UP TO 1,000 PER DAY OF VIOLATION

OREGON REAL ESTATE EXAM PREP Flashcards What's the penalty of property manager of not showing funds or with book keeping issues? 1000 max. 5000 max or 1000 per day?

UP TO $1,000 PER DAY OF VIOLATION

If a broker states in a purchase in sale agreement that he will list on MLS only and not do any other duties to seller and not represent seller on transaction. Which affirmative duties might be waived in writing if both parties agree.

MANAGE MONEY IN TIMELY ORDER

How many days? Example. 3 day rule for depositing earnest money or is it 5 days?

THREE DAYS. IT IS THEN 7 DAYS FOR PRINCIPAL

BROKER TO REVIEW PAPERWORK, SIGN DOCS, ETC.

IS IT 3 DAYS FOR WORKERS TO GET DOCS TO

PRINCIPAL BROKER AND 5 DAYS FOR THEM TO GET

TO BANK?

What is an Applicable Identifying Code?"IDENTIFYING CODE" MEANS A UNIQUE SERIES OF

LETTERS AND/OR NUMBERS ASSIGNED BY A

PROPERTY MANAGER TO A PROPERTY

MANAGEMENT AGREEMENT AT THE TIME OF THE

AGREEMENT

If a buyer doesn't receive the disclosure statement when can the buyer back out of a contract?

DISCLOSURE STATEMENT: EACH SELLER OF

RESIDENTIAL PROPERTY DESCRIBED IN ORS 105.465

MUST DELIVER THIS FORM TO EACH BUYER WHO

MAKES A WRITTEN OFFER TO PURCHASE. UNDER

ORS 105.475 (4), REFUSAL TO PROVIDE THIS FORM

GIVES THE BUYER THE RIGHT TO REVOKE THEIR

OFFER AT ANY TIME PRIOR TO CLOSING THE

TRANSACTION.

What agency relationship does a broker have in Oregon?RESIDENTIAL REAL ESTATE The legal responsibility a property manager has to an owner can be found?

OREGON REVISED STATUTES

A Buyer enters a contract to purchase property that is zoned agriculture use only. The property also has a house and barn on it. The property currently is under deferment tax, what should the buyer do to maintain that the agricultural tax deferment stays in place? -do nothing because automatic transfer defer tax

ASK SELLER TO TRANSFER ON TITLE PRIOR TO

CLOSING

Smith is principal who list house on the MLS. Bill is broker with another brokerage that found John a house.. Bill brings an offer to purchase Smith's house. Who will Bill give the earnest money too? Smith or John?

EARNEST MONEY SHOULD GO TO SMITH AS THEY

REPRESENT THE SELLER OR GO TO ESCROW.

Can a warehouse put a construction lean on a property if not paid by the contractor for the supply even though the contractor is paid? Or is that a different lien?

YES

Property management has a security deposit for 1 of his tenants, how many days does he have to deposit?

FIVE (5) DAYS

Can a NON-licensed individual who is an employee of a licensed real estate property manager do any of the following items, even if the property manager signs a paper delegating their authority to a non-licensed office staff person? -1. Negotiate rental of lease agreements?2. Check tenant and credit references?3. Physically maintain the real estate?4. Conduct tenant relations?5. Collect the rent?6.Supervise the premises' managers?7. Discuss financial matters relating to the management?8. Receive and disburse trust funds in a clients trust account?YES696.030 Exemptions.(9) A non-licensed individual who is employed by a principal real estate broker engaged in the management of a rental real estate or by a licensed real estate property manager and who acts on behalf of the principal real estate broker or licensed real estate property manager pursuant to a written delegation of the principal real estate broker's or licensed real estate property manager's authority.What happens when a Principal Broker fires his employed broker? What happens to his license?

LICENSE BECOMES INACTIVE ONCE THE LICENSEE

GOES TO THE REAL ESTATE AGENCY WEBSITE AND

FILLS OUT THEPROPER FORM. A PRINCIPAL REAL

ESTATE BROKER WITH WHOM A LICENSEE IS

ASSOCIATED REMAINS RESPONSIBLE FOR THE

LICENSEE'S PROFESSIONAL REAL ESTATE ACTIVITY

UNTIL THE AGENCY RECEIVES ONE OF THE

FOLLOWING:(A) AN ONLINE INACTIVATION

APPLICATION AVAILABLE THROUGH THE AGENCY'S

WEBSITE; OR(B) AN ONLINE LICENSE TRANSFER

FORM AND FEE.

What is the principal meridian in Oregon called? THE WILLAMETTE MERIDIAN What can happen to a broker if they solicit another brokers listing?

THE REAL ESTATE AGENCY CAN REVOKE THE REAL

ESTATE LICENSE OR, REPRIMAND THE BROKER.

THEY DO THIS BY PROGRESS DISCIPLINE:

The principal broker must retain all client records for 6 years. How long does a property manager retain his client records?

6 YEARS

Bill is a broker. John is seller. Bill knows John has exclusive right to sell agreement with Ann. Bill told John to

sign another agreement with him. Bill will:

PUT HIS LICENSE IN JEOPARDY WITH THE

COMMISSIONER

If promissory note is used as earnest money what is best interest for seller?

PAY DATE OF THE EARNEST MONEY IS THE SAME

DAY THAT SELLER ACCEPTS THE OFFER

The real estate board can do what to a licensee except?REPRIMAND A LICENSEE? YESREVOKE A LICENSE?

YESSUSPEND A LICENSE? YESMAKE A BROKER PAY

RESTITUTION? NO

Does a court ordered real estate sale transaction need a license to sell?

NO Do you have to be a licensed real estate agent to sell campground sites?NOAny individual who does not have a real estate license and is engaged in offering to sell orobtaining commitments to buy campground memberships by means of membership camping contracts by making a direct sales presentation to a person must be registered as a membership camping

contract salesperson.If Joe vacated his rental home at the first of the month without paying the last month's rent and Principal Bill sued him for the month's rent but found a new renter

immediately 5 days after, how does he charge the new & old tenant?

JOE OWES THE PRINCIPAL FOR THE 5 DAYS THE

PROPERTY WAS VACATED.