Oregon Real Estate Exam Practice - Instructor Questions And Answers Graded A+

A bilateral contract - each of the parties make promises to the other. A blind bid in an auction is also known as a clock bid or rafter bid and is used to induce bidders to up their bid. - It is the practice of accepting a non-existing bid from a non-existing bidder and is fraudulent. A civil penalty imposed upon a property manager or principal broker for failing to produce for inspection records related to property management required to be maintained may not exceed - $10,000 A commission can be paid from a principal broker to - A REAL ESTATE AGENT NO LONGER EMPLOYED WITH THE PRINCIPAL BROKER THAT EARNED THE COMMISSION BEFORE THEIR LICENSE WAS TRANSFERRED A modular home is an example of - a prefab home. A property management agreement must be signed by a real estate licensee and property owner - not by unlicensed employees. A property manager or principal real estate broker who is engaging in or who has engaged in property management may be required to pay to the General Fund of the State Treasury if the licensee fails to produce for inspection records related to the management of rental real estate that are maintained by the licensee a civil penalty of up to $1,000 per day of violation, or a lesser penalty in an amount determined by the commissioner. - Yes! A registered business name can be submitted by - PRINCIPAL BROKER A township contains - 36 sections.A unilateral contract - where only one of the parties makes a definite promise. All land surveys and property descriptions in Oregon and Washington are referenced to this point. - The Willamette Stone is the "Initial Point" or Point of Beginning of the Willamette Meridian. An internet listing of a home must include - THAT THE LISTING AGENT IS LICENSED IN THE STATE OF OREGON Any type of knowledge or red flag indicating an environmental hazard such as asbestos or any other hazard - must be disclosed to a potential buyer with a recommendation to hire a professional to inspect the property