Property Management
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:
A1 month's rent
B2 months' rent✓ Correct
C1.5 months' rent
D3 months' rent
Explanation
Under Oregon SB 608 (ORS 90.427), when a landlord terminates a tenancy of 1 year or more without cause (when permitted), the landlord must pay the tenant a relocation assistance fee equal to 1 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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