1. The Oregon Homebuyer Protection Act (“HPA”) of 2003 protects the buyer against _________.

-- Select One -- predatory lending construction liens high closing costs falling property values

2. It is __________ that only professional home builders are required to comply with the HPA.

true false

3. The _________ is solely responsible for compliance with the HPA. -- Select One -- title company real estate broker seller buyer

4. The HPA applies to new construction and existing construction with _________. -- Select One -- additional improvements completed within 3 months at a price of under $50,000.00 commercial tenants completed within 3 months at a price of $50,000.00 or more additional improvements completed within 1 month at a price of $50,000.00 or more additional improvements completed within 3 months at a price of $50,000.00 or more

5. Buyer may waive their protection under the HPA by signing _________. -- Select One -- only the Notice of Compliance delivered by the seller a waiver form that is separate from the Notice of Compliance an addendum to the sales agreement escrow closing documents

6. Providing _________ is one way that the seller may comply with the terms of the HPA. -- Select One -- an owner’s extended coverage title insurance policy an owner’s standard coverage title insurance policy a Commitment of No Construction Liens a copy of the Notice of Completion /option>

7. If the seller chooses to have the escrow agent retain funds to cover any construction liens to comply with the HPA, the funds must be in the amount of __________.

-- Select One -- 25% of the net sale proceeds 25% of the gross sale price 1 and 1/2 times contractors’ bids for uncompleted work $50,000.00 or more

8. A Construction Contractors Board bond, required for licensure under ORS chapter 701, __________ a sufficient Bond or Letter of Credit to comply with the HPA.

-- Select One -- is is not

9. To comply with the HPA, a seller may provide to the buyer copies of lien waivers from ________ of the subcontractors and suppliers who can claim liens of $5,000.00 or more.

-- Select One -- a majority 90% some every one

10. If the sale of the property is completed _________ days after the completion of all construction, then the seller does not have to do anything else to comply with the HPA.

-- Select One -- 60 75 90 135

11. The Notice of Compliance must be delivered by the seller by the _________. -- Select One -- date that the original sales agreement is signed closing date of the transaction date of completion of construction date of the appraisal