An example of novation is that the ✔✔seller's liability for the obligation is replaced by the buyer's. Under Oregon law in a month-to-month tenancy, the landlord has a right to ✔✔terminate a tenant's occupancy after 30 days' written notice. To realize the maximum value of a property, a reasonable degree of sociological and economic homogeneity is necessary, but it should not become monotonously uniform. In real estate, this concept is called the principle of ✔✔conformity. Which of the following amounts should be entered in blank (10) on the Real Estate Purchase Agreement and Earnest Money Receipt if the listing price was $96,500 and sold for $93,500 with a 7% commission? ✔✔$6,545 A landlord of a duplex in Oregon may lawfully ✔✔require a tenant to furnish credit references. Which of the following deed forms may convey no ownership rights at all? ✔✔Quitclaim deed The lender in a mortgage is the ✔✔mortgagee. To grant permission to use a property during hunting season only would create ✔✔a license. In 2001, the owner of an apartment building rented his 24 units for $495 per month per unit without a vacancy factor. In 2002, he raised his rents 10%, but had a 10% vacancy factor. His income was ✔✔1 % less in 2002. If I have a permanent right to cross your land to get to my house, my property has ✔✔a dominant tenement. Which of the following statements concerning the Federal Housing Administration is true? I. The FHA issues long-term residential loans. II. The FHA issues long-term commercial loans. ✔✔Neither To satisfy requirements or reconciliation of clients' trust accounts, a principal real estate broker must: ✔✔~ reconcile accounts monthly. ~ sign and date the reconciliation. Under the Oregon Landlord and Tenant Act, a rental agreement may require a tenant to: ✔✔notify the owner when the tenant will be absent from the premises for more than seven days. Personal property is conveyed using ✔✔a bill of sale. Upon termination of a property management agreement, the property manager may use a tenant's conditionally refundable deposits to pay expenses of the property if the ✔✔tenant's rental agreement allows such use. When an owner of land refuses to sell his land to the government or any governmental agency under the right of eminent domain, the name of the proceeding to require the owner to sell his land is ✔✔condemnation. Replacement cost is best described as the ✔✔cost of building a property of equivalent utility with the same or similar materials. Before the Department of Veterans Affairs will guarantee a loan on real property, ✔✔~ the property must be appraised. ~ the borrower must provide signed verification that he will live on the property as owner/occupier. Mr. Lane and Mr. Harris may own property together as: ✔✔~ tenants by the entirety. ~ tenants in common. ~ tenants in partnership. Wells agreed to buy Peterson's real property for $45,000, signed an earnest money agreement and deposited $5,000 earnest money with Broker Logan. Peterson was unable to provide marketable title, so Wells demanded return of his earnest money from Logan. Logan should ✔✔return the entire amount to Wells. Which of the following types of mortgage usually contains a partial release clause? ✔✔Blanket mortgage A purchase money mortgage may be de ned as one which normally ✔✔is taken as all or part of the purchase price.