Oregon Real Estate Exam (PSI) Questions with Verified Answers | Latest 2023/2024
How many consecutive years of non-use of water does one lose their water rights in
Oregon? ️ 5 consecutive years, the right is considered forfeited
Who must register the business name? ️ Principal Broker, must r...
Oregon Real Estate Exam (PSI) Questions with Verified Answers. How many consecutive years of non -use of water does one lose their water rights in Oregon? ✔️ 5 consecutive years, the right is considered forfeited Who must register the business name? ✔️ Principal Broker, must register the business name with REA -(Real Estate Agency) under their name. How long must real estate documents be kept? ✔️ 6 years, from the date the transaction was accepted, rejected, or withdrawn Who approves advertising? ✔️ The principal broker When should the principal broker re view a brokers Documents? ✔️ 7 days, of the documents acceptance, rejection, or withdrawal. The principal broker must initial and date the document in writing at the time of review How long must you keep attendance & continuing education records? ✔️ 3 years, All other records regarding business are kept for 6 years 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 When informing the re al estate agency a clients trust account has been opened. What information is to be included? ✔️ 1. Name of the bank 2. Account Number 3. Name of the account 4. Date the account was opened 5. Acknowledged copy of the notice How long can a broker tempo rarily 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. Who must maintain CE (continuing education) records ✔️ Principal brokers and brokers must maintain all their own CE records for 3years Only accepted course for renewing real estate license for the first time ✔️ Advanced Practices Course & LARRC aka Law & Rule Required c ourse Continuing education requires what? ✔️ Principal brokers & brokers are required to complete 30hours of continuing education each 2year license cycle Your first renewal must include 3hour law & rule required course aka (LARRC) & 27hours broker advanced practices course How long until earnest money needs to be deposited? ✔️ 3 banking days In the principal brokers absence he may assign a broker to temporarily supervise. The authorizing princip al broker must file what to end the authorized broker before the agreed upon termination date? ✔️ Amend Authorization Before Termination Date What must happen before a principal broker can authorize a broker to supervise? ✔️ Written authorization mu st be received by the agency before the effective date How long does a licenses have after a principal broker dies to transfer their license? ✔️ 30 Calendar days, before the license automatically becomes inactive A broker cannot collect a commission i f... ✔️ There is not a written, signed listing or fee agreement that provides an adequate description of the property (address) Disclosed Limited Agency means? ✔️ Same as Dual Agency, representation of the buyer and the seller or two buyers occurs w ithin the same real estate BUSINESS - not to get confused with same broker How long does a real estate agent have to present an offer to the seller? ✔️ There is not a standard time but it is said "As timely as possible" Does a real estate agent have t o 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. Does the duty a real estate agent owes to their principal of confidentiality end after the agency relationship ends? ✔️ NO, confidentiality survives the ending of an agency relationship. A broker may not reveal information received from a cli ent even after that client stops being the broker's client. 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 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 When should a re al estate agent present an agency disclosure pamphlet to each party? ✔️ At first contact, but not limited to in person, telephone, internet, or email,
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