Online Ed Final Real Estate Review Flashcards

Online Ed Final Real Estate Review Flashcards Which is TRUE of a personal representative who wishes to sell the real estate included in anestatethey are responsible for handling?1. They can advertise the property without a real estate license.2. They can negotiate the sale of the property without a real estate license.Both 1 and 2 Which of the following would be used to enforce a condition that was created at the time the real property was conveyed?Cease and desist orderZoning board of appealsReverter clauseViolation citation Reverter clause Susan gave Willamette Property Management Company a check in the amount of $1200 for prepaid rent and conditionally refundable deposits for a duplex she wanted to rent. Two days later, prior to moving in to the duplex, Susan notified Willamette Property Management she was withdrawing her rental application and wanted a refund of the money she had paid. Willamette Property Management had not deposited Susan's check. Under Oregon Administrative Rules, the company may do which of the following with Susan's check?A. The company may return Susan's check to her without first depositing and processing the check through its clients' trust account.B.Susan's check may be deposited into the company's operating account and then a refund can be issued.C. The company may deposit Susan's check into its clients' trust account and then issue a refund to Susan.A and C Robert Mosher owns Mosher Real Estate Mart, Inc., a registered business name that conducts professional real estate activity in Oregon. Robert is required to holdan active principal broker's license.an active real estate broker's license.an active sole practitioner broker's license.None of the above None of the above Which of the following would violate the Administrative Rules and Regulations of the Real Estate Agency?1. A broker associated with a principal broker obtained an offer in which the parties stipulate that the earnest money should be deposited into an interest-bearing account and that the interest earned would be given to the broker.2. A broker associated with a principal broker obtained an offer to purchase with $10,000 earnest money, but did not indicate in the offer the type of earnest money received from the purchaser.

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The administrative rule dealing with neutral escrow and clients' trust accounts requires1. all funds to be deposited first in clients' trust account and then transferred into a neutral escrow.2. the principal broker to account for all funds received by maintaining appropriate documentary evidence.

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An agreement for the management of property mustinclude a legal description of the managed property.specify the management fee.include the property owner's business or residence address.disclose the name and address of the financial institution where the property manager will maintain a clients' trust account specify the management fee.A principal real estate broker managing their personally-owned rental properties mustdeposit all rent collections from such properties into their clients' trust accountmake a monthly accounting for inspection by the Real Estate Agency.maintain a ledger account as they do in their professional property management activity.disclose their license status if they are involved in a lease-option of their personally-owned property.disclose their license status if they are involved in a lease-option of their personally-owned property.When analyzing the various approaches to estimating value,1. the income approach is the most important in site valuation.2. the approach that requires the gathering, recording and comparing of sales data for comparable sites is the cost approach.Neither 1 nor 2 Notice of ownership given by a person's presence on his land is calledinquiry notice.physical notice.actual notice.constructive notice.constructive notice.Generally, a deed that is not acknowledged by the grantee1. is effective between the parties to transfer title.2.will be accepted for recordation by the county clerk.

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The right to enter upon the property of another and remove sand, gravel, or the like is calleda license.a nuisance.a trespass.a profit.a profit.Which of the following individuals is NOT exempt from licensing law requirements while engaging in property management activity?A hotel representative in the business of arranging transient lodging at a hotel or innA railroad company arranging transient lodging at a hotel or inn in the course of its businessAn innkeeper arranging transient lodging at his innA limited partner in a limited partnership who, on a part-time basis, is acting under a separate, written property management agreement to rent the real property of the limited partnership A limited partner in a limited partnership who, on a part-time basis, is acting under a separate, written property management agreement to rent the real property of the limited partnership

The failure on the part of the real estate broker to place deposit money in the custody of their principal broker iscontrary to license law.in violation of contract law.contrary to license law.Which of the following statements concerning the property manager's handling of prepaid rent received from a prospective tenant is true?1. The property manager may hold the check for no more than five banking days after receipt of the check without either depositing the check or returning the check to the tenant.2. The property manager may prepare and maintain a separate tenants' ledger to record the receipt of funds from prospective tenants who are not tenants at the time of paying the funds to the property manager, who do not pay the funds for a particular rental unit and who do not become tenants after such payment.Both 1 and 2 Condominiums may beresidential property.resort property.industrial property.All of the above All of the above In which of the following would you be least likely to find a full legal description of the property?Preliminary title reportDeedReal property tax statementPolicy of title insurance Real property tax statement The approach that appraisers most commonly use for estimating construction costs is thesquare-foot method.unit-in-place method.quantity survey method.index method.square-foot method.If a building has an estimated remaining economic life of 50 years, the appropriate recapture rate will most likely be3 percent.18 percent.6 percent.2 percent.

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If a principal real estate broker initials and dates a property management agreement negotiated and signed by a property manager associated with her, the principal broker isapproving only the form of the agreement.approving and accepting the agreement with the owner.memorializing her review of the agreement only.authorizing the filing of the agreement in her real estate transaction records.approving and accepting the agreement with the owner.Which of the following statements about reporting lawsuits involving a property manager isfalse?The property manager must report to the Real Estate Commissioner each lawsuit filed by them to collect a property management fee.The property manager must report to the Real Estate Commissioner any adverse court decision involving their property management.The property manager must report to the Real Estate Commissioner any adverse court accepted settlement involving their property management activity.If an adverse court decision reported

to the Real Estate Commissioner by the property manager is appealed, the property manager must report each subsequent decision of any appellate court.The property manager must report to the Real Estate Commissioner each lawsuit filed by them to collect a property management fee.Oregon real estate license law restricts brokers associated with principal brokers from1. bringing a lawsuit against a seller for payment of a commission.2. directly accepting a finder's fee from a principal broker with whom the broker is not licensed.both 1 and 2 When an earnest money deposit is to be placed in a neutral escrowthe escrow agent must have instructions relative to