What is a land sale contract in Oregon?

The term “land sale contract” is used specifically to designate a contract between a seller and buyer that secures a repayment obligation for the purchase price.

How many questions are on the real estate exam in Oregon?

Schedule and pass the Oregon Real Estate Broker Exam. You can schedule your remote exam on PSI’s website. This 130-question test has two portions covering both state (50 questions) and national (80 questions) requirements.

What is the difference between a deed of trust and a land contract?

From a buyer’s perspective, the trust deed is preferable, as he gets ownership of the property. On the other hand, a land contract gives the seller more control since she retains ownership of the deed. This can make it easier for her to take the property back if the buyer does not fulfill his obligations.

What is a land note?

Land Note means that certain promissory note in the principal amount of $769,073 payable to the order of JCNI by Owner for Owner’s purchase of the Property.

Are there any real estate laws in Oregon?

The Beaver State has a number of laws on the books protecting the rights of both renters and landlords alike. Read on to learn more about the particulars of these laws. Adverse possession is a longstanding legal concept that allows one person to gain ownership of an abandoned or neglected piece of property by following a few key steps.

What are the multiple choice questions for real estate?

D. The owner of adjacent land may not lawfully divert all available water and thereby deprive a riparian owner of water. C. Riparian rights may not be severed from the property by prescription or condemnation. I f Jones conveys to Ford a portion of Jones ‘ fee estate for a term less than his own, Jones’ own interest would be classified as a:

What are the different types of deeds in Oregon?

The deed with the broadest assurances from grantor to grantee is the Warranty Deed. This form is the one customarily used in Oregon for a residential real estate transaction. The other forms are the Special Warranty Deed (customarily used to fulfill a land sale contract), the Bargain and Sale Deed, and the Quitclaim Deed.

What do you need to know about real estate law?

What steps do I need to take to pay taxes and take possession. The family has scattered and there’s no contact If you are interested in owning the property, then hire a competent attorney to look into the Title. A search will be necessary, along with determining heirship. More than likely a Tax Sale will be scheduled soon.

What are the real estate laws in Oregon?

The Agency’s statutory authority is in the following laws: Real Estate, Property Management and Escrow – ORS Chapter 696 Oregon Subdivision and Series Partition Control Statutes – ORS 92.305 to 92.990 Timeshare Estates, Membership Campgrounds – ORS 94.803 to 94.989

What is the seller’s property disclosure statement in Oregon?

SELLER’S PROPERTY DISCLOSURE STATEMENT In Oregon, most sellers of residential property are required to fill out, sign and deliver to prospective purchasers a statutory property disclosure form. The form, which covers everything from title status to dwelling systems and fixtures, is set-out in ORS 105.464.

What do real estate brokers have to do in Oregon?

A real estate principal broker is required by the Oregon license law to do which of the following? 1. Notify the bank at which he maintains a clients’ trust account in writing that the account is for the purpose of holding funds belonging to others and keep an acknowledged copy of the notice in the broker’s records 2.

What are the different types of real estate licensees?

A person who, for a fee, assists owners only in procuring prospective tenants for the owners’ rental property Which of the following categories of licensees, without charging a fee, could legally offer a seller an estimate of the sales price of the seller’s property for the purpose of obtaining a listing?