IS JEOPARDY OVER YET...
What is the One Contingency in the Sales Agreement, that is measured in Calendar days and how many days is this contingency?
Lead Based Paint, 10 Days
“I think you'd be happier looking in this other neighborhood.”
Steering
To be enforceable, a contract for the sale of real property
A. I only
B. I and II only
C. II and III only
D. I, II and III
B. 1 and 2 only
This material covers the exterior of a home and may be wood, vinyl, fiber cement, or composite.
What is Siding
You are representing a listing a built prior to 1978. an offer was submitted and accepted; what two documents should be provided by the seller in an OREF Forms Contract?
Lead Based Paint Disclosure & Lead Based Paint Pamphlet
How many days are you allotted in the Septic Inspection Addendum to review reports?
5 Days after having received the report.
“I think the property line is right here.” Who can actually determine it?
A surveyor
Oregon law generally requires real estate transaction records to be retained for this many years.
This type of siding, commonly associated with the Louisiana-Pacific name, was the subject of major failure claims in the 1990s.
BONUS: If you can explain the difference first generation & Second Generation
You are representing the buyer in the purchase of a home. Repairs have been negotiated and completed, the seller should provide what documents for the completion of those repairs with an OREF Sales Agreement?
Notice of Completion of Repairs, Paid or completed invoices, photo documentation, etc.
This document is commonly used when a buyer wants to terminate based on the professional inspection contingency.
BONUS: What should be attached to with that form?
What is a Buyer’s Notice of Termination?
What is Unconditional Disapproval
“That addition looks permitted.” Where should the buyer verify it?
City/County or Local Ordinance
Oregon real estate licensees generally must transmit transaction documents to their principal broker within this many banking days.
What age of property would you typically find orange- berg plumbing sewer lines?
Daily double: What is it made of?
1940-1960
Layers of wood, pulp fibers and asbestos, compressed by a water resistant adhesive
Seller's property disclosures are not required on what types of sales?
Manufactured homes without land.
Vacant Land
A property newly constructed, that a Seller has never lived in.
Court Appointed representatives,
True or false: A buyer can always refuse to provide their inspection reports to the seller because the buyer paid for them.
What is false.
“This home is worth $625,000.” What should support that opinion?
A CMA that gets uploaded to your Skyslope File
What does OAR stand for?
BONUS: What does OAR do?
Oregon Administrative Rules
BONUS: Write Administrative Rules adopted by the Oregon Real Estate Agency.
This type of plumbing, commonly installed from the late 1970s through the 1990s, is recognizable by flexible gray plastic supply lines and has a history of failure concerns.
What is polybutylene
An Oregon broker representing only a seller still owes these duties to an unrepresented buyer.
What are honesty, good faith, and disclosure of material facts?
If a broker takes a kickback for referring a client to a title company, this federal law is violated.
What is RESPA (Real Estate Settlement Procedures Act)
"The seller will fix it.” What do we need?
Signed Repair Addendum
This Oregon statute contains many of the licensing and regulatory laws governing real estate licensees.
What is ORS Chapter 696.
What is the Maximum acceptable level of Radon, as measured by Radon Machines
4 Pc/L
Which parties can claim an Exclusion, with respect to proving the Seller's Property Disclosure Statement?
1. The Sale of a Building never occupied
2. The sale is by a Financial Institution
3. The sale is court Appointed
4. The Sale is by a government entity