Oregon Real Estate Exam (PSI) 2023 with 100% correct answers

How many consecutive years of non-use of water does one lose their water rights in Oregon? - correct answer -5 consecutive years, the right is considered forfeited Who must register the business name? - correct answer -Principal Broker, must register the business name with REA-(Real Estate Agency) under their name. How long must real estate documents be kept? - correct answer -6 years, from the date the transaction was accepted, rejected, or withdrawn Who approves advertising? - correct answer -The principal broker When should the principal broker review a brokers Documents? - correct answer -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 answer -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 answer -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 answer -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 answer -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 answer -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 answer -Advanced Practices Course & LARRC aka Law & Rule Required course Continuing education requires what? - correct answer -Principal brokers & brokers are required to complete 30hours of continuing education each 2year license cycle Your first renewal must include 3hour law & rule required course aka (LARRC) & 27hours broker advanced practices course How long until earnest money needs to be deposited? - correct answer -3 banking days In the principal brokers absence he may assign a broker to temporarily supervise. The authorizing principal broker must file what to end the authorized broker before the agreed upon termination date? - correct answer -Amend Authorization Before Termination Date What must happen before a principal broker can authorize a broker to supervise? - correct answer -Written authorization must be received by the agency before the effective date How long does a licenses have after a principal broker dies to transfer their license? - correct answer -30 Calendar days, before the license automatically becomes inactive A broker cannot collect a commission if... - correct answer -There is not a written, signed listing or fee agreement that provides an adequate description of the property (address) Disclosed Limited Agency means? - correct answer -Same as Dual Agency, representation of the buyer and the seller or two buyers occurs within the same real estate BUSINESS - not to get confused with same broker How long does a real estate agent have to present an offer to the seller? - correct answer -There is not a standard time but it is said "As timely as possible" Does a real estate agent have to present ALL offers to the seller? - correct answer -YES, agent must present all written offers, notices, and other written communications in a timely manner regardless if the seller is subject to a contract for sale or the buyer is already a party to a contract for purchase. Does the duty a real estate agent owes to their principal of confidentiality end after the agency relationship ends? - correct answer -NO, confidentiality survives the ending of an agency relationship. A broker may not reveal information received from a client even after that client stops being the broker's client. What should a real estate agent do if the customer requests information outside of expertise of the real estate agent? - correct answer -Advise the principal to seek expert advice related to the transaction beyond the agent's expertise Can a real estate licensee represent both the buyer and seller in the same real estate transaction? - correct an