Oregon real estate related statutes Flashcards

Oregon real estate related statutes Flashcards What does the civil rights division (CRD) of the Bureau of labor and industries (BOLI) enforce the states anti-discrimination laws Estate in severaltyownership by one person whether married or unmarried-if married the spouse would have no rights in the property during the lifetime of the owner What lender would be the least likely to approve a short sale?junior lendersb/c they are in a secondary position when it comes to liens against the property and realize there may not be any money left to pay them after the lender in first position gets paid Jerry Anderson lives in western Oregon and would like to build a cabin on land zoned for forest use. In order to be allowed by the state of Oregon to do this, the land must be incapable of producing 5,000 feet of commercial tree species annually and ______.be located within 1500 feet of a public paved or rock surface road Which type of oregon ownership includes unity of time, title, interest, possession and marriage?tenancy by the entirety You cant record a deed unless it islegal and has been acknowledged

For subdivision sales: Sellers may negotiate sales with

buyers once the preliminary plan has been approved (final plat must be approved and recorded before sale) properties set maximum assessed valueset limits on value growth rates to help avoid huge property tax jumps each year Deed of Trust 3 partiesborrower (trustor)lender (beneficiary)trustee (holds legal title on behalf of beneficiary) Oregon Trust Deed Act (OTDA)solution to the MERS question of who the beneficiary is in a non-judicial foreclosure-requires lenders to record all deed of trust assignments before initiating non judicial foreclosures so no question about who beneficiary is and foreclosure process can proceed without a hitch Owners associationan organization composed of unit owners in which membership is automatic upon purchase of a unitwhere they participate in condominium management acknowledgment is the act ofdeclaring the execution of a deed, thus providing protection against a seller attempting to sell a property twice Joint tenancyproperty is owned by two or more peoplethe death of one person simply raises the stake the others have in the property (right of survivorship)each co owner must own equal interest Absolute Auctionhighest bidder gets the property and there is no minimum bid registered domestic partners may take title as tenants in common or in survivorship estate like tenancy by entirety

Notice of at least how many days is required when an apartment complex is being turned into a condo 120 daystenant has 60 days to accept offer to purchase Who sets the standards of how appraisals are conducted including approved appraisal methods?the dept of revenue If a land owner charges for permission to use the land for a specific recreational purpose or for harvesting special forest products...the liability limits don't apply In Oregon, acknowledgment is a key element to a deed.Why should a grantee always receive an acknowledged deed?it provides the grantee(buyer) title protection from the grantor(seller) against other purchasers of the same property Mark purchased his home for $485,000. Last year, his assessment showed his property valued at $495,000. What is the maximum assessment allowed when the maximum is calculated using 103% of assessed value?For this question it's important to remember that assessed property value is determined by multiplying last year's real market value or assessed value (whichever is greater) by 103%. Since last year his assessed value was $495,000, this is the number you would use to calculate the correct value. Multiply that by 103%, and you've got $509,850.When will a county begin tax foreclosure proceedingsafter 3 years of delinquent property taxes Co-ownershipownership existing when two or more persons have the same ownership rights in the same property Why was MERS createdso lenders could avoid recording fees when buying and selling loans manufactured homeA home that is built after 1976 and is constructed in a factory with permanent chassis and wheels and transported to destination and anchored to the ground the average tax rate is1.12% Is a hearing required for a final plat approval noinstead staff members approve final plats for owners who have met all approval conditions and approval criteria Improvementa permanent change to real property, such as the construction of a building, installation of shrubbery or trees, driveways and patios Tenancy in Commonwhen 2 or more non married persons own a property together and each is entitled to possession of the whole-if one dies that persons ownership is inheritable doesn't necessarily pass to the other owners-any co owner can transfer his interest in property w/out affecting the other party's ownership interest-person named in will gets property, if no will then state decides What are the restrictions for dwellings on forest zoned land in eastern Oregon?incapable of producing less than 4000 cubic feet of tree species and a minimum distance of 1500 feet away from a public paved road Latent Defecthidden structural issue that might not show up in the inspection and need to be disclosed if known about titles transfered on properties that have gone through judicial foreclosure in oregon have brought into the question of chain of title-however the Oregon trust deed act has done its best to remedy these problems

assessors value properties at 100% of their real market value In order for a licensee to sell a manufactured home, according to ORS 446.676, the structure and the land must be classified as real property, rather than personal property (like an RV would be), which is something that the original owner must apply for with the state.Liability LimitsORS 105.688 limits landowners' liability for any individual's personal injury or death or property damage that may results from this type of land usage. (However, if an owner does anything intentional to harm another person who's using the land for these purposes, that's another thing entirely and the liability limits no longer apply.) Partitioningproperty owners partition their land and divide it into 3 or fewer units called parcels-less onerous than subdividing When does oregon's property tax year begin? July 1st and ends on june 30th of the next year acknowledgementrecognition for a notable deedoath of a subscribing witness where the grantor states to the notary that the signing of the deed is a voluntary act properties are taxed on theirassessed value, which is the lower of the real market value or the maximum assessed value construction lien (mechanic's lien)Remedy that contractors can take when they haven't been paid for by the homeowner. The contractor can recover unpaid amounts immunities don't apply when an owner charges more than

a certain amount:

$25 per year for gardening$75 per cord for woodcutting.Liability limits for all other recreational uses will still apply.If a manufactured home and the property on which is it located is owned by the same person and is to be sold together in the same transaction the agent must have a real estate license Deed of Trust Foreclosurenon-judicial foreclosure, doesn't have to go through court (oregon) a condo owner can remove walls ifthey own adjoining units Mortgage Electronic Registration System (MERS) eliminates the need to record a mortgage document every time the mortgage is bought or sold. Given how many times mortgages are sold, or securities are issued backed by specific mortgages, this eliminates a lot of hassle and paperwork.

Common Elementsowned by all, includes: the land and structural components

meant for common use, such as stairs, roofs, siding, utilities etc Real Market Valuethe price your property would sell for in a transaction on Jan 1st How long is a construction lien good for 120 days MERS replacedthe former system of recording a deed every time a property changed hands, making it easier for lenders who do a lot of buying and selling on the mortgage market

Oregon's homebuyer protection act of 2003 safeguards new construction homebuyers from liens that are filed in relation to any construction work done before the sale Reserve auctionauction where the seller has set a minimum amount for the winning bid and bidders aren't told what that amount is.Seller has right to reject any and all bids MERS allowslenders to forego the courthouse recording process and loans can be transferred between MERS members as many times as they want without having to pay a new recordation fee each time Civil rights laws apply tobrokers, owners, landlords, managers and operators, developers, homeowners associations, builders, insurance agents and financial institutions.Grantor is theSeller What does oregon use as a security instrument deed of trust Oregons homebuyer protection act of 2003 applies tothe sale of new single family homes (including duplexes, triplexes and condo units) or to an existing single family home that underwent a remodel costing $50,000 or more Which of the following people or groups is not likely to be charged with discrimination related to a real estate transaction?Buyers Property taxes affect-privately owned real property, including land, structures, fixed machinery and equipment-manufactured homes-personal property that's used in business operations when can a developer break ground and start building homes on the approved lots and sell lots after the final plat is approved and all ad valorem taxes and any other applicable fees have been paid and its recorded in county public records.

Entity Ownershipa recognized legal entity may hold title to real propertyex: a

partnership, LLC, or corporationthe Grantees name shodl be recorded in the contract exactly as its registered with the sate of oregon or where the entity was created In oregon a person claiming a lien must file it no later than75 days after the person has finished the labor, rented equipment or furnished materials, or 75 days after completion of construction whichever is earlier Doctrine of Prior AppropriationFirst come first serve basis. The theory that whoever begins using the water first, has the right to continue using the water.mobile homebuilt before 1976 similar to manufactured home in that they have a chassis and wheels-difference between manufactured homes is in the regulation of their construction, which changed with the passage of the national manufactured housing construction and safety standards act of 1976-personal property