Oregon Real Estate Exam (PSI) Questions with complete solutions

How many consecutive years of non-use of water does one lose their water rights in Oregon? correct answer: 5 consecutive years, the right is considered forfeited Who must register the business name? correct answer: Principal Broker, must register the business name with REA-(Real Estate Agency) under their name. How long must real estate documents be kept? correct answer: 6 years, from the date the transaction was accepted, rejected, or withdrawn Who approves advertising? correct answer: The principal broker When should the principal broker review a brokers Documents? correct answer: 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? correct answer: 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? correct answer: 10 business days, from the date the account was opened or closed When informing the real estate agency a clients trust account has been opened. What information is to be included? correct answer: 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