Oregon Real Estate Exam
1,500+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the Oregon real estate salesperson exam.
Oregon License Law
149 questions- Which state agency licenses and regulates real estate professionals in Oregon?
- How many hours of pre-license education are required to obtain an Oregon real estate broker license?
- The Oregon real estate broker licensing exam contains how many questions, and what is the minimum passing score?
- In Oregon, a newly licensed real estate broker must work under the supervision of a principal broker for at least:
- Oregon property owners must complete which disclosure document when selling residential property?
- Under Oregon license law, which of the following must a real estate broker include in all advertising?
- Oregon real estate licenses must be renewed every:
- How many hours of continuing education must Oregon real estate brokers complete per renewal cycle?
- The Oregon Real Estate Agency has the authority to do which of the following to a licensee found guilty of fraud?
- Which of the following activities in Oregon requires a real estate license?
- Oregon's property disclosure law requires sellers to deliver the disclosure statement to buyers by:
- A real estate broker in Oregon who fails to renew their license before the expiration date may:
- Under ORS Chapter 696, which of the following persons is EXEMPT from requiring a real estate license in Oregon?
- The Oregon Real Estate Agency Commissioner is appointed by:
- An Oregon principal broker license requires the applicant to have held an active broker license for at least how long?
- In Oregon, an inactive real estate license means the licensee:
- Which of the following best describes 'earnest money' under Oregon practice?
- Under Oregon law, trust account funds belonging to clients must be deposited within:
- A real estate broker in Oregon receives a $5,000 earnest money check. If the broker personally holds this check without depositing it into a trust account, this is known as:
- Oregon's real estate license law requires a broker to disclose their licensed status when:
- The Oregon Real Estate Agency Real Estate License Law is codified primarily under:
- To maintain an Oregon real estate broker license, a licensee must be affiliated with:
- Oregon law requires real estate brokers to retain transaction records for a minimum of:
- An Oregon real estate broker who wants to work independently without affiliation with a principal broker must:
- The term 'net listing' in Oregon is:
- In Oregon, which of the following is NOT required on a real estate broker's business card?
- A real estate broker who wishes to change from one principal broker to another in Oregon must:
- The primary purpose of the Oregon Real Estate Agency (OREA) is to:
- When an Oregon real estate brokerage changes its registered business name, the principal broker must:
- Under Oregon law, a broker is prohibited from accepting compensation from more than one party in a transaction unless:
- Which of the following is considered 'unprofessional conduct' under Oregon real estate license law?
- A real estate licensee in Oregon who is also a licensed mortgage broker must disclose their mortgage licensing status to clients when:
- Oregon's 'Material Facts' disclosure obligation means a licensee must disclose:
- In Oregon, which of the following relationships does NOT require a real estate license for property management activities?
- The Oregon Real Estate Agency may issue a cease-and-desist order when:
- Under Oregon law, the term 'principal broker' means a licensee who:
- A broker who violates Oregon real estate license law may be subject to which of the following penalties?
- An Oregon real estate broker is required to submit continuing education records to OREA:
- Which of the following is TRUE about Oregon's real estate team advertising regulations?
- The OREA Real Estate License Law prohibits a real estate licensee from:
- What is the purpose of Oregon's Real Estate License Education Fund?
- Which of the following best describes Oregon's 'First Right of Refusal' in real estate?
- The Oregon Association of REALTORS (OAR) is:
- An Oregon broker's license is placed in 'active' status when:
- An Oregon broker who wishes to start their own real estate company must first:
- Under Oregon law, a broker is required to have a written listing agreement before:
- A licensed Oregon broker who moves to another state and wishes to transfer their license to that state will typically need to:
- What is 'conversion' of client funds?
- An Oregon principal broker is responsible for:
- Which of the following is a prohibited act under Oregon's real estate license law?
- A broker in Oregon wants to advertise a listing on social media. Which of the following is required?
- An Oregon broker who fails to maintain continuing education records may face:
- Oregon permits 'limited dual representation' (disclosed limited agency). What specific limitation on duties does this create?
- An Oregon licensee who violates OREA rules may be subject to which of the following administrative actions?
- Which of the following is NOT a reason OREA may suspend or revoke a real estate license?
- Oregon allows a licensed real estate broker to receive compensation ONLY from:
- The Oregon Real Estate Agency's primary source of funding is:
- In Oregon, a real estate licensee must IMMEDIATELY notify OREA if they are:
- Oregon's real estate license law requires brokers to treat all parties honestly. This means a broker may NOT:
- Oregon's real estate continuing education requirement of 30 hours per 2-year cycle must include mandatory topics covering:
- Oregon's licensing law requires that a real estate firm (if a corporation, LLC, or partnership) must register its business entity with OREA. The entity must be:
- An Oregon real estate broker who is also a licensed attorney may:
- What does Oregon's real estate licensing exam test?
- In Oregon, an unlicensed personal assistant of a licensed real estate broker may:
- Under Oregon law, which of the following is a permissible 'team name' for a group of real estate brokers within a firm?
- Oregon's OREA may issue a 'cease and desist order' against an unlicensed person to prevent:
- Under Oregon real estate law, a broker may accept a 'referral fee' from another broker for referring a client, provided:
- Under Oregon law, an Oregon broker who practices in another state must comply with:
- Under Oregon law, which of the following describes an 'exclusive agency' listing?
- A broker who assists both parties in a transaction and fails to disclose the dual representation to both parties is:
- Oregon's real estate license law includes provisions for disciplining licensees who participate in 'illegal discrimination.' This means a licensee may be disciplined for violating:
- An Oregon licensee who discovers their principal broker is converting client trust funds to personal use should:
- Oregon permits 'reciprocity' with certain states for real estate licensing. A broker from a reciprocal state applying for an Oregon license may be exempt from:
- Under Oregon law, which of the following activities requires a real estate broker license?
- Under Oregon law, all real estate advertising must include the:
- Which of the following is considered 'unprofessional conduct' under OREA regulations?
- An Oregon broker is leaving one principal broker to join another. While transitioning, the broker must NOT:
- Oregon's OREA Real Estate License Law requires a broker to:
- What is Oregon's 'Seller's Property Disclosure Statement' deadline for delivery to buyers?
- Oregon OREA disciplinary hearings are conducted under Oregon's:
- An Oregon real estate broker who wants to practice real estate in another state without getting a new license may be able to do so through:
- Under ORS Chapter 696, how long does a newly licensed Oregon real estate broker have to affiliate with a principal broker before engaging in real estate activities?
- An Oregon principal broker wants to operate a real estate business under a name other than their own. What must they do?
- OREA may take disciplinary action against an Oregon licensee for which of the following?
- Oregon requires licensees to complete how many hours of continuing education per renewal period?
- Under ORS Chapter 696, which of the following actions constitutes 'commingling' by a real estate licensee?
- Under Oregon license law, which document must a principal broker provide to a licensee before the licensee begins work at the brokerage?
- Under OREA rules, an Oregon licensee who receives multiple offers on a listing must:
- Which of the following best describes OREA's authority under Oregon law?
- An Oregon licensee who pays an unlicensed person a referral fee for finding them a client is:
- An Oregon property manager who manages residential properties for compensation must hold which license?
- Oregon requires that an earnest money deposit from a buyer be deposited into a trust account within how many banking days of receipt?
- An Oregon real estate license is renewed every:
- When an Oregon licensee changes their affiliated brokerage, what must they do?
- Under ORS Chapter 696, who is responsible for supervising affiliated licensees at an Oregon brokerage?
- A real estate licensee in Oregon who engages in 'blockbusting' is subject to which of the following penalties?
- What is OREA's required response time for processing a real estate license application in Oregon?
- An Oregon broker's license has been inactive for 3 years. What must they do to reactivate it?
- Under ORS Chapter 696, which of the following activities requires an Oregon real estate license?
- Under Oregon law, an affiliated licensee (broker) may accept compensation from a transaction party:
- An Oregon licensee must report a change of address to OREA within how many days?
- Oregon's 'Real Estate License Law Education and Research Fund' (RELLERF) is funded by:
- In Oregon, what is the minimum age requirement to obtain a real estate broker license?
- Oregon's pre-license education requirement for a real estate broker is:
- An Oregon principal broker leaves their brokerage to open their own firm. What must they do to operate legally?
- Under Oregon law, a real estate licensee who is convicted of a crime involving fraud or dishonesty must:
- Under ORS Chapter 696, what is the purpose of OREA's 'Real Estate Education and Research Fund'?
- Under ORS Chapter 696, a real estate broker's license becomes 'inactive' when:
- Under OREA rules, which of the following constitutes 'conversion' of client funds by a licensee?
- Under Oregon real estate law, a 'kickback' refers to which prohibited practice?
- Oregon licensees found to have committed 'misrepresentation' may face which of the following consequences?
- An Oregon broker who wishes to become a principal broker must meet which additional requirement?
- In Oregon, which of the following would be a violation of the 'duty of honesty' owed by a licensee to all parties?
- What must Oregon real estate advertising include according to OREA rules?
- When must an Oregon licensee provide the Seller's Property Disclosure Statement (SPDS) to a buyer?
- Under ORS Chapter 696, what is an Oregon principal broker's responsibility when they discover an affiliated licensee has commingled client funds?
- Under Oregon law, which of the following would allow OREA to deny a license application?
- Oregon requires all real estate transactions involving compensation to be documented by written agreements. This requirement protects all parties by:
- An Oregon licensee who is also an attorney can practice both law and real estate provided they:
- A real estate licensee in Oregon who sells their own personal residence:
- OREA can conduct investigations and examine records of Oregon brokerages under which authority?
- An Oregon real estate broker works as an independent contractor for a principal broker. Under Oregon law, the principal broker is still responsible for:
- Under ORS Chapter 696, an Oregon real estate licensee who allows their license to expire must do what to return to active status?
- What is Oregon's 'Real Estate Transaction Record' requirement for licensees?
- Under Oregon law, a broker who operates their own real estate business without a principal broker license is committing:
- Under ORS Chapter 696, Oregon real estate brokers are required to provide a written agency disclosure at what point in a transaction?
- An Oregon broker who has received their license within the past year wants to become a principal broker. What additional requirement applies to them?
- When Oregon OREA conducts a trust account audit and discovers a shortfall, which licensee(s) may face discipline?
- In Oregon, what is an 'affiliated business arrangement' (ABA) in real estate and what disclosure is required?
- Oregon's real estate license law gives OREA authority to issue cease and desist orders against:
- Under OREA rules, an Oregon broker who moves to a new brokerage must update their license through which process?
- Which of the following situations would require an Oregon real estate license?
- Under ORS Chapter 696, what is the maximum civil penalty OREA may impose on an Oregon licensee for a violation?
- Which Oregon state agency regulates the Real Estate Agency's (OREA's) activities and serves as an appellate body for OREA's decisions?
- Oregon ORS 696.301 lists grounds for discipline of a real estate licensee. Which of the following is a disciplinary ground under Oregon law?
- Under Oregon law, when must an Oregon real estate licensee provide an agency disclosure to a prospective buyer or seller?
- A principal broker in Oregon wants to open a second office location. Under Oregon license law, what is required?
- How long must Oregon real estate licensees retain transaction records under Oregon Administrative Rules?
- An Oregon real estate broker license expires every two years. To renew, a broker must complete how many hours of continuing education?
- An Oregon principal broker wishes to hire a licensed broker from another state. The out-of-state broker must:
- Under Oregon law, which of the following persons is exempt from the requirement to hold a real estate license?
- The Oregon Real Estate Agency (OREA) Real Estate Account provides compensation to consumers who have been damaged by the fraudulent conduct of a licensed Oregon real estate agent. The maximum recovery per transaction is:
- The Oregon Real Estate Agency (OREA) is authorized to do which of the following?
- Under ORS Chapter 696, an unlicensed person who acts as a real estate broker in Oregon is subject to:
- Under Oregon's real estate licensing law, what happens if a broker's license lapses (expires without renewal)?
- Oregon administrative rules require that all real estate advertising identify:
- Oregon's principal broker supervision requirements mean that the principal broker must:
- An Oregon licensee who has been convicted of a crime involving dishonesty, fraud, or misrepresentation must notify OREA within:
- The Oregon Real Estate Agency (OREA) requires broker applicants to complete how many hours of pre-license education?
Contracts
138 questions- In Oregon, the buyer's right to rescind after receiving a Seller's Property Disclosure Statement is:
- Which of the following is a required element for a real estate purchase contract to be valid in Oregon?
- An Oregon seller accepts a buyer's offer at 9:00 AM and notifies the buyer's agent at 10:00 AM. At 9:30 AM, the buyer had emailed a revocation of the offer. The contract is:
- Which of the following best describes an option contract in Oregon real estate?
- The doctrine of 'time is of the essence' in an Oregon purchase contract means:
- An Oregon buyer defaults on a purchase contract. Which remedy allows the seller to keep the earnest money deposit as full compensation?
- Under Oregon contract law, an agreement that lacks consideration is:
- An Oregon purchase and sale agreement is deemed accepted when:
- Which of the following is a characteristic of an 'as-is' clause in an Oregon purchase contract?
- A contract contingency that protects the buyer if they are unable to obtain financing is called a:
- In Oregon, a lease of real property for a term longer than one year must be:
- A seller counter-offers at a different price. The buyer does NOT accept. The status of the original offer is:
- In Oregon, which clause in a listing agreement gives the broker the right to a commission if the property is sold within a specified period after the listing expires?
- When a buyer exercises an inspection contingency and requests repairs in Oregon, the seller may:
- In Oregon, a purchase contract contingency must be either removed or exercised by the stated deadline. If neither party acts, the contingency is typically:
- Under the Statute of Frauds, which of the following real estate agreements does NOT need to be in writing to be enforceable in Oregon?
- In Oregon, a listing agreement that gives the broker the right to a commission regardless of who sells the property is called:
- A buyer in Bend, Oregon submits an offer on a property that includes an escalation clause. An escalation clause means:
- Which of the following best describes 'novation' in the context of an Oregon real estate contract?
- A contract that is 'voidable' means:
- Which of the following is an example of a 'unilateral contract' in real estate?
- Under Oregon law, a minor (under 18) who signs a real estate purchase contract:
- If a seller fails to deliver title to a buyer at closing without legal justification, the buyer's remedy of 'specific performance' means:
- An Oregon purchase contract includes a 10-day inspection contingency. On day 8, the buyer's inspector discovers significant foundation problems. The buyer should:
- The 'mailbox rule' (deposited acceptance rule) applies when:
- An Oregon purchase agreement contains the phrase 'seller to provide clear title at closing.' The most appropriate way to ensure clear title is for the buyer to:
- In Oregon, a 'short sale' occurs when:
- Under Oregon contract law, 'rescission' means:
- An Oregon buyer's purchase offer specifies 'closing on or before July 15.' The seller accepts on July 10. What happens if the parties cannot close by July 15?
- A real estate contract that is 'assignable' means:
- In Oregon, a 'backup offer' in a real estate transaction means:
- An earnest money dispute in Oregon between the buyer and seller is typically resolved by:
- When an Oregon listing agreement expires with the property unsold, the seller:
- Which of the following elements is necessary for a real estate contract to be enforceable under the Statute of Frauds in Oregon?
- An 'addendum' to an Oregon purchase contract is:
- In Oregon, a buyer who defaults on a purchase contract may be sued by the seller for:
- A property in Portland is listed at $650,000. The buyer offers $625,000. The seller counters at $640,000 with a 48-hour deadline. Before the deadline passes, the seller accepts a higher offer from another buyer. This is:
- Which of the following is a 'void' contract (not just voidable)?
- An Oregon buyer makes a written offer to purchase a property. Before the seller accepts, the buyer changes their mind. The buyer may:
- Under Oregon law, which party in a real estate transaction is primarily responsible for determining if an offer creates a binding contract?
- An Oregon buyer and seller have a signed purchase contract. The seller finds the property has a significant previously unknown structural defect. The seller's obligation is to:
- In a real estate transaction, an 'addendum' becomes part of the purchase contract when:
- A buyer's purchase agreement includes a contingency stating 'subject to buyer's attorney review within 5 days.' This is a:
- In an Oregon purchase contract, which of the following is typically addressed in the 'closing costs' provision?
- In Oregon, which party is typically responsible for preparing the deed in a real estate transaction?
- In Oregon, the term 'earnest money' and 'deposit' are:
- An Oregon purchase contract specifies that the earnest money will be retained by the seller as liquidated damages if the buyer defaults. Liquidated damages clauses are enforceable in Oregon when:
- Under Oregon law, a contract signed by a person under the influence of alcohol or drugs may be:
- Under Oregon law, which of the following creates a binding obligation between a buyer and seller?
- When an Oregon seller accepts a buyer's offer, the purchase agreement becomes:
- An Oregon purchase contract includes a homeowners association (HOA) disclosure addendum. The buyer has the right to review HOA documents and:
- In Oregon, when a real estate broker drafts an offer using pre-approved forms, they are:
- An Oregon buyer submits an offer with a 10-day inspection contingency. On day 10, the buyer's inspector delivers a report, but the buyer's agent forgets to respond before the deadline. What happens to the contingency?
- Under Oregon law, a listing agreement is a contract between:
- In Oregon, a 'purchase agreement subject to the sale of the buyer's current home' is a contract with:
- An Oregon seller receives two offers simultaneously. The seller may:
- An Oregon purchase contract clause states 'This offer shall expire at 11:59 PM on Friday.' The seller's acceptance is emailed at 11:45 PM on Friday, but the buyer sees the email at 8:00 AM Saturday. Is there a binding contract?
- Which of the following terms refers to the seller's guarantee in a warranty deed that they will defend the buyer's title against all claims?
- In Oregon, a seller's 'counter-offer' is legally:
- Under Oregon law, which of the following contingencies, if not removed by a specified deadline, most typically allows the buyer to walk away and keep their earnest money?
- An Oregon listing agreement specifies that the commission is 'payable upon closing.' If the buyer defaults and the transaction never closes, the listing broker:
- An Oregon buyer's purchase contract includes a 'right of first refusal' for the seller to reclaim the property if the buyer decides to resell within 3 years. This is an example of a:
- An Oregon purchase contract is 'subject to buyer's review and approval of CC&Rs.' This is a type of:
- In an Oregon residential sale, which document typically contains the inspection contingency, earnest money details, and closing date?
- In Oregon, 'earnest money' is typically applied to which of the following at closing?
- In Oregon, a commercial lease is typically a:
- Which of the following is required for an Oregon real estate purchase contract to satisfy the Statute of Frauds?
- An Oregon seller receives a full-price offer but declines because they changed their mind about selling. The buyer's options include:
- Under Oregon law, a listing agreement is binding on the seller even if the seller discovers the broker misrepresented the property's value to secure the listing. The seller's remedy is to:
- A purchase contract for an Oregon property is 'conditional on the property appraising at or above the purchase price.' If the appraisal comes in below the purchase price, the buyer may:
- An Oregon buyer and seller agree verbally to a $10,000 price reduction after the inspection. For this modification to be legally enforceable, it must be:
- In Oregon, what does the term 'time is of the essence' mean when included in a purchase agreement?
- In Oregon, a counteroffer made by the seller in response to a buyer's offer has what legal effect on the original offer?
- In Oregon, a buyer's offer includes an inspection contingency giving the buyer 10 days to complete inspections. If the buyer does not act within 10 days, what typically happens?
- What does 'specific performance' mean as a remedy in an Oregon real estate contract?
- In Oregon, which of the following must be in writing to be enforceable under the Statute of Frauds?
- An Oregon purchase agreement states the closing date is June 15. The parties have not included a 'time is of the essence' clause. What is the effect?
- In an Oregon purchase agreement, a buyer includes a 'sale of buyer's home contingency.' What does this mean?
- In Oregon, which of the following is considered 'consideration' in a real estate purchase contract?
- In Oregon, which of the following is required to create a valid deed?
- In Oregon, what is the difference between a 'void' and 'voidable' contract?
- What is an 'as-is' clause in an Oregon purchase contract?
- In Oregon, a real estate contract that includes an integration clause means:
- In Oregon, what is an 'addendum' to a purchase contract?
- In Oregon, what is a 'right of first refusal' clause in a real estate contract?
- In Oregon, a purchase agreement is signed on March 1 with a 15-day inspection contingency. The last day for the buyer to exercise the inspection contingency is:
- In Oregon, what is a 'liquidated damages' clause in a real estate purchase contract?
- In Oregon, which of the following would NOT be considered adequate property description in a deed?
- In Oregon, what is a 'hold harmless' clause in a real estate contract?
- In Oregon, when a buyer makes an offer 'subject to attorney review,' what does this mean?
- What is 'tender' in the context of performing a real estate contract in Oregon?
- What is an 'earnest money release' form in an Oregon real estate transaction?
- What is 'mutual assent' in an Oregon real estate contract?
- In Oregon, a contract that lacks 'consideration' is:
- In Oregon, a seller accepts a buyer's offer on March 15 at 3:00 PM and sends notification of acceptance. The buyer's 10-day inspection period begins:
- In Oregon, what is a 'novation' in the context of real estate contracts?
- In Oregon, when a contingency in a purchase agreement is 'removed,' what does that mean?
- An Oregon purchase agreement specifies that the buyer must obtain financing at 'not to exceed 6.5% interest rate.' The buyer receives a loan offer at 6.75%. What is the effect?
- In Oregon, what is the doctrine of 'caveat emptor' and does it fully apply to Oregon real estate sales?
- In Oregon, which of the following creates a valid, binding real estate contract?
- In Oregon, 'rescission' of a real estate contract means:
- In Oregon, a 'force majeure' clause in a commercial real estate contract provides which protection?
- In Oregon, what is 'reformation' of a contract?
- In Oregon, a buyer who has signed a purchase agreement but cannot perform because of unexpected personal hardship (loss of job after signing) may face which consequences?
- In Oregon, what is the effect of including a 'survival clause' in a real estate purchase contract?
- In Oregon, what is 'unjust enrichment' as a legal doctrine in real estate?
- An Oregon purchase agreement contains an 'earnest money forfeiture' provision. Under what circumstances can a seller retain the buyer's earnest money?
- In Oregon, the 'mailbox rule' provides that acceptance of a contract offer is effective:
- In Oregon, when a buyer exercises their right to terminate under an inspection contingency, what must they typically provide to the seller?
- In Oregon, what is a 'lease option' agreement?
- In Oregon, what is the purpose of a 'use and occupancy agreement' (post-closing occupancy) in a real estate transaction?
- What is 'anticipatory breach' in an Oregon real estate contract?
- What is a 'contingency release' in an Oregon real estate transaction, and what is the significance of the buyer signing one?
- Under Oregon law, what must happen for an offer to purchase to become a binding contract?
- In Oregon, what is the concept of 'parol evidence rule' in contract interpretation?
- What is a 'specific performance' action that a seller might bring against a defaulting buyer in Oregon?
- In Oregon, what is a 'waiver of contingency' and when does it become effective?
- In Oregon, what is an 'option contract' in real estate?
- What is an 'acceleration clause' in an Oregon mortgage or deed of trust?
- In Oregon, can a purchase contract be assigned by the buyer to a third party?
- In Oregon, what does a 'closing date' in a purchase agreement represent, and is it automatically binding?
- What is a 'purchase and sale agreement' versus a 'purchase agreement' in Oregon — are they different documents?
- In Oregon, what is an 'indemnification clause' in a property management agreement?
- In Oregon, what is a 'due diligence period' in a commercial real estate purchase agreement?
- Under Oregon contract law, an offer to purchase real estate becomes binding when:
- An Oregon buyer's offer includes a financing contingency stating the transaction is contingent on obtaining a 30-year loan at no more than 7% interest. If the buyer only qualifies for 7.5%, the buyer may:
- In Oregon, a real estate purchase agreement that includes an 'as-is' clause means:
- The Oregon Seller Property Disclosure Statement (SPDS) is required for transfers of:
- In Oregon, a counteroffer to a real estate purchase agreement:
- Oregon's Statute of Frauds requires real estate contracts to be in writing. Which of the following is an exception to this requirement?
- An Oregon real estate purchase agreement includes a 10-day inspection contingency. The buyer's inspector finds a minor issue with the water heater and the buyer attempts to terminate the contract and recover earnest money. The seller argues the defect is minor. What determines whether the buyer can terminate?
- In Oregon, the doctrine of merger means that:
- Under Oregon contract law, 'liquidated damages' in a purchase agreement mean:
- In Oregon, the doctrine of specific performance allows a party to a real estate contract to:
- The time is of the essence clause in an Oregon real estate contract means:
- Under Oregon's land sale contract (contract for deed) law, the seller retains legal title until:
- Under Oregon law, a minor (under 18) who enters into a contract to purchase real estate may:
- An Oregon real estate purchase agreement has an inspection contingency that expires on a specific date. If the buyer fails to act (neither approves nor objects) by the deadline, the most common interpretation is:
Agency
137 questions- In Oregon, the initial agency disclosure form must be provided to a consumer:
- Under Oregon law, an agent who represents a seller owes the buyer which of the following duties?
- When can an Oregon real estate broker represent both buyer and seller in the same transaction?
- A buyer's agent in Oregon discovers that a property has an unresolved permit violation. The agent should:
- In Oregon, the concept of 'ratification' in agency law means:
- Which type of agency relationship is created when an Oregon broker is appointed in a listing agreement to sell a property?
- Oregon's 'Initial Agency Disclosure Pamphlet' is published by:
- A buyer's agent in Oregon owes which of the following duties EXCLUSIVELY to their buyer client?
- Under Oregon agency law, a 'disclosed limited agent' is a broker who:
- Agency by estoppel can be created when:
- When does an Oregon listing agency relationship with a seller automatically terminate?
- In an Oregon in-company transaction, if two different brokers from the same firm represent the buyer and seller respectively, this is called:
- Which statement correctly describes a seller's agent's duty when a buyer makes an offer below the listed price?
- An Oregon buyer hires a broker to help find a property. Without a written buyer representation agreement, the relationship is best described as:
- The duty of 'accounting' in an agency relationship requires the agent to:
- Under Oregon law, which of the following is a non-waivable duty owed to ALL parties regardless of agency relationship?
- The Oregon Initial Agency Disclosure Pamphlet must be provided to a consumer BEFORE the broker:
- If an Oregon broker exceeds their authority and enters into a contract on behalf of their principal without authorization, the contract is:
- Under Oregon agency law, which of the following is NOT one of the seller's agent's duties to the seller?
- An Oregon buyer's agent shows a property listed by another brokerage. The buyer makes an offer. The buyer's agent owes which duties to the seller in this transaction?
- The duty of 'obedience' owed by an agent to their principal means the agent must:
- Sub-agency in Oregon occurs when:
- Oregon requires that an agency agreement between a broker and a buyer client must:
- A 'transaction broker' in states that recognize the role is a licensee who:
- In Oregon, a principal broker in a firm where two brokers represent opposite sides of the same transaction should:
- A listing broker in Portland agrees to act as a 'seller's agent.' The buyer is unrepresented. The broker's duty to the buyer is:
- In Oregon, the duty of 'due care' in an agency relationship requires the broker to:
- Puffing in real estate is best described as:
- An Oregon buyer is working with a broker from the same firm that listed the property they want to purchase. If the buyers want full representation, they should request:
- Oregon's agency disclosure requirements apply to transactions involving which types of property?
- An Oregon buyer makes an offer on a property. The seller's agent tells the buyer 'the seller will take $15,000 less than asking price.' The agent has:
- Under Oregon law, a broker who earns a referral fee from a lender for directing clients to that lender without disclosure is:
- A licensee in Oregon is working with a buyer as a buyer's agent. The licensee finds a 'for sale by owner' (FSBO) property the buyer loves. The buyer's agent should:
- When a listing broker and buyer's broker are from different companies, the commission is typically shared under a:
- An Oregon real estate broker discovers during a listing that the property has a serious structural defect the seller is unaware of. The broker should:
- In Oregon, a seller's agent learns that the buyer is divorcing and must sell their current home quickly. The seller's agent should:
- Under Oregon law, which of the following is a characteristic of a special agency relationship created by a listing agreement?
- Under Oregon agency law, a broker who discovers a conflict of interest with their client should:
- When a listing expires in Oregon, the seller is free to sell the property on their own. However, if during the safety clause period the property is sold to a buyer the broker introduced during the listing period, the broker:
- In Oregon, which of the following describes 'implied agency'?
- An Oregon buyer's agent who is also the principal broker discovers that the property their buyer wants to purchase is owned by the broker's parent. The broker must:
- An Oregon buyer's agent presents an offer that is significantly below the list price. The seller's agent should:
- An Oregon buyer's agent receives an offer acceptance for their buyer. The agent is legally required to notify their buyer client:
- If an Oregon seller instructs their agent to reject all offers below $500,000, and the agent receives a $485,000 offer, the agent should:
- Under Oregon agency law, the duty of 'loyalty' means the agent must:
- Which of the following is an example of a broker violating the duty of confidentiality?
- An Oregon broker learns from their seller that the roof was repaired 2 years ago but still has periodic leaks. The broker must:
- If an Oregon broker acting as a seller's agent receives a written offer from an unrepresented buyer, the broker should:
- An Oregon real estate broker represents a buyer. The buyer instructs the broker not to disclose to any seller that the buyer is a cash buyer. Should the broker follow this instruction?
- An Oregon buyer's agent who also holds a mortgage broker license offers to arrange the buyer's mortgage. The agent must:
- An Oregon broker learns their buyer client was previously in bankruptcy. This information is:
- An Oregon seller gives their listing agent permission to disclose the seller's lowest acceptable price to potential buyers to help move the property quickly. The agent may:
- Under Oregon law, a buyer's agent who also works as a property manager for a landlord who owns a property the buyer wants to purchase faces:
- Under Oregon law, a real estate broker who acts as a buyer's agent earns their compensation by:
- In an Oregon listing, the seller discloses to the listing agent that the foundation cracked due to an earthquake 5 years ago but was repaired. The agent's duty is to:
- Oregon's 'Initial Agency Disclosure Pamphlet' must be acknowledged by the consumer. The acknowledgment is accomplished by:
- In Oregon, an agency relationship is terminated by all of the following EXCEPT:
- Oregon law requires that when a licensee presents a written offer to purchase to a seller, the seller must be informed:
- An Oregon buyer's agent discovers that the property their client wants to purchase has a pending code enforcement action. The agent should:
- When a buyer's agent presents an offer to the listing agent in Oregon, and the listing agent agrees to hold the offer without presenting it to the seller for 3 days, this is:
- Under Oregon agency law, an agent's 'duty of obedience' is limited by:
- When an Oregon buyer hires a buyer's agent, the agent must disclose to the buyer all of the following EXCEPT:
- In Oregon, the duty to disclose material facts applies to which licensees?
- Oregon's 'seller sub-agency' was historically common but is now less prevalent because:
- When an Oregon buyer's agent accompanies a buyer through a property showing, the agent should:
- Under Oregon law, a real estate agent who makes a false statement knowing it to be false to induce a party to enter a transaction has committed:
- An Oregon property listed on the MLS shows offers of compensation to cooperating brokers. Under current practice, this compensation offer:
- An Oregon buyer's agent has a personal relationship with a home inspector and plans to recommend that inspector to all their buyer clients. This practice:
- In Oregon, 'ministerial acts' that do NOT create an agency relationship include:
- Under Oregon law, a real estate broker who performs a property management function (collecting rents, maintaining the property) without a written property management agreement is:
- In Oregon, when does a buyer's agency agreement typically obligate a buyer to pay the buyer's broker a commission?
- In Oregon, a disclosed limited agency (dual agency) arrangement requires which of the following?
- What is the primary duty of an Oregon seller's agent (listing agent) with respect to the buyer?
- In Oregon, what is the difference between a 'transaction broker' and a 'buyer's agent'?
- Oregon's agency disclosure law requires that the 'Initial Agency Disclosure Pamphlet' be given to consumers:
- In Oregon, a listing broker learns that the seller's property has a cracked foundation. The seller asks the broker not to disclose this. What should the broker do?
- A buyer's agent in Oregon who provides advice about the investment quality of a property they are representing may be at risk of liability for:
- Under Oregon agency law, what is the 'duty of loyalty' owed by a buyer's agent to their client?
- What is 'vicarious liability' in the context of Oregon real estate agency law?
- What is a 'net listing' in Oregon, and what is OREA's position on it?
- When a buyer's agent in Oregon refers a client to a mortgage lender and receives a referral fee, what must they do?
- What is a 'buyer representation agreement' (buyer's agency agreement) in Oregon?
- In Oregon, a real estate broker who discovers their seller-client has committed fraud in prior transactions must:
- What is 'constructive fraud' in the context of Oregon real estate agency?
- What is 'puffing' in Oregon real estate, and how does it differ from fraudulent misrepresentation?
- In Oregon, an agent is showing property to a buyer who discloses they have been pre-approved up to $600,000 but are hoping to pay $500,000. What should the agent do with this information?
- An Oregon buyer's agent receives a higher commission from the seller if the buyer uses the seller's preferred lender. What issue does this raise?
- When an Oregon broker represents a seller, the broker's fiduciary duties to the seller include:
- An Oregon seller instructs their listing agent to tell buyers the roof is only 5 years old when the seller knows it is 15 years old. The agent should:
- In Oregon, what is an 'exclusive right to sell' listing agreement?
- In Oregon, what must a licensee do if they have a personal interest in a property they are helping a client purchase?
- In Oregon, a buyer visits an open house and asks the listing agent questions about the property. What agency relationship exists?
- In Oregon, a transaction where a licensed broker acts as the buyer and is purchasing property must include which disclosure?
- In Oregon, which of the following best describes a 'subagent' in a real estate transaction?
- What is the 'duty of obedience' owed by an Oregon agent to their client?
- In Oregon, when an agent represents both the buyer and seller in the same transaction without proper disclosure and consent, this is called:
- In Oregon, when must the 'Initial Agency Disclosure Pamphlet' be provided to a consumer in a commercial real estate transaction?
- In Oregon, a buyer's agent discovers that the seller's listing has a material problem not disclosed in the listing. What should the buyer's agent do?
- In Oregon, what is a 'ratification' of an agent's unauthorized action?
- What is 'apparent authority' in Oregon agency law?
- In Oregon, what is 'prima facie evidence' of a contract in a real estate agency relationship?
- In Oregon, the agency relationship between a listing broker and their affiliated broker is best described as:
- In Oregon, a listing agent who has a personal relationship with the buyer (e.g., a family member) must:
- In Oregon, a 'designated agency' means:
- What is a 'non-exclusive' or 'open' listing in Oregon?
- In Oregon, a listing agent discovers that a neighbor recently told them the property had significant mold issues three years ago. The seller is unaware of this. What must the agent do?
- A seller in Eugene tells their listing agent they will not sell to an out-of-state buyer. What should the Oregon agent do?
- What is the primary difference between a 'buyer representation agreement' and a 'buyer's agency agreement' in Oregon?
- In Oregon, if a buyer is not represented by a buyer's agent, the listing agent may offer to provide 'transaction coordinator' services. What does this mean?
- When an Oregon listing broker lists a property, to whom do they owe fiduciary duties?
- In Oregon, when does a listing broker's authority to bind the seller to a sales contract arise?
- In Oregon, what does 'imputed knowledge' mean in agency law?
- What does 'express authority' mean in an Oregon real estate agency relationship?
- When does an Oregon listing agency agreement typically terminate?
- In Oregon, an agent who 'volunteers information harmful to the seller's interests' to a buyer without the seller's permission may be violating which duty?
- What is a 'subagency offer' from a listing in the MLS and how has it changed in Oregon practice?
- In Oregon, when a buyer's agent submits an offer, they are acting as what type of agent?
- In Oregon, when an agent makes an error in completing a purchase agreement that harms their client, they may be liable for:
- In Oregon, what does 'scope of authority' mean in the context of a buyer's agency agreement?
- In Oregon, what is the 'doctrine of respondeat superior' and how does it apply to real estate brokerages?
- What is 'conflict of interest' in Oregon real estate agency, and when must it be disclosed?
- In Oregon, what is a 'buyer's premium' in the context of real estate auctions?
- What is 'material latent defect' in Oregon real estate and how does it differ from a 'patent defect'?
- In Oregon, a 'designated agency' arrangement means:
- An Oregon listing broker discovers a material defect in the listed property that the seller wants kept secret. The broker's correct action is to:
- An Oregon buyer's agent shows the buyer a property that is also listed by the buyer's agent's principal broker. In this situation:
- Under Oregon's agency law, a seller's broker owes the buyer which of the following duties?
- A listing agent in Oregon discovers during the listing period that the seller is going through a divorce. This information is:
- Under Oregon law, a buyer's broker agreement should specify:
- An Oregon seller's agent is showing the listed property to an unrepresented buyer (one without their own agent). In this situation, the seller's agent should:
- The duty of loyalty in an Oregon agency relationship means the agent must:
- In Oregon, the agency disclosure form required by ORS 696.820 must be provided:
- If an Oregon buyer's agent writes an offer significantly below the asking price at the buyer's request, and the seller is offended and refuses to counter, the buyer's agent has:
- Under Oregon law, a licensee who represents a buyer in a property transaction has a duty to:
- A real estate licensee in Oregon may not act as a principal (buyer or seller for their own account) in a transaction they are involved in as an agent without:
- In an Oregon seller agency relationship, which of the following is NOT a duty owed by the seller's agent to the seller?
- A buyer's agent in Oregon receives an offer of compensation from the seller's broker through the MLS. The buyer's agent's duty regarding this compensation is to:
Finance
135 questions- A VA loan is available to eligible veterans and is unique in that it:
- Which federal law prohibits discrimination in lending based on race, color, national origin, religion, sex, familial status, age, or because an applicant receives public assistance income?
- Discount points paid at closing are used to:
- A buyer obtains an adjustable-rate mortgage (ARM). What does the 'index' represent in an ARM?
- Private mortgage insurance (PMI) is typically required when a buyer's down payment is:
- An FHA loan requires a minimum down payment of:
- The Truth in Lending Act (TILA) requires lenders to disclose to borrowers the:
- In Oregon, real estate foreclosures most commonly occur through which process?
- The Oregon TRUST Act (Trust Deed Act) provides borrowers facing foreclosure with:
- What does a 'due-on-sale' clause in a mortgage or deed of trust require?
- A conventional conforming loan in 2024 must be at or below the FHFA conforming loan limit to be eligible for purchase by:
- Which of the following best describes a 'wraparound mortgage'?
- A 'jumbo loan' refers to a mortgage that:
- In Oregon, a deed of trust used as a security instrument for a real estate loan differs from a mortgage in that a deed of trust:
- The 'debt-to-income ratio' (DTI) used in mortgage underwriting compares:
- What is the purpose of a 'lock-in' or 'rate lock' in a mortgage transaction?
- Under the Real Estate Settlement Procedures Act (RESPA), which of the following practices is prohibited?
- Oregon Housing and Community Services (OHCS) provides:
- An Oregon borrower has a deed of trust on their property. The borrower defaults on the loan. After the trustee's sale, if the sale proceeds are less than the amount owed, this is called a:
- The Home Mortgage Disclosure Act (HMDA) requires lenders to:
- In Oregon, which type of deed is typically used to convey title from the trustee to the buyer at a non-judicial foreclosure sale?
- A seller carry-back (purchase money mortgage or deed of trust) is a financing arrangement where:
- An Oregon borrower's monthly housing PITI payment is $2,100. Their gross monthly income is $7,000. What is their front-end (housing) DTI ratio?
- An Oregon homebuyer wants to use an Oregon Bond Residential Loan. This program is administered by:
- Which of the following best describes a 'reverse mortgage'?
- The secondary mortgage market provides liquidity to lenders by:
- An Oregon borrower's loan is being 'serviced' by a company different from the original lender. 'Loan servicing' refers to:
- A 'balloon mortgage' is characterized by:
- A 'purchase money mortgage' (PMM) is:
- An Oregon home equity line of credit (HELOC) is BEST described as:
- A 'conforming loan' is one that meets the underwriting guidelines of:
- An 'impound account' (escrow account) maintained by a mortgage lender is used to:
- Under the SAFE Act, mortgage loan originators (MLOs) in Oregon must:
- The Community Reinvestment Act (CRA) requires banks and savings institutions to:
- A homebuyer who obtains a conventional loan with less than 20% down will typically be required to purchase:
- Which of the following is a characteristic of an interest-only mortgage?
- An Oregon borrower's monthly gross income is $8,500. Their total monthly debt payments (including PITI) are $3,400. What is their back-end (total) DTI ratio?
- Which government-sponsored enterprise (GSE) focuses specifically on multifamily housing and apartment building loans?
- The term 'amortization' in mortgage lending refers to:
- A buyer in Salem obtains a construction-to-permanent loan. This type of loan:
- A 'bridge loan' is a type of short-term financing used to:
- Oregon's Oregon PACE (Property Assessed Clean Energy) program allows property owners to finance energy improvements that are repaid through:
- Under Oregon's TRUST Act (Trust Deed Act), a non-judicial foreclosure trustee's sale must be preceded by a notice of default and notice of sale period totaling at least:
- A lender who 'red lines' a neighborhood by refusing to make loans there based on its racial composition is violating which laws?
- A buyer in Oregon uses an FHA loan. Who insures the lender against losses if the buyer defaults?
- Oregon has no state income tax on capital gains, but at the federal level, long-term capital gains on a primary residence may be excluded up to:
- Which of the following describes a 'swing loan' (also known as a bridge loan) in Oregon real estate?
- Which of the following best describes 'points' in a mortgage transaction?
- The Gramm-Leach-Bliley Act requires financial institutions, including mortgage lenders, to:
- Under the Home Ownership and Equity Protection Act (HOEPA), high-cost loans are subject to special protections. A loan is considered high-cost if its APR or points and fees exceed:
- An Oregon buyer uses a USDA Rural Development loan. This loan is primarily intended for:
- An Oregon investor purchasing a commercial property uses a 1031 exchange to defer capital gains tax. For the exchange to be valid, the investor must:
- Under the Dodd-Frank Act, what is a 'Qualified Mortgage' (QM)?
- An Oregon seller agrees to carry back a second trust deed for $50,000 at 6% interest, interest only, due in 5 years. What is the seller's annual interest income?
- Under the Equal Credit Opportunity Act (ECOA), a lender must notify an applicant of their credit decision within:
- The 'loan estimate' under TRID must be provided to the borrower within:
- Under Oregon's anti-deficiency laws, after a non-judicial (trustee's sale) foreclosure, the lender typically:
- A buyer in Corvallis asks about an 'assumable mortgage.' A loan with an assumable feature means:
- A first-time Oregon homebuyer hears about 'below market rate' first mortgage programs. Oregon's first-time homebuyer programs often include:
- Under the Homeowners Protection Act (Private Mortgage Insurance Cancellation Act), a borrower can request PMI cancellation when:
- Oregon has a mortgage tax (documentary stamp tax) on the recording of trust deeds and mortgages. The current Oregon tax is:
- Under the Oregon mortgage licensing laws, a mortgage loan originator (MLO) must complete how many hours of pre-license education before obtaining a license?
- A mortgage that includes only interest payments for the first 5 years and then adjusts to amortizing payments is called:
- When a lender 'sells' a loan in the secondary market, what does the original lender typically retain?
- Under the Right of Rescission rule (TILA), a borrower has a 3-day right to cancel a:
- An Oregon homebuyer uses a shared equity mortgage (SEM). In this arrangement:
- Oregon's 'Homebuyer Education' program requires first-time buyers using certain state programs to:
- What is the purpose of 'title insurance' from the lender's perspective?
- Oregon property taxes are due in installments. When are the Oregon property tax installments due?
- Oregon's real estate market in the Bend and Central Oregon area has seen significant price appreciation. A lender ordering an appraisal there would be most concerned about:
- What is the primary purpose of the Homeowners Protection Act (PMI Cancellation Act) in Oregon real estate transactions?
- What is the Oregon conforming loan limit for single-family homes in most counties, and what happens when a loan exceeds this limit?
- An Oregon buyer is financing a home with an adjustable-rate mortgage (ARM). Which of the following is the 'index' most commonly used to determine rate adjustments on ARMs?
- Under the Truth in Lending Act (TILA), what is the Annual Percentage Rate (APR)?
- What is the purpose of the 'Closing Disclosure' (CD) provided under TRID in Oregon mortgage transactions?
- What is the primary role of FNMA (Fannie Mae) in the Oregon mortgage market?
- What is 'private mortgage insurance' (PMI) and when is it typically required on Oregon conventional loans?
- An Oregon buyer is told their debt-to-income ratio (DTI) is 45%. What does this mean for their conventional loan application?
- What is the 'three-day right of rescission' under TILA in Oregon mortgage transactions?
- What is a 'bridge loan' in Oregon real estate?
- What is the function of the Oregon Housing and Community Services (OHCS) agency?
- What is 'amortization' in an Oregon mortgage loan?
- What is 'negative amortization' in the context of Oregon mortgage loans?
- Under RESPA, a lender may NOT require a borrower to use a specific title company as a condition of obtaining a loan in Oregon unless:
- What is the difference between a 'loan origination fee' and 'discount points' in an Oregon mortgage?
- What is a 'hard money' loan in Oregon real estate?
- What does the SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) require of Oregon mortgage professionals?
- What does 'assumption of mortgage' mean in an Oregon real estate transaction?
- What is a 'construction loan' in Oregon real estate and how does it differ from a permanent mortgage?
- What is an 'FHA 203(k) loan' and how might it benefit Oregon buyers of fixer-upper properties?
- What is a 'USDA Rural Development' loan and which Oregon borrowers might qualify?
- What is a 'VA entitlement' and how does it benefit Oregon veterans buying homes?
- What is 'recourse vs. non-recourse' in Oregon mortgage lending?
- What is the purpose of the 'Loan Estimate' provided to Oregon borrowers under TRID?
- What is 'earnest money' typically used for after closing in an Oregon real estate transaction?
- What is 'loan-to-value ratio' (LTV) and why do Oregon lenders care about it?
- What is an 'interest rate lock' in an Oregon mortgage transaction?
- What is a 'piggyback loan' (80/10/10) structure in Oregon home purchases?
- What is the difference between 'pre-qualification' and 'pre-approval' for an Oregon mortgage?
- What is 'seasoning' of funds in Oregon mortgage lending?
- What does 'debt service coverage ratio' (DSCR) measure in Oregon commercial real estate lending?
- What is a 'balloon mortgage' in Oregon real estate?
- In Oregon, what is a 'wraparound mortgage' (all-inclusive trust deed)?
- What is a 'reverse mortgage' and who qualifies in Oregon?
- What is the primary purpose of 'escrow' in a California-style (impound) mortgage used by Oregon lenders?
- What is a 'short sale' in Oregon real estate and what are its tax implications?
- What is a '15/1 ARM' mortgage and how does it work?
- What is the purpose of 'private mortgage insurance' (PMI) and who does it protect?
- What is the 'Home Equity Loan' and how does it work in Oregon?
- What is 'credit scoring' and how does it affect Oregon mortgage applicants?
- What is a 'commercial mortgage-backed security' (CMBS) and how does it relate to Oregon commercial real estate?
- What is 'recasting' a mortgage, and how might it benefit Oregon homeowners?
- In Oregon, what is an 'interest rate buydown' and how does it benefit buyers?
- What is a 'portfolio loan' and why might Oregon buyers seek one?
- What is 'title insurance for lenders' (a lender's policy) versus 'title insurance for owners' (an owner's policy) in Oregon?
- What is the 'Oregon Individual Development Account' (IDA) program and how might it help buyers?
- What is 'seller financing' (owner carry-back mortgage) and when is it commonly used in Oregon?
- What is 'assumability' of an Oregon mortgage and which types of loans are typically assumable?
- What is 'amortization schedule' and why is it important for Oregon borrowers?
- What is 'escrow account analysis' (escrow account review) in Oregon mortgage servicing?
- What is 'loan servicing' in Oregon mortgage lending?
- What is Oregon's 'Department of Consumer and Business Services' (DCBS) role in mortgage lending?
- What is a 'guaranty' versus 'co-signing' on an Oregon mortgage loan?
- Oregon does NOT impose a state transfer tax on real estate sales. However, some Oregon jurisdictions have adopted local transfer taxes. Which of the following Oregon cities has a real estate transfer tax?
- Under the federal Truth in Lending Act (TILA/TRID), which disclosure must a lender provide to a borrower within 3 business days of receiving a mortgage loan application?
- An Oregon borrower obtains a home equity line of credit (HELOC) secured by a lien on their primary residence. Under federal law, the borrower has a right of rescission (right to cancel) for how many days?
- Oregon uses the deed of trust (rather than a mortgage) as the primary instrument for securing real estate loans. In an Oregon deed of trust, who are the three parties?
- Under the federal Community Reinvestment Act (CRA), banks and savings institutions are required to:
- Oregon has a law limiting prepayment penalties on residential mortgages. Under Oregon law (ORS 86A.247), prepayment penalties on owner-occupied residential loans are:
- A borrower's debt-to-income (DTI) ratio is calculated by dividing:
- Oregon's Home Equity Conversion Mortgage (reverse mortgage) program allows seniors to:
- An Oregon ARM (Adjustable Rate Mortgage) disclosure must include which of the following under federal TILA requirements?
- Oregon's 'dual tracking' prohibition under ORS Chapter 86A means that mortgage servicers may not:
- Under Oregon's SAFE Act compliance (which adopts federal Secure and Fair Enforcement for Mortgage Licensing Act requirements), individual mortgage loan originators (MLOs) must be:
- When evaluating a borrower's creditworthiness under the federal Ability to Repay rule (ATR), lenders must consider:
Real Estate Math
126 questions- A property in Oregon has a market value of $480,000 and is assessed at 90% of market value. The tax rate is $12.50 per $1,000 of assessed value. What is the annual property tax?
- A buyer purchases a home for $390,000 with a 10% down payment. The lender charges 2 discount points at closing. How much does the buyer pay in discount points?
- A seller nets $342,000 after paying a 6% commission. What was the gross sale price?
- A commercial property has a gross annual income of $120,000, vacancy loss of 5%, and operating expenses of $40,000. What is the net operating income (NOI)?
- A property sold for $525,000. The listing broker and selling broker split the 5.5% commission equally. How much does each broker receive?
- A buyer takes out a 30-year fixed-rate mortgage for $280,000 at 7% annual interest. What is the approximate monthly interest charge for the first month?
- A property has an assessed value of $320,000. Oregon's property tax rate is $15 per $1,000 of assessed value. The semi-annual tax installment is:
- A lot measuring 150 feet × 200 feet is for sale at $3.50 per square foot. What is the listing price?
- A property is listed for $450,000. The buyer offers $430,000, and the seller counters at $441,000. The buyer accepts. What commission does the listing broker earn on a 6% full commission split 50/50 with the buyer's broker?
- A property is purchased for $600,000. The buyer makes a 20% down payment and finances the rest. The lender charges a 1% origination fee. What is the origination fee?
- An investor buys a property for $250,000 and sells it 3 years later for $310,000. What is the percentage gain on the original investment?
- A rectangular acre of land measures 43,560 square feet. If a parcel is 1/4 acre, how many square feet does it contain?
- A buyer's annual property tax bill is $6,600. Closing occurs on September 30. Using a 360-day year, how much does the seller owe the buyer as a prorated tax credit (taxes paid in arrears)?
- A home was purchased for $380,000 five years ago. It has appreciated at an average annual rate of 4%. What is the approximate current value?
- A property has a loan-to-value ratio (LTV) of 80%. The property is appraised at $420,000. What is the maximum loan amount the lender will provide?
- A broker earns a 5% commission on a sale. If the gross commission is $19,500, what was the sale price?
- A building has 10 apartment units, each renting for $1,400/month. The vacancy rate is 8%. Annual operating expenses are $62,400. What is the NOI?
- A seller lists a property for $515,000 and agrees to pay a 5.5% commission. If the property sells for $500,000, how much does the seller pay in commission?
- A property is assessed at $275,000. The annual property tax rate is $14 per $1,000 of assessed value. What is the monthly tax payment?
- A commercial building produces $180,000 in annual NOI. An investor requires a 9% return. What price should the investor pay?
- A buyer needs to deposit 3.5% of the purchase price as earnest money. The purchase price is $375,000. How much is the earnest money deposit?
- A property owner pays $2,250 in annual property taxes. If the tax rate is $15 per $1,000 of assessed value, what is the assessed value?
- A property is listed for $520,000. The final sale price is 97% of list price. What is the sale price?
- A house sold for $440,000. The seller paid $18,000 in closing costs, a 5.5% commission, and had a $275,000 mortgage payoff. What were the seller's net proceeds?
- A property generates $3,500 per month in rent. The annual operating expenses are $15,000. The owner's initial investment was $500,000. What is the return on investment (ROI) before debt service?
- A property's annual NOI is $48,000. Market cap rates for similar properties are 8%. Using the income approach, what is the estimated value?
- A 1/4 section of land in the Public Land Survey System (PLSS) contains how many acres?
- A property manager charges 8% of collected rents for management services. In a month where the property collects $12,500 in rent, how much does the property manager earn?
- An Oregon investor paid $320,000 for a rental property. The property generates $2,400/month in rent. What is the gross rent multiplier (GRM)?
- A broker earns a 6% commission on a sale of $475,000. The broker's agreement gives the selling broker 45% of the commission. How much does the selling broker receive?
- An investor purchases an apartment building for $1,200,000. The annual NOI is $96,000. What is the cap rate?
- A property has an area of 2,178,000 square feet. How many acres is this?
- An Oregon home was purchased for $295,000. Three years later, it sells for $340,300. What is the total percentage appreciation?
- A property has 4 rental units, each generating $1,200 per month. The annual operating expenses are $12,000 and vacancy is 5%. What is the annual NOI?
- A buyer's annual loan payment is $24,000. The original loan amount was $320,000 at 6% interest. After the first year, approximately how much principal has been paid?
- A buyer purchases a $400,000 home with a 5% down payment. The lender requires PMI at an annual rate of 0.85% of the loan amount. What is the monthly PMI cost?
- A parcel is described as the 'NW 1/4 of the SW 1/4 of Section 12.' How many acres does it contain?
- A 6% mortgage on a $250,000 loan has a monthly payment of $1,498.88. After the first payment, what is the remaining loan balance?
- What is the total interest paid on a $200,000 loan at 5% for 30 years with a monthly payment of $1,073.64?
- An Oregon property's assessed value is $260,000. The applicable tax rate is $18.50 per $1,000. If the taxes are paid in two equal installments, what is each installment?
- A seller lists a property for $489,000. After negotiation, the price is reduced by 3%. What is the final sale price?
- A rectangular property measures 180 feet wide by 250 feet deep. What is the area in square feet and acres?
- A property is valued at $750,000. The buyer puts down 25% and finances the balance. At closing, the lender charges 1.5 points. How much does the buyer pay in points?
- An investor puts $100,000 down on a $400,000 property. The property appreciates 6% in the first year. What is the investor's return on equity (ROE) from appreciation alone?
- A buyer wants to know how long it will take to recoup $6,000 in discount points if the points reduce their monthly payment by $120. What is the break-even period?
- A property earns $3,000 per month in rent. Property taxes are $6,000 per year, insurance is $1,200 per year, and maintenance costs $3,600 per year. The annual debt service is $18,000. What is the annual cash flow after debt service?
- A property generates $4,500 per month in rent. The cap rate for similar properties is 7.5%. What is the estimated value using the income approach?
- A buyer wants to calculate their monthly principal and interest payment. They borrow $320,000 at a 6.5% annual interest rate for 30 years. Using the factor of $6.32 per $1,000, what is the monthly PI payment?
- A borrower is buying a $500,000 home with a conventional loan and 20% down payment. They want to know the loan-to-value (LTV) ratio. What is the LTV?
- A buyer negotiates a seller credit of $8,000 at closing for needed repairs. The agreed sale price is $385,000. The lender will base the loan on:
- A property owner earns $2,800 per month in rent. The annual property taxes are $4,200, insurance is $900, and maintenance averages $2,100 annually. What is the annual NOI?
- A broker charges 1.5% for property management of a 10-unit building. Each unit rents for $1,250/month. What is the broker's annual management fee?
- A buyer gets a $360,000 mortgage at 5.5% for 30 years. Monthly PI factor is $5.68 per $1,000. What is the monthly PI payment?
- A buyer purchases a property at $340,000. The seller paid the buyer's closing costs of $6,800 and the 5.5% commission from the proceeds. What are the seller's total closing costs?
- A property generates $48,000 NOI. Comparable properties in the market sell at an 8% cap rate. Using the income approach, the property is worth approximately:
- A duplex generates $1,800/month per unit. Annual expenses are $14,400. The market cap rate is 6.5%. Using the income approach, what is the estimated value?
- A property's market value is $475,000. If it sells at a 4% discount from market value, what is the sale price and the dollar discount?
- An Oregon property sells for $559,000. The listing agent earns 3% and the buyer's agent earns 2.5% of the sale price. What is the total commission?
- A homeowner purchased their home for $285,000 five years ago. They have paid down $12,000 in principal. The home is now worth $360,000. What is the homeowner's current equity?
- A seller received $312,000 net after paying a 5% commission. What was the sale price?
- A 20-unit apartment building has a GRM of 130. Each unit rents for $950/month. What is the estimated value?
- A $400,000 mortgage at 7% annual interest for 30 years has a monthly payment of $2,661.21. After the second payment, what is the approximate remaining loan balance?
- An Oregon investor purchased a rental property for $450,000 and sold it for $540,000 after 4 years. What is the total percentage return and the average annual return?
- A buyer offers $425,000 on a property. The seller counters at $440,000. They agree to split the difference. What is the final sale price?
- A borrower wants to know how many months until they have paid down their $300,000 loan to 80% LTV (so they can cancel PMI). If the original property value was $375,000 and the monthly principal reduction averages $250 per month, how many months would it take?
- An Oregon broker's compensation is 6% of the sale price, split 55/45 between listing broker and selling broker. The property sold for $465,000. How much does the selling broker receive?
- A Salem, Oregon property sells for $385,000. The buyer puts down 10%. What is the loan amount?
- An Oregon rental property has an annual NOI of $42,000. If an investor applies a 7% cap rate, what is the estimated value?
- A Portland condo rents for $2,400/month. The annual operating expenses total $8,640. What is the annual NOI?
- An Oregon seller pays a 5% commission on a $460,000 sale. How much is the commission?
- An Oregon property sells for $525,000. The seller agrees to pay 3% to the buyer's broker. How much does the buyer's broker receive?
- An Oregon investment property costs $720,000. The investor makes a 25% down payment. How much is the down payment?
- A Eugene, Oregon property is assessed at $285,000. The tax rate is $14.50 per $1,000 of assessed value. What is the annual property tax?
- A broker earns a 6% commission on a $310,000 sale. The split is 60% to listing broker and 40% to buyer's broker. How much does the listing broker's side receive?
- A buyer in Hillsboro, Oregon purchases a home for $475,000 with a 5% down payment. After 3 years, the home is worth $510,000. What is the buyer's equity?
- An Oregon property has a gross rent multiplier (GRM) of 120. The monthly rent is $2,500. What is the estimated value?
- An Oregon home was purchased 5 years ago for $320,000. It has appreciated at an average of 4% per year. What is the approximate current value?
- An Oregon seller owes $245,000 on their mortgage. Their home sells for $390,000 with a 5% total commission. Closing costs are $4,200. What are the seller's net proceeds?
- A Medford, Oregon apartment building has 10 units renting at $950/month. The annual vacancy rate is 5%. What is the effective gross income?
- A Bend, Oregon investor purchases a duplex for $650,000. Annual NOI is $39,000. What is the cap rate?
- An Oregon property has an assessed value of $340,000. Oregon's Measure 5 limits property tax to what percentage of real market value for education?
- An Oregon home appraised at $450,000 has an LTV of 80%. What is the loan amount?
- A Portland property purchased for $525,000 sells 4 years later for $620,000. What is the total appreciation percentage?
- An Oregon property is listed at $549,000. An investor offers 95% of list price. What is the offer amount?
- A commercial Oregon property has annual gross income of $240,000 and operating expenses of $96,000. What is the operating expense ratio?
- A real estate investment property generates $3,600/month in rent. Annual operating expenses are $18,000. What is the annual NOI?
- An Oregon buyer qualifies for a maximum monthly PITI payment of $2,800. The annual property tax is $4,200 and the homeowner's insurance is $1,800/year. How much remains for principal and interest?
- An Oregon seller wants net proceeds of $400,000 after paying a 5% commission. What is the minimum selling price they need?
- An Oregon home sells for $398,000. The county records show a Real Market Value (RMV) of $398,000 and a Maximum Assessed Value (MAV) of $285,000. The tax rate is $15/$1,000. What is the annual property tax?
- An Oregon property has a monthly gross income of $6,500. Annual operating expenses are $31,200. What is the annual NOI?
- A Lake Oswego home is listed at $895,000 and sells for 98% of list price. The seller pays a 5% commission. What is the net to the seller (before other closing costs)?
- An Oregon apartment complex has a purchase price of $1,200,000 and a GRM of 100. What is the estimated monthly rent roll?
- A 4-unit Oregon rental property generates $1,200/month per unit. Annual operating expenses total $24,000. Using a 7% cap rate, what is the estimated value?
- An Oregon buyer's monthly income is $7,500. Their existing monthly debts (car, student loan) total $600. The lender allows a maximum back-end DTI of 43%. What is the maximum monthly mortgage payment (PITI)?
- An Oregon seller receives a $485,000 offer. If they accept and pay a 6% commission plus $4,500 in other seller costs, what are the seller's total transaction costs?
- An Oregon investment property has a purchase price of $550,000 and generates monthly rent of $3,300. What is the GRM?
- An Oregon property owner wants to list their home and net $350,000 after a 5.5% commission. What is the minimum listing price?
- An Oregon commercial property is priced at $2,400,000. Annual NOI is $168,000. What is the cap rate?
- A Portland, Oregon home sells for $678,000. The buyer makes a 20% down payment. What is the amount of the loan?
- An Oregon property has a land value of $95,000 and improvements valued at $285,000 using the cost approach. Total accrued depreciation is $57,000. What is the property value under the cost approach?
- A buyer makes a 15% down payment on a $420,000 Oregon home. What is the LTV ratio?
- An Oregon building has a replacement cost of $800,000. It is 20 years old with a 40-year economic life. What is the straight-line depreciation to date?
- An Oregon investor buys a home for $310,000 and sells it 3 years later for $370,000 after putting in $20,000 in improvements. What is the investor's profit?
- A Salem condominium sells for $285,000. The HOA monthly fee is $425. What is the annual HOA cost as a percentage of the purchase price?
- An Oregon seller's net sheet shows a sale price of $595,000, existing mortgage of $320,000, commission of 5.5%, and other closing costs of $6,200. What are the seller's estimated net proceeds?
- An Oregon property owner deeds their 20-acre parcel to their children but retains a life estate. If 3 of the 5 children predecease the parent, how is the property distributed after the parent dies?
- An Oregon property's NOI is $56,000. The cap rate is 6.5%. What is the indicated value?
- An Oregon home was purchased for $295,000. After 8 years the owner sells it for $442,000. What is the total percentage gain?
- An Oregon property was sold at a 15% loss. If the selling price was $382,500, what was the original purchase price?
- An Oregon property has an annual gross rent of $36,000 and sells for $520,000. What is the Gross Income Multiplier (GIM)?
- An Oregon commercial tenant rents 3,500 sq ft at $18/sq ft per year. What is the annual rent?
- An Oregon investor pays $875,000 for a commercial building with 5,000 square feet. What is the price per square foot?
- An Oregon property manager manages 15 properties with a combined monthly rent of $24,000. The management fee is 8%. What is the monthly management income?
- An Oregon house has a basement of 800 sq ft, main floor of 1,400 sq ft, and upper floor of 900 sq ft. How much is the total finished square footage if the basement is unfinished?
- An Oregon seller nets $387,000 after paying a 5.5% commission and $3,200 in closing costs. What was the sale price?
- A commercial property in Salem generates gross rents of $180,000/year. Vacancy and collection losses are 8%. Operating expenses are $62,000. What is the net operating income?
- A Portland rental house has an annual gross income of $36,000. The gross rent multiplier (GRM) for comparable properties is 14. What is the indicated value?
- An Oregon investor purchases a rental property for $650,000 with a down payment of 25%. The monthly mortgage payment on the financed amount at 6.5% for 30 years is $3,079. The annual NOI is $52,000. What is the annual debt service?
- An Oregon investor purchases a 12-unit apartment building. The building has an 8-unit section with market rents of $1,200/month each and a 4-unit section at $900/month each. Annual vacancy is 5%. Annual operating expenses are $55,000. What is the annual NOI?
- A Bend property sold for $425,000. The county assessor's real market value (RMV) is $410,000 and the maximum assessed value (MAV) is $280,000. Under Oregon's Measure 50 tax system, property taxes are based on:
- A property manager charges a 8% management fee on collected rents. The building collects $18,500 in rent in a given month. What is the management fee?
- An Oregon investor is evaluating a property with NOI of $90,000. Comparable cap rates in the market are 6.5%. What is the indicated value?
- A Salem commercial property has a net operating income of $120,000. If the market cap rate is 7%, what is the property value? If the cap rate rises to 8%, what happens to the value?
- An Oregon property sold for $580,000. The buyer obtained a loan for 80% of the purchase price. Points charged were 1.5% of the loan amount, plus a $1,200 origination fee. What were the total loan-related upfront costs?
- An Oregon homeowner bought their home 5 years ago for $350,000 and is selling it today for $520,000. Selling costs (commission + closing costs) were 7% of the sale price. What is the net profit from the sale (excluding taxes)?
- Calculate the transfer of tax proration at closing. Oregon taxes for the fiscal year July 1 – June 30 are $4,800. The closing date is October 15. The seller has not yet paid any taxes for the current fiscal year. How much is the seller's proration?
Property Ownership
125 questions- Oregon is a lien theory state, which means:
- In Oregon, which form of co-ownership is reserved exclusively for married couples and registered domestic partners?
- A life estate grants the life tenant the right to use and enjoy property during their lifetime. When the life tenant dies, the property passes to the:
- The term 'bundle of rights' in real estate refers to:
- Adverse possession in Oregon requires the claimant to use the property in a manner that is open, notorious, actual, exclusive, hostile, and continuous for a period of:
- Under Oregon water law, the doctrine that governs surface water rights is:
- An easement appurtenant is:
- Which of the following is a characteristic of a condominium under the Oregon Condominium Act?
- A property owner grants a right-of-way across their land to a neighbor whose property is landlocked. This is an example of:
- The term 'riparian rights' refers to:
- In Oregon, property transferred by a grantor to a grantee passes at the time of:
- A fixture is personal property that has become real property through annexation. Which test is generally LEAST important in Oregon when determining if something is a fixture?
- A property owner in Oregon dedicates a portion of their land to the public for use as a road. This process is called:
- The government's power of eminent domain allows it to:
- A fee simple absolute estate is best described as:
- Under Oregon law, which of the following is a characteristic of joint tenancy?
- Under Oregon law, a condominium conversion requires the developer to:
- A homeowner's association (HOA) recorded Declaration of Covenants, Conditions, and Restrictions (CC&Rs) is a:
- A property owner in Bend, Oregon grants a neighbor the right to use a footpath across their property to reach a public trail. This is a:
- An Oregon seller receives a lien from a judgment against them after they listed their property for sale. This judgment creates a:
- In Oregon, 'air rights' are part of real property ownership. A property owner's air rights may be limited by:
- A testamentary transfer of real property occurs through a:
- When a property owner in Oregon dies without a will and has no heirs, their property passes to:
- In Oregon, which document is used to convey real property?
- In Oregon, which of the following is an example of real property?
- Under Oregon law, community property rules from other states are generally:
- Under Oregon law, a prescriptive easement requires the claimant to use the property in a manner that is open, notorious, hostile, and continuous for a period of:
- A 'survey' of real property defines:
- An Oregon homeowner wants to grant their adult child a life estate in their home, with the home reverting to the homeowner's estate at the child's death. The homeowner remains the:
- A 'benchmark' in surveying is:
- The four governmental limitations on private property ownership in the United States are remembered by the acronym PETE. PETE stands for:
- The term 'encroachment' in real estate means:
- Under Oregon water law, a homeowner can lose their water right if:
- In Oregon, a 'planned unit development' (PUD) is characterized by:
- A 'tenancy at will' in Oregon is:
- Under Oregon law, a mechanic's lien takes priority over a deed of trust if:
- In Oregon, which of the following is TRUE about condominiums and cooperatives?
- In Oregon, a homestead declaration provides which protection?
- A property owner places their home in a revocable living trust. The trustee of the trust is:
- In Oregon, property owned by a married couple that is titled 'John Smith and Mary Smith, as joint tenants' is held as:
- A property owner grants a right of first refusal to a neighbor. The neighbor's right of first refusal means:
- An Oregon property owner's title report shows an 'easement for drainage purposes' across the back of the property. As the new owner, the buyer:
- Under Oregon law, what is a 'deed in lieu of foreclosure'?
- A 'riparian buffer' requirement along Oregon waterways means:
- Which of the following describes 'constructive eviction'?
- An Oregon property owner grants a 25-year lease for a commercial building to a retail tenant. This creates a:
- Under Oregon water law, the state agency that regulates water rights is the:
- A property is described using the Public Land Survey System (PLSS) as 'Section 6, Township 2 North, Range 3 East, Willamette Meridian.' The Willamette Meridian is:
- In Oregon, which of the following describes a 'tenancy in common'?
- Under Oregon law, a deceased property owner's real property passes to their heirs through the probate process when:
- A 'time-share' property in Oregon gives the buyer:
- Under Oregon law, a property owner who has an outstanding judgment against them and then conveys the property to a new buyer — does the judgment lien follow the property?
- Under Oregon law, a property owner can transfer real property to a charitable organization by donating a 'façade easement.' This type of easement:
- Under Oregon's Transfer on Death (TOD) Deed law, an Oregon property owner can:
- In Oregon, a 'deed restriction' imposed in the 1940s prohibiting sale to persons of a particular race is:
- In Oregon, when multiple parties purchase property together and want to ensure equal ownership shares with the right of survivorship, they should take title as:
- When a property in Oregon is held in a living trust, who has the authority to sell the property?
- A 'party wall' agreement in Oregon establishes:
- Under Oregon law, property acquired by a married person as a gift from a third party is typically:
- An Oregon property owner wants to maintain a family farm and prevent future subdivision by family members who inherit it. They should consider using:
- Under Oregon law, an 'agricultural water right' attached to farmland:
- In Oregon, which of the following is a characteristic of real property versus personal property?
- In Oregon, the 'Torrens system' of title registration is:
- In Oregon, which of the following is NOT a method of terminating an easement?
- In Oregon, a 'life estate' grants the life tenant which of the following rights?
- In Oregon, what is the primary distinction between a 'fee simple defeasible' estate and a 'fee simple absolute' estate?
- In Oregon, which type of concurrent ownership includes the right of survivorship automatically without a specific designation in the deed?
- In Oregon, what happens to personal property that becomes permanently attached to real property?
- In Oregon, a 'licensee' interest in land differs from an 'easement' primarily because:
- In Oregon, which of the following correctly describes 'adverse possession'?
- In Oregon, which of the following would be classified as 'riparian rights' connected to a property bordering the Rogue River?
- In Oregon, a 'covenant running with the land' is a restriction that:
- In Oregon, a 'tenancy in common' ownership means that each co-owner:
- In Oregon, when a married couple takes title as 'tenants in common,' what happens to one spouse's share upon death?
- In Oregon, which form of deed conveys the grantor's interest in a property with NO warranties about the title?
- In Oregon, what is the primary difference between 'real property' and 'personal property'?
- In Oregon, what distinguishes an 'easement in gross' from an 'easement appurtenant'?
- In Oregon, which of the following best describes a 'condominium' under the Oregon Condominium Act (ORS Chapter 100)?
- In Oregon, what is the effect of recording a lis pendens against a property?
- In Oregon, what does 'intestate succession' mean?
- In Oregon, when does a deed become legally effective to transfer title?
- In Oregon, a 'prescriptive easement' differs from adverse possession in that:
- In Oregon, 'eminent domain' allows which entity to take private property?
- In Oregon, what is an 'easement by necessity'?
- In Oregon, what type of deed is most commonly used in a non-judicial foreclosure trustee's sale?
- In Oregon, which property right is included in the 'bundle of rights' concept?
- What is 'intestate escheat' in Oregon property law?
- In Oregon, what is a 'conservation easement'?
- In Oregon, a 'general lien' differs from a 'specific lien' in that:
- In Oregon, what is the 'recording act' and what protection does it provide?
- In Oregon, what is 'tacking' in the context of adverse possession?
- In Oregon, a 'writ of execution' in connection with a judgment lien means:
- In Oregon, what is the 'Torrens system' of title registration and is it used in Oregon?
- In Oregon, which of the following is an example of a 'profit à prendre'?
- In Oregon, what is the 'rule against perpetuities' and how does it affect real estate transactions?
- In Oregon, when a joint tenant wants to 'sever' the joint tenancy, what must they do?
- In Oregon, a 'tax lien' on real property arises when:
- In Oregon, a 'purchase money deed of trust' is used to:
- In Oregon, which form of ownership gives married couples the most protection in estate planning?
- In Oregon, what is the effect of a 'lis pendens' being recorded after a buyer has signed a purchase agreement but before closing?
- In Oregon, a 'subordinate lien' means:
- In Oregon, a mortgage recorded against a property is classified as what type of lien?
- In Oregon, what is an 'equitable title' and how does it differ from 'legal title'?
- In Oregon, what is 'partition' and when might it be used?
- In Oregon, what is a 'dedication' in the context of land development?
- In Oregon, a 'life estate pur autre vie' is a life estate measured by:
- In Oregon, what is a 'notice of default' in the context of a deed of trust foreclosure?
- In Oregon, a real property owner who discovers their neighbor has been using a path across their property for 15 years can do which of the following to prevent adverse possession or a prescriptive easement?
- In Oregon, what is 'estoppel' in the context of real estate transactions?
- In Oregon, a 'right of first refusal' (ROFR) for a neighboring property owner means:
- In Oregon, what is the difference between 'actual notice' and 'constructive notice'?
- In Oregon, what is the 'TRUST Act' (ORS 86.770–86.795) and what is its significance?
- In Oregon, what is 'intestate succession' for an unmarried person with no children?
- Oregon recognizes tenancy by the entirety for married couples.
- In Oregon, a deed must be acknowledged (notarized) before it can be recorded. What is the purpose of acknowledgment?
- Under Oregon's adverse possession statute, a claimant must possess the property for at least how many years to perfect a claim?
- A property in Eugene is subject to a 'condition subsequent' in the deed. If the condition is violated, the grantor has the right to:
- A property owner in Bend grants a 'license' to a neighbor to fish in a private pond on the property. This right is best described as:
- Oregon water law follows the doctrine of prior appropriation. This means:
- An Oregon homeowner's 'homestead exemption' provides:
- An Oregon property owner grants an easement by express grant. For the easement to be valid and binding on successors, it should be:
- Oregon's Condominium Act (ORS Chapter 100) requires the condominium developer to provide a Public Offering Statement (POS) to prospective purchasers. The POS must be delivered:
- In Oregon, a condominium owner owns their unit and:
- A life estate in Oregon gives the life tenant the right to:
- Under Oregon law, a 'partition action' is used when:
Property Valuation
118 questions- The income capitalization approach to value is most useful for appraising:
- A property produces a net operating income (NOI) of $60,000 per year. If the capitalization rate is 6%, the property's estimated value using the income approach is:
- Economic obsolescence (external obsolescence) differs from functional obsolescence in that economic obsolescence:
- In real estate appraisal, the term 'market value' is best defined as:
- In the sales comparison approach, 'adjustments' are made to the comparable sales to account for differences between the comparables and the subject property. If a comparable sold for $350,000 but lacks a garage that the subject has (valued at $20,000), the adjusted sale price of the comparable is:
- The principle of 'substitution' in real estate appraisal states that:
- Functional obsolescence in a property is BEST illustrated by:
- The cost approach to appraisal is MOST applicable when:
- An appraiser is estimating a property's value using a gross rent multiplier (GRM) of 140. The monthly rent is $1,800. What is the estimated value?
- Regression and progression are appraisal principles that mean:
- In an appraisal, the process of 'reconciliation' refers to:
- The 'cost approach' to appraisal uses which formula?
- An appraiser estimating the value of a historic Portland craftsman home would most likely rely primarily on:
- The principle of 'contribution' in real estate appraisal states that:
- A property generates a net operating income of $90,000 and is valued at $1,200,000. What is the capitalization rate?
- The principle of 'highest and best use' in real estate appraisal requires that the use be:
- In the sales comparison approach, an 'arm's length transaction' is preferred because:
- A comparable sale in a competitive market analysis (CMA) is typically considered most reliable when it:
- In the cost approach, 'reproduction cost' differs from 'replacement cost' in that reproduction cost is:
- An appraiser performing a 'drive-by' or exterior-only appraisal produces what type of report?
- Which of the following would INCREASE the value of a property according to appraisal principles?
- Under the income capitalization approach, if a property's capitalization rate increases, the estimated property value will:
- The 'plottage' principle in appraisal refers to:
- Under the Uniform Standards of Professional Appraisal Practice (USPAP), an appraiser's primary ethical obligation is to:
- The principle of 'anticipation' in real estate valuation holds that value is created by:
- An appraiser applies the sales comparison approach and finds three comparables with adjusted values of $385,000, $392,000, and $389,000. The appraiser gives the most weight to the comparable requiring the fewest adjustments. Which comparable most likely receives the most weight?
- In Oregon, a Broker Price Opinion (BPO) is typically used for:
- Which principle of value explains why a house that sells for much more than all other homes in the neighborhood will likely sell for less than its construction cost?
- When an appraiser adjusts a comparable sale 'downward,' it means:
- In Oregon, a comparative market analysis (CMA) is typically performed by:
- An appraisal report that provides the full appraisal with all data, analysis, and conclusions presented is called:
- The 'effective age' of a building in appraisal is:
- Under the cost approach, 'accrued depreciation' refers to:
- A licensed Oregon real estate appraiser must adhere to ethical and performance standards outlined in:
- In Oregon, the county assessor values property for tax purposes using which value basis?
- In the income approach, 'potential gross income' (PGI) is the income a property would generate if it were:
- Which Oregon property type is MOST likely to be appraised using the income capitalization approach as the PRIMARY method?
- In the income capitalization approach, 'effective gross income' (EGI) equals:
- The Oregon Department of Revenue oversees the assessment and taxation process. For taxation purposes, Oregon uses:
- An appraiser is hired to estimate the value of a Portland industrial property. The most appropriate primary approach would be:
- In a declining real estate market, which type of depreciation would most significantly affect property values?
- An appraiser notes that a property has 'curable' physical deterioration. 'Curable' means:
- An Oregon appraiser identifies a property's 'remaining economic life.' This refers to:
- A property's NOI is $45,000 and the cap rate is 7.5%. Using the income approach, what is the indicated value?
- When comparing a property to a comparable sale that occurred 1 year ago in an appreciating market, an appraiser would make a:
- In a formal appraisal report, the appraiser certifies that their opinion of value is independent and unbiased. This certification is required under:
- An appraiser is comparing two Oregon properties: one on the east side of Portland (valued at $450,000) and one on the west side (valued at $650,000). The higher west-side value likely reflects:
- The appraiser's final value conclusion in the sales comparison approach is typically the:
- The 'economic life' of a building in an appraisal context refers to:
- An appraiser calculates the cost to build a new structure identical to the subject using current prices. This is called:
- An appraiser notes that a comparable sale has a 3-car garage while the subject has only a 2-car garage. The appraiser would make which adjustment to the comparable?
- An Oregon appraiser identifies that a property has been owned by the same family for 30 years and was not listed on the open market for the recent transaction. This is NOT an arm's length sale because:
- Which of the following Oregon property types would MOST likely be appraised primarily using the cost approach?
- An appraiser finds only two sales that are reasonably comparable to a unique Oregon property. How does this affect the reliability of the sales comparison approach?
- An Oregon appraiser is asked to value property for a condemnation (eminent domain) proceeding. The appraiser must value the property at:
- An Oregon appraiser is asked to provide a 'retrospective appraisal' (as of a past date). This means the appraiser:
- In Oregon, the county assessor's 'real market value' (RMV) is meant to represent:
- When appraising an Oregon waterfront property on the Willamette River, an appraiser would most likely apply which value adjustment?
- In the income approach to value, what does the term 'capitalization rate' represent?
- An Oregon appraiser is using the sales comparison approach and needs to adjust for a comparable that has a garage while the subject property does not. What type of adjustment should the appraiser make to the comparable?
- An Oregon appraiser is valuing a new commercial building using the cost approach. Which of the following best describes 'replacement cost'?
- When adjusting comparable sales in the sales comparison approach, adjustments for market conditions (time) reflect which factor?
- Which of the following best describes 'functional obsolescence' in real estate appraisal?
- What is 'plottage value' in Oregon real estate?
- In Oregon, which type of property is MOST likely to be appraised using the income approach as the primary method?
- An Oregon appraiser performing a drive-by (exterior only) appraisal is completing which type of appraisal?
- In Oregon appraisal, what is 'economic life' of an improvement?
- What does 'highest and best use' mean in the context of Oregon real estate appraisal?
- What is a 'broker price opinion' (BPO) and how does it differ from a formal appraisal in Oregon?
- What is 'effective gross income' in the income approach to appraise an Oregon rental property?
- What is 'external obsolescence' in Oregon real estate appraisal?
- In Oregon, which of the following BEST describes a 'market value' appraisal?
- In Oregon, a property's 'assessed value' for property tax purposes may differ significantly from its 'real market value' due to which legislation?
- What is an 'automated valuation model' (AVM) and what are its limitations in Oregon?
- In Oregon, an appraiser is valuing an older historic home in Portland's Irvington neighborhood. Which depreciation type would best describe the loss in value from a small bedroom that cannot be enlarged due to the historic designation?
- In the cost approach, what does 'accrued depreciation' represent?
- An Oregon appraiser reconciles the values from three approaches: cost ($445,000), sales comparison ($460,000), and income ($430,000). What is the most likely final value for a residential property?
- In Oregon, which of the following is NOT typically considered in the sales comparison approach to value?
- What is a 'drive-by' or 'exterior-only' appraisal used for in Oregon?
- What is the purpose of a 'narrative appraisal report' versus a 'form report' in Oregon?
- When appraising an Oregon property, the appraiser finds that no comparable sales within 1 mile are available. What should the appraiser do?
- In Oregon, what is the 'principle of substitution' and why is it important to appraisers?
- In Oregon, an appraiser notes that a property has 'functional utility' but an 'inefficient floor plan.' This would likely result in:
- An Oregon appraiser completing a residential appraisal must meet which professional standard?
- What does 'paired sales analysis' mean in the appraisal context?
- What is the 'gross income multiplier' (GIM) as distinct from the 'gross rent multiplier' (GRM)?
- What is 'reconciliation' in the final step of an Oregon appraisal?
- What is a 'as-improved' versus 'as-if-vacant' appraisal analysis?
- What is 'regression' and 'progression' as principles of value in Oregon real estate?
- What is 'contributory value' in Oregon appraisal?
- What is a 'desk review' or 'field review' appraisal in Oregon?
- In Oregon, a 'certified residential appraiser' differs from a 'certified general appraiser' in that:
- In the income approach, what does 'vacancy and collection loss' represent?
- What is the significance of the 'effective age' versus the 'actual age' of a building in Oregon appraisal?
- In Oregon, which appraisal approach is typically given the MOST weight for vacant land?
- What is 'arm's length transaction' in Oregon appraisal and why is it important?
- What is the 'principle of conformity' in Oregon real estate appraisal?
- What is a 'market rent' study and how does it relate to Oregon property management and appraisal?
- What does the 'principle of anticipation' mean in Oregon real estate valuation?
- In Oregon, when would an appraiser use the income approach as the PRIMARY method for a single-family rental home?
- What is the 'principle of change' in Oregon real estate valuation?
- What does it mean when an Oregon appraisal report states that the value conclusion is 'subject to completion' of proposed construction?
- In Oregon, what is the 'principle of balance' in real estate valuation?
- What is a 'restricted use appraisal' (formerly called a 'restricted use report') under USPAP?
- What is the 'principle of competition' and how does it affect Oregon real estate investment decisions?
- What is 'assemblage' versus 'plottage' in Oregon real estate?
- An Oregon appraiser using the income approach values a property at $950,000. The property generates $76,000 net operating income annually. What capitalization rate was used?
- When appraising a single-family home in Portland using the sales comparison approach, an appraiser finds a comparable that is inferior in one feature worth $15,000 to the subject property. The appraiser should:
- The principle of substitution in real estate appraisal holds that:
- An Oregon appraiser is asked to estimate the value of a vacant lot in Portland's Pearl District. Which approach to value is most appropriate?
- The cost approach to appraisal estimates value as:
- Functional obsolescence in real estate appraisal refers to a loss in value due to:
- External obsolescence in real estate appraisal results from:
- The income capitalization approach to appraisal is most appropriate for:
- Oregon's property tax system uses 'real market value' (RMV). RMV is defined as:
- A Portland office building's highest and best use is to be determined. The four criteria for highest and best use are:
- What is the effective gross income (EGI) multiplier (EGIM) approach to value?
- Oregon appraisers following USPAP (Uniform Standards of Professional Appraisal Practice) are required to maintain their appraisal workfiles for a minimum of:
Escrow & Title
117 questions- In Oregon, licensed escrow agents are regulated by:
- A quitclaim deed conveys:
- The 'closing disclosure' required under TRID must be provided to the borrower at least how many business days before closing?
- Which of the following would be found on a Closing Disclosure but NOT in a listing agreement?
- In Oregon, a deed of trust involves three parties. Who are they?
- An owner's title insurance policy protects:
- Under Oregon's recording statutes, which type of recording system is used?
- The Oregon SellerNet Transaction Record is best described as:
- What does 'proration' in a real estate closing mean?
- A general warranty deed provides the grantee with which of the following covenants?
- A 'chain of title' refers to:
- In Oregon, a 'preliminary title report' (title commitment) is issued by the title company BEFORE closing to:
- A 'special warranty deed' (also called a limited warranty deed) differs from a general warranty deed in that it:
- In Oregon, property taxes are a lien on real property. This type of lien is:
- ALTA stands for:
- A 'cloud on title' refers to:
- In Oregon, who typically selects the escrow/title company?
- In Oregon real estate practice, the earnest money deposit is typically held in:
- A 'lis pendens' recorded in the public record indicates:
- Title insurance premiums in Oregon are:
- A 'title abstract' is:
- At closing, the escrow officer's role is to:
- In Oregon, which of the following liens has the highest priority?
- When a buyer and seller sign closing documents, the escrow officer disburses funds and records the deed. This point is called:
- In Oregon, who is responsible for paying the transfer tax when real property is sold?
- In Oregon, a mortgage or deed of trust must be recorded to:
- In Oregon, a deed must be acknowledged (notarized) before it can be:
- In Oregon, a mechanics' lien filed by a contractor who was not paid for work on a property must be filed within:
- An easement that is granted specifically to a utility company to run power lines across a property is an example of:
- Which of the following items would appear as a 'debit' to the buyer on the closing statement?
- In Oregon, which of the following is NOT typically an exception in a standard title insurance policy?
- When a buyer purchases real property in Oregon using a trust deed as security, the 'reconveyance deed' is recorded when:
- In Oregon, the county in which a real property deed must be recorded to be effective against third parties is the county where:
- In Oregon, 'constructive notice' provided by recording a deed means:
- In Oregon, a deed of trust is satisfied (released) when the lender instructs the trustee to record a:
- A 'title plant' in Oregon is:
- Which of the following items would typically appear as a CREDIT to the seller on the closing settlement statement?
- In a standard Oregon real estate closing, which document transfers title from seller to buyer?
- A buyer discovers after closing that the seller had an undisclosed lien on the property. The buyer is protected against financial loss from this lien by:
- In Oregon, title to real property passes at the moment of:
- Oregon's county public records are maintained by the:
- In Oregon, a 'satisfaction of mortgage' (or 'release of mortgage') serves the same function as a deed of reconveyance in that it:
- A 'vendor's lien' arises when:
- In Oregon, a 'judicial foreclosure' on a mortgage (as opposed to a non-judicial trustee's sale) gives the borrower a right of redemption for how long after the foreclosure sale?
- Oregon title insurance policies typically exclude coverage for:
- A 'lot book report' (also called a property profile) is typically used to:
- In Oregon, 'adverse possession' can be used to challenge the accuracy of a recorded deed. For an adverse possession claim to succeed, the use must satisfy which requirements?
- In Oregon, a 'preliminary title report' (PTR) is typically ordered by:
- When an Oregon property is sold, how are property taxes typically prorated at closing?
- A 'grant deed' in Oregon is most similar to a:
- A 'commitment' in a title insurance context is:
- An Oregon property has both a first and second deed of trust. In a foreclosure of the first deed of trust, what happens to the second deed of trust?
- A standard coverage title insurance policy versus an ALTA (American Land Title Association) extended coverage policy provides buyers in Oregon:
- In Oregon, 'constructive eviction' is related to the covenant of quiet enjoyment because:
- In Oregon, who pays the title insurance premium in a typical residential sale?
- In Oregon, the 'priority' of a deed of trust lien is generally established by:
- In Oregon, what is an 'earnest money' deposit and how is it typically handled?
- What is an 'abstract of title' in Oregon real estate?
- What is the role of the 'escrow officer' in a typical Oregon real estate closing?
- In Oregon, what is 'title insurance' designed to protect against?
- In Oregon, a 'warranty deed' provides which level of title protection to the grantee?
- In Oregon, what is a 'preliminary title report' (also called a 'commitment for title insurance')?
- In Oregon, a 'trustee's deed' is most commonly associated with which event?
- What is a 'mechanic's lien' in Oregon and when does it arise?
- What is the significance of 'recording' a deed in Oregon?
- What is a 'chain of title' in Oregon real estate?
- In Oregon, what is a 'satisfaction of mortgage' (or 'reconveyance' for a deed of trust)?
- In an Oregon real estate closing, what does 'proration' refer to?
- What is a 'title search' in Oregon, and who typically performs it?
- In Oregon, what is a 'deed in lieu of foreclosure'?
- What does 'ALTA extended coverage' title insurance provide that a standard policy does not?
- What is 'escrow impound' (also called an escrow account or reserve account) in an Oregon mortgage?
- In Oregon, what is a 'homestead exemption' and how does it protect homeowners?
- In an Oregon real estate transaction, a 'buyer's closing costs' typically include which of the following?
- In Oregon, which document typically transfers ownership of a residential property at closing?
- In Oregon, a 'deed of trust' involves which three parties?
- In Oregon, a 'statutory warranty deed' provides which protection to the grantee?
- In Oregon, a 'deed restriction' (also called a restrictive covenant) differs from a zoning regulation in that:
- What is 'marketable title' in the context of an Oregon real estate sale?
- In Oregon, which of the following would be EXCLUDED from coverage under a standard owner's title insurance policy?
- What is a 'subordination agreement' in Oregon real estate financing?
- In Oregon, what is 'joint and several liability' as it relates to co-buyers on a mortgage?
- What is a 'deed of reconveyance' in Oregon's deed of trust system?
- What is an 'encroachment' in Oregon real estate?
- In Oregon, a 'judgment lien' attaches to real property when:
- What is the significance of the 'effective date' on an Oregon title insurance policy?
- What does 'cloud on title' mean in Oregon real estate?
- In Oregon, what is a 'release clause' in a blanket mortgage or deed of trust?
- What is the 'doctrine of merger' in Oregon real estate contract law?
- In Oregon, what is a 'partial release' of a mortgage or deed of trust?
- In Oregon, what is a 'quiet title action' and when is it used?
- In Oregon, what is 'subrogation' in the context of title insurance?
- What is a 'preliminary title report' and when in the Oregon transaction process should it be reviewed?
- In Oregon, what is the 'homestead right' and how does it interact with title insurance?
- In Oregon, what is a 'contract for deed' (land sale contract) and how does it differ from a mortgage?
- In Oregon, what is 'title abstracting' and has it largely been replaced by something else?
- In an Oregon transaction, a buyer discovers two days before closing that a lien appeared against the property after the preliminary title report was issued. What should happen?
- In Oregon, an 'owner's title insurance policy' protects the buyer for:
- In Oregon, what is 'escrow instructions' in the context of a real estate closing?
- What is the 'American Land Title Association' (ALTA) and what role does it play in Oregon title insurance?
- What is an 'attorney opinion letter' on title, and when might it still be used in Oregon?
- In Oregon, when a lender is given a deed in lieu of foreclosure, what potential problem may arise regarding title?
- What is the 'good funds' law in Oregon and how does it affect closing?
- What is 'FIRPTA' withholding and when does it apply in Oregon real estate transactions?
- What is a 'subordination, non-disturbance, and attornment' (SNDA) agreement in Oregon commercial real estate?
- Oregon uses escrow/closing agents (often title companies or escrow companies) to handle real estate closings. These agents have fiduciary duties to:
- A preliminary title report (title commitment) issued in Oregon shows a 'Schedule B' exception for an easement. This means:
- In Oregon, a mechanic's lien filed by an unpaid contractor has priority over a recorded mortgage if:
- Title insurance in Oregon protects against:
- In Oregon, a 'deed in lieu of foreclosure' means:
- Oregon's non-judicial foreclosure (trustee's sale) process under ORS Chapter 86 requires a minimum notice period of:
- At an Oregon real estate closing, the closing statement shows a debit to the buyer for prorated property taxes. This means:
- A standard coverage title insurance policy differs from an ALTA (American Land Title Association) extended coverage policy in that the standard policy does NOT cover:
- In Oregon, recording a deed in the county records provides:
- Oregon's recording acts are best characterized as:
- In Oregon, when a mortgage loan is paid off in full, the lender or trustee must record which document to clear the title?
- A buyer who takes title 'subject to' an existing mortgage (rather than assuming it) has what liability for the mortgage?
Fair Housing
114 questions- Oregon's fair housing law protects additional classes beyond the federal Fair Housing Act. Which class is an Oregon-specific addition?
- Blockbusting is an illegal practice that involves:
- Which federal agency primarily enforces the Fair Housing Act?
- An Oregon landlord refuses to rent to a prospective tenant because they receive Section 8 housing vouchers. Under Oregon law, this is:
- Under the federal Fair Housing Act, an owner of a single-family home is exempt from the Act when:
- Steering in real estate means:
- Oregon fair housing law prohibits discrimination based on 'source of income.' Which of the following is an example of source-of-income discrimination?
- The Fair Housing Amendments Act of 1988 added two protected classes to the original 1968 Fair Housing Act. These were:
- Under fair housing law, a landlord may ask a prospective tenant with a disability for verification of their disability in which situation?
- A landlord advertises a unit with the phrase 'perfect for young professionals.' This language potentially violates fair housing law because it implies discrimination against:
- A real estate broker in Eugene, Oregon is asked by a seller client to not show the home to people of a certain national origin. The broker should:
- The 'disparate impact' theory of housing discrimination means:
- Oregon's fair housing law protects the class of 'sexual orientation' in housing. This means a landlord may NOT:
- Under the federal Fair Housing Act, which of the following is a permissible question for a landlord to ask a prospective tenant?
- The concept of 'reasonable accommodation' under fair housing law requires a housing provider to:
- Redlining is an illegal practice in which:
- Under the federal Fair Housing Act, the maximum civil penalty for a FIRST fair housing violation (if the violator has no prior violations) can be up to:
- In Oregon, can a landlord legally reject all applicants who have been evicted in the past?
- An Oregon property manager posts an advertisement stating 'No Section 8.' Under Oregon law, this advertisement:
- Oregon prohibits housing discrimination based on gender identity. What does this mean in practice?
- An Oregon housing provider is considering requiring all prospective tenants to provide their social security number on the application. This practice:
- Which Oregon city has adopted local fair housing ordinances that go beyond state law?
- The Age Discrimination Act at the federal level in real estate covers:
- Oregon prohibits discrimination in housing based on 'domestic violence survivor status.' This means landlords may not:
- Under the Fair Housing Act, a person with a disability has the right to make 'reasonable modifications' to a rental unit. Who typically pays for reasonable modifications in private housing?
- Under the Fair Housing Act, which of the following advertising phrases is MOST likely to be permissible?
- Oregon's fair housing law adds 'familial status' protection, meaning a landlord may NOT discriminate against:
- A landlord in Portland, Oregon receives an application from a prospective tenant who was previously convicted of drug possession. Under Oregon law:
- An Oregon seller tells their agent 'I will accept any offer except from buyers with young children because the stairs are dangerous.' The agent should:
- An Oregon property manager uses a 'first come, first served' rental policy. Under fair housing law, this policy:
- Under the Fair Housing Act, a housing provider who provides different lease terms or conditions to tenants of different races is engaging in:
- An Oregon broker refuses to show a buyer any properties in a neighborhood where the buyer's ethnic group is in the minority, claiming it is for the buyer's comfort. This constitutes:
- Which of the following is an example of a 'reasonable accommodation' a landlord must make for a tenant with a disability?
- Under the federal Fair Housing Act, the 'Mrs. Murphy' exemption permits an owner to decline renting based on protected class characteristics only if the owner:
- Oregon's Bureau of Labor and Industries (BOLI) is the state agency that:
- An Oregon real estate broker receives an offer on a listed property from a same-sex couple. The seller refuses to consider offers from same-sex couples. The broker should:
- An Oregon residential rental property manager with 50 units refuses to rent to a prospective tenant who receives child support payments as their primary income. This likely violates:
- In Oregon, if a fair housing complaint results in a finding of discrimination, available remedies may include:
- A Bend, Oregon rental property manager turns away a prospective tenant because they use a wheelchair. The landlord claims the unit is not accessible. Under fair housing law:
- An Oregon residential landlord implements a policy requiring applicants to have a credit score above 700. This policy:
- Under Oregon law, 'source of income' as a protected class in housing means discrimination is prohibited based on:
- Oregon's fair housing protections apply to which of the following in addition to the sale or rental of dwellings?
- An Oregon property manager instructs their staff to show a property to any qualified applicant without regard to race, color, national origin, or other protected classes. This is an example of:
- An Oregon apartment complex has a written policy that all tenants must be credit-qualified and earn 3x the monthly rent. This type of income requirement:
- Under the federal Fair Housing Act, families with children (familial status) may NOT be:
- Oregon law requires housing providers to give priority to domestic violence survivors over other applicants in which scenario?
- An Oregon property manager uses a rental application that asks for all applicants' immigration status. Under fair housing law, this practice:
- A Portland landlord refuses to rent to a person who uses a service dog, citing a strict no-pets policy. Under fair housing law, this is:
- An Oregon HOA's rules prohibit satellite dishes. A tenant with a disability who has no hearing ability wants to install a dish to receive closed-captioned programming. Under fair housing law:
- An Oregon fair housing complaint may be filed with which agencies?
- An Oregon property manager is unsure whether an applicant's request for a disability accommodation is legitimate. The manager may ask the applicant to:
- Oregon's fair housing law was amended to add 'height' as a protected class in housing. The prohibition against height discrimination means:
- A Portland landlord advertises their property as 'Perfect for professional adults without children.' Under fair housing law, this advertisement:
- Under Oregon fair housing law, which of the following is TRUE about weight as a protected class?
- Oregon's Fair Housing Act prohibits discrimination based on 'source of income.' What does this protection primarily prevent?
- Under the federal Fair Housing Act, which of the following is considered a permissible exemption to the prohibition against familial status discrimination?
- Which Oregon city was among the first in the nation to adopt a local fair housing ordinance providing protections beyond the federal and state laws?
- In Oregon, a landlord may refuse to rent to an applicant with a prior felony conviction under which circumstances?
- The Americans with Disabilities Act (ADA) applies primarily to which type of Oregon real estate?
- Under the federal Fair Housing Act, which of the following is an example of 'steering'?
- Under Oregon fair housing law, a landlord who refuses to allow a tenant with a disability to have a support animal in a no-pets building is likely:
- Which of the following is an example of 'blockbusting' under Oregon and federal fair housing law?
- Oregon's fair housing law includes protections for 'domestic violence survivors.' What does this mean in practice?
- Under Oregon fair housing law, which of the following rental practices may constitute illegal discrimination?
- Oregon's protected class of 'gender identity' in housing means landlords cannot discriminate against:
- Under the Fair Housing Act, a blind buyer requests a real estate agent read all listing information aloud. This request is:
- Oregon's source of income protections apply to which types of income?
- An Oregon landlord has a policy of refusing to rent to anyone who has ever been evicted. How might this policy be viewed under fair housing law?
- Under Oregon's fair housing law, a landlord may ask a prospective tenant about their disability:
- Under Oregon fair housing law, 'reasonable modifications' to a rental unit for a disabled tenant differ from 'reasonable accommodations' in that:
- Under the Fair Housing Act, which type of advertisement for rental housing would be potentially discriminatory?
- An Oregon property management company has a policy requiring all tenants to have income of 3× monthly rent. A disabled applicant on SSI does not meet this threshold. What should the company consider?
- Which Oregon protected class specifically prevents housing discrimination based on a person's reproductive choices?
- What is a 'consent decree' in Oregon fair housing enforcement?
- The federal Fair Housing Act was first enacted in which year?
- Oregon's Fair Housing Act prohibits discrimination in which housing-related activities?
- An Oregon property owner asks their agent not to show the property to families with children. What should the agent do?
- Under Oregon fair housing law, what is 'discriminatory advertising'?
- What is the 'disparate impact' theory under fair housing law and how does it apply to Oregon landlords?
- Under Oregon fair housing law, 'source of income' protections were expanded. What is the most recent housing-related protection added to Oregon's Fair Housing Act?
- Under Oregon law, a mobile home park owner who raises lot rents exclusively for residents with children after a fair housing complaint would likely be guilty of:
- Oregon's 'right to request reasonable accommodations' under the Fair Housing Act applies to which types of housing?
- Under the Fair Housing Act, which of the following is a protected class that was added by the 1988 Fair Housing Amendments Act?
- In Oregon, 'height and weight' are protected classes under fair housing law. This means a landlord:
- When an Oregon real estate agent is asked to help find housing and the client mentions their religion, the agent should:
- Oregon prohibits discrimination in housing based on 'marital status.' What does this protect?
- Oregon's fair housing law includes 'sexual orientation' as a protected class. This means landlords cannot discriminate against:
- An Oregon property management company advertises 'Adults Only Community — No Children.' Under the Fair Housing Act, this is:
- Under the Fair Housing Act, which of the following would be considered 'discriminatory terms and conditions'?
- Under Oregon fair housing law, what is an 'accessible unit' under the Fair Housing Act design requirements for multi-family housing?
- Oregon's 'Landlord Tenant Act' contains provisions specifically protecting survivors of domestic violence. Which of the following is such a protection?
- What is the role of 'HUD FHEO' (Fair Housing and Equal Opportunity office) in Oregon?
- The Oregon Bureau of Labor and Industries (BOLI) plays what role in fair housing enforcement?
- Under Oregon's 'Source of Income' protections, can a landlord refuse to rent to a tenant whose income comes primarily from Social Security disability benefits?
- An Oregon seller tells their agent they will not sell to anyone under 40 years of age. Is this permissible?
- In Oregon, which of the following would be considered a PERMISSIBLE screening criterion for rental applicants?
- Under the federal Fair Housing Act, what is the 'familial status' protection specifically designed to prevent?
- Oregon's fair housing law requires equal housing opportunity in which real estate practices?
- Under Oregon law, a landlord who refuses to consider a Section 8 voucher holder's application because of the voucher itself is:
- Under the Fair Housing Act, a landlord's obligation to provide a reasonable accommodation to a disabled tenant is limited by:
- Under the Fair Housing Act, 'differential treatment' in advertising occurs when:
- Under Oregon fair housing law, 'source of income' discrimination is prohibited. This includes which housing activities?
- Oregon's Fair Housing Act provides protections beyond the federal Fair Housing Act. Which protected class is recognized under Oregon law but NOT under federal law?
- Under Oregon's fair housing laws, which of the following is true regarding housing for older persons (senior housing)?
- An Oregon landlord tells a prospective tenant: 'I don't rent to people who are on disability.' This statement most likely violates which protected class under Oregon fair housing law?
- Under the federal Fair Housing Act, a landlord MUST make reasonable accommodations for a tenant with a disability. An example of a required reasonable accommodation is:
- A real estate agent posts a listing with the phrase 'perfect for young professionals.' This phrase potentially violates fair housing laws by:
- Under the Fair Housing Act, a real estate agent who shows minority buyers homes only in predominantly minority neighborhoods while steering white buyers toward other areas is engaged in:
- An Oregon property manager receives a rental application from a woman who is visibly pregnant. The manager is worried about liability for the costs associated with a child. The manager should:
- The federal Fair Housing Act exempts owner-occupied buildings with no more than four units from the prohibition against discrimination based on race.
- Under Oregon fair housing law, 'height and weight' are protected characteristics. This means a landlord:
- Oregon's fair housing law protects against discrimination based on domestic violence survivor status. This means a landlord cannot:
- Under the Americans with Disabilities Act (ADA), commercial facilities (not residential) must:
- An Oregon property owner posts 'No Section 8' on their rental advertisement. Under Oregon law, this advertisement is:
Environmental
114 questions- Radon is a naturally occurring radioactive gas that forms from the decay of:
- The Oregon Department of Environmental Quality (DEQ) primarily oversees:
- Lead-based paint disclosure requirements under federal law apply to residential properties built:
- Which of the following environmental hazards is MOST commonly associated with older commercial properties and is regulated under CERCLA (Superfund)?
- Oregon requires disclosure of tsunami inundation zone risk for properties located in:
- Asbestos in a property is most dangerous when it is:
- The Oregon Forest Practices Act governs:
- In Oregon, a Phase I Environmental Site Assessment (ESA) is typically ordered to:
- Under CERCLA, which party can be held liable for cleanup costs at a contaminated site?
- Which federal agency administers the Superfund program under CERCLA?
- An Oregon coastal property in a tsunami inundation zone should be disclosed to a prospective buyer because it represents:
- Polychlorinated biphenyls (PCBs) are most likely to be found in older properties as components of:
- The National Environmental Policy Act (NEPA) requires:
- Mold in a residential property is most likely to develop when:
- A buyer discovers that a property they are purchasing is on Oregon DEQ's Environmental Cleanup Program list as a known contaminated site. The broker's duty is to:
- A property in Oregon near an old gas station is suspected of having petroleum contamination in the soil. The buyer should request:
- Under Oregon law, buyers of residential property have the right to conduct an environmental investigation as part of their due diligence. If the seller refuses to allow testing for known soil contamination, the buyer should:
- The Oregon Department of Environmental Quality's (DEQ's) Environmental Cleanup Program addresses contaminated sites using a process that includes:
- In Oregon, before purchasing waterfront property, a buyer should investigate which environmental issue that may affect the ability to build on or modify the shoreline?
- Carbon monoxide (CO) is a hazardous gas associated with:
- Oregon requires carbon monoxide detectors in residential dwellings. The requirement applies to homes that have:
- When selling an Oregon property with a private well, the seller should ideally provide the buyer with:
- An Oregon property with a septic system requires inspection and maintenance because:
- Oregon has a law requiring disclosure when a property is located within a 100-year floodplain. This information is typically found on:
- Oregon requires sellers to disclose if a property is in a designated landslide hazard area. This is especially relevant in:
- The Willamette Valley in Oregon has historically had issues with what type of environmental concern related to agricultural practices?
- Electromagnetic fields (EMFs) from power lines are considered a potential environmental concern because they:
- A buyer is considering a property near a former dry cleaning business. The primary environmental concern would be:
- Oregon's statewide building code requires new residential construction to:
- Under Oregon law, a seller of residential property built before 1978 must provide which federal disclosure to buyers?
- Under Oregon's hazardous waste laws, who is responsible for the cost of cleaning up a property contaminated by the previous owner?
- An Oregon property near Mount Hood may have risks related to:
- Oregon homebuyers who discover after purchase that a property has a failing septic system may have a cause of action for:
- Oregon's Brownfields program helps:
- A new Oregon homeowner notices a black, fuzzy growth on the bathroom ceiling. The homeowner should:
- Wetland mitigation banking in Oregon allows developers who impact wetlands to:
- Oregon's Department of Land Conservation and Development (DLCD) is responsible for:
- Oregon's 'Removal-Fill Law' requires a permit from Oregon DSL (Department of State Lands) before:
- Oregon requires smoke detectors in residential dwellings. When selling a home, the seller must certify that:
- Oregon's coastal zone management program is administered under the federal Coastal Zone Management Act (CZMA). In Oregon, the state's coastal program includes:
- A property in eastern Oregon near a mining operation may have contamination from:
- Oregon's Department of State Lands (DSL) is responsible for managing:
- Oregon has specific rules about 'Notice of Noxious Weeds' that may apply to rural properties. This disclosure addresses:
- Which of the following is TRUE about Oregon's seismic hazard zones?
- Oregon's 'Goal 7' requires local governments to protect people and property from natural hazards. Which of the following is addressed by Goal 7?
- A Salem, Oregon property near a former dry cleaner is being sold. The Phase I Environmental Site Assessment reveals a 'recognized environmental condition.' What should the buyer do next?
- Under Oregon law, which document specifically requires a seller to disclose whether a property is served by a private well or public water?
- The Oregon Department of Geology and Mineral Industries (DOGAMI) provides information about:
- Under Oregon law, a seller must disclose if there is a buried oil storage tank on the property. The primary environmental concern with buried oil tanks is:
- Oregon's 'Brownfields Assessment Program' provides funding to help with:
- An Oregon beach property listing should include disclosure if the property is located in the 'Ocean Shore.' Under Oregon law, public access and state ownership rights in the 'wet sand' area means:
- Oregon's 'Pesticide Management Plan' is relevant to real estate buyers of agricultural properties because it:
- Oregon requires that lead-based paint hazard disclosure be given to buyers of homes built before 1978. The required disclosure includes all of the following EXCEPT:
- Under Oregon law, sellers of property in coastal erosion hazard areas must disclose this risk because it represents:
- Which Oregon state agency is primarily responsible for regulating hazardous waste disposal and environmental cleanup in Oregon?
- What is a 'Phase I Environmental Site Assessment' used for in Oregon real estate transactions?
- Which federal law governs the cleanup of abandoned hazardous waste sites and may hold current Oregon property owners liable even if they did not cause the contamination?
- Oregon requires disclosure of what environmental hazard when selling a property near a coastal area prone to geological events?
- Oregon's Forest Practices Act requires landowners to do what after harvesting timber on a property?
- Lead-based paint disclosure is required under federal law for residential properties built before which year?
- What is an 'underground storage tank' (UST) and why is it significant in Oregon real estate?
- Oregon requires sellers to disclose known presence of which substance that can accumulate in basements and lower levels of homes?
- When is a seller required to disclose the presence of asbestos in an Oregon home?
- What is 'mold disclosure' requirements in Oregon residential real estate?
- What is Oregon's 'voluntary cleanup program' (VCP) designed to do?
- What is a 'wetland' under Oregon law and why is its presence significant for real estate?
- In Oregon, which area of real estate practice is most likely to require disclosure of prior drug manufacturing (meth lab) history?
- Which Oregon statute governs the removal of trees on private property within the Urban Growth Boundary?
- Oregon's Removal-Fill Law (ORS Chapter 196) regulates which of the following activities?
- Oregon's DEQ requires sellers to disclose underground storage tanks (USTs) on their property. What health risk primarily drives this requirement?
- In Oregon, a property located within a FEMA-designated Special Flood Hazard Area (SFHA) requires the buyer to:
- What is a 'natural hazard disclosure' requirement in Oregon real estate?
- What is Oregon's 'Bottle Bill' program and how might it affect commercial real estate?
- What is Oregon's 'Brownfields Program' and how does it benefit real estate redevelopment?
- Oregon's 'Statewide Planning Goal 16' protects which type of resource?
- In Oregon, a property buyer discovers an old oil tank in the backyard after purchasing. What is the typical process?
- What is 'geologic hazard' disclosure in Oregon and what types of hazards must be disclosed?
- What is Oregon's 'coastal zone' and how does its designation affect real estate development?
- Which Oregon law specifically requires environmental cleanup responsibility to be evaluated before transfer of certain commercial properties?
- Oregon regulates 'Confined Animal Feeding Operations' (CAFOs) on rural properties primarily through which agency?
- Oregon requires an 'Environmental Questionnaire' or hazardous disclosure for:
- Which federal law requires sellers to disclose known lead-based paint hazards before selling a pre-1978 residential property in Oregon?
- In Oregon, which government agency manages the regulation of drinking water quality in public water systems serving real estate developments?
- What is the 'prior appropriation' water doctrine used in Oregon and how does it affect property rights?
- Which Oregon waterway system is subject to special management under the federal Wild and Scenic Rivers Act?
- What is a 'natural area' in Oregon real estate and how does it differ from a 'nature reserve'?
- What does 'brownfield' mean in Oregon real estate?
- What is a 'seismic hazard zone' in Oregon and why is it relevant to real estate?
- What is the 'Oregon Pollution Disclosure Law' and how does it affect real estate transactions?
- What is 'soil liquefaction' and why is it important for Oregon property buyers?
- What is Oregon's 'Goal 15 — Willamette River Greenway' and how does it affect development near the Willamette River?
- What is Oregon's 'Sage-Grouse Conservation Strategy' and how might it affect eastern Oregon real estate?
- In Oregon, what is the 'voluntary buffer zone' concept near Confined Animal Feeding Operations (CAFOs)?
- What does 'brownfield redevelopment' require in Oregon before construction can begin?
- Oregon's 'Beach Bill' (ORS 390.610–390.995) establishes what significant public right?
- What is the 'Cascadia Subduction Zone' and why is it significant for Oregon real estate?
- What is Oregon's 'Clean Fuels Program' (CFP) and how might it affect commercial real estate near fuel distribution?
- What is 'polychlorinated biphenyl' (PCB) contamination and why might it appear in older Oregon commercial buildings?
- In Oregon, properties in the Willamette River floodplain are subject to which federal program requirements?
- In Oregon, what is the significance of a 'riparian buffer zone'?
- Oregon's 'Volatile Organic Compound' (VOC) regulations primarily affect which aspect of real estate?
- What does 'impervious surface' mean in Oregon land use and environmental regulation?
- Oregon's Beach Bill (ORS Chapter 390) grants public access rights along the Oregon coast. These rights extend:
- A property in Portland's inner eastside has soil contamination from a former dry cleaning operation. Under Oregon DEQ rules, who bears primary responsibility for cleanup?
- Oregon requires sellers to disclose the presence of underground storage tanks (USTs) on residential property. This disclosure is part of:
- The Cascadia Subduction Zone poses a significant seismic risk to Oregon. The agency responsible for providing seismic hazard maps and geologic hazard information in Oregon is:
- Oregon's Forest Practices Act (ORS Chapter 527) requires landowners who harvest timber to:
- A real estate listing in Lincoln County, Oregon (coastal) should include what tsunami-related disclosure?
- Under CERCLA (the federal Superfund law), an 'innocent landowner' defense to liability for environmental cleanup requires the purchaser to demonstrate they conducted:
- Oregon's Willamette Valley is partly protected under Statewide Planning Goal 16. What does Goal 16 address?
- Radon is a concern in some Oregon regions, particularly in the Cascades and parts of Eastern Oregon. Under the Oregon SPDS, sellers must:
- Oregon's Wetlands Program requires that filling or removing wetlands generally requires:
- Oregon requires disclosure of whether a property is in a 100-year floodplain. The standard source for this information is:
- Oregon adopted a statewide ban on pesticide use near schools. For real estate practitioners, knowledge of environmental regulations is important primarily because:
Property Management
114 questions- Under the Oregon Residential Landlord and Tenant Act (ORLTA), a landlord must return a tenant's security deposit within how many days after the tenancy ends?
- A landlord in Oregon wants to enter a tenant's unit to make non-emergency repairs. The minimum notice required under ORLTA is:
- Oregon law limits the maximum security deposit a residential landlord may charge to:
- A property manager in Oregon who manages properties on behalf of others for compensation must:
- Under ORLTA, which of the following is a landlord's REQUIRED duty?
- A tenant in Oregon has a month-to-month tenancy. The landlord wishes to terminate the tenancy without cause. Under ORLTA, after one year of tenancy the required notice is:
- Under Oregon's ORLTA, a landlord may charge an applicant screening fee to cover the cost of:
- In Oregon, a fixed-term lease that ends at the stated expiration date without renewal becomes:
- Under ORLTA, a landlord may retain all or part of a tenant's security deposit for:
- A property manager in Salem, Oregon signs a lease on behalf of an owner without authority. This is an example of:
- Oregon's Residential Landlord and Tenant Act (ORLTA) generally applies to:
- An Oregon landlord wants to evict a tenant for non-payment of rent. The required written notice before filing for eviction is:
- A 'gross lease' is one in which:
- An Oregon landlord receives a pet deposit in addition to the security deposit. Under ORLTA, a pet deposit is:
- Under Oregon law, a landlord must provide notice before entering a tenant's unit for a showing to a prospective tenant. The required notice period is:
- A tenant in Oregon abandons the rental unit with 2 months remaining on a fixed-term lease. The landlord's duty under ORLTA is to:
- Under Oregon's ORLTA, a landlord may not retaliate against a tenant who:
- Oregon's 2019 rent stabilization law (Senate Bill 608) applies to dwelling units in buildings that are at least:
- Oregon's rent stabilization law under SB 608 allows annual rent increases up to:
- Under Oregon law, a residential landlord must provide a tenant with a copy of the written rental agreement:
- A tenant in Oregon is not paying rent due to a claimed habitability defect. Under ORLTA, a tenant's 'repair and deduct' remedy allows the tenant to:
- A tenant in Oregon wants to terminate a month-to-month rental agreement. Under ORLTA, the tenant must give the landlord:
- Oregon law requires landlords to provide what to a tenant at the start of tenancy?
- An Oregon commercial lease is typically negotiated between parties and may include a 'triple net' (NNN) lease. In a triple net lease:
- A Section 8 tenant in Oregon receives a housing choice voucher. The landlord's rent must be:
- An Oregon tenant gives proper 30-day notice to vacate. The landlord must return the security deposit or itemized accounting within:
- An Oregon property manager must hold all client funds in a:
- Under Oregon's ORLTA, a tenant may terminate a rental agreement without penalty if the rental unit becomes uninhabitable due to damage caused by:
- Oregon's ORLTA gives tenants the right to 'quiet enjoyment' of the rental property. This means the landlord may not:
- An Oregon landlord wants to raise rent on a month-to-month tenant. The required advance notice is:
- Oregon's 'Just Cause Eviction' law under SB 608 prohibits landlords from evicting tenants without cause after they have lived in the unit for:
- An Oregon landlord discovers a tenant has been subletting their unit without permission. The landlord may:
- An Oregon landlord may evict a tenant for causing substantial damage to the rental unit by providing:
- Under Oregon ORLTA, a landlord who fails to return the security deposit or provide an itemized accounting within the required 31-day period:
- In Oregon, a landlord who wishes to sell a rental property occupied by tenants is required to:
- Oregon's ORLTA requires landlords to provide tenants with written notice of their name and address or the name and address of:
- Under Oregon ORLTA, a 'month-to-month' tenancy is created when:
- An Oregon tenant wants to terminate their lease early due to active military duty orders. Under the Servicemembers Civil Relief Act (SCRA):
- Under Oregon ORLTA, a landlord may charge a late fee when rent is paid late. The fee is:
- Under Oregon ORLTA, the landlord must provide a tenant facing eviction with:
- Under Oregon ORLTA, if a landlord imposes a new rule that materially affects the tenant's use of the rental unit, how much notice is required?
- Oregon's 2019 statewide rent control law (SB 608) does NOT apply to:
- In Oregon, which type of commercial lease provides the most predictable, stable cash flow for the landlord?
- Under Oregon law, a tenant who has lived in a rental unit for more than 1 year and receives a no-cause termination notice from the landlord is entitled to a relocation assistance payment equal to:
- Oregon law prohibits landlords from retaliating against tenants. Retaliation includes raising rent or decreasing services within which time period after a tenant exercises a legal right?
- An Oregon commercial tenant has a lease with a percentage rent clause. Percentage rent means:
- Under Oregon ORLTA, which of the following is a tenant's legal remedy when the landlord fails to provide habitable conditions?
- An Oregon tenant refuses to vacate after receiving a valid 30-day no-cause termination notice. The landlord's next legal step is to:
- An Oregon landlord can legally enter a tenant's unit WITHOUT prior notice in which situation?
- An Oregon property management company manages 150 residential units. When collecting application screening fees, the company must:
- Under Oregon's ORLTA, a landlord must maintain heating systems in a rental unit. If the heat fails in January and the landlord fails to repair it within a reasonable time, the tenant may:
- Under Oregon ORLTA, a tenant who wishes to terminate a fixed-term lease early due to active domestic violence must:
- An Oregon residential tenant wants to sublet their unit to a friend while they travel for 3 months. Under ORLTA, the tenant may sublet:
- Oregon's 'relocation assistance' requirement for no-cause evictions (SB 608) requires the payment amount to equal:
- Under Oregon's Residential Landlord Tenant Act (ORS Chapter 90), how many days notice must a landlord provide to a tenant in a month-to-month tenancy to terminate the tenancy without cause (for properties not subject to local just-cause requirements)?
- Under ORLTA, what is the maximum security deposit a landlord in Oregon may charge for an unfurnished residential unit?
- Under ORLTA, a landlord who fails to make required repairs within a reasonable time after receiving proper written notice from a tenant may face which remedy?
- In Oregon, a landlord discovers a tenant has a large dog in a no-pets unit. The landlord may charge a 'pet violation fee' of how much for a first violation under ORLTA?
- Under Oregon law, what is the maximum amount a landlord may charge as a non-refundable move-in fee?
- Under Oregon's ORLTA, how many days does a landlord have to return a security deposit after a tenant vacates?
- In Oregon, a landlord cannot retaliate against a tenant for which of the following protected activities?
- Under ORLTA, a tenant who wishes to terminate a month-to-month rental agreement must provide how much advance written notice?
- Under Oregon law, a landlord who enters a tenant's unit without proper notice (except in emergencies) may be liable for:
- In Oregon, a landlord wants to increase rent for a month-to-month tenant. What notice is required?
- Under ORLTA, when a tenant abandons a rental unit, what must an Oregon landlord do with personal property left behind?
- Oregon's Housing Choice Voucher program (Section 8) requires participating landlords to:
- In Oregon, when a residential tenant does not pay rent, what is the first step in the eviction process?
- Under ORLTA, a landlord discovers a tenant is using the rental unit for an illegal business. What action may the landlord take?
- Under ORLTA, may a landlord prohibit a tenant from subletting the rental unit?
- In Oregon, an HOA in a condominium is primarily governed by which document?
- An Oregon property management company collects security deposits from tenants. Under ORLTA, where must these funds be held?
- Oregon law limits annual rent increases for most market-rate residential rentals (excluding new construction) to:
- In Oregon, a property manager who collects rent and pays property expenses must maintain which type of records?
- Under ORLTA, which of the following is a landlord's responsibility regarding habitability?
- Under ORLTA, what is a 'no-cause' eviction and when is it restricted in Oregon?
- In Oregon, can a landlord require a tenant to carry renters' insurance?
- In Oregon, can a landlord charge late fees for overdue rent? If so, what is required?
- Under Oregon law, a residential landlord who accepts rent after serving a notice to vacate has likely:
- Under ORLTA, when a tenant vacates and leaves the unit clean with no damage, the landlord must return the security deposit within:
- In Oregon, what is the landlord's duty regarding smoke detectors in residential rentals?
- Under ORLTA, a landlord must provide a tenant with written notice of which of the following at the beginning of the tenancy?
- Under ORLTA, what is an 'early termination fee' for tenants?
- Under ORLTA, what is the difference between a 'fixed-term lease' and a 'month-to-month rental agreement'?
- In Oregon, what actions must a landlord take before disposing of a deceased tenant's personal property?
- Under Oregon law, a property manager who negligently allows a tenant to be injured due to a known dangerous condition on the property may be liable for:
- In Oregon, what is the maximum civil penalty a landlord may face for retaliating against a tenant who has exercised their legal rights?
- In Oregon, what is the required notice to a tenant before entering for non-emergency repairs?
- Under Oregon law, an eviction for non-payment of rent requires the landlord to accept rent from the tenant within the notice period. If the tenant tenders the overdue rent and all fees within the 72-hour notice period, what happens?
- Under Oregon's statewide rent stabilization law, which properties are EXEMPT from rent increase limitations?
- In Oregon, a tenant who needs to install a grab bar in the bathroom for disability-related reasons asks the landlord for permission. Under fair housing law, the landlord should:
- Under Oregon law, what is a 'no-fault' or 'just cause' requirement for eviction?
- In Oregon, when may a landlord access a tenant's unit for pest control treatment?
- Under ORLTA, what is the maximum number of times a landlord may serve a non-payment notice before the tenant loses the right to cure (pay and stay) in Oregon?
- In Oregon, a tenant who is deployed overseas in active military service may terminate a lease early under which federal law?
- In Oregon, a tenant in a month-to-month tenancy receives proper notice to vacate. After the notice period expires, the tenant refuses to leave. The landlord's legal remedy is to:
- Under ORLTA, what is a landlord's responsibility for carbon monoxide (CO) alarms in rental housing?
- Under Oregon's ORLTA, a landlord who discovers a tenant has installed a satellite dish without permission may:
- Under Oregon's ORLTA, what notice must a landlord give before entering a unit for a showing to prospective tenants after an existing tenant has given notice to vacate?
- In Oregon, what is a 'property management agreement' and what must it typically contain?
- In Oregon, what is the 'cash for keys' arrangement sometimes used in eviction situations?
- Under ORLTA, what is the difference between a 'pet fee' and a 'pet deposit' in Oregon rental housing?
- Oregon's 'Residential Landlord's Notice to Applicant' rule requires landlords to:
- Under Oregon's Residential Landlord and Tenant Act (ORLTA), a landlord who receives a security deposit must:
- An Oregon property manager discovers the roof of a rental property needs emergency repair after a storm. The owner is traveling internationally and unreachable. The property manager should:
- Under Oregon's ORLTA (ORS Chapter 90), a landlord may terminate a month-to-month tenancy without cause by providing:
- An Oregon residential property manager collects rent from tenants. These funds must be:
- Under Oregon's ORLTA, a residential landlord must maintain rental units in a habitable condition. Which of the following is a minimum habitability requirement?
- Oregon's 2019 statewide rent stabilization law (SB 608) limits annual rent increases for most units to:
- Oregon's SB 608 (2019) also established 'just cause' eviction requirements. Under these rules, a landlord may not terminate a tenancy for a fixed-term tenancy with no cause given. For month-to-month tenancies after the first year, allowable causes for termination include:
- An Oregon property manager collects a pet deposit separately from the security deposit. Under Oregon law:
- Under Oregon's ORLTA, when a landlord enters a tenant's unit for non-emergency repairs, they must generally provide:
- Under Oregon law, when is a landlord entitled to retain all or part of a security deposit?
- An Oregon tenant gives proper notice to vacate a month-to-month tenancy on October 1, effective October 31. The tenant's obligation to pay rent:
- An Oregon landlord wants to convert a rental property to condominiums and sell the units individually. Under Oregon's Condominium Act and tenant rights laws, existing tenants must receive:
Land Use & Zoning
113 questions- Oregon's Statewide Planning Goal 14 requires Oregon cities and counties to establish:
- Under Oregon's Statewide Planning Goal 3, which land use is protected from conversion to urban uses?
- A property owner in Portland wants to build a use not permitted in their current zone. The owner seeks permission for an exception to the zoning rules. This is called a:
- Under Oregon land use law, a 'non-conforming use' is best described as:
- Oregon's Land Conservation and Development Commission (LCDC) oversees:
- Measure 37 (2004) and Measure 49 (2007) in Oregon both addressed:
- The City of Portland's Urban Growth Boundary (UGB) is designed to:
- Which Oregon Statewide Planning Goal specifically protects estuaries, beaches, and coastal shorelands?
- Oregon's Exclusive Farm Use (EFU) zoning is designed to:
- A 'conditional use permit' in Oregon land use law allows:
- Oregon's Senate Bill 1049 (2019) requires cities with populations over 10,000 to allow:
- Inverse condemnation occurs when:
- Oregon's Goal 5 (Natural Resources, Scenic and Historic Areas, and Open Spaces) requires local governments to:
- A property owner in a historic district in Portland wants to add a modern glass addition to a Victorian home. The addition would likely require approval from:
- A 'setback' requirement in a zoning ordinance refers to:
- Oregon's land use planning system requires each city and county to prepare and adopt a:
- Oregon's Statewide Planning Goal 10 (Housing) requires local governments to:
- A developer in Eugene wants to build a mixed-use development with residential units above retail. This type of development is typically allowed in a:
- Oregon's Statewide Planning Goal 7 addresses Natural Hazards. Which of the following is an example of a natural hazard addressed by Goal 7?
- Metro's Urban Growth Boundary (UGB) for the Portland area is managed by:
- Oregon's Forest Conservation and Protection Goal (Goal 4) is designed to protect:
- An Oregon property owner builds a fence 3 feet into the neighbor's yard, exceeding the property line. The neighbor's best legal remedy is:
- Oregon's Statewide Planning Goal 12 (Transportation) requires local governments to:
- Oregon's Statewide Planning Goal 5 requires local governments to identify and protect 'Goal 5 resources.' An example of a Goal 5 resource is:
- Oregon's Statewide Planning Goal 15 (Willamette River Greenway) protects:
- Oregon's inclusionary zoning law (passed 2016) allows cities with populations over 10,000 to require:
- In Oregon, the local appeal process for a land use decision typically begins with:
- In Oregon, a homeowner in a historic preservation overlay district wants to demolish a building. The process typically requires:
- A property in Oregon is located in a FEMA Special Flood Hazard Area (Zone AE). If a buyer uses a federally backed mortgage to purchase this property, the lender will require:
- Oregon's Ballot Measure 5 (1990) changed property taxation by:
- Oregon's 'Middle Housing' law (HB 2001, 2019) requires cities with populations over 25,000 to allow up to how many units on any residential lot?
- Oregon's Transportation Planning Rule (TPR) requires local jurisdictions to:
- Oregon's Statewide Planning Goal 11 (Public Facilities and Services) requires that:
- In Oregon, the Land Use Board of Appeals (LUBA) is:
- Oregon's 'Big Look' task force (2007–2009) was convened to:
- Oregon's 'Exclusive Farm Use' (EFU) zone allows which non-farm dwelling as an outright permitted use?
- Oregon's 'Needed Housing' statutes require cities to:
- An Oregon city's 'Urban Renewal Area' designation is primarily used to:
- An Oregon city wants to allow micro-housing (apartments less than 200 sq ft) in its downtown area. The city would likely need to:
- Oregon's 'Measure 49' (2007) limited the scope of Measure 37 by:
- Under Oregon land use law, a 'partition' differs from a 'subdivision' in that a partition:
- Oregon's statewide land use planning system gives local governments the primary responsibility for land use planning, with state oversight through:
- In Oregon, a 'mixed-use zone' typically allows:
- An Oregon city has adopted a 'form-based code' (FBC) as an alternative to traditional zoning. A form-based code primarily regulates:
- Oregon's planning Goal 9 (Economic Development) requires local governments to:
- In Oregon, 'spot zoning' refers to a practice that is:
- Oregon's Statewide Planning Goal 8 (Recreational Needs) requires local governments to:
- An Oregon city is reviewing an application for a new coffee shop in a residential neighborhood. If not listed as a permitted or conditional use in the residential zone, the city would most likely require the applicant to:
- Oregon's 'Periodic Review' process requires local governments to:
- Oregon cities are encouraged (and in many cases required) to accommodate 'accessory dwelling units' (ADUs). ADUs are:
- In Oregon, a property owner who disagrees with a local land use decision can appeal to the Land Use Board of Appeals (LUBA). LUBA reviews the decision based on:
- An Oregon county designates land adjacent to a major river as an 'Exclusive Farm Use' zone. A landowner wants to build a vacation rental cabin. The county denies the application. The landowner's best legal option is to:
- Oregon's Transportation Planning Rule (TPR) amendments require local governments to reduce reliance on single-occupant vehicles. Properties near Oregon's TriMet MAX light rail system benefit from:
- Oregon's Statewide Planning Goal 3 specifically protects which type of land use?
- In Oregon, what entity has the authority to appeal local land use decisions to the state level?
- Under Oregon's statewide planning program, what is the purpose of the 'Exception Process' in land use planning?
- What is Metro's role in the Portland metropolitan area's land use planning?
- In Oregon, a 'conditional use permit' allows a land use that is:
- What is a 'nonconforming use' in Oregon zoning law?
- In Oregon, which Statewide Planning Goal specifically addresses housing needs?
- In Oregon, what is the term for the process by which a city expands its Urban Growth Boundary to accommodate projected growth?
- What does Oregon's Statewide Planning Goal 14 — Urbanization — primarily require?
- In Oregon, which Statewide Planning Goal protects open spaces, scenic and historic areas, and natural resources?
- What is an 'inclusionary zoning' ordinance, as used in Portland and other Oregon cities?
- In Oregon, which document sets out a local government's long-range vision for land use, growth, and development over a 20-year period?
- What is the purpose of Oregon's 'exclusive farm use' (EFU) zoning designation?
- Oregon's 'middle housing' law (HB 2001) requires which of the following?
- What is Oregon's 'Measure 37' and how was it subsequently modified by 'Measure 49'?
- What is a 'planned unit development' (PUD) in Oregon?
- What is a 'transportation demand management' (TDM) requirement and how does it affect Oregon commercial development?
- What does 'form-based code' zoning mean in the context of Oregon urban planning?
- What is an 'annexation' in Oregon land use and what does it require?
- What does Oregon's 'LCDC' stand for and what is its role?
- What is a 'Type II' land use review in Oregon and how does it differ from a 'Type I' review?
- What is Oregon's 'Urban Reserve Area' designation?
- In Oregon, a 'limited land use decision' under ORS 197 is different from a 'land use decision' in that:
- What is a 'variance' in Oregon zoning law and what standard must be met?
- Oregon's 'Senate Bill 1530' (later SB 1049 and related legislation) in the 2020s addressed which housing issue?
- What is the difference between 'spot zoning' and 'contract zoning' in Oregon?
- What is a 'transportation system plan' (TSP) in Oregon land use planning?
- What is an 'accessory dwelling unit' (ADU) and what does Oregon state law require cities to do regarding ADUs?
- What is an 'overlay zone' in Oregon land use planning?
- Under Oregon land use law, what is a 'quasi-judicial' land use decision?
- What is a 'tree city' designation and why do many Oregon cities pursue it?
- What is 'TDR' (Transfer of Development Rights) in Oregon and how is it used?
- What does 'mixed-use zoning' typically allow in Oregon urban areas?
- What is 'light industrial' zoning in Oregon and what uses are typically permitted?
- What is a 'park and ride' facility in the context of Oregon transportation planning?
- Oregon's 'Opportunity Zones' (created by the federal Tax Cuts and Jobs Act) are designed to:
- In Oregon, what is a 'specific area plan' in the context of urban planning?
- What is the difference between 'upzoning' and 'downzoning' in Oregon land use?
- What is 'design review' in Oregon urban planning and what does it address?
- In Oregon, what is the role of the 'county assessor' in land use planning?
- What is a 'mixed-income housing' development in Oregon and how does it relate to inclusionary zoning?
- What is a 'density bonus' in Oregon housing development?
- In Oregon, what does it mean for a local comprehensive plan to be 'acknowledged' by LCDC?
- What is Oregon's 'rural residential exception area' designation?
- What is 'Oregon's Goal 6 — Air, Water, and Land Resources Quality' primarily designed to protect?
- Under Oregon law, what is a 'significant wetland' and how might it affect property development?
- What is Oregon's 'Buildable Lands Inventory' (BLI) and why is it important?
- In Oregon, what is a 'conditional use' and what distinguishes it from a 'permitted use'?
- Oregon's Statewide Planning Goal 14 addresses urbanization. Its primary purpose is to:
- The Land Use Board of Appeals (LUBA) in Oregon:
- Oregon Statewide Planning Goal 3 protects agricultural land. Under Goal 3, to convert agricultural land (EFU-zoned) to non-farm use, the applicant must generally show:
- Metro is a regional government body serving the Portland metropolitan area. Metro's primary land use authority includes:
- A nonconforming use in Oregon is a use that:
- In Oregon, a variance from zoning requirements may be granted when:
- Oregon's Statewide Planning Goal 5 protects 'natural resources, scenic and historic areas, and open spaces.' An example of a Goal 5 resource is:
- Oregon requires jurisdictions to include a housing needs analysis in their comprehensive plans under Statewide Planning Goal 10. This requirement means cities must:
- An Oregon property owner wants to subdivide their rural land into lots of 5-19 acres near a small city. This action is most likely subject to:
- Portland's Bureau of Development Services administers building permits and land use reviews. A 'Type III' land use review in Portland typically requires:
- Oregon's Statewide Planning Goal 15 specifically protects:
- The Oregon Land Conservation and Development Commission (LCDC) is responsible for:
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