Frequently Asked Questions

FAQ

What is the 105.464 law 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 fact would be considered a material defect that must be disclosed?

Disclose material facts: The seller is required to disclose any known material defects or issues that could affect the property's value or a buyer's decision to purchase. This includes issues like structural defects, pest infestations, or a history of flooding.

What happens if you buy a house and there is something wrong with it?

Most states have laws that require sellers to advise buyers of certain defects in the property. If you find problems with your home after you move in, you may be within your rights to take legal action.

What are most seller property disclosures required for?

Common issues that require disclosures include anything that may cause major foundation issues to a property or endanger a prospective buyer or the integrity of the house.

What is an ethical violation in real estate?

Code of Ethics Violations. Common real estate ethics complaints can include: Not acting in the best interests of clients. Revealing private or confidential information. Advertising a listed property without disclosing their Realtor status.

What is an unethical Realtor?

Taking liberties with legal documents. Little white lies on legal paperwork can have devastating consequences. One example of unethical Realtor behavior is tweaking contracts to decrease the purchase price by allocating a portion of this price to personal property rather than a home.

Is it unethical for a Realtor to represent both buyer and seller?

Agency roles (and the laws surrounding them), vary from state to state. Dual agency in California is legal when it is properly disclosed, both parties consent to the arrangement, and the agent(s) don't disclose confidential information to the other party. In some other states it is not legal under any circumstances.

Can a seller accept another offer while in escrow?

While laws vary by state, in general, up until that contract is signed by both parties—even after counteroffers have been sent out—all new offers can be considered and accepted. Once both parties have signed it, however, the seller is pretty much locked into the deal.

What is z code status for real estate sale

What are 3 major ethical violations?	Fraud or deceptive practices. Subversion. Unprofessional conduct. Scope-of-practice violations.
Who may a licensee represent in a real estate transaction quizlet?	A licensee assigned by a broker to represent a buyer or seller in a transaction, usually in an in-company dual agency situation. An agent of an agent; a person an agent has delegated authority to so that the subagent can assist in carrying out the principal's orders.
Would an agent be representing a customer in a real estate purchase?	A buyer's agent only represents the buyer, while a selling agent represents only the seller in a transaction. There are also dual agents in real estate transactions. These agents may represent both a buyer and a seller as the agency law allows them to represent both clients within the same transaction.
Who does a licensee who's cooperating with the listing agent represent?	Cooperating Real Estate Agents These are agents who, by agreement with the listing agent's company, take on a "sub-agency" relationship, in which they show the property to buyers on behalf of the seller or the seller's listing agent.
Which licensee representing the seller is known as the agent?	Seller's Agent: A seller's agent works for the real estate company that lists and markets the property for the sellers and exclusively represents the sellers. A seller's agent may assist the buyer in purchasing the property, but his or her duty of loyalty is only to the seller.
What is the agent who represents the buyer called?	Confusingly, yes: The agent who represents the buyer in a real estate transaction is typically called the buyer's agent, but is sometimes also referred to as the “selling” agent. This is different from the “seller's” agent, which refers to the agent who represents the seller.
How is an amendment used in a real estate contract?	Sometimes real estate contracts need to be amended for unforseen reasons. A standard amendment to purchase and sale agreement might include information concerning changes or additions in price, date of delivery, inspection requirements, financing conditions, title policy provisions, etc.
When might a transaction party wish to use an amendment in a real estate transaction?	So, a good example of when to use an amendment would be if you wanted to take something out of the agreed terms. Maybe the seller originally agreed to include the living room furniture in the purchase.

• Who must give consideration in a real estate transaction?

  • If the real estate is being sold to a third party, the contract will require the buyer to pay a certain amount as consideration to the seller. The contract will also require the seller to sign and deliver a deed (usually a Warranty Deed or Special Warranty/Grant/Covenant Deed) as consideration to the buyer.

• How to do an amendment to a contract?

  • You can use a contract amendment letter to list the changes to the original document and have both parties sign. You can create a contract amendment created from a template or from a legal services provider. You can add amendment pages—digital or print—to the end of the original signed contract.

• What is the amendment clause in real estate?
  • A Standard Clause that specifies the conditions for modifying or terminating a commercial real estate agreement, such as a lease or purchase and sale agreement.

• What is a licensed real estate broker that holds the license of a salesperson called?

  • A. A broker-associate is an individual licensed as a real estate broker, but who works in the capacity of a salesperson for another responsible broker or corporation.

• Which of the following is a requirement for a Texas real estate license?

  • First, you must complete 6, 30-hour courses (180-hours in total). These courses must be approved by the Texas Real Estate Commission. Take the Texas licensing package online to save both money and time. At the end of each of the 6 courses is a proctored final exam.

• When a Texas real estate license holder is in inactive status?
  • Inactive licenses are current licenses. Although you must still pay to renew your license every two years while on inactive status, you can do so without completing continuing education (CE). Keeping your license current—even on inactive status—means you won't have to start over and re-take the licensing exam.

• What happens if my Texas real estate license expires?

  • You may renew your license up to six months after the expiration date (Additional late fees may apply). After six months and up to two years past the expiration date, you may apply for reinstatement of your license. After two years past the expiration date, you will have to reapply and pass the state exam again.