Forms Formula
On the seller's contingent obligation to sell form (OREF 099), name three of the of the 5 sale contingencies named in that agreement?
1. Enter into an agreement for the purchase of a replacement property
2. Waive or remove any inspection contingency for a replacement property.
3. Waive or remove any appraisal contingency for a replacement property.
4. Close a purchase of a replacement property.
5. Other
How many square feet in an acre?
43,560
What is the most common way for a married couple to hold title?
Tenancy by the entirety
What year was the Code of Ethics for the National Association of REALTORS adopted?
1913
Name three different types of roofing styles.
Gable
Hipped
Dutch
What document would be used in the sale for personal property, not included with the sale of real property?
Bill of Sale
Formal name for water rights?
Riparian Water Rights
In a tenancy by the entirety, what happens to the property when one spouse passes away?
The property is transferred to the sole ownership of the serving spouse
What line of the Lead Based Paint Addendum is typically left blank for the buyer's initial, due to no records being provided?
Daily Double: What could be written on that line, to ensure compliance with HUD?
Line 27
Not applicable OR N/A
What are three main types of house foundations?
Crawl space
SlabFull basement
Under an OREF Sales agreement, the buyer is terminating based on the Seller's Property Disclosure Statement AND/OR it's not been delivered. What form should be used?
Buyer's Notice oTo Seller Of Revocation and Demand For Refund (OREF 056)
Name the agency that managed all mineral rights in Oregon.
DAILY DOUBLE
The State Land Board & it's administrative agency, the Department of State Lands.
Name the vesting type: Each tenant in common shares an undivided separate percentage ownership interest in real property with the other tenant(s) in common.
Tenants in Common
Name the four exempt entities that are exempt from Seller's Property Disclosures?
1. First sale of a dwelling never occupied.
2. This sale is by a financial institution that acquired the property as custodian, agent or trustee, or by foreclosure or deed in lieu of foreclosure
3. The seller is a court appointed receiver, personal representative, trustee, conservator or guardian
4. The sale or transfer is any a governmental agency
What is an average size electrical panel, used in new construction single family homes?
200AMP
In the event of multiple offers & the seller would like to receive highest and best, what form would you use in an OR Sales Agreement?
Invitation to Escalate
Timber appraisals are also known as?
Timber Cruise
A type of mortgage in which the lender makes periodic payments to the borrow, who is required to be age 62 or older in the FHA program, is called?
Reverse Mortgage
What line on the SPD is always missed?
DAILY DOUBLE: Name two lines
Line 44, Occupancy
Line 218, attachment of additional pages
What are two types of recalled electrical panels?
Federal Pacific
Zinsco
In an OREF Sales Agreement, how many days does the buyer have to terminate a transaction, after having received reports from a septic inspection?
The boundaries of a parcel of real estate that identified by its natural landmarks.
What year was NAR established?
1908
What is it called when a government agency seizes private land?
Immanent Domain
Name three materials used in sewer lines?
Stainless Steel
Orange Berg
Concrete
ABS Plastic