Oregon Real Estate National Test Q&A 100% Accurate!

Promissory note for earnest money to be made payable at? - ANSWER-Sellers Acceptance. Do social networking sites have to be supervised by the principal broker- - ANSWER-yes social networking sites are advertising and must be supervised and approved by principal broker. .Which of the following doesn't require a real estate license? - ANSWER-An auctioneer who is auctioning homes must have restate license or someone or deals with short term vacation rentals business license only - real estate license not required. Which of the following needs to be disclosed to a potential buyer? - ANSWER-a rehabilitation house for registered sex offenders <no or a house used for the cooking of methamphetamines.<yes must be disclosed What should you do if you get a listing for a house that has a septic tank on it? - ANSWER-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 own their home free and clear. 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 or 10 business 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. Which of the following does NOT require a real estate license: Agreeing to auction homes, offering to buy and sell options on real estate, performing real estate marketing activity , managing short term vacation rentals - ANSWER-SHORT TERM VACATION RENTALS If you view a home to be listed for a seller and realize you want to purchase it when you arrive should you: keep your interest confidential until your offer is ready - ANSWER-, (price the home and list it and offer to willing buyers, express your interest in purchasing the home and offer to buy the home at a discount for your commission. A registered name can be submitted by: a broker, a principal broker, an office manager approved by a principal, a company owner - ANSWER-PRINCIPAL BROKER