Property Management
Oregon's 'relocation assistance' requirement for no-cause evictions (SB 608) requires the payment amount to equal:
AFirst and last month's rent
BOne month's rent✓ Correct
CThree months' rent
DThe equivalent of the security deposit
Explanation
Under Oregon SB 608 (ORS 90.427), when a landlord terminates a tenancy without cause after the tenant has been in the unit for 1 year or more, the landlord must pay the tenant relocation assistance equal to one month's rent.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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