Oregon Real Estate Exam Practice - Instructor Questions with correct answers

Do social networking sites have to be supervised by the principal broker? correct answers Yes, social networking sites and advertising Does an acutioneer or a short term vacation rental need a real estate liscence? correct answers 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? correct answers 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? correct answers 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? correct answers 10 business days. What is the age a person has to be to get a reverse mortgage? correct answers 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? correct answers They must meet the equity requirements of HUD. Who gets paid in a reverse mortgage? correct answers The lender pays the homeowner. Do you have to notify the REA of an address change in 10 days ? correct answers 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 correct answers 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? correct answers 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: correct answers DEPOSITED IN PERSONAL BANK ACCOUNT A commission can be paid from a principal broker to correct answers A REAL ESTATE AGENT NO LONGER EMPLOYED WITH THE PRINCIPAL BROKER THAT EARNED THE COMMISSION BEFORE THEIR LICENSE WAS TRANSFERRED