Oregon Real Estate Exam Practice - Instructor Questions, Oregon

Oregon Real Estate Exam Practice - Instructor Questions, Oregon Real Estate Exam (PSI) Questions Flashcards How long must real estate documents be kept? 6 years, from the date the transaction was accepted, rejected, or withdrawn Continuing education requires what?Principal brokers & brokers are required to complete 30hours of continuing education each 2year license cycleYour first renewal must include 3hour law & rule required course aka (LARRC) & 27hours broker advanced practices course Who must maintain CE (continuing education) recordsPrincipal brokers and brokers must maintain all their own CE records for 3years A bilateral contracteach of the parties make promises to the other.Which of the following needs to be disclosed to a potential buyer?a house used for the cooking of meth.

person.*TIP: The of C in the word Concurrent as in C for

"Couple" Who gets paid in a reverse mortgage?The lender pays the homeowner.How much equity does a person have to have in their house to get a reverse mortgage?They must meet the equity requirements of HUD.How long must you keep attendance & continuing education records?

• years, All other records regarding business are kept for 6

years As a property manager can you refuse to rent a unit to a member of the Ku Klux Klan under Fair Housing Law?You can refuse to rent to anyone who poses a danger to you or any other tenants. Other examples may be known drug dealers, gang members, etc.Is a deed that is not dated, acknowledged, or recorded valid?

YES 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 Promissory note for earnest money to be made payableat sellers acceptance.If a vacant lot is purchased on a land sale contract, how many days does the purchaser have to cancel the contract?

• business days

Main OfficeReal estate licesnsee's disignated place of business with the state How long does a licenses have after a principal broker dies to transfer their license?30 Calendar days, before the license automatically becomes inactive What is a model unit?aka Temporary structures used solely for information and distribution of lawfully required public reports. Not considered branch offices RESPA is administered bythe Consumer Financial Protection Bureau

Who can close real estate transactions?escrow agent, attorney, real estate broker engaged in the transaction, and principal broker.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, 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.is it prohibited to refuse a rental to a member of the KKK?No Licensee must disclose any known or suspected material fact i.e. buried gas tank, flooding, etc. not appearing on seller disclosure.Yes!Branch OfficeBusiness location other than the main office 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 If you take a listing and the agreement is to put the listing in the MLS only, what is the one duty that cannot be waived?You must present all offers received to the seller.Do you have to notify the REA of an address change in 10 days ?Each active, inactive and expired real estate licensee must maintain on file with the Agency a current mailing address and email address and notify the Agency within 10 calendar days of a change to a mailing or email address.The first renewal for a broker for continuing education requirements are the Broker Advanced Practices (27 hours) and the Law and Rule Required Course(LARRC)3 hours.Discussing commission percentages charged by your brokerage with other realtors from other brokerages is a violation of antitrust law and you should leave any such discussion.In Oregon, the time of possession for adverse possession is?10 Years Only accepted course for renewing real estate license for the first time Advanced Practices Course & LARRC aka Law & Rule Required course Designated clients trust accountsProperty 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 What should you do if you get a listing for a house that has a septic tank on it?it must be disclosed.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.A registered business name can be submitted by PRINCIPAL BROKER A commission can be paid from a principal broker toA REAL ESTATE AGENT NO LONGER EMPLOYED

WITH THE PRINCIPAL BROKER THAT EARNED THE

COMMISSION BEFORE THEIR LICENSE WAS

TRANSFERRED

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

Tenancy in severaltySole ownership of a property.*TIP: Think of the letter S in

the word Severalty as in S for "Single" 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 What must happen before a real estate office can change location?Notify the agency on a form approved by the agency 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.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 Is a licensed real estate agent required to disclose their license status when selling or advertising their own property?

YES When can the lots be sold under a binding contract?After the plat has been RECORDED How many days does a principal broker have to provide the name and account number of the bank after opening a trust account?10 business days.Do social networking sites have to be supervised by the principal broker?Yes, social networking sites and advertising contracts require that the licensee give a copy to their client at the time of signing.Always When informing the real estate agency a clients trust account has been opened. What information is to be included?

• Name of the bank2. Account Number3. Name of the

account4. Date the account was opened5. Acknowledged copy of the notice A property management agreement must be signed by a real estate licensee and property owner not by unlicensed employees.Who does USPAP license?Stands for Uniform Standards of Professional Appraisal Practice- licenses appraisers.A blind bid in an auction is also known as a clock bid or rafter bid and is used to induce bidders to up their bid.It is the practice of accepting a non-existing bid from a non-existing bidder and is fraudulent.An internet listing of a home must include THAT THE LISTING AGENT IS LICENSED IN THE STATE

OF OREGON

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 All land surveys and property descriptions in Oregon and Washington are referenced to this point.The Willamette Stone is the "Initial Point" or Point of Beginning of the Willamette Meridian.A modular home is an example ofa prefab home.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

Negative amortizationoccurs when the payment made by the borrower is less than the interest due and the difference is added to the loan balance.If you view a home to be listed for a seller and realize you want to purchase it when you arrive you should?price the home by doing a CMA , list it and offer it to willing buyers 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 Continuing Education instrusctors must have what to teach real estate classes?

• years real estate experience or a bachlor's degree with

two years experience working as a broker 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 Blind bidding is restricted byFHA A civil penalty imposed upon a property manager or principal broker for failing to produce for inspection records related to property management required to be maintained may not exceed

$10,000

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 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 How must a landlord deliver actual notice of a 24 hour inspection?

executed by one or more of the following methods:(1)

Verbal notice that is given personally to the landlord or tenant or left on the landlord's or tenant's telephone answering device.(2) Written notice that is personally delivered to the landlord or tenant, left at the landlord's rental office, sent by facsimile to the landlord's residence or rental office or to the tenant's dwelling unit, or attached in a secure manner to the main entrance of the landlord's residence or tenant's dwelling unit.(3) Written notice that is delivered by first class mail to the landlord or tenant. If the notice is mailed, the notice shall be considered served three days after the date the notice was mailed.(4) Any other method reasonably calculated to achieve actual receipt of notice, as agreed to and described in a written rental agreement.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 When should the principal broker review a brokers Documents?

• days, of the documents acceptance, rejection, or

withdrawal. The principal broker must initial and date the