Oregon Real Estate License Law Flashcards

Oregon Real Estate License Law Flashcards Under Oregon law, a principal real estate broker may perform the duties of an escrow agent without obtaining an

escrow license:

Only if the closing is for the parties in a transaction handled by the principal broker and if the parties are not charged a separate fee for the escrow services

A branch office registration is necessary to use a:I. Model

unit, available for sale, in a subdivision for promotion of interest in the development.II. Temporary structure for dissemination of information.Neither I nor II A buyer was given a property condition disclosure after he made an offer on a home. How many days must he be given to revoke the offer and have the earnest money he deposited returned?Five business days if no waiver was signed Oregon law requires that principal brokers keep adequate records of all professional real estate activity for not less than ____ after the date of the transaction.

• years

Which of the following statements about listing agreements is NOT true?A listing agreement in Oregon is limited to 180 days duration Which of the following is NOT an activity that non-licensed employees of a property manager may perform?Negotiate and sign property management agreements with owners.After a broker's agency relationship with an Oregon Principal broker is terminated, the broker's license, if it is not reissued, revoked or suspended, will become an

inactive license within:

30 calendar days Susan is a real estate broker associated with Brown Reality in Portland. Which of the following statements about Susan's commissions is true?II. Susan can pay Kim, a real estate broker associated with a different principal broker than Susan, a finder's fee but it has to be paid by Susan's principal broker to Kim's principal broker and then from Kim's principal broker to Kim.Regarding closing procedures, which of the following is true?All parties to the transaction must grant written permission to deposit funds or papers into escrow Which of the following statements concerning a real estate property manager managing non-residential real property is true?II. The property manager must maintain an owner's ledger account for each owner of managed property It is a violation of the Real Estate License Law for a licensee to prepare a competitive market analysis for real

estate:I. Contingent upon reporting a predetermined

value.II. In which the licensee had an undisclosed interest.Both I and II In which of the following situations may an Oregon principal broker pay a listing finder's fee?A real estate broker previously licensed with the principal broker who earned the fee prior to transferring his license Oregon's agency disclosure law requires that a selling real estate licensee representing the seller give an Initial

Agency Disclosure Pamphlet to a prospective buyer:

At the first contact with the buyer who appears to be seeking representation

An unlicensed personal assistant to a real estate broker could legally do which of the following?Deliver documents to a buyer

The property condition disclosure law:Applies to residential property

A real estate broker associated with a principal broker who hires an unlicensed person to work as personal assistant

could legally:

• Pay the assistant a salary

According to Oregon administrative rules, if a sole proprietor real estate principal broker dies which of the following statements is FALSE?The sole proprietor broker's listing agreements must be transferred to the Real Estate Commissioner for the purpose of winding up the affairs of the sole proprietor broker.Interest accrued on an interest bearing clients' trust

account may not be directly paid to the:

Associated broker Which of the following statements concerning requirements of an Oregon principal broker's clients' trust account is

FALSE?

Clients must be notified of the account number and name of the bank in which the trust funds are deposited.If an active Oregon real estate broker associated with a principal broker sells property he owns completely, as an individual;I. The law requires the licensee to reveal his license status to the purchaser before the offer is acceptedII. The licensee must turn the funds over to the principal broker to be deposited into a neutral escrow depository in Oregon or into the principal broker's clients' trust account Both I and II The failure on the part of the real estate broker to place

deposit money in the custody of his principal broker is:I.

Contrary to license law I only Which action by a real estate broker associated with a principal broker would NOT be a violation of Oregon License Law?Providing a comparative market analysis in the pursuit of a listing.A principal broker authorizes a real estate broker associated with her to guarantee personally a profit from land purchased and held for one year before sold. Which is the effect if the real estate broker acts on this authorization?Both the principal broker and the real estate broker are subject to disciplinary action for the guarantee The Oregon property condition disclosure and disclaimer

law applies to:

The sale of a manufactured dwelling and the land upon which it is situated in which the buyer will reside If a real estate property manager licensed as a sole practitioner wants to be absent from his office for a long

period, the property manager:

May authorize another property manager or principal broker to control and supervise the office for no more than 90 consecutive days Which of the following constitutes engaging in professional real estate activity as defined by Oregon Law?I. A person who, for a fee, rents real estate owned by others to the public.II. A person who, for a fee, assists owners only in procuring prospective tenants for the owner's rental property.Both I and II

Under the Oregon Real Estate License Law, which of the following documents must be provided to both the buyer and seller in a transaction?II. A closing statement if the broker performed the closing II only Which of the following categories of licensees, without charging a fee, could legally offer a seller an estimate of the sales price of the seller's property for the purpose of obtaining a listing?I. Real Estate BrokerII. Principal Real Estate Broker Both I and II If a buyer makes an earnest money deposit and later forfeits the deposit, what is the disposition of the forfeited earnest money?The real estate broker and the seller must negotiate the disposition of forfeited earnest money at the time they complete a listing agreement or earnest money agreement A licensee would be in violation of ORS 696, the Real Estate License Law, for failing to inform a prospective

purchaser that the:I. Property is not zoned for the current

use, and the licensee knew of the zoning problem I only In the event the Real Estate Agency revokes a principal real estate broker's license, the licenses of the broker's

associated with the principal broker are automatically:

Suspended If a seller does not provide the buyer with a property

condition disclosure the buyer may cancel the transaction:

At any time prior to closing of the transaction Under Oregon 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 broker's real estate activities to conform to the Oregon Real Estate License Law and administrative rules It is legal for a principal real estate broker to place clients'

trust funds in an interest bearing account in Oregon:

Only if the account is federally insured As defined by Oregon administrative rule, 'first contact'

between a licensee and a buyer occurs:

When the licensee and the buyer discuss the buyer's specific real property needs or financial situation.Which of the following is true of a personal representative of a deceased person's estate who wishes to sell some of the real estate included in the estate?I. He can advertise the property without a real estate license.II. He can negotiate the sale of the property without a real estate license Both I and II Which of the following types of transactions, among other, are included under Oregon's agency disclosure statutes?I.Exchanges of real propertyII. Options to purchase real property Both I and II A principal broker who is going to be absent from the business may authorize another principal broker to control the business in the principal broker's absence for a

maximum of:

90 days Under Oregon statutes and administrative rules, which of the following is NOT an activity a real estate property manager licensee may do?List an owner's rental properties for sale.

In Oregon, a disclosed limited agency representations

means:

Both the buyer and the seller are represented by one or more licensees associated with a principal real estate broker.The licensee must give the real estate consumer who is seeking representation the Initial Agency Disclosure

Pamphlet:

On first contact Which of the following individuals is not exempt from licensing law requirements while engaging in property management activity?A limited partner in a limited partnership who, on a part-time basis, is acting under a separate, written property management agreement to rent the real property of the limited partnership A real estate licensee would be disciplined under ORS 696, the Real Estate License Law, for which of the following?II.Making a material misrepresentation to a prospective buyer, but the buyer did not purchase the property II only A person can work as a secretary in a real estate office without obtaining a real estate license. That secretary can legally perform which of the following functions?II onlyVerify the accuracy of listing information supplied by a broker by checking the records at the county tax office Who of the following is required by Oregon law to have a real estate license?A woman who receives a finders' fee for soliciting buyers for her sister, who is licensed.An Oregon resident may engage in real estate without a

license if:

He deals in estate property as an appointed executor of the estate.Principal real estate brokers are permitted under Oregon

law and administrative rules to:

II. Authorize an unlicensed employee to make deposits to the principal broker's clients' trust account An Oregon principal real estate broker wants to place a booth in the local shopping mall to display information on listings. The booth will be regularly staffed by licensees.Which of the following statements about requirements is true of this situation?The booth needs to be registered as a branch office.Oregon law provides that a person may renew an inactive

real estate license:

Every two years, indefinitely A seller who gives a property condition disclosure to a

purchaser:

II. Must disclose a proposed school going in across the street.When a real estate broker asks a principal real estate broker to terminate their business relationship, the principal

real estate broker must:

Send an acknowledgement of transfer to the receiving principal broker without delay