Oregon Real Estate Exam Practice - Instructor Questions and Answers Graded A+

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Oregon Real Estate Exam Practice - Instructor Questions and Answers Graded A+ Do social networking sites have to be supervised by the principal broker? ✔✔Yes, social networking sites and adver... tising Does an acutioneer or a short term vacation rental need a real estate liscence? ✔✔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? ✔✔a rehabilitation house for registered sex offenders <no or 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? ✔✔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? ✔✔10 business days. What is the age a person has to be to get a reverse mortgage? ✔✔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? ✔✔They must meet the equity requirements of HUD. Who gets paid in a reverse mortgage? ✔✔The lender pays the homeowner. Do you have to notify the REA of an address change in 10 days ? ✔✔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 ✔✔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? ✔✔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: ✔✔DEPOSITED IN PERSONAL BANK ACCOUNT A commission can be paid from a principal broker to ✔✔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 ✔✔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? ✔✔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? ✔✔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? ✔✔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? ✔✔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? ✔✔Stands for Uniform Standards of Professional Appraisal Practicelicenses 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 their bid. ✔✔It is the practice of accepting a non-existing bid from a non-existing bidder and is fraudulent. Tenants can make alterations at their own expense ex: Drill in bathrooms to add hand rails, add ramps for access, but must remove them and repair when they leave. ✔✔ADA American Disabilities Act Landlord w/no pet policy must allow service pets for handicapped. ✔✔ADA American Disabilities Act Licensee must disclose any known or suspected material fact i.e. buried gas tank, flooding, etc. not appearing on seller disclosure. ✔✔Yes! A property manager or principal real estate broker who is engaging in or who has engaged in property management may be required to pay to the General Fund of the State Treasury if the licensee fails to produce for inspection records related to the management of rental real estate that are maintained by the licensee a civil penalty of up to $1,000 per day of violation, or a lesser penalty in an amount determined by the commissioner. ✔✔Yes! A civil penalty imposed upon a property manager or principal broker for failing to produce for inspection records related to property management required to be maintained may not exceed ✔✔$10,000 Promissory note for earnest money to be made payable ✔✔at sellers acceptance. Blind bidding is restricted by ✔✔FHA is it prohibited to refuse a rental to a member of the KKK? ✔✔No Discussing commission percentages charged by your brokerage with other realtors from other brokerages ✔✔is a violation of antitrust law and you should leave any such discussion. Negative amortization ✔✔occurs when the payment made by the borrower is less than the interest due and the difference is added to the loan balance. All land surveys and property descriptions in Oregon and Washington are referenced to this point. ✔✔The Willamette Stone is the "Initial Point" or Point of Beginning of the Willamette Meridian. RESPA is administered by ✔✔the Consumer Financial Protection Bureau The first renewal for a broker for continuing education requirements are ✔✔the Broker Advanced Practices (27 hours) and the Law and Rule Required Course(LARRC)3 hours. A modular home is an example of ✔✔a prefab home. If an elderly couple buying a home wanting to make sure their spouse inherits automatically if they die asks a licensee how they should take title, the licensee should tell them ✔✔to get the advice of an attorney. A bilateral contract ✔✔each of the parties make promises to the other. A unilateral contract ✔✔where only one of the parties makes a definite promise. contracts require that the licensee give a copy to their client at the time of signing. ✔✔Always A property management agreement must be signed by a real estate licensee and property owner ✔✔not by unlicensed employees. What is the mill rate? ✔✔The mill rate is the amount of property tax charged per dollar assessed. One mill is equal to one tenth of a cent. If there are multiple offers on a property, ✔✔all offers must be given to the seller in no particular order. Any type of knowledge or red flag indicating an environmental hazard such as asbestos or any other hazard ✔✔must be disclosed to a potential buyer with a recommendation to hire a professional to inspect the property. A township contains ✔✔36 sections. If you take a listing and the agreement is to put the listing in the MLS only, what is the one duty that cannot be waived? ✔✔You must present all offers received to the seller. The property description that uses a monument such as an old oak tree or Farmer John's red barn is ✔✔metes and bounds. [Show More]

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