Oregon Real Estate Exam Practice - Instructor Questions, Oregon Real Estate Exam (PSI) Questions and Answers(RATED A+)

Do social networking sites have to be supervised by the principal broker? - ANSWER-Yes, social networking sites and advertising Does an acutioneer or a short term vacation rental need a real estate liscence? - ANSWER-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? - ANSWER-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? - ANSWER-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? - ANSWER-10 business days. What is the age a person has to be to get a reverse mortgage? - ANSWER-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? - ANSWER-They must meet the equity requirements of HUD. Who gets paid in a reverse mortgage? - ANSWER-The lender pays the homeowner. Do you have to notify the REA of an address change in 10 days ? - ANSWER-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 - ANSWER-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? - ANSWER-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: - ANSWER-DEPOSITED IN PERSONAL BANK ACCOUNT A commission can be paid from a principal broker to - ANSWER-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 - ANSWER-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? - ANSWER-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