Oregon Real Estate Exam (PSI) Questions and Answers 100% Correct(GRADED A+)

How many consecutive years of non-use of water does one lose their water rights in Oregon? - ANSWER-5 consecutive years, the right is considered forfeited Who must register the business name? - ANSWER-Principal Broker, must register the business name with REA-(Real Estate Agency) under their name. How long must real estate documents be kept? - ANSWER-6 years, from the date the transaction was accepted, rejected, or withdrawn Who approves advertising? - ANSWER-The principal broker When should the principal broker review a brokers Documents? - 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? - 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? - 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? - 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? - 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 - 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 - ANSWER-Advanced Practices Course & LARRC aka Law & Rule Required course Continuing education requires what? - 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? - 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? - ANSWER-Amend Authorization Before Termination Date What must happen before a principal broker can authorize a broker to supervise? - 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? - ANSWER-30 Calendar days, before the license automatically becomes inactive