OR Bar Property Law 3

Question 1

Oregon's recording act is best characterized as:

Accepted Answer

A race-notice statute protecting a subsequent purchaser without notice who records first

Answer

A pure race statute protecting whoever records first regardless of notice

Answer

A pure notice statute protecting a subsequent purchaser without notice

Answer

A wild deed statute protecting any recorded instrument in the chain of title

Question 2

Under Oregon's race-notice statute, a subsequent bona fide purchaser defeats a prior unrecorded deed only if the purchaser:

Accepted Answer

Has no actual or constructive notice of the prior deed and records their deed first

Answer

Pays fair market value and records first, regardless of actual knowledge of the prior deed

Answer

Takes possession of the property before the prior grantee records

Answer

Obtains a title insurance policy covering the prior unrecorded claim

Question 3

Under Oregon's Residential Landlord and Tenant Act (ORS 90.300), a landlord must return a tenant's security deposit within how many days after the tenancy ends?

Accepted Answer

31 days

Answer

14 days

Answer

21 days

Answer

60 days

Question 4

A landlord's persistent failure to provide heat and hot water forces the tenant to abandon the premises. This is best described as:

Accepted Answer

Constructive eviction

Answer

Actual eviction by the landlord

Answer

Unlawful detainer by the tenant

Answer

Summary possession proceeding

Question 5

In Oregon, the instrument most commonly used to secure a real estate loan is:

Accepted Answer

A deed of trust conveying title to a neutral trustee

Answer

A mortgage creating a lien in favor of the lender

Answer

A land contract retaining title in the seller until payoff

Answer

A UCC-1 financing statement filed with the Secretary of State

Question 6

After a non-judicial trustee's sale of an Oregon trust deed, the former homeowner generally:

Accepted Answer

Has no statutory right of redemption once the trustee's sale is completed

Answer

Has a 12-month statutory right to redeem the property by paying the sale price

Answer

Has a 6-month right of redemption available to residential borrowers

Answer

May redeem within 180 days by paying the outstanding loan balance plus costs

Question 7

The implied warranty of habitability in a residential lease obligates the landlord to:

Accepted Answer

Maintain the premises in a condition fit for human habitation throughout the tenancy

Answer

Ensure the property is free from all defects, however minor, throughout the tenancy

Answer

Disclose all known defects to the tenant before executing the lease

Answer

Repair any damage caused by the tenant at the landlord's expense