Oregon Real Estate Section 1 Questions And Answers With Verified Solutions

A real estate broker operates a business sending real estate leads to various real estate brokerages. These brokerages then pay him a referral fee. Is he in violation of the Oregon laws governing real estate, specifically ORS 696.301? - Yes, he is barred from accepting compensation from a principal broker that he is not registered with. A real estate broker who has an inactive license is exempted from which of the following rules - They do not have to get their principal broker to sign their documents An investor wishes to undergo a 1031 exchange. She sells a property for $890,000, and then identifies five properties as replacements. Which of the following property combinations can she take a replacement property? - A,B,D,E By state law, who is the entity that is actually employed as the primary agent in an agency agreement? - The principal broker of the brokerage How long can a real estate broker's license be expired before it lapses? - One year How long does a buyer have to revoke their offer after receiving a seller's property disclosure statement? - 5 business days How many types of real estate listing agreements are there? - 4 How many years must records be maintained for real estate activities? - 6 years If a real estate broker receives more than ____ in cash for a single transaction then he or she must report it to the IRS on Form 8300. - $10,000 If a seller does not like a specific offer to purchase which of the following can the seller do? - Send the buyer a rejection and counter offer with more agreeable termsIf your customer has an unreasonable request in regards to marketing what should you do? - Help the customer understand why their request will not work and give them alternatives that will work better In a 1031 exchange how long does an investor have to choose a replacement property after closing escrow on the old property? - 45 days In order to be qualified as a real estate auctioneer (as opposed to a real estate broker) one must do which of the following? - There is no such thing as a real estate auctioneer In order to have clients' trust account which accrues interest you will need to do which of the following? - The (principal) broker must register the client trust account with the state as an interest bearing account In order to sell spaces at a membership campground one must have which of the following certifications? - A real estate broker/principal broker or a camping contract salesperson/broker In what case can the commissioner revoke a real estate license? - If the real estate broker committed a violation that exhibits fraudulent conduct In what situation is a net listing most favorable to the seller's agent? - When the seller sets a low net price and the building sells for far above the list price