Oregon Real Estate License Law (2022/2023) Already Graded A

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Oregon Real Estate License Law (2022/2023) Already Graded A A branch office registration is necessary to use a: A. model unit, available for sale, in a subdivision for promotion of interest in the ... development. B. temporary structure for dissemination of information. ✔✔Neither A nor B 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? ✔✔Verify the accuracy of listing information supplied by a broker by checking the records at the county tax office Which of the following constitutes engaging in professional real estate activity as defined by Oregon law? ✔✔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 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? ✔✔Real estate broker and Principal real estate broker An unlicensed personal assistant to a real estate broker could legally do which of the following? ✔✔Deliver documents to a buyer. Principal brokers must supervise which of the following activities of brokers? ✔✔Completion of a listing {employment} agreement, Completion of a competitive market analysis, Completion of an earnest money agreement. A nonlicensed personal assistant to an Oregon broker associated with a principal real estate broker could legally perform which of the following activities? ✔✔Install signs and lock boxes on listed properties 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? ✔✔The booth needs to be registered as a branch office. 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? ✔✔A fee may be charged for providing a competitive market analysis. The analysis may not be contingent upon reporting a pre-determined value. 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 ✔✔employees must be real estate licensees. Who of the following is required by Oregon law to have a real estate license? ✔✔A woman who receives a finders' fee for soliciting buyers for her sister, who is licensed An Oregon real estate license must be held by a person who performs which of the following acts? ✔✔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. Which of the following acts requires a real estate license in Oregon? ✔✔Acceptance of a listing to sell a farm A real estate broker associated with a principal real estate broker may do which of the following without supervision? ✔✔Rent or lease the licensee's own real estate A real estate broker associated with a principal real estate broker may do which of the following activities without supervision? ✔✔Rent or lease the real estate broker's own real estate Which of the following statements is false concerning an inactive real estate broker involved in a lease option of his personally-owned real estate? ✔✔The transaction must be supervised by a principal real estate broker. A property manager must comply with license law and administrative rules in which of the following? ✔✔The lease-option of his personally-owned properties 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? ✔✔The personal assistant would be in violation of the Real Estate License Law. An unlicensed personal assistant who engages in activity which requires a license ✔✔is subject to civil fines by the Real Estate Commissioner. A licensed real estate property manager may ✔✔collect a commission for the lease of an owner's real estate. Under Oregon statutes and administrative rules, a real estate property manager licensee may do all of the following for compensation EXCEPT: ✔✔list an owner's rental properties for sale. Which of the following statements concerning a property manager's clients' trust funds is false? ✔✔The deposit may be made into an interest-bearing account without the prior written authorization of the owner of the property managed. 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? ✔✔Jackson and the principal broker Under Oregon law, if a principal real estate broker establishes an independent contractor relationship with an associated real estate broker: ✔✔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. Which of the following persons involved in real estate activities are required to obtain an Oregon real estate license? ✔✔A person rendering his services in the negotiation for transfer of an interest in real estate There are exemptions to licensing under the Oregon Real Estate Law, but which of the following is required to be licensed? ✔✔A person who, for a fee, markets rental property and collects rent Non-licensed employees of a property manager may perform all of the following activities except ✔✔Negotiate and sign property management agreements with owners Which of the following individuals is not exempt from licensing law requirements while engaging in property management activity? ✔✔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 Property management agreements may be negotiated and signed by a ✔✔Real estate property manager. Real estate broker associated with a principal real estate broker. Non-licensed employees of a property manager may ✔✔collect rents from tenants, negotiate rental agreements with tenants, show properties to prospective tenants. 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? ✔✔He can advertise the property without a real estate license. He can negotiate the sale of the property without a real estate license. Which of the following property management activities would require a real estate license? ✔✔Negotiation of property management agreement with property owner An Oregon resident may engage in real estate without a license if ✔✔he deals in estate property as an appointed executor of the estate. It is a violation of the Real Estate License Law for a real estate broker to conduct real estate activity ✔✔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. The license of an active Oregon real estate broker who is associated with a principal broker ✔✔must be renewed before the expiration date to remain active Under Oregon law a real estate broker associated with a principal real estate broker may NOT ✔✔employ a licensed personal assistant or supervise real estate brokers in a branch office. According to Oregon real estate license law, a principal real estate broker: ✔✔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. 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. ✔✔close a transaction. Oregon Real Estate License Law permits administrative action to be taken against a principal broker's license for failing to ✔✔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 According to Oregon administrative rules, if a sole proprietor real estate principal broker dies which of the following statements is false? ✔✔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. When a real estate broker asks a principal real estate broker to terminate their business relationship, the principal real estate broker must ✔✔send an acknowledgment of transfer to the receiving principal broker without delay When a real estate broker transfers to a different principal broker: ✔✔an acknowledgment of transfer must be sent to the receiving principal broker. 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 ✔✔NONE of his pending sales. NONE of the listings that he has signed within the last 30 days. 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 ✔✔30 calendar days. Oregon law requires a principal broker who closes his office to do which of the following? ✔✔Notify the Real Estate Agency where the records will be stored. Maintain records within the State of Oregon A person who holds an inactive real estate license ✔✔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. Oregon law provides that a person may renew an inactive real estate license ✔✔every two years indefinitely. 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: ✔✔is entitled to a full commission. 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 ✔✔the principal broker and seller. If a buyer makes an earnest money deposit and later forfeits the deposit, what is the disposition of the forfeited earnest money? ✔✔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. If the branch office of a real estate firm maintains a separate clients' trust account, it must also ✔✔maintain a separate bookkeeping system. 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 ✔✔he has written approval from the purchaser and the seller. A principal broker may ✔✔have trust accounts and separate bookkeeping systems for each of his offices. place rental collections on property he owns in his personal account. 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: ✔✔funds must be deposited in a federally insured interest-bearing account, provided both parties to the transaction give their written consent. 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 ✔✔funds must be deposited in a federally insured interest-bearing account, provided both parties to the transaction have given their written consent. Which of the following must be deposited in a clients' trust account or neutral escrow? ✔✔Earnest money deposits, Collected rents to be prorated at closing, Sales proceeds yet to be disbursed Interest accrued on an interest-bearing clients' trust account may not be directly paid to the ✔✔associated broker A principal broker may place clients' trust funds into an interest-bearing account only if ✔✔all parties who have an interest in the funds give their written permission. It is legal for a principal real estate broker to place clients' trust funds in an interest-bearing account in Oregon ✔✔only if the account is federally insured. A real estate property manager may ✔✔have trust accounts and separate bookkeeping systems for each of his offices. place rental collections on property he owns in his personal account. The property manager must maintain an owner's ledger account for each owner of managed property? ✔✔True Which of the following clients' trust funds may be placed by a property manager into 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. A property manager, with the required written consent of all parties having an interest in the clients' trust funds, may place the funds in ✔✔a federally insured, interest-bearing bank account. A property manager must open and maintain at least one clients' trust account ✔✔for the deposit of funds received on behalf of owners of property managed under property management agreements. Under Oregon real estate license law, funds in a principal broker's clients' trust account CANNOT be subject to ✔✔attachment on a claim against the principal broker. execution on a claim against the principal broker. A real estate principal broker is required by the Oregon license law to do which of the following? ✔✔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. Clients must be notified of the account number and name of the bank in which the trust funds are deposited. True or False? ✔✔False If a principal real estate broker or property manager places trust funds in an interest-bearing clients' trust account ✔✔all parties having an interest in the funds must give approval. If a principal broker uses a neutral escrow depository for earnest money deposits she ✔✔must have the agreement of all parties who have an interest in the trust funds. An Oregon principal broker must do which of the following when establishing a clients' trust account? ✔✔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. 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. ✔✔6 years How long after the date of the transaction are Oregon licensees required to keep records? ✔✔6 years The period of time that signed copies of listings, deposit receipts, earnest money receipts and other contracts must be maintained is ✔✔6 years Trust account records must be maintained for ✔✔6 years 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 ✔✔6 years 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 ✔✔6 years For six years, a principal real estate broker must retain 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. Which of the following is correct about listing agreements? A. The buyer must be given a copy upon request. B. A copy of a listing agreement must be kept with the principal broker. ✔✔B Only: A copy of a listing agreement must be kept with the principal broker. A listing agreement in Oregon is limited to 180 days duration. True or False? ✔✔False A broker must maintain which documents that pertain to his professional real estate activity? ✔✔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 Regardless of where the principal broker resides, the records for professional real estate activity conducted in Oregon must be retained ✔✔in the state of Oregon. [Show More]

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