Oregon Real Estate Broker License Exam Questions and Answers 100% Accurate!

Principal Broker - ANSWER-A principal real estate broker is an individual who may or may not be responsible for the professional real estate activity conducted by himself and others working in the same office. Principal Broker must be - ANSWER-18 years of age; background check; educational requirements; real estate license for 3 years; passed brokers exam To become eligible for a principal broker license, a broker must have held an active real estate license for a period of not less than three years - ANSWER-True The relationship between a real broker and and his client is - ANSWER-An agency relationship coupled with fiduciary obligations What body of law prescribes the rights and duties between a property manager and her clients - ANSWER-Law of Agency A special agent - ANSWER-Has the obligation of one task To the seller, a broker representing the seller is usually - ANSWER-A special agent The amount of commission a principal broker must pay a broker is determined by - ANSWER-The listing agreement Which best describes the relationship between common law fiduciary duty and the statutory fiduciary obligations of a broker? - ANSWER-Common law fiduciary duty is the basis for the statutory fiduciary obligations The duty of loyalty to a clients interests requires a broker to - ANSWER-Keep the clients interests foremost in the brokers mind and actions The obligation assumed by the broker as an agent for the client is described as a - ANSWER-Fiduciary relationship A seller tells the listing broker that termites have destroyed the subfloor in the living room and the swimming pool is in violation of the city setback requirements. The following the listing broker must disclose to the public and any prospective buyer - ANSWER-Disclose the damage to the subfloor in the living room and the setback violation of the pool per city code The broker owes his client the duty of following his instructions. In the event the client wants the broker to commit an unlawful act, what action should the broker take? - ANSWER-Refuse to follow instructions and withdrawas broker immediately Which of the following actions would not terminate an agency relationship created to sell real property? - ANSWER-Death of a lender working with the buyer Describe dual agency - ANSWER-A broker representing both the buyerand the seller in the same transaction A real estate broker - ANSWER-May act for both parties with knowledge and written consent of both