OREGON Real Estate Broker State Licensure Examination

OREGON Real Estate Broker State Licensure Examination ExamFOCUS Study Notes & Review Questions 

In Oregon, the Oregon Revised Statutes (ORS) chapter 696 together with the Oregon Administrative Rules (OAR) chapter 863 form the laws and rules that govern real estate license. Generally, in order to qualify for a broker license one must be at least 18 years old and have a high school diploma, GED or international equivalent. There is also a 150-hour pre-license education requirement prior to exam.

The exam covers a lot of topics. This book, however, focuses on the legal and regulatory aspects of the exam. We give you knowledge information relevant to the exam specification. To be able to succeed in the real exam, you’ll need to apply your earned knowledge to the question scenarios. Many of the exam questions are written to be less straight forward. They tend to be framed within the context of short scenarios.

An advice: Do NOT rely on a single source for exam preparation. To secure exam success, always use multiple sources and read as much as possible!

Intellectual Properties, Trademarks and Copyrights 1
Contents Update 2
Page Formatting and Typeface 2
Exam topics covered in this book 2
Table of Contents 3
Review Questions 6
Estates, Real Property and the Title Documents 19
Freehold estate 19
Fee simple 19
Fee tail 20
Life Estate 20
Nonfreehold estates 20
Estate for years 21
Estate from year to year 21
Tenancy at will 21
Tenancy at sufferance 21
Concurrent estates 22
Joint tenancy 22
Tenancy by the entirety 22
Tenancy in common 23
Covenant 23
Restrictive covenant 23
Insolvent estate 24
Title documents 24
Types of deed 25
Typical terms of the deed 26
Execution, acknowledgments and filing 27
Disclosure of defects and risks 28
Dealing with lost deed 29
Contract for deed 29
Quiet title issues, liens, adverse possession, easement and encroachment 30
Occupancy classifications 33
Group A 34
Group B 34
Group E and F 36
Group M, R, U and H 37
Property market value and appraisal methods 38
Property cycle 40
Non-Judicial Foreclosure and Power Of Sale Foreclosure 41
Types of Property, Evaluation and Taxes 42
Classifications of real property 42
Income property 43
Multifamily building and condominium 43
Housing cooperative 45
Certificate of Occupancy 45
Occupancy agreement 45
Disability 46
Property Taxes 46
State specific property tax issues 46
Zoning and Land Use 47
Land Use Analysis 52
Environmental Protection and Flood Plain Regulations 54
Egress and fire codes 55
Real Estate Contract and Management Contract 57
Source of Law 57
Contract types 58
Offer, acceptance, invitation to treat & consideration 59
Discharging or invalidating a contract 61
Breach of contract 64
Typical elements in a real estate contract 65
Mortgage and Loans and the Deed of Trust 68
PITI and Title Insurance 71
Property management contract 72
Fiduciary duty 72
Fee structure 73
Real Estate Brokerage 74
Overview of duties 74
State specific Licensing issues 75
The overall business entity requirements 77
Professional liability insurance and employer liability 78
REIT 79
Basic Accounting 80
Real Estate Specific Accounting Principle 83
Staffing related laws and other regulations 84
Workplace Privacy 88
Other Workplace Legal Issues 89
The Role of OSHA 91
Real Estate Agent Representation and Listing 92
Overview 92
Types of listing agreement and commissions 92
Important elements of a listing agreement 94
Buyer Representation and Agency Law 96
Responsibilities and Relationships 98
Agency Theory 99
Ethics 99
Misrepresentation 102
Fraud 102
Leasing 105
Leasehold Property and Estates 105
Lease agreement 106
Periodic rental agreement 107
Legal obligations and remedies 108
Use of property and quiet enjoyment 109
The implied warranty of habitability 110
Maintenance and improvement 112
Reasonable period of time 113
Dilapidations in commercial leases 113
Rent Withholding, Abandonment and constructive eviction 114
Tenant eviction 115
Holding deposit 116
Security deposit, pet deposit and application fee 116
Leveraged lease 118
Lease options 119
Important elements of a lease option 119
Legal restrictions on lease option 120
Rental Accounting and Trust Fund Accounting 121
Rental property accounting formulas 121
Determining rental charges 123
Trust fund accounting 124
Trust fund handling and record keeping 125
Special Drill on Trust Fund 127
The Property Management function 130
Overview 130
Maintenance plan 132
Maintenance records 132
Maintenance activities 133
Budget for maintenance 133
Outsourcing maintenance works 134
Management file and other records & reports 136

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