Oregon Real Estate License Law

Front 1

A branch office registration is necessary to use a

Back 1

NEITHER

model unit, available for sale, in a subdivision for promotion of interest in the development.

OR

temporary structure for dissemination of information.

Front 2

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?

Back 2

Verify the accuracy of listing information supplied by a broker by checking the records at the county tax office

(A licensee is required to conduct professional real estate activity. The secretary could verify listing information but would not be allowed to give information about the listing to the public.)

Front 3

Which of the following constitutes engaging in professional real estate activity as defined by Oregon law?

Back 3

A person who, for a fee, rents real estate owned by others to the public & A person who, for a fee, assists owners only in procuring prospective tenants for the owners' rental property

Front 4

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?

Back 4

Real estate broker & Principal real estate broker

Front 5

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

Back 5

Deliver documents to a buyer.

Front 6

Principal brokers must supervise which of the following activities of brokers?

Back 6

Brokers must be supervised while performing all of the above.

Front 7

A nonlicensed personal assistant to an Oregon broker associated with a principal real estate broker could legally perform which of the following activities?

Back 7

Install signs and lock boxes on listed properties

Front 8

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?

Back 8

The booth needs to be registered as a branch office.

Front 9

A broker associated with a principal real estate broker was asked by a property owner to prepare a competitive market analysis for the owner's residence. Under Oregon law, which of the following statements about a competitive market analysis are true?

Back 9

A fee may be charged for providing a competitive market analysis. & The analysis may not be contingent upon reporting a pre-determined value.

Front 10

A principal real estate broker hired a number of part-time employees to show property, pass out brochures, quote prices, and state terms of the sale of real property in a development. A real estate broker was on site to fill out all of the earnest money agreements. The employees did not sign documents. Under these circumstances, the

Back 10

employees must be real estate licensees.

Front 11

Who of the following is required by Oregon law to have a real estate license?

Back 11

A woman who receives a finders' fee for soliciting buyers for her sister, who is licensed

Front 12

An Oregon real estate license must be held by a person who performs which of the following acts?

Back 12

Take a listing from a real property owner with the expectation of receiving a commission & Charge a consultation fee to a seller for advice on marketing real property

Front 13

Which of the following acts requires a real estate license in Oregon?

Back 13

Acceptance of a listing to sell a farm

Front 14

A real estate broker associated with a principal real estate broker may do which of the following without supervision?

Back 14

Rent or lease the licensee's own real estate

Front 15

A real estate broker associated with a principal real estate broker may do which of the following activities without supervision?

Back 15

Rent or lease the real estate broker's own real estate

Front 16

Which of the following statements is false concerning an inactive real estate broker involved in a lease option of his personally-owned real estate?

Back 16

The transaction must be supervised by a principal real estate broker.

Front 17

A property manager must comply with license law and administrative rules in which of the following?

Back 17

The lease-option of his personally-owned properties

Front 18

An Oregon real estate broker's unlicensed personal assistant directly participated in negotiations between a seller and purchaser. Which of the following is true about this situation?

Back 18

The personal assistant would be in violation of the Real Estate License Law.

Front 19

An unlicensed personal assistant who engages in activity which requires a license

Back 19

is subject to civil fines by the Real Estate Commissioner.

Front 20

A licensed real estate property manager may

Back 20

collect a commission for the lease of an owner's real estate.

Front 21

Under Oregon statutes and administrative rules, a real estate property manager licensee may do all of the following for compensation EXCEPT:

Back 21

list an owner's rental properties for sale.

Front 22

Which of the following statements concerning a property manager's clients' trust funds is false?

Back 22

The deposit may be made into an interest-bearing account without the prior written authorization of the owner of the property managed.

Front 23

Real estate broker Jackson, who is associated with a principal real estate broker, hires an unlicensed personal assistant to help him with daily tasks that take up a great deal of Jackson's time. Who would be held responsible if the assistant discussed the terms of a sale with a prospective buyer?

Back 23

Jackson & The principal broker

Front 24

Under Oregon law, if a principal real estate broker establishes an independent contractor relationship with an associated real estate broker:

Back 24

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.

Front 25

Which of the following persons involved in real estate activities are required to obtain an Oregon real estate license?

Back 25

A person rendering his services in the negotiation for transfer of an interest in real estate

Front 26

There are exemptions to licensing under the Oregon Real Estate Law, but which of the following is required to be licensed?

Back 26

A person who, for a fee, markets rental property and collects rent

Front 27

Non-licensed employees of a property manager may perform all of the following activities except

Back 27

Negotiate and sign property management agreements with owners

Front 28

Which of the following individuals is not exempt from licensing law requirements while engaging in property management activity?

Back 28

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

Front 29

Property management agreements may be negotiated and signed by a

Back 29

real estate property manager & real estate broker associated with a principal real estate broker.

Front 30

Non-licensed employees of a property manager may

Back 30

collect rents from tenants.

negotiate rental agreements with tenants.

show properties to prospective tenants.

Front 31

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?

Back 31

He can advertise the property without a real estate license & He can negotiate the sale of the property without a real estate license.

Front 32

Which of the following property management activities would require a real estate license?

Back 32

Negotiation of property management agreement with property owner

Front 33

An Oregon resident may engage in real estate without a license if

Back 33

he deals in estate property as an appointed executor of the estate.

Front 34

Robert Mosher owns Mosher Real Estate Mart, Inc., a registered business name which conducts professional real estate activity in Oregon. He is required to hold

Back 34

NONE

an active principal broker's license.

an active real estate broker's license.

an active sole practitioner broker's license.

Front 35

It is a violation of the Real Estate License Law for a real estate broker to conduct real estate activity

Back 35

ALL

during the time the license is on inactive status.

after the license has expired.

while waiting for the license to be reissued to another principal broker.

Front 36

The license of an active Oregon real estate broker who is associated with a principal broker

Back 36

must be renewed before the expiration date to remain active

Front 37

Under Oregon law a real estate broker associated with a principal real estate broker may

Back 37

NEITHER

employ a licensed personal assistant.supervise real estate brokers in a branch office.

Front 38

According to Oregon real estate license law, a principal real estate broker:

Back 38

must maintain a definite place of business & is responsible for the actions of the brokers licensed under him and must supervise their professional real estate activity.

Front 39

With his principal broker's permission and supervision, a real estate broker could do which of the following according to the Oregon real estate license law.

Back 39

Close a transaction

Front 40

Oregon Real Estate License Law permits administrative action to be taken against a principal broker's license for failing to

Back 40

notify the Real Estate Agency of the principal broker's change of address & retain files of all real estate activity for a period of 6 years from the termination or expiration

Front 41

According to Oregon administrative rules, if a sole proprietor real estate principal broker dies which of the following statements is false?

Back 41

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.

Front 42

When a real estate broker asks a principal real estate broker to terminate their business relationship, the principal real estate broker must

Back 42

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

Front 43

When a real estate broker transfers to a different principal broker:

Back 43

an acknowledgment of transfer must be sent to the receiving principal broker.

Front 44

A real estate broker is transferring to a new principal broker. That real estate broker is permitted under Oregon law to take with him to the new office

Back 44

NEITHER

all of his pending sales.

the listings that he has signed within the last 30 days.

Front 45

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

Back 45

thirty calendar days.

Front 46

Oregon law requires a principal broker who closes his office to do which of the following?

Back 46

Notify the Real Estate Agency where the records will be stored & Maintain records within the State of Oregon

Front 47

A person who holds an inactive real estate license

Back 47

may not engage in professional real estate activity & must disclose the fact that he has a license when buying or selling property on his own account on at least the first written document of agreement.

Front 48

Oregon law provides that a person may renew an inactive real estate license

Back 48

every two years indefinitely.

Front 49

An earnest money receipt is signed by both the buyer, Lori Unruh, and the sellers, Leo and Evelyn Robertson. But the transaction falls through because Evelyn Robertson refuses to sign the deed conveying title. The broker handling the transaction:

Back 49

is entitled to a full commission.

Front 50

At the time the seller accepts the buyer's offer, the question of the disposition of forfeited earnest money is a matter for negotiation between

Back 50

the principal broker and seller.

Front 51

If a buyer makes an earnest money deposit and later forfeits the deposit, what is the disposition of the forfeited earnest money?

Back 51

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

Front 52

If the branch office of a real estate firm maintains a separate clients' trust account, it must also

Back 52

maintain a separate bookkeeping system.

Front 53

A principal broker is required to deposit earnest money into a clients' trust account. However, he may deposit the money into a federally insured interest-bearing account only if

Back 53

he has written approval from the purchaser and the seller.

Front 54

A principal broker may

Back 54

have trust accounts and separate bookkeeping systems for each of his offices & place rental collections on property he owns in his personal account.

Front 55

A purchaser gives $20,000 as earnest money to a real estate broker. He instructs the broker to deposit the money in an interest-bearing account because the transaction may not close in escrow for a year. Under these circumstances, the:

Back 55

funds must be deposited in a federally insured interest-bearing account, provided both parties to the transaction give their written consent.

Front 56

A real estate broker receives an earnest money deposit of $15,000 from a purchaser who instructs the real estate broker to deposit the money in an interest-bearing account because the transaction may not close in escrow for a year. Under these circumstances the

Back 56

funds must be deposited in a federally insured interest-bearing account, provided both parties to the transaction have given their written consent.

Front 57

Which of the following must be deposited in a clients' trust account or neutral escrow?

Back 57

Earnest money deposits

Collected rents to be prorated at closing

Sales proceeds yet to be disbursed

Front 58

Interest accrued on an interest-bearing clients' trust account may not be directly paid to the

Back 58

associated broker

Front 59

A principal broker may place clients' trust funds into an interest-bearing account only if

Back 59

all parties who have an interest in the funds give their written permission.

Front 60

It is legal for a principal real estate broker to place clients' trust funds in an interest-bearing account in Oregon

Back 60

only if the account is federally insured.

Front 61

A real estate property manager may

Back 61

have trust accounts and separate bookkeeping systems for each of his offices & place rental collections on property he owns in his personal account.

Front 62

Which of the following statements concerning a real estate property manager managing non- residential real property is true?

Back 62

The property manager must maintain an owner's ledger account for each owner of managed property.

Front 63

Which of the following clients' trust funds may be placed by a property manager into a federally insured interest-bearing account?

Back 63

All may be placed in a federally insured interest-bearing account

Tenants' rent payments

A non-refundable cleaning fee paid by the tenant Coins removed from a clothes dryer at the site of the rental unit All of the above

Front 64

A property manager, with the required written consent of all parties having an interest in the clients' trust funds, may place the funds in

Back 64

a federally insured, interest-bearing bank account.

Front 65

A property manager must open and maintain at least one clients' trust account

Back 65

for the deposit of funds received on behalf of owners of property managed under property management agreements.

Front 66

Under Oregon real estate license law, funds in a principal broker's clients' trust account can be subject to

Back 66

NEITHER

attachment on a claim against the principal broker. OR execution on a claim against the principal broker.

Front 67

A real estate principal broker is required by the Oregon license law to do which of the following?

Back 67

Notify the bank at which he maintains a clients' trust account in writing that the account is for the purpose of holding funds belonging to others and keep an acknowledged copy of the notice in the broker's records & Identify to the Real Estate Agency the name of the bank, account number, and name of account for each clients' trust account the broker maintains

Front 68

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

Back 68

Clients must be notified of the account number and name of the bank in which the trust funds are deposited.

Front 69

If a principal real estate broker or property manager places trust funds in an interest-bearing clients' trust account

Back 69

all parties having an interest in the funds must give approval.

Front 70

If a principal broker uses a neutral escrow depository for earnest money deposits she

Back 70

must have the agreement of all parties who have an interest in the trust funds.

Front 71

An Oregon principal broker must do which of the following when establishing a clients' trust account?

Back 71

Notify the Real Estate Agency of the name of the bank, account number and name of the account & Supply a notice to the bank that the account is maintained only for clients' funds

Front 72

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.

Back 72

6 years

Front 73

How long after the date of the transaction are Oregon licensees required to keep records?

Back 73

6 years

Front 74

The period of time that signed copies of listings, deposit receipts, earnest money receipts and other contracts must be maintained is

Back 74

6 years

Front 75

Trust account records must be maintained for

Back 75

6 years

Front 76

Charles Rupp is an active principal broker in Oregon and must therefore maintain records of all his professional real estate activity for a period of

Back 76

6 years

Front 77

A principal broker must maintain a complete record of all funds, promissory notes, or other consideration received on real estate offers and transactions for a minimum of

Back 77

6 years

Front 78

For six years, a principal real estate broker must retain all:

Back 78

ALL

listing agreements and earnest money receipts. clients' trust account records and ledgers.

vouchers, bills, or obligations paid for the account of a client from the trust account.

Front 79

Which of the following is correct about listing agreements?

Back 79

A copy of a listing agreement must be kept with the principal broker.

Front 80

Which of the following statements about listing agreements is NOT true?

Back 80

A listing agreement in Oregon is limited to 180 days duration.

Front 81

A broker must maintain which of the following documents that pertain to his professional real estate activity?

Back 81

Copy of a receipt issued by the broker in acceptance of a promissory note from a cooperating broker

Copy of a narrative appraisal report issued by the broker

Earnest money agreement in the completed sale of a property

Front 82

Regardless of where the principal broker resides, the records for professional real estate activity conducted in Oregon must be retained

Back 82

in the state of Oregon.

Front 83

Records of a principal broker for professional real estate activity conducted in Oregon must be retained

Back 83

for a minimum of six years & within the state of Oregon.

Front 84

A real estate principal broker or property manager must retain records of his Oregon real estate activity

Back 84

for six years after the date of the transaction.

Front 85

Charles Rupp is an active real estate property manager in Oregon and must therefore maintain records of all his professional real estate activity for a period of

Back 85

6 YEARS

Front 86

What must the principal broker do when one of the principal broker's associated real estate brokers has listed personally-owned property for lease-option with the principal broker?

Back 86

The principal broker must maintain complete records for six years of any transaction arising from the listing.

Front 87

The original, executed copy of a property management agreement

Back 87

must be filed and maintained by the property manager.

Front 88

Tom, an Oregon sole proprietor principal broker, is closing his office and moving to another state. According to Oregon real estate license law, what is Tom required to do with his real estate records?

Back 88

Find a place in Oregon to store the records for the six-year requirement.

Front 89

Oregon principal real estate brokers must keep records for six years. Those records include

Back 89

files for transactions that failed.

tenant rental agreements.

reconciled bank statements for clients' trust accounts.

Front 90

In which of the following situations may an Oregon principal broker pay a listing finder's fee?

Back 90

A real estate broker previously licensed with the principal broker who earned the fee prior to transferring his license

Front 91

Oregon real estate license law restricts brokers associated with principal brokers from

Back 91

bringing a lawsuit against a seller for payment of commission & directly accepting a finder's fee from a principal broker with whom the broker is not licensed.

Front 92

A real estate broker associated with a principal broker is allowed to accept a commission directly from which of the following?

Back 92

NONE

The seller

The buyer

The escrow agent

Front 93

A real estate broker associated with a principal broker participating in a real estate transaction is allowed to accept compensation directly from the

Back 93

NEITHER

seller. buyer.

Front 94

Mary is a real estate broker associated with principal broker Larry. Tom is also a principal broker. Mary procured a sale for Tom's listing. Tom expressed his appreciation by directly paying Mary a $200 bonus. Which of the following statements is true concerning this situation?

Back 94

NEITHER

This is acceptable as long as Mary receives her commission from principal broker Larry.

This is acceptable as long as principal broker Larry is notified by principal broker Tom.

Front 95

Smith is a real estate broker associated with Brown Realty. Jones is a real estate broker associated with White Realty. Both firms belong to the same multiple listing service. Smith secures a listing and it is placed in the multiple listing service. Jones sells the property for White Realty. Jones can collect a commission directly from

Back 95

WHITE REALTY

Front 96

Susan is a real estate broker associated with Brown Realty. Which of the following statements about commissions Susan is paid is true?

Back 96

Susan may pay a finder's fee to Kim, a real Estate broker associated with another principal broker, as long as the money is paid through Kim's principal broker.

Front 97

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

Back 97

pay the assistant a salary.

Front 98

Which of the following acts are permitted under the Oregon License Law?

Back 98

NONE

A real estate broker associated with a principal broker sharing a commission directly with a licensee from another office

A principal broker paying a finder's fee directly to a licensee associated With another principal broker

A principal broker paying a finder's fee to an unlicensed person for referring a buyer

Front 99

Under Oregon law, it is legal for a real estate broker associated With a principal broker to directly pay a finder's fee for referring a buyer to

Back 99

NEITHER

a real estate broker associated with another principal broker.

a close relative or friend.

Front 100

A principal broker authorizes a real estate broker associated with her to guarantee personally a profit from land purchased and held one year before sold. What is the effect if the real estate broker acts on this authorization?

Back 100

Both the principal broker and the real estate broker are subject to disciplinary action for the guarantee.

Front 101

The Oregon Real Estate Commissioner may revoke the license of a real estate licensee for

Back 101

ANY

acting in the dual capacity of agent and undisclosed principal in any transaction.

acting for more than one party in a transaction without the knowledge and written permission of all parties for whom he acts.

failure to deliver promptly a completed copy of any purchase agreement or offer to buy or sell real estate to the purchaser and to the seller.

Front 102

A real estate licensee in Oregon who offers a property for sale on his own behalf is required to disclose to the other parties to the transaction

Back 102

the fact that he has a real estate license.

Front 103

A real estate broker associated with a principal broker received from a cooperating broker an offer to purchase a property. He also received earnest money in the form of a certified check made out to his principal broker's firm. What should the real estate broker do with the check?

Back 103

Give the check to his own principal broker as soon as possible

Front 104

A licensee can be guilty of misrepresentation by

Back 104

direct acts or statements. & acts of omission, such as failure to disclose vital information.

Front 105

A real estate broker associated with a principal broker may legally

Back 105

NEITHER

accept a finder's fee directly from another real estate broker.

pay a finder's fee to a neighbor for referring a buyer.

Front 106

A principal real estate broker may share his commission with

Back 106

a cooperating principal real estate broker under an oral agreement.

Front 107

Albert Brown, an Oregon licensee, wants to put a 'for sale' sign on property belonging to Timothy and Debbie Sanford. He can only do so

Back 107

with written authorization from the Sanfords.

Front 108

Charles Jones, an Oregon real estate licensee, must disclose that he holds a real estate license while

Back 108

selling any real property he owns.& buying real property jointly with his spouse, who is not licensed.

Front 109

The Real Estate Commissioner may discipline an Oregon real estate licensee whenever the licensee

Back 109

promises there will be future profits on the resale of real property. & acts as an agent for both parties in a transaction without the knowledge and written permission of all parties for whom the licensee is acting.

Front 110

A real estate broker associated with a principal broker could have his license suspended for

Back 110

MISREPRESENTATION

Front 111

In Oregon, non-disclosure of a disclosed limited agency by a broker could result in

Back 111

the broker losing his license.& contract rescission.

Front 112

Real estate broker Jones convinced Seller Smith to sign an exclusive right-to-sell listing with Jones' principal broker even though Jones knew there was an outstanding exclusive right- to-sell listing on the property. Jones told Smith that Smith should call the first broker and cancel that listing. Which of the following statements is true regarding this situation?

Back 112

Jones' actions put him in jeopardy of having action taken against his license by the Real Estate Commissioner.

Front 113

It is a violation of the Real Estate License Law for a licensee to prepare a competitive market analysis for real estate

Back 113

contingent upon reporting a predetermined value.& in which the licensee had an undisclosed interest.

Front 114

Under Oregon license law, real estate brokers associated with principal brokers who

Back 114

sell their own property are required to disclose their license status.

Front 115

If an Oregon real estate broker associated with a principal broker makes an intentional misrepresentation to a client, the broker and his principal broker may

Back 115

have their licenses suspended or revoked.

Front 116

If an active Oregon real estate broker associated with a principal broker sells property he owns completely, as an individual,

Back 116

the law requires the licensee to reveal his license status to the purchaser before the offer is accepted. & 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.

Front 117

Gary Henderson, an active Oregon principal broker, is a major stockholder in Mid-Pacific Corporation. Mid-Pacific is offering to sell units in a condominium project the corporation owns. Henderson is actively participating in the negotiation for the sale of the units. To comply with Oregon rules and regulations, Henderson must do which of the following?

Back 117

He must disclose his interest in the corporation. & He must deposit any funds he receives in connection with the sale into a neutral escrow depository or clients' trust account

Front 118

Which of the following actions on the part of a real estate licensee could result in license revocation?

Back 118

Failure to submit to an owner, before his acceptance of an offer, all other written offers. & Advertising a sales price other than the one stipulated by the owner

Front 119

A real estate licensee would NOT be subject to discipline under Oregon License Law for

Back 119

acting for more than one party in a transaction with the consent of both.

Front 120

A licensee would be in violation of ORS 696, the Real Estate License Law, for failing to inform a prospective purchaser that the

Back 120

property is not zoned for the current use, and the licensee knew of the zoning problem.

Front 121

Which of the following acts would be grounds for suspension, revocation, or reprimand of a real estate licensee?

Back 121

Making a false promise likely to persuade a purchaser, even though no purchaser acts to his detriment as a result of the promise & Making a material misrepresentation to a prospective purchaser even though the purchaser did not buy the property

Front 122

A real estate licensee would be disciplined under ORS 696, the Real Estate License Law, for which of the following?

Back 122

Making a material misrepresentation to a prospective buyer, but the buyer did not purchase the property.

Front 123

An Oregon real estate broker associated with a principal broker may, upon proper complaint, be brought to a hearing concerning whether his license should be suspended or revoked when he

Back 123

displays a 'for sale' sign on a property without written consent of the owner. & conducts property management in his own name.

Front 124

Brooks, a real estate broker, sold a property without notifying his principal broker. Brooks gave part of the commission directly to Simpson, a real estate broker associated with another firm, because they had worked together to complete this sale. Which of the following statements is correct regarding the situation?

Back 124

Brooks does not have the right to receive commissions directly.

Simpson may not legally keep the money Brooks gave him.

Brooks has violated his duty to his principal broker.

Front 125

The failure on the part of the real estate broker to place deposit money in the custody of his principal broker is

Back 125

contrary to license law.

Front 126

Principal Broker Bob had listed Susan's house for sale. Real Estate Broker Jim, associated with Principal Broker Bob, found a couple who were willing to purchase it. He obtained their signatures on a sales contract and received their earnest money check for 10% of the purchase price. Real Estate Broker Jim could do the following with the check?

Back 126

Deliver it to Principal Broker Bob.

Front 127

Shortly after the close of escrow, Jones, the seller, learned that the buyers, Mr. and Mrs. Brown, were the stepfather and mother of Jones' real estate broker, that the Browns were acting on behalf of the broker, and that an escrow for resale of the same property had been opened at a $25,000 higher sales price before the Jones to Brown escrow was closed. Jones filed a complaint with the Real Estate Agency. Which of the following is true regarding this situation?

Back 127

The seller could sue the broker in civil court for the amount of the profit realized on the resale of the property and the broker is subject to disciplinary action by the Commissioner.

Front 128

The Commissioner may revoke or suspend a real estate broker's license for which of the following?

Back 128

Inducing a seller to break a listing contract with another principal broker to substitute a new listing contract with the broker's principal broker

Violating Oregon's discrimination statutes

Failure to deliver a completed copy of an offer to purchase to the purchaser and seller within a reasonable amount of time

Front 129

Under the Oregon Real Estate License Law, which of the following documents must be provided to both the buyer and seller in a transaction?

Back 129

A closing statement if the broker performed the closing

Front 130

The listing real estate broker is responsible for the delivery of the signed closing statement to which of the following persons in a transaction if the listing broker handles the closing function?

Back 130

The buyer The seller

Front 131

Which action by a real estate broker associated with a principal broker would NOT be a violation of Oregon license law?

Back 131

Providing a comparative market analysis in the pursuit of a listing.

Front 132

Broker Sam listed Tom's house for sale. Mary came into Sam's office and asked him to find a house for her. She agreed to pay him a finder's fee for his services. He showed her Tom's house, which she purchases. Sam did not mention to Tom or Mary that each of them were paying him for his services.In this situation:

Back 132

Sam has violated Oregon license law and may lose his license.

Front 133

Oregon law allows the principal brokers of a real estate firm to delegate

Back 133

the area of management responsibilities among its principal brokers,

Front 134

Which of the following statements about two or more real estate property managers who are in business together is correct?

Back 134

The managers may have equal supervisory control over the property management activity of the firm. & The managers must establish office policies.

Front 135

Three principal brokers formed a firm under which they conducted their real estate activity. Under Oregon law, which of the following statements about the supervision of the activities of the firm is true?

Back 135

The principal brokers may delegate certain duties to a specific principal broker, for instance, one principal broker may be responsible for the training of new licensees.

All three principal brokers share equal responsibility for the conduct of the licensees employed by the organization.

Front 136

James Wilson, a principal broker licensed in Oregon, can enter into a cooperative transaction with John Weber, even though he knows that Weber's broker license has been:

Back 136

NEITHER

suspended.revoked.

Front 137

In the event the Real Estate Agency revokes a principal real estate broker's license, the licenses of the brokers associated with the principal broker are automatically

Back 137

suspended.

Front 138

Oregon's agency disclosure law applies to

Back 138

residential property.

commercial property.

industrial property.

Front 139

Under Oregon's agency disclosure law

Back 139

prior to entering into a listing agreement a real estate licensee must give an Initial Agency Disclosure Pamphlet to the seller.

Front 140

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

Back 140

at the first contact with the buyer who appears to be seeking representation.

Front 141

Under Oregon's agency disclosure law, a real estate broker associated with a principal broker may represent both the seller and buyer by a disclosed limited agency relationship. In this type of agency relationship

Back 141

the buyer and seller arrange to have the principal broker keep some information confidential from the parties unless express permission otherwise is given.

Front 142

anice, an Oregon principal broker, has a listing for a house. She finds a buyer while continuing to be the seller's agent. Under Oregon law, she must give an Initial Agency Disclosure Pamphlet to:

Back 142

the buyer when first contact is made between the buyer and herself if the buyer appears to be seeking representation.

the seller prior to entering into the listing agreement.

Front 143

Under Oregon's agency disclosure law, a seller's single agent

Back 143

is responsible for providing an Initial Agency Disclosure Pamphlet to the seller before entering into the listing agreement.

Front 144

Under Oregon's agency disclosure law, a buyer's single agent

Back 144

is responsible for providing an Initial Agency Disclosure Pamphlet to the buyer at first contact.

Front 145

Once an Oregon licensee has established a single agency relationship with the seller or the buyer

Back 145

NEITHER

the relationship may not be changed to disclosed limited agency representation.

the broker's commission may only be paid by the party with whom the broker has the relationship.

Front 146

In Oregon, a disclosed limited agency representation means

Back 146

both the buyer and the seller are represented by one or more licensees associated with a principal real estate broker.

Front 147

Which of the following types of transactions, among others, are included under Oregon's agency disclosure statutes?

Back 147

Exchanges of real property & Options to purchase real property

Front 148

What duties does a real estate licensee who is representing the seller have to an unrepresented purchaser under Oregon law?

Back 148

Honest dealing and disclosure

Account for money received on behalf of the seller

Reasonable care and diligence

Front 149

The first contact between Louise, the listing licensee representing the seller, and Susan, the purchaser took place in the office. Under Oregon law, which of the following statements is true regarding this situation?

Back 149

Louise must provide Susan a copy of the Initial Agency Disclosure Pamphlet.

Front 150

Oregon's agency disclosure statutes require a seller's agent to provide a copy of the disclosure to the seller

Back 150

prior to entering into the listing agreement.

Front 151

An Oregon real estate licensee who agrees to act as the seller's agent is responsible for:

Back 151

explaining to the seller his or her obligations under the property condition disclosure and disclaimer law.

providing a copy of the Initial Agency Disclosure Pamphlet to the seller prior to entering into a listing agreement.

Front 152

As defined by Oregon administrative rule, 'first contact' between a licensee and a buyer occurs

Back 152

when the licensee and the buyer discuss the buyer's specific real property needs or financial situation.

Front 153

Which of the following statements about the Oregon property condition disclosure law and the agency disclosure law is true?

Back 153

NEITHER

The property disclosure law applies to all property within the State of Oregon.

The agency disclosure law is limited to the sale of residential property.

Front 154

An Oregon licensee is working with an out-of-state buyer in the purchase of a home in Oregon. The licensee has not met the buyer; their only contact has been by telephone. They have discussed what type of property the buyer wants and the price range the buyer can afford. At what point in time must the licensee provide a copy of the Initial Agency Disclosure Pamphlet required by Oregon administrative rule?

Back 154

As soon as the licensee and the buyer began discussions over the buyer's housing needs and finances, the licensee should have immediately sent the disclosure pamphlet to the buyer.

Front 155

Oregon's agency disclosure law

Back 155

allows real estate licensees to represent both the seller and the buyer.

Front 156

A real estate licensee is representing both the seller and buyer under a disclosed limited agency agreement. Under Oregon's agency disclosure law, the licensee may

Back 156

NEITHER

reveal to the buyer, without the seller's permission, that the seller will accept a price lower than the listing price.

reveal to the seller, without the buyer's permission, that the buyer will pay a price higher than the offering price.

Front 157

Once a licensee has established a seller's agency with a seller

Back 157

NEITHER

the relationship cannot be revised to a disclosed limited agency.

the licensee has no duties towards the buyer.

Front 158

A prospective buyer must be given an Initial Agency Disclosure Pamphlet by the real estate licensee

Back 158

at first contact.

Front 159

A real estate licensee representing a buyer has an obligation to

Back 159

provide an Initial Agency Disclosure Pamphlet to the buyer at first contact. & inform the buyer of the buyer's rights under the property condition disclosure/disclaimer law.

Front 160

Under the Oregon agency disclosure law, "disclosed limited agency" means

Back 160

the seller and buyer are represented by the same real estate business.

Front 161

When an Oregon licensee represents a buyer as the buyer's agent

Back 161

the licensee has an obligation to the seller of honest dealing and disclosure of material facts.

Front 162

Unless otherwise agreed to by the parties, Oregon law automatically considers the real estate licensee acting under a listing agreement with the seller

Back 162

to be the seller's agent.

to owe the seller the fiduciary duties described in the law.

Front 163

A seller who gives a property condition disclosure to a purchaser

Back 163

must disclose a proposed school going in across the street.

Front 164

If a seller does not provide the buyer with a property condition disclosure the buyer may cancel the transaction

Back 164

at any time prior to closing of the transaction.

Front 165

A buyer properly revokes his offer after receiving the property condition disclosure and requests the return of his earnest money. The broker

Back 165

must promptly return the earnest money.

Front 166

The property condition disclosure law

Back 166

applies to residential property.

Front 167

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?

Back 167

Five business days if no waiver was signed

Front 168

A buyer properly revokes the offer after receiving the property condition disclosure and requests the return of the buyer's earnest money the principal broker is holding in a clients' trust account. The principal broker

Back 168

may require the buyer to sign a release before returning the money.

Front 169

The Oregon property condition disclosure and disclaimer law applies to

Back 169

the sale of a manufactured dwelling and the land upon which it is situated in which the buyer will reside.

Front 170

The seller of a single-family residence who resided in the home refused to provide the buyer with either a property condition disclosure. In this situation under Oregon law the buyer

Back 170

has until closing to withdraw his offer to purchase.

Front 171

Which of the following statements is true regarding a real estate licensee's responsibilities under the Oregon property condition disclosure?

Back 171

A licensee representing a seller is responsible to explain to the seller what the seller's duties are under the law.

Front 172

There is a material defect in the property which is not noted in the seller's property condition disclosure form. Which of the following statements is true regarding this situation?

Back 172

Common law requires the licensee to disclose the information to prospective buyers.

Front 173

The buyer's agent noticed that the seller's property condition disclosure form was inaccurate. What is the buyer's broker's obligation in this situation?

Back 173

The buyer's broker must reveal the inaccuracy to the prospective buyer.

Front 174

Which of the following statements concerning the Oregon property condition disclosure and disclaimer law is true?

Back 174

NEITHER

A property condition disclosure statement eliminates the need for the seller to disclose any material defects in the property not mentioned in the disclosure form.

Licensees are required to complete the property condition disclosure statement if the seller refuses to complete it.

Front 175

A principal broker may

Back 175

maintain a clients' trust account for sales transactions and a separate account for property management.

Front 176

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

Back 176

90 days.

Front 177

A principal broker who is going to be absent from his business may authorize another principal broker to control the business in the principal broker's absence for a maximum of

Back 177

90 DAYS

Front 178

Under Oregon statutes, a real estate broker associated with a principal real estate broker may

Back 178

be authorized by the principal broker to handle a closing under the supervision of the principal broker & provide a competitive market analysis for a prospective client

Front 179

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:

Back 179

may authorize another property manager or principal broker to control and supervise the office for no more than 90 consecutive days.

Front 180

If a principal broker wants to authorize another licensee in his office to supervise in the principal broker's absence, the principal broker must include which of the following in his notice to the Real Estate Agency according to the Oregon Administrative Rules?

Back 180

Specify the dates of the principal broker's absence & Have the authorized licensee sign the notice accepting the supervisory responsibilities

Front 181

Robert, a principal broker, authorizes Nancy, a principal broker associated with his office, to supervise the office in his absence. Under Oregon Administrative Rules, which of the following is true about this situation?

Back 181

Nancy's name and signature, accepting responsibility, must be included in the authorization notice to the Real Estate Agency. & Nancy will have joint responsibility for all professional real estate activity conducted during Robert's absence.

Front 182

An Oregon real estate broker associated with a principal broker is permitted to do all of the following on behalf of the principal broker except

Back 182

manage the principal broker's office for an indefinite amount of time.

Front 183

Principal real estate brokers are permitted under Oregon law and administrative rules to:

Back 183

authorize an unlicensed employee to make deposits to the principal broker's clients' trust account.

Front 184

Principal broker Jones authorized Principal Broker Brown to supervise the office while Jones was on a two-week vacation. Which of the following statements about Jones' authorization is true under Oregon law?

Back 184

The authorization must be filed with the Real Estate Agency.& Jones and Brown have joint responsibility for all professional real estate activity conducted during Jones' absence.

Front 185

A licensed real estate property manager may authorize:

Back 185

a principal real estate broker to supervise the manager's licensed activity in the manager's absence. & another licensed real estate property manager to supervise his property management activity in his absence.

Front 186

A licensed property manager may authorize

Back 186

another licensed property manager to supervise her property management activity in her absence.

Front 187

Under Oregon law, a principal real estate broker may perform the duties of an escrow agent without obtaining an escrow license

Back 187

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.

Front 188

An Oregon principal real estate broker may act as an escrow agent without obtaining an escrow license

Back 188

only under two conditions: the parties are not charged a separate fee for the service, and the transaction was handled by the principal broker.

Front 189

Regarding closing procedures, which of the following is true?

Back 189

Regarding closing procedures, which of the following is true?

Front 190

A seller refuses to provide a property condition disclosure statement to the buyer. What may the listing licensee do in this situation?

Back 190

Advise the seller that failure to provide the disclosure allows the buyer to withdraw from the transaction up to the time of closing without penalty.

Front 191

A proposal to auction real estate:

Back 191

must be reduced to a written, signed agreement. should include the terms of the sale including minimum starting bid.

includes terms set by the seller prior to the auction.

Front 192

Which of the following must be real estate licensees?

Back 192

The person who contracts to conduct a real estate auction.

The person who cries a real estate auction.

Ringmen who encourage bidders to bid more at a real estate auction.