Oregon Real Estate Section 1 Accurate 100%

How long does a buyer have to revoke their offer after receiving a seller's property disclosure statement? - ANSWER 5 business days When must the seller's disclosure be sent? - ANSWER Once the seller receives a written offer to purchase from a buyer What is the first thing to consider when gathering leads? - ANSWER Quantity Legally speaking, what is a protected class? - ANSWER A group that is specifically protected from discrimination What is the standard commission rate on real estate sales? - ANSWER 6% When does a listing agent get paid under an exclusive right to sell agreement? - ANSWER When the property sells, regardless of who found the buyer Which of the following is not an affirmative of a real estate property manager or a real estate (principal) broker performing as a property manager? - ANSWER Maintain loyalty to tenants ensuring that the property owner's policies do not unfairly impact the tenants What is Section 8 of the Housing and Community Development Act of 1974? - ANSWER The section of the law that authorizes the government to grant housing vouchers You cannot use the eLicense portal to do which of the following? - ANSWER Sign up for the PSI exam What is the maximum days in a year an individual can stay in a property he or she owns but still count is as a rental property and deduct rental expenses? - ANSWER 14 days If your customer has an unreasonable request in regards to marketing what should you do? - ANSWER Help the customer understand why their request will not work and give them alternatives that will work better What is the difference between the Civil Rights Act of 1968 and the Fair Housing Act of 1968? - ANSWER The Fair Housing Act is a subset of the Civil Rights Act (Title VIII) Per OAR which of the following is a purpose of "progressive discipline"? - ANSWER Educate the licensee to improve compliance Which of the following is not a rule pertaining to real estate advertising? - ANSWER The ad must state the assessed value of the property being sold Which of the following regulations does a licensee selling their own property have to abide by? - ANSWER Regulations governing getting paperwork approved by their principal broker A real estate broker who has an inactive license is exempted from which of the following rules - ANSWER They do not have to get their principal broker to sign their documents How long can a real estate broker's license be expired before it lapses? - ANSWER One year What does the Age Discrimination Act of 1975 do? - ANSWER IT prohibits age discrimination in any federally funded program Which of the following is NOT required on the initial from when opening a clients' trust account? - ANSWER The starting balance in the account What is the purpose of an MLS? - ANSWER To gather a list of properties for sale for easy browsing by buyers and their agents Which of the following is not one of affirmative duties of real estate brokers? - ANSWER To advise the seller/buyer on expert matters related to the transaction including those that are beyond the agent's expertise A real estate broker operates a business sending real estate leads to various real estate brokerages. These brokerages then pay him a referral fee. Is he in violation of the Oregon laws governing real estate, specifically ORS 696.301? - ANSWER Yes, he is barred from accepting compensation from a principal broker that he is not registered with. Under OAR : What happens if two brokers who work for the same principal broker represent both the seller and buyer (respectively) in a transaction? - ANSWER Their Principal Broker becomes a disclosed limited agent of both parties