Which of the following would be considered a seller debit in the closing statement? quizlet

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Terms in this set (82)

3. Which of the following statement is INCORRECT in accurately reflecting the duties of escrow agents?
1. they are to act impartially for both the buyer and seller
2. they must follow escrow instructions
3. they must act as fiduciaries until escrow is closed
4. in reviewing legal documents, they cannot provide any missing clauses (incorrect)

The escrow agent is a fiduciary for both parties on a continuous basis. Records are kept and are available by request from either party. They must be impartial, follow instructions, and review documents.

6. The purpose of a bill of sale in a real estate transaction is to convey title to:
I. an easement
II. personal property
III. a life estate in real estate
IV. real property

Personal Property ONLY...Conveying the real property right of a life estate holder or an easement requires the use of a deed.

19. The escrow agent is to function as:
1. the buyer's agent
2. the seller's agent
3. a dual agent
4. an agent for the entity that hired him/her (incorrect)

An escrow agent is working for both the buyer and the seller; a dual agent.

22. Which of the following does the State authorize an escrow agent to perform?
I. disburse funds as authorized by both principals
II. draft legal documents
III. review legal documents for typographical errors
1. I only
2. III only
3. I and III only
4. I, II and III

3. Escrow agents cannot practice law. They cannot write/draft legal documents. They can handle and disburse funds of the buyer and seller. They can review documents to make sure there are no "typos" and contact the lawyers for possible changes.

23. When the seller provides his/her consideration in a real estate transaction by delivering a deed into escrow, the:
1. title remains with the seller until escrow conditions have been met
2. escrow officer must record the deed the same day (incorrect)
3. title immediately vests in the buyer
4. none of the above

1. Title does not convey until escrow closes and all the costs and funds have been paid out.

24. Which of the following would have a copy of the closing statement?
I. buyer
II. seller
III. agent for the seller
IV. agent for the buyer

1 &2. The transaction and transfer of title is between the buyer and the seller. Each would have their own closing statement and different figures shown on each. Sales agents are not principals and not part of the closing.

26. Which of the following can handle an escrow closing?
1. escrow company (incorrect)
2. an attorney
3. a licensed principal broker
4. any of the above

4. All the above. Under State regulations, either of the 3 can handle an escrow closing.

28. When the buyer is unable to perform under the seller's escrow instructions, the escrow may be closed if the:
I. broker provides the short funds, without informing the seller
II. escrow agent discounts the escrow fee to make up the short funds, without informing the seller
III. seller consents in writing
1. I only
2. II only
3. III only
4. both I and II

3. Since the buyer did not perform, escrow would fail UNLESS the seller accepted the change in writing and allowed the buyer to put in less money with notes issued by the buyer. The escrow agent or broker cannot do this on his/her own.

29. 29. If the buyer and seller sign the escrow instructions and the instructions differ from the deposit receipt or preliminary sales contract, which of the following is correct?
1. you must write a new deposit receipt
2. the escrow instructions take precedence
3. the deposit receipt takes precedence (incorrect)
4. everything is void, and you must start over

2. The escrow instructions take precedence in that they enable the transfer of title. The receipt and/or sales contract would have to be amended to conform to escrow.

7. Which one of the following statements correctly describes the manner in which taxes are prorated at closing?
I. the seller must be given a credit for prepaid taxes
II. no proration is made until the tax bill arrives

A. I only

B. II only

C. both I and II

D. neither I nor II

1. Only...The seller will be PAID his/her pro rata overage of paid property tax; a credit entry. This is determined at the time of closing.

17. When the buyer places funds into a real estate transaction, the escrow agent can pay out these funds in accordance with the written instructions of the:
I. principals to the escrow transaction
II. buyer alone in the event the buyer is unable to obtain the financing which was a condition of the agreement to purchase
1. I only
2. II only
3. both I and II (incorrect)
4. neither I nor II

1. The escrow agent must follow the instructions for each. Regardless of weather or not buyer qualifies

Credits = When Byer or seller pay money into escrow or there is a VALUE item.
Debits - When escrow pays out money or pays escrow costs of the buyer or seller... these costs would appear as debit entries.

Escrow Fees = Debit seller
Paying off Liens = Debit
Owner's Title Insurance = Debit

If buyer assumes sellers debt?

Credit to Buyer (putting Vallue in)
Debit to Seller (taking vallue out)

Balance Entry - Cash going to the seller is a debit because it is leaving the transation. The money is coming from the buyers pocket into the transaction so it is a credit entry,

...

8. When a purchase money mortgage is given back to the seller by the buyer, where is this shown on the closing statement?

A. debit to the buyer

B. credit to the buyer

C. debit to the buyer and credit to the seller

D. cash paid out at closing

2. credit to the buyer. The buyer is paying money in to pay off the PMM. The payment into the closing is a credit entry to the buyer. The money received by the seller would be a debit entry.

7. The buyer is assuming a mortgage and the lender is charging an assumption fee. Where is this shown on the closing statement?
change answer A. debit to the buyer, credit to the seller
B. debit to the buyer only
C. credit to the buyer, charge to the seller
D. debit to the seller, credit to the buyer

2. The buyer is being charged a fee (a debit entry). Actual payment by the buyer would be a credit entry. The seller is not involved and it would not be shown on the seller's statemen

5. When looking at the sales price on a closing statement, the sales price is a:
1. credit to the buyer and a debit to the seller (incorrect)
2. debit to the buyer and a credit to the seller
3. credit to the buyer and a credit to the seller
4. debit to the buyer and a debit to the seller

2. The buyer is receiving the property as the sales price (debit entry). The seller is placing the property into escrow as the sales price (a credit entry).

6. When looking at the closing statements, which of the following would appear as a debit on the seller's closing statement?
I. amount of a mortgage, which the purchaser will assume
II. earnest money deposit from the purchaser
1. I only
2. II only
3. both I and II (incorrect)
4. neither I nor II

The seller is having his/her mortgage debt paid off; relief of the debt (a debit entry). The buyer is putting in the earnest money deposit (a credit entry) which will only show on the buyer's closing statement. The seller will get the "overall" net proceeds from the sale which will be a debit entry on the seller's closing statement.

11. When the buyer is assuming the existing mortgage on the property, which of the following belongs in the credit column of the seller's closing statement?
1. purchase money mortgage (incorrect)
2. proration of prepaid property taxes
3. buyer's attorney fee
4. proration of the mortgage payment for the month

The seller is given credit for his/her share of the mortgage payment for the month of the sale. The property tax is already paid and would not be a credit entry for the seller.

19. Regardless of where a loan amount comes from, it is entered on the Buyer's Statement as a:
1. debit (incorrect)
2. balance
3. credit
4. negative

3.When the buyer signs for a loan to finance the transaction, he/she is placing value into the transaction: a credit entry.

4. An unrecorded deed is valid and binding
1. between the parties to that deed
2. upon a later bona deed with a new purchaser
1. 1 only (incorrect)
2. 2 only
3. both
4. neither

3. A deed can be valid without being recorded. A later sale must follow the same restrictions as the prior deed.

9. Which of the following does not need to be recorded in order to be valid against a future purchaser?
1. property tax liens
2. a deed (incorrect)
3. installment sales contract
4. none of the above

1. Death and taxes are certain. Local goernment tax liens have priority over any other claim and they are not recorded.

Recording a document gives:
A. constructive notice
B. actual notice
C. presumption
D. private notice

a.

Recording gives constructive notice. Which of the following also gives constructive notice?
A. express knowledge of a fact
B. possession of land by a person other than the grantor
C. knowledge of a deed that has not been delivered
D. none of the above

B. possession of land by a person other than the grantor. Recording and the Rights of Possession are examples of "constructive notice." The other answers are examples of "actual notice"

4. If an Oregon real property owner believes the true cash value placed on his/her property by the county assessor is too high, it would be proper to advise him/her that the burden of proof in determining the value of his/her property rests on the:
1. fee appraiser appointed by the Oregon Tax Court (incorrect)
2. taxpayer himself/herself
3. Oregon Department of Revenue
4. County Board of Equalization

If a taxpayer wishes to contest a valuation by the county, it is up to the property owner/taxpayer to prove the value is less than the assessment value.

5. A taxpayer who appeals his/her valuation to the Small Claims Division of the Oregon Tax Court and loses:
1. may appeal to the Department of Revenue (incorrect)
2. may appeal to the County Board of Equalization
3. may appeal to the State Supreme Court
4. has no right of appeal further

4. Once a person appeals to the Oregon Tax Court, there is no other appeal available.

6. If you are not satisfied with the amount of your property tax assessment after meeting with the assessor, what is the next recourse that you have?
1. appeal to the County Board of Equalization
2. appeal to the Superior Court
3. appeal to the County Commissioners
4. you have no recourse

1. The first area to appeal a property tax assessment value after meeting with the assessor is to the County Board of Equalization. Each county has its own board.

12. Property taxes are:
I. levied according to value
II. a lien until paid
1. I only (incorrect)
2. II only
3. both
4. neither

Taxes are levied against the property based on/according to value. Oregon is one of the few States that places a lien on the property the day the tax period begins.

16. When special assessments for local improvements are being levied such as lighting in the neighborhood, it can be paid in:
I. a lump sum payment
II. payments plus interest on the unpaid balance

A. I only

B. II only

C. both I and II

D. neither I nor II

...

16. Who cannot make payments against the balance owed the State under the Senior Citizen's Property Tax Deferral program?

A. owner's spouse

B. owner's grandson

C. the mortgage lender

D. charity

...

8. Which of the following is NOT a requirement to participate under the Property Tax Deferral program?
1. it must be the residence of the applicant
2. title for the residence must be recorded with the county (incorrect)
3. less than $32,000 of taxable income
4. a married couple may use the spouse with the oldest age to apply

This is a trick question. It is not $32,000 of taxable income, but $32,000 of total income, which includes non-taxable income such as Social Security.

10. To apply for the Senior Citizen's Property Tax Deferral program, the senior citizen must apply:
1. through the Social Security Department
2. between January 1 through April 15
3. no more than 14 days prior to the qualifying birthday
4. through the Department of Revenue

2. A homeowner age 62 and older may apply through the County Assessor's office between January 1 and April 15 of a given year.

16. Who cannot make payments against the balance owed the State under the Senior Citizen's Property Tax Deferral program?
1. owner's spouse
2. owner's grandson
3. the mortgage lender (incorrect)
4. charity

The balance owed can be lowered from payments made by the owner, spouse, relatives, or a lien holder.

17. When a qualifying veteran applies for the Veteran's Property Tax Exemption, the veteran has his/her:
1. property tax deferred until death (incorrect)
2. assessed value reduced by $12,500 for property tax purposes
3. property tax reduced by $12,500 for property tax purposes
4. property tax reduced by $32,000

The $12,500 is an exemption from property value. It is not a $12,500 tax credit. $12,500 is subtracted from the assessed value (exemption) and the Vet pays tax on the difference.

18. Which of the following veterans would qualify for the Veteran's Property Tax Exemption program?
1. a veteran who is greater than 40% disabled regardless of age
2. an honorably discharged veteran who is age 65 or older
3. a non-married widow of a qualifying veteran who is age 50
4. all could qualify

ALL QUALIFY

20. Vern served in the Army during the Vietnam era and is now age 63. Vern would be allowed to apply for:
1. the Senior Citizen's Property Tax Deferral program only
2. the Veterans' Property Tax Exemption only
3. both the Senior Citizen's Property Tax Deferral program and the Veterans' Property Tax Exemption program (incorrect)
4. neither

NOT 65

21. A qualifying veteran may apply for the Veterans' Property Tax Exemption without a penalty:
1. between January 1 and April 15
2. between January 1 and May 1
3. within 14 days prior to his/her 65th birthday (incorrect)
4. up to 14 days past his/her 65th birthday

The dates are annual between January 1 and April 15th for application. It has to be postmarked by April 15th. Oregon will accept those applications in the mail up to May 1st. ( Senior Citizen's Property Tax = april 1)

12. Tom married Vie last year and she moved into his home of many years in Oregon. They decided to sell the home this year and move to Texas. What are the tax consequences?
1. Tom lived in the home at least 2 of the past 5 years and so they can take a $500,000 exemption
2. since only Tom lived in the home 2 year of the previous 5, they can take a $250,000 exemption (incorrect)
3. since Tom married Vie and she didn't live in the home for 2 years, they would get no exemption
4. since Oregon is not a community property State, Tom would get to report an e

1. Married couples get $250,000 each regardless of how long they are married.

6. When a couple sells their house and escrow closes, the reporting to the IRS of the sale:

A. will be done by the escrow company under the RESPA laws

B. is done on a 1099 form by the escrow company

C. is the responsibility of the couple on their capital gains tax form

D. all are correct

All the Above

2. Mary sold an easement across her property for $500. What must Mary do tax wise?
1. she must report the sale on her income tax (incorrect)
2. she must submit a 1099 form to the IRS
3. she must carry forward the gain at the sale of her property
4. she does not have to report the sale

4. Any sales that are less than $600 do not have to be reported.

The amount of SS benefits is based on what?

PIA - Primary insurance Amount

FICA tax into the sytem for 10yrs/40quarters?
A. Pia Qualified
B. Fully Insured
C. Fully Eligible
D. Partially Insured

B. Fully Insured (40 Quarters)

Which of the following statements about the S.S. Retirement benefit is INCORRECT?

A. To gain minimum benefit, a person has to pay FICA tax for at least 10 quarters
B. To gain the maxinmm benefit, a person must put in 40 quarters
C. Your AIME is based on your best 3 years
D. Income is fixed until congress has to get ree lected

C. The Retirement amount is based on your best 30 years of FICA contributions.

9. Which statement regarding retirement income from social security is INCORRECT?

A. income is based on the participant's Primary Insurance Amount aka as their PIA

B. the PIA is based on retiring at age 65

C. if a person retires at age 62 they will get 90% of their PIA

D. if they wait until age 70 to retire, they will receive 120% of their PIA

C. 62 = 80%

4. The State would take action against a real estate firm for all of the following records violations EXCEPT:
1. monthly trial balances are not performed
2. changing location of records without notification
3. accounts are not reconciled on a daily basis
4. not using pre-numbered receipt books

3. An office only has to reconcile on a monthly basis.

8. The function of the RELO department is which of the following?
1. the Real Estate Licensing Organization or department keeps track of the license status of agents
2. the RELO department keeps track of the continuing education completed by the agents
3. establish a monthly report on those referrals moving into the area
4. agent referrals to completing firms are reported monthly (incorrect)

3. The relocation (RELO) department works with those possible client's relocating into the area serviced by the firm.

2. Which of the following office records does not have to be pre-numbered?
1. cash receipt books (incorrect)
2. business checks
3. checks from the Client's Trust Account
4. all must be pre-numbered prior to us

Any documents used regarding money receipt or disbursement must be pre-numbered prior to use. Deposit books are the only thing that does not have to be numbered.

Under State law, a real estate office must reconcile its trust accounts:
1. monthly
2. as needed
3. daily
4. quarterly

1. Monthly

6. Which of the following information would not be available on a rejected earnest money agreement?
1. name of the buyer
2. name of the buyer's agent
3. property description (incorrect)
4. amount of earnest money

2. The earnest money agreement is between the buyer and seller. The name of the other party's agent will not appear on the document.

9. When a buyer presents a promissory note as an earnest money deposit, when must the buyer provide payment for the promissory note?
1. upon acceptance by the seller (incorrect)
2. when a commission is due
3. when qualifying for a loan
4. upon closing of escrow

4. When escrow closes, all monetary requirements become due.

10. When a buyer presents a promissory note as an earnest money deposit, the licensee for the seller must:
1. make good on the note
2. inform the client that the earnest money is a promissory note
3. take the note from the buyer's agent and deposit it into the client's trust account (incorrect)
4. have the buyer endorse the note

2. The seller must be informed that the earnest money is not cash, but a promissory note. Some sellers will refuse to accept a promissory note.

5. If a broker lists his/her owned property with his/her principal broker to lease-option the property, the principal broker must:
I. disclose the associate broker's status as owner on the MLS and advertising media
II. maintain complete records for six years
1. I only
2. II only
3. both I and II (incorrect)
4. neither I nor II

2. Only... Announcing ownership of property is not necessary on the MLS and advertising. It is necessary when in direct contact with the public. Records must be kept for 6 year

8. An Oregon principal/designated broker is closing his/her office and moving to another State. How must he/she handle the Oregon records?
1. take the records with him/her to his/her new business location
2. he/she must send his/her records to the Real Estate Agency (incorrect)
3. he/she can handle the records as he/she wishes when he/she turns in his/her license
4. establish a place in Oregon to store the records for the six year requirement

4. Records have to be kept for 6 years within the State of Oregon.

13. A person who holds an inactive real estate broker's license:
1. is exempt from record-keeping of his/her personal real estate transactions
2. must disclose the fact that he/she has a license when buying or selling property on his /herown
3. must list his/her owned property with a broker in order to sell or trade
4. may engage in professional real estate activity on a limited agency basis
records for 6 years. They cannot represent any person when inactive.

2. Any licensee (active or inactive) must divulge their license when dealing with the public. They must keep

20. A person can perform office work without obtaining a license. The worker can legally perform which of the following?
I. transmit information from an MLS to a phone prospect
II. verify the accuracy of listing information with the county
1. I only
2. II only
3. both I and II (incorrect)
4. neither I nor II

2. The office worker cannot deal with the public in releasing real estate information such as listings. The worker can do paper work such as verifying legal information on a listing

22. If a firm wants its branch office to maintain a separate client's trust account, the branch must:
I. maintain a separate bookkeeping system
II. file the original copy of each listing agreement, earnest money receipt, and closing statement with the main office within 60 days of the transaction
1. I only
2. II only (incorrect)
3. both I and II
4. neither I nor II

1. There has to be separate bookkeeping for each Client's Trust Account. The records can be kept at the branch office if notifying the Commissioner of this fact.

27. In regard to the requirements of an Oregon principal broker's client's trust account, which of the following statements is false?
1. the principal broker must notify his/her clients of the account number and name of the bank in which he/she deposits trust funds
2. the broker must identify to the Real Estate Agency the bank, account number and name of account of all of his/her client's trust accounts
3. the broker must notify the bank at which the client's trust account is open that the account is maintained for money belonging to clients
4. a branch office may maintain a separate client's trust account as long as a separate bookkeeping system is maintained for the branch office (incorrect)

1. The principal broker only has to state that the funds are in a trust account. The principal broker must notify the REA of the involved bank.

31. When a real estate associate broker sells property that he/she owns in severalty:
I. the law requires the licensee to reveal his/her license status to the purchaser before the offer is accepted
II. the licensee must turn the funds over to the principal broker to be deposited into a neutral escrow depository in Oregon or into the principal broker's client's trust account
1. I only (incorrect)
2. II only
3. both I and II
4. neither I nor II

All funds/commissions paid to a broker have to be paid through that broker's principal broker and handled through a Client's Trust Account. The broker must state his/her license status to the buyer.`

3. Associate brokers have certain rights and obligations. These include the:
I. right to be affiliated with a principal broker and a property manager at the same time
II. submit earnest money to their principal broker
1. I only
2. II only
3. both I and II (incorrect)
4. neither I nor II

2. A broker can only affiliate with one principal broker OR one property manager. All collected money must be turned over to the principal.

4. An active real estate broker's license:
I. is under the control and custody of the principal/designated broker with whom the broker is affiliated
II. may be displayed at each designated brokers' location he/she is affiliated with
1. I only
2. II only
3. both I and II (incorrect)
4. neither I nor

1. A broker can only affiliate with one principal/designated broker.

5. An individual licensed as a real estate property manager may supervise two or more affiliated corporations if the licensed property manager:
I. establishes proof to the Real Estate Agency of the management activity of each organization
II. is housed on-site as the manager under the State regulations
III. has a contract from each client as the designated property manager
IV. hangs his/her license at each location
1. I and IV only (incorrect)
2. II and III only
3. I and III only
4. I, II and III

3. There must be valid proof of managing each client and an existing contract that the Commissioner can see upon request. Licenses no longer have to be displayed.

7. A licensed real estate associate broker may:
I. manage his/her personally owned rental properties without supervision from his/her principal broker
II. be licensed to represent a principal broker and a property manager for management activities
III. manage property he/she has listed with his/her firm
1. I only
2. I and II only
3. II and III only
4. I, II and III (incorrect)

1 Only. An associate broker can only have one affiliation. If he/she is an associate broker, he/she cannot manage property without supervision from the principal broker.

9. If a firm wants its branch office to maintain a separate client's trust account, the branch must:
I. maintain a separate bookkeeping system for that trust account
II. file the original copy of each listing agreement, earnest money receipt, and closing statement with the main office
1. I only (incorrect)
2. II only
3. both I and II
4. neither I nor II

3. Both There has to be separate bookkeeping for each Client's Trust Account. Copies of records can be kept at the branch office, but the originals must be kept at the headquarter location on file with the Commissioner.

14. Licensees are in violation of the ORS and OAR if:
I. failing to inform a prospective purchaser that the property is not zoned for the desired use and is aware of this problem
II. telling the buyer that his/her selling client would consider selling the property for less than the listed price
1. I only (incorrect)
2. II only
3. both I and II
4. neither I nor II

Misrepresentation or "omission" (concealment) is cause for loss of license under ORS statutes. Divulging privileged client information is against the Commissioner's Oregon administrative rules and regulations.

1. The State of Oregon requires which of the following for advance fees?
I. when paid by a client they must be deposited into a trust account
II. the commission can be deducted from an advance fee
III. the principal must receive a statement every three months

A. I only

B. I and III only

C. II and III only

D. I, II and III

17

48. A non-licensed employee of a licensed property manager may perform all of the following activities EXCEPT:

A. collect rents from tenants and enter the amount on the tenant's ledger

B. go over a tenant application and check tenant references

C. negotiate and sign rental agreements with tenants

D. negotiate and sign property management agreements with property owners

...

1. The State of Oregon requires which of the following for advance fees?
I. when paid by a client they must be deposited into a trust account
II. the commission can be deducted from an advance fee
III. the principal must receive a statement every three months
1. I only
2. I and III only
3. II and III only (incorrect)
4. I, II and III

1&3 All client money must be put in the "Client's" Trust Account. An advance fee is NOT for spending, but showing good faith effort on the part of the client. Ledger statements are sent out every 3 months to the client.

16. A real estate licensee, must disclose that he/she holds a real estate license when:
I. selling any real property he/she owns
II. her husband is buying property, who is not licensed
1. I only (incorrect)
2. II only
3. both I and II
4. neither I nor II

Both... When a close/immediate relative or you are involved with a transaction, you must divulge your license

26. With his/her principal broker's permission and supervision, a broker could do which of the following?
I. manage the principal broker's office for up to 3 months
II. be involved with the close of a transaction
1. I only
2. II only
3. both I and II
4. neither I nor II (incorrect)

3. Both...A principal broker can only take a 90-day leave of absence. A broker may close a transaction with the permission of his/her principal broker.

31. Which of the following is required by the State of Oregon for advance fees?
I. when paid by a client they must be deposited into a trust account
II. the commission can be deducted from an advance fee
III. the principal must receive a statement every three months
1. I only
2. I and III only
3. II and III only
4. I, II and III (incorrect)

1&3. Unlike property management that requires a monthly statement to the client/principal, money placed into the client's trust account for prospective buyers/sellers must be sent out every 3 months.

43. A person may renew an inactive real estate license:
1. once, for a total of a four-year term
2. not more than twice (incorrect)
3. only after taking a 150 hour pre-license course
4. every two years on an indefinite basis

4. An inactive license must be renewed every two years just like an active license.

45. When a buyer backs out with earnest money down, the question of the disposition of the forfeited earnest money is negotiated by the:
1. principal broker and the buyer
2. principal broker and the seller
3. buyer and the seller
4. principals and all agents involved (incorrect)

2. The "liquidated funds" clause in the listing agreement will usually spell out the disposition of funds from a buyer's deposit.

48. A non-licensed employee of a licensed property manager may perform all of the following activities EXCEPT:
1. collect rents from tenants and enter the amount on the tenant's ledger
2. go over a tenant application and check tenant references
3. negotiate and sign rental agreements with tenants (incorrect)
4. negotiate and sign property management agreements with property owners

4. Only a licensee can negotiate a management contract with a client. Tenant activities are allowed with the principal's review within 5 days.

A Client's Trust Account maintained by a principal broker need not:
A. provide for withdrawal of funds without previous notice
B. have a regular specified minimum balance
C. designate the principal broker as the signor
D. be subject of a record showing deposit and withdrawals

B

If a principal broker takes trust funds obtained from clients and uses these funds for the general operating business account, he/she is guilty of:
A. commingling
B. a misdemeanor
C. a felony
D. stacking

A

Which statement below does not accurately reflect the duties of escrow agents?
A. they are to act impartially for both the buyer and seller
B. they must follow escrow instructions
C. they must act as fiduciaries forever
D. reviewing legal documents and discovering defects

D.

The Federal Real Estate Settlement Procedures Act:

A. applies to all mortgage loans
B. is administered by the Federal National Mortgage Association
C. requires the use of a Uniform Settlement Statement for escrow
D. requires lenders to account for referral fees received from firms issuing mortgage insurance

C.

If a balance sheet is correct the:
A. balance is 0
B. liabilities equal the assets
C. assets and liabilities equal net worth
D. assets equal liability plus net worth

D.

Which of the following records would not be required to be kept by a broker on premise by the Real Estate Agency ?
A. bill receipts
B. commissions with cooperative licensees
C. listing agreements
D. completed comparative market analysis reports for clients

Bill receipts not required

Records of cooperative broker transactions have which of the following procedures?:
A. records must be the same information for each broker
B. only the listing broker has to keep records
C. each broker must keep his/her own records on file
D. do not need to show the commission level

C. Each broker must keep his records on file

When using mass media advertising, the principal broker must:

Store copies at the registered main headquarters

A real estate educator:
A. must be registered with the Real Estate Agency
B. must be registered with the Oregon Department of Education
C. must hold a real estate license
D. has no registration requirements

B. must be registered with the Oregon Department of Education

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