Oregon Real Estate Exam

How does a creditor who has obtained a judgement get satisfaction against a debtor who will not pay?

A writ of execution

A major difference between a freehold and a nonfreehold estate is that all freehold estates…

are of indeterminable duration

The economic characteristics of land are…

Scarcity, location, and durability.

Crops that require annual planting are generally considered to be

Personal Property

Tenants who are still in their rental property and refuse to leave even though their lease has expired and the landlord has given them written notice to quit.

Tenants at sufferance

at closing on June 15, the buyer is assuming a mortgage presently on the property which has a monthly interest charge of $600. The seller made the payment on June 1. What adjustment is made at closing?

Debit the seller $300; credit the buyer $300

For federal tax purposes what costs of homeownership can be deducted from gross income?

Mortgage interest, local property tax, mortgage origination fees.

The buyer is assuming the mortgage presently on the property in the amount of $110,000. What is the adjustment made at closing?

Credit buyer $110,000; no adjustment to seller

If a judgement has been properly recorded, any subsequent purchasers have been given…

constructive notice

Under a land contract for deed, who retains fee ownership of the property?

Vendor

E&O insurance covers the broker for…

unintentional misrepresentations

Exclusive Listing Agent

Agent with the sole right to list a property

Exclusive right to sell listing

Agent has a right to list and will get paid regardless of who sells the property

Fiduciary Duties

Accounting, Care and skill, Confidentiality, Obedience, Loyalty, Disclosure

True or false: Under the statute of frauds, the following express agreements MUST be in writing to be enforceable: Listing agreement, Real Estate sale agreement, property management agreement, right to lease property agreement

True

How many acres are in a section?

640

What is the definition of escheat?

the reversion of property to the state, or a to a lord if the owner dies without legal heirs.

How many square yards are in an acre?

4840

How many square feet are in an acre?

43560

How many miles are in an acre?

0.0015625

How many square miles in 1 section?

1

How many acres in a township?

23040.1

How many sections in a township?

36

Allodial system

a legal right or claim of ownership of land applicable in many legal systems throughout the world.

What is the acreage in the parcel of land described as “SE ¼ of NW ¼ and N ½ of SW ¼ of NE ¼ of section 24?

60 acres

A parcel of land measuring 220 yards by 220 yards is how many acres?

10

If a quarter-section of land is divided into 4 equal parcels, each parcel will contain how many acres?

40

How many acres are in the following description, “E ½ of SW ¼ of the NE ¼ of section 23?”

20 acres

How many acres are contained in the following legal description, “the N ½ of the E ½ of the E ½ of the NW ¼ of section 4 AND the W ½ of the NW ¼ of the NE ¼ of section 5?”

40 acres. Remember that AND means 2 separate parcels are included and must be added together to determine the whole. You always start with 640 acres and solve by dividing from right to left.

A' “section” of land, as used in the government survey method, may be described as

1,760 yards x 1,760 yards

a section of land is established by

government survey

What kind of description must start and finish at the same identifiable point?

Meets and bounds

A plat map uses what kind of legal description?

Lot and block

The column of townships running north and south is numbered according to is distance from the principal meridian and is referred to as

ranges

The north and south boundaries of a township are created by

the principal meridian

lis pendens

a pending legal action, or a formal notice

In order for a broker to recover a commission on an open listing, they must prove…

that they were licensed, that they found a ready willing and able buyer, and that they were the procuring cause of the sale.

Commingling

the illegal or unethical practice of mixing a client’s funds with a broker’s personal or operating accounts.

conversion

the wrongful misappropriation of another persons property or funds.