Oregon Real Estate Exam Questions and Answers 100% Pass

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Oregon Real Estate Exam Questions and Answers 100% Pass Within how many business days from the date a client's trust account is opened, a licensed real estate property manager or principal real est... ate broker shall notify the Real Estate Agency that the account has been opened? ✔✔10 Within how many business days from the date a clients' trust account is closed or transferred, a licensed real estate property manager or principal real estate broker shall notify the agency that the account has been closed or transferred and shall include in the notice the date on which the account was closed or transferred? ✔✔10 The authorizing principal broker's authorization, including the effective date and the termination date of such authorization, which may not exceed how many days? ✔✔90 The Agency will provide a principal broker with written notice at least how many business days before conducting a compliance review? ✔✔5 After the Agency completes a compliance review, the Agency will allow the principal broker at least how many days from the date the compliance review is completed to cure the noncompliance without sanction? ✔✔30 The Agency will provide a principal broker with written notice of a client's trust account reconciliation mail-in review at least how many days before required information and documentation must be provided to the Agency? ✔✔30 When a licensee receives a written acceptance of an offer or counter-offer to purchase real property, the licensee must deliver within how many banking days true, legible copies of the offer or counter-offer, signed by the seller and buyer, to both the buyer and seller? ✔✔3 The notification of litigation to the Commissioner required by this rule must be made within how many calendar days after receiving written notification of an adverse judgment, award, or decision described in this rule. Notification must be made under this rule whether or not the decision is appealed? ✔✔20 As soon as practicable after receiving a demand by one of the parties for the disbursal of funds in a client's trust account, the principal broker must deliver written notice to all parties that a demand has been made for disbursal of the funds, and that such funds may be disbursed to the party who delivered the funds within how many calendar days of the date of the demand? ✔✔20 When a real estate broker receives any Professional Real Estate Activity Records and Documents, the real estate broker must transmit to the real estate broker's principal broker the document within how many banking days of real estate broker's receipt of the document? ✔✔3 Within how many business days from the date a clients' trust account is opened, the principal broker must notify the Agency using an online process established by the Agency? ✔✔10 A real estate broker must deliver to the real estate broker's principal broker within how many banking days any money, checks, drafts, warrants, promissory notes, or other consideration received while conducting professional real estate activity? ✔✔3 For all other funds not earnest money, whether in the form of money, checks, drafts or warrants belonging to others and received by a real estate broker or principal broker while engaged in professional real estate activity, the real estate broker or principal broker within how many banking days following receipt of the funds must: (a) Deposit the funds to a licensed neutral escrow depository located within this state; (b) Deposit the funds into a clients' trust account established under ORS 696.241; or (c) For a check made payable to the seller, deliver the check to the seller. ✔✔5 If interest earned in a clients' trust account under OAR 863-015-0265 inures to the benefit of the principal broker, such interest must be disbursed to the principal broker within how many calendar days from the date of the bank statement on which such interest first appears? ✔✔10 If any forfeited earnest money, earnest money or other money is being paid to the principal broker for compensation and is being held in the client's trust account at the time the transaction is completed or terminated, the money must be disbursed to the principal broker within how many calendar days from the date the transaction is completed or terminated? ✔✔10 At least once each month, the principal broker backs up any data that is stored in the computerized system necessary to produce the records. The back up data must be retained for no less than how many days and must be made available to the Commissioner or to the Commissioner's authorized representatives on demand? ✔✔60 If the interest earnings inure to the benefit of the property manager, that such interest will be disbursed to the property manager within how many calendar days from the date of the bank statement on which such interest is first shown as required in OAR 863-025-0025(8) ✔✔10 A property manager must reconcile each clients' trust account within how many calendar days of the date of the bank statement pursuant to the requirements contained in this section. ✔✔30 A property manager must reconcile each security deposits account within how many calendar days of the bank statement date pursuant to the requirements contained in this section. ✔✔30 If a property manager receives a security deposit as part of a larger check containing funds other than security deposits, the property manager may deposit the check into a client's trust account of the property manager; however, the portion of the funds constituting security deposits must be deposited into the security deposits account within how many banking days after deposit of the check into the clients' trust account. ✔✔3 When the Agency makes a request for production of property management records, the property manager must provide such records within no less than how many banking days? ✔✔5 Subject to section (6) of this rule, a property manager may maintain records required under section (1) of this rule within this state at a location other than the property manager's main office location, or outside this state, but within the United States, if the property manager notifies the Commissioner in writing of each new location of records at least how many banking days prior to establishing a new location? ✔✔5 If a property manager receives a check from a tenant or prospective tenant for rent, tenant's security deposits or fees and the tenancy fails for any reason within how many banking days following receipt of the check, the property manager may return the check to the tenant or prospective tenant without first depositing and processing the check through the property manager's client trust account? ✔✔3 When a property management agreement provides that any other checks made payable to the owner be transferred to the owner, the check must be delivered to the owner within how many banking days? ✔✔5 Upon written request from a property owner, a property manager must deliver to the owner the information listed in subsections (a) through (e) of this section for each tenant within how many business days of actually receiving the request for information? ✔✔5 Not later than how many days after the effective date of the termination, the property manager must: (a) Disburse all obligated funds to the party or parties entitled to the funds; and (b) Provide the owner with the following: (A) A final accounting of the owner's ledger account; (B) All funds belonging to the owner as shown on the owner's ledger, unless the owner directs the property manager, in writing, to transfer the funds to another property manager, escrow agent or person; (C) An accounting of all security deposits and fees held for tenants; (D) All tenant security deposits and fees held for tenants, unless the owner directs the property manager, in writing, to transfer the security deposits and fees to another property manager, escrow agent or person; (E) Copies of all current tenant rental or lease agreements, unless the owner waives such requirement in writing or directs the property manager, in writing, to provide such documents to another property manager, escrow agent or person; and (F) A notice the property manager may destroy the required records of the property management activity performed after six years. ✔✔60 (3) No later than how many calendar day after the effective date of the termination, a property manager must notify each tenant for whom the property manager holds a security deposit that: (a) The security deposit and all fees held for the tenant will be transferred to the owner or, if applicable, to another property manager, escrow agent or person; and (b) The name and address of the owner, other property manager, escrow agent or person to whom these deposits will be transferred; ✔✔1 (the next day) An escrow agent must notify the Real Estate Commissioner of any relocation of the records at least how many days before the relocation.? ✔✔15 [Show More]

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