 580, the required downpayment on an FHA-backed loan is normally what percent of the value of the property? ✔✔3.5% The area benefiting from the project paid for by the special assessment is called an... ✔✔improvement district. [Show More]

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