Oregon Real Estate Exam Practice - Instructor Questions, Oregon Real Estate Exam (PSI) Questions & Answers!!

Do social networking sites have to be supervised by the principal broker? - ANSWER Yes, social networking sites and advertising Does an acutioneer or a short term vacation rental need a real estate liscence? - ANSWER An auctioneer who is auctioning homes must have license - someone who deals with short term vacation rentals needs business license only - real estate license not required. Which of the following needs to be disclosed to a potential buyer? - ANSWER a house used for the cooking of meth.yes must be disclosed What should you do if you get a listing for a house that has a septic tank on it? - ANSWER it must be disclosed. How many days does a principal broker have to provide the name and account number of the bank after opening a trust account? - ANSWER 10 business days. What is the age a person has to be to get a reverse mortgage? - ANSWER 62 years old and if married both persons must be at least 62. How much equity does a person have to have in their house to get a reverse mortgage? - ANSWER They must meet the equity requirements of HUD. Who gets paid in a reverse mortgage? - ANSWER The lender pays the homeowner. Do you have to notify the REA of an address change in 10 days ? - ANSWER 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. A registered business name can be submitted by - ANSWER PRINCIPAL BROKER If you view a home to be listed for a seller and realize you want to purchase it when you arrive you should? - ANSWER price the home by doing a CMA , list it and offer it to willing buyers If a principal broker is managing their personal rental property, funds collected from rentals must be: - ANSWER DEPOSITED IN PERSONAL BANK ACCOUNT A commission can be paid from a principal broker to - ANSWER A REAL ESTATE AGENT NO LONGER EMPLOYED WITH THE PRINCIPAL BROKER THAT EARNED THE COMMISSION BEFORE THEIR LICENSE WAS TRANSFERRED An internet listing of a home must include - ANSWER THAT THE LISTING AGENT IS LICENSED IN THE STATE OF OREGON If you were called to list someone's home and when you arrived, another brokerage's for sale sign was on the property what should you do? Should you view the home and make your pitch and if they were interested tell them you could only represent them after they ended their agreement with the other or do you just walk away and tell them you can't represent them? - ANSWER You can make your pitch and tell them you would love to list their house after their current listing expires. You cannot imply they should end their current listing. If Joe vacated his rental home without paying the last month's rent and Principal Bill sued him for the month's rent but found a new renter immediately, what can he do with the funds? Can he make the new tenant pay a full month's rent or does he have to prorate it? - ANSWER He has to pro-rate it for the new tenant. Can only charge new tenant for time he occupies. BUT cannot sue old tenant for time new tenant has paid for either. Can't double dip As a property manager can you refuse to rent a unit to a member of the Ku Klux Klan under Fair Housing Law? - ANSWER 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. How must a landlord deliver actual notice of a 24 hour inspection? - ANSWER 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. Who does USPAP license? - ANSWER 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