Oregon Broker Psi Exam 2023 Flashcards

Oregon Broker Psi Exam 2023 Flashcards Does a real estate agent have to present all offers?Yes all written offers notices and other things regardless if the seller is already in a contract A commission can be paid from a principal broker toa real estate agent who no longer employed to a PB, that earned the commission before their license was transferred What happens to a broker if they solicit another broker's listing?The real estate agency can revoke the real estate license or reprimand the broker How long must you keep attendance and continuing records?

• years everything else regarding business for 6 years

An OR resident may engage in RE without a license ifhe deals in estate property as an appointed executor of the estate OR law provides that a person may renew an inactive real estate license every two years indefinitely Which is the age a person has to be to get a reverse mortgage 62 How long must real estate documents be kept? 6 years, from the date the transaction was accepted, rejected, or withdrawn A broker associated with a principal real estate broker was asked by a property owner to prepare a competitive market analysis for the owners residence. Under Oregon law, which of the following statements about a CMA is true?A fee may be charged for proving a CMA the analysis may not be contingent upon reporting a predetermined value If a broker is to close a RE transaction what must first happen have written authorization from the PB broker and be under supervision from the PB Who is required to have a real estate license according to OR laws?a woman who receives a finders fee for soliciting buyers for the sister who is licensed 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) What happens to a PB if a complaint is made against them?The notice will be for review, a commissioner will evaluate all relevant factors Upon written acceptance or rejection an offer a RE agent must within 3 banking days provide legible copies of all offers signed by both buyer and seller to both buyer and seller Non licensed employees of a property manager may do all of the following except negotiate and sign property management agreement with owners How many days does a principal real estate broker have to provide the name and account number of the bank after opening a trust account?10 business days Who approves advertising?Principal broker An unlicensed personal assistant to an OR broker associated with a principal broker could legally perform which of the following?install signs and lock boxes on listed properties What is tax deferraldelay paying taxes to some other time

What should you do if you get a house for a listing and it has a septic tank?You must disclose this fact Who gets paid in a reverse mortgage?The lender pays the homeowner.A RE broker associated as a principal broker may do which of the following without the supervision rent or lease the brokers own real estate Promissory note for earnest money to be made payableat sellers acceptance A principal real estate broker hired a number of part time employees to show property pass out brochures, quote prices and state terms of the sale of real property in a development. A real estate broker was on site to fill out all of the earnest money agreements. The employees did not sign documents. Under these circumstances all employees must be licensedTo advertise real estate you

• must be licensed

Under OR law if a principal real estate broker establishes an independent contractor relationship with an associated real estate broker The principal broker must supervise the real estate brokers real estate activities to conform to the OR real estate license and law administrative rules When should the principal broker review brokers documents?

• days of the document's acceptance, rejection or

withdrawal. The PB must sign and initial at the time of review As a property manager can you refuse to rent a unit to a member of the KKK ?Yes In OR the time for adverse possessionis 10 years How long until earnest money needs to be deposited?3 banking days When should you notify the real estate agency that a client's trust account has been opened/closed?10 business days from the date it was closed or opened When is a renewal of a real estate license effective?When renewal requirements are met In OR what must happen before the apartment turns into a condominium?all tenants must be given a 120 day notice of conversion before the conversion The real estate board can do what to broker exceptmake a broker pay restitution Who must register the business name ?Principal Broker, must register the business name with REA-(Real Estate Agency) under their name.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 A seller asks a RE agent to list their land for sale; the land includes an untitled manufactured home. Can the buyer list both land and home?Just the land. RE agents can't sell an untitled manufactured home Which of the following could legally, without charging a fee, offer a seller an estimate of the sale price of the seller's property for the purpose of obtaining a listing?A real estate broker and PB What should a RE agent do if a client request information outside of the agents expertise- he should advise them to seek expert advice related to the information they want Which of the following needs to be disclosed to a potential buyer?A house used for cooking meth must be disclosed After a broker's agency relationship with an OR principal broker is terminated the brokers license if it is not reissues

revoked or suspended will become inactive license within 30 calendar days

An unlisted person assistant to a RE broker could legally do which of the following?Deliver documents to a broker When informing the RE agency a trust account has been opened what info must be included?name of bank, account number, name of account, date it was created, and acknowledgment The license of an active OR real estate broker who is associated with a principal broker Must be renewed before the expiration date to remain active The legal responsibilities of a property manager has to an owner can be found OR revised statutes 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 Who must maintain CE records?Principal brokers and brokers must maintain all their own CE records for 3 years Which of the following must be deposited in a client's trust account or neutral escrow?Earnest money deposits collected rents to be prorated at closing sales proceeds yet to be disbursed The following documents must be kept for record by the principal broker for a period of time after the transaction except?bills paid to keep the client trust account open If there are multiple offers on a property all offers must be given to the seller in no particular order.Land use planning is administered byland conservation and development commission (LCDC) PB must supervise which of the following activities of a broker?completion of a listing agreement, completion of a competitive market analysis, completion of a money agreement When can a buyer back out if they're not providing a disclosure statement?At any time before closing RESPA is administered byConsumer Financial Protection Bureau How long does a licensee have after a PB dies to transfer their license?30 calendar days before it automatically becomes inactive A buyer is purchasing a 40 acre parcel zoned exclusive farm use with a house and barn; the property currently has a property deferral based upon farm use. What must the buyer do to continue the tax deferral?The buyers must make sure the seller agrees to transfer the deferral as part of the sale and these provisions must be included in the sales contract An unlicensed personal assistant who engaged in activity which required a licensed is subject to a civil fine by the RE commissioner