Oregon Real Estate Exam (PSI) Questions and Answers with Verified Solutions

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Oregon Real Estate Exam (PSI) Questions and Answers with Verified Solutions How many consecutive years of non-use of water does one lose their water rights in Oregon? ✔✔5 consecutive years, th... e right is considered forfeited Who must register the business name? ✔✔Principal Broker, must register the business name with REA-(Real Estate Agency) under their name. How long must real estate documents be kept? ✔✔6 years, from the date the transaction was accepted, rejected, or withdrawn Who approves advertising? ✔✔The principal broker When should the principal broker review a brokers Documents? ✔✔7 days, of the documents acceptance, rejection, or withdrawal. The principal broker must initial and date the document in writing at the time of review How long must you keep attendance & continuing education records? ✔✔3 years, All other records regarding business are kept for 6 years When should you notify the Real Estate agency a clients trust account has been closed/opened? ✔✔10 business days, from the date the account was opened or closed When informing the real estate agency a clients trust account has been opened. What information is to be included? ✔✔1. Name of the bank 2. Account Number 3. Name of the account 4. Date the account was opened 5. Acknowledged copy of the notice How long can a broker temporarily supervise due to the absence of the principal broker? ✔✔90 days, with written authorization and broker accepts in writing the effective & termination date. The broker must also have 3years of active real estate experience. Who must maintain CE (continuing education) records ✔✔Principal brokers and brokers must maintain all their own CE records for 3years Only accepted course for renewing real estate license for the first time ✔✔Advanced Practices Course & LARRC aka Law & Rule Required course Continuing education requires what? ✔✔Principal brokers & brokers are required to complete 30hours of continuing education each 2year license cycle Your first renewal must include 3hour law & rule required course aka (LARRC) & 27hours broker advanced practices course How long until earnest money needs to be deposited? ✔✔3 banking days In the principal brokers absence he may assign a broker to temporarily supervise. The authorizing principal broker must file what to end the authorized broker before the agreed upon termination date? ✔✔Amend Authorization Before Termination Date What must happen before a principal broker can authorize a broker to supervise? ✔✔Written authorization must be received by the agency before the effective date How long does a licenses have after a principal broker dies to transfer their license? ✔✔30 Calendar days, before the license automatically becomes inactive A broker cannot collect a commission if... ✔✔There is not a written, signed listing or fee agreement that provides an adequate description of the property (address) Disclosed Limited Agency means? ✔✔Same as Dual Agency, representation of the buyer and the seller or two buyers occurs within the same real estate BUSINESS - not to get confused with same broker How long does a real estate agent have to present an offer to the seller? ✔✔There is not a standard time but it is said "As timely as possible" Does a real estate agent have to present ALL offers to the seller? ✔✔YES, agent must present all written offers, notices, and other written communications in a timely manner regardless if the seller is subject to a contract for sale or the buyer is already a party to a contract for purchase. Does the duty a real estate agent owes to their principal of confidentiality end after the agency relationship ends? ✔✔NO, confidentiality survives the ending of an agency relationship. A broker may not reveal information received from a client even after that client stops being the broker's client. What should a real estate agent do if the customer requests information outside of expertise of the real estate agent? ✔✔Advise the principal to seek expert advice related to the transaction beyond the agent's expertise Can a real estate licensee represent both the buyer and seller in the same real estate transaction? ✔✔YES, under a disclosed limited agency agreement with written permission from both the seller and buyer When should a real estate agent present an agency disclosure pamphlet to each party? ✔✔At first contact, but not limited to in person, telephone, internet, or email, If a real estate agent is selling their own home and wants to advertise it, do they still need approval from their principal broker for the advertising? ✔✔No, review or approval is NOT required if a licensee is advertising their own property for sale, exchange or lease option, as long as the property is not listed with their principal broker. ... If the property is listed with the principal broker, all advertising, even by its licensee owner, must be reviewed and approved. Can a real estate agent advertise a property with verbal confirmation from the property owner? ✔✔No, a real estate agent must have WRITTEN permission from the property owner to be able to advertise the property. Is a licensed real estate agent required to disclose their license status when selling or advertising their own property? ✔✔YES Can a listing contract have an open expiration date? ✔✔No, for a listing agreement to be valid it must contain a specific expiration date Upon written acceptance or rejection of an offer a real estate agent must... ✔✔Within 3 banking days provide legible copies of the offer or counter offer, signed by the seller and buyer, to both the buyer and seller Who can close real estate transactions? ✔✔escrow agent, attorney, real estate broker engaged in the transaction, and principal broker. If a broker is to close a real estate transaction what must first happen? ✔✔Have written authorization from the principal broker and be under the principal broker's direct supervision. If nothing is in writing saying an escrow agent or an attorney is to close the transaction, what must happen? ✔✔The principal broker must close the transaction In Oregon, the time of possession for adverse possession is? ✔✔10 Years land-use planning in Oregon is administered by? ✔✔Land Conservation and Development Commission (LCDC) Is a deed that is not dated, acknowledged, or recorded valid? ✔✔YES Tenancy in severalty ✔✔Sole ownership of a property. *TIP: Think of the letter S in the word Severalty as in S for "Single" Concurrent ownership ✔✔Property ownership can be shared by more than one person. *TIP: The of C in the word Concurrent as in C for "Couple" To create a subdivision means to? ✔✔Divide land into 4 or more lots within a calendar year. When can the lots be sold under a binding contract? ✔✔After the plat has been RECORDED If a vacant lot is purchased on a land sale contract, how many days does the purchaser have to cancel the contract? ✔✔3 business days What is a model unit? ✔✔aka Temporary structures used solely for information and distribution of lawfully required public reports. Not considered branch offices What is a business day? ✔✔Any day besides Saturday or Sunday or a federal or State or Oregon legal holiday Lapsed ✔✔Real estate license not renewed in a timely manner and is not elegible for renewel As a real estate agent can you advertise your own property without your principal broker's approval? ✔✔Yes, as long as the home is not listed with the principal broker Continuing Education instrusctors must have what to teach real estate classes? ✔✔6 years real estate experience or a bachlor's degree with two years experience working as a broker Branch Office ✔✔Business location other than the main office Main Office ✔✔Real estate licesnsee's disignated place of business with the state How must a main office or branch office be disignated? ✔✔With a sign that contains the name under which the real estate licensee conducts real estate activity What must happen before a real estate office can change location? ✔✔Notify the agency on a form approved by the agency Can a principal broker maintain more than one office location? ✔✔Yes, there must be one designated main office and everything else is considered a branch office. All must be identifiable with proper signage outside each location. Does a booth in a mall providing information on listings have to be registered with the real estate agency as a branch office? ✔✔Yes, any location or place in which real estate activity is being conducted must be registered. Designated clients trust accounts ✔✔Property managers or principal brokers who engages in rental real estate shall open and maintain in Oregon one or more federally insured bank accounts known as disignated clients trust accounts Another name for an easement is? ✔✔Right of way A commitment is? ✔✔Document from a mortgage lender stating that the lender will be loaning the purchaser/borrower the necessary funds What is middle housing in Oregon? ✔✔• Duplexes • Triplexes • Cottage Clusters • Quadplexes • Town Houses To advertise "Team" or "Group" ✔✔The real estate licensee's must all be under the same broker and the team or group has at least one licensee and states who is not licensed What is Tax Deferral ✔✔Delay paying taxes to some other time When is a renewal of a real estate license effective? ✔✔when renewal requirements are met When can a buyer back out if they're not provided a disclosure statement? ✔✔At any time before closing [Show More]

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