Oregon Real Estate Exam (PSI) Questions with correct answers

How many consecutive years of non-use of water does one lose their water rights in Oregon? correct answers 5 consecutive years, the right is considered forfeited Who must register the business name? correct answers Principal Broker, must register the business name with REA-(Real Estate Agency) under their name. How long must real estate documents be kept? correct answers 6 years, from the date the transaction was accepted, rejected, or withdrawn Who approves advertising? correct answers The principal broker When should the principal broker review a brokers Documents? correct answers 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 answers 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 answers 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 answers 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 temporarily supervise due to the absence of the principal broker? correct answers 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 correct answers 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 correct answers Advanced Practices Course & LARRC aka Law & Rule Required course Continuing education requires what? correct answers Principal brokers & brokers are required to complete 30hours of continuing education each 2year license cycle