Oregon Broker PSI Exam 2024 Questions and Answers 100% Accurate!

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 - ANSWER-6 years, from the date the transaction was accepted, rejected, or withdrawn Who approves advertising?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-Principal broker When should the principal broker review brokers documents? - ANSWER-7 days of the document's acceptance, rejection or withdrawal. The PB must sign and initial at the time of review How long must you keep attendance and continuing records? - ANSWER-3 years everything else regarding business for 6 years When should you notify the real estate agency that a client's trust account has been opened/closed? - ANSWER-10 business days from the date it was closed or opened When informing the RE agency a trust account has been opened what info must be included? - ANSWER-name of bank, account number, name of account, date it was created, and acknowledgment A broker associated with a principal real estate broker was asked by a property owner to prepare a competitive market analysis for the owners residence. Under Oregon law, which of the following statements about a CMA is true? - ANSWER-A fee may be charged for proving a CMA the analysis may not be contingent upon reporting a predetermined value Under OR law if a principal real estate broker establishes an independent contractor relationship with an associated real estate broker - ANSWER-The principal broker must supervise the real estate brokers real estate activities to conform to the OR real estate license and law administrative rules Non licensed employees of a property manager may do all of the following except - ANSWER-negotiate and sign property management agreement with owners An OR resident may engage in RE without a license if - ANSWER-he deals in estate property as an appointed executor of the estate The license of an active OR real estate broker who is associated with a principal broker - ANSWER-Must be renewed before the expiration date to remain active After a broker's agency relationship with an OR principal broker is terminated the brokers license if it is not reissues revoked or suspended will become - ANSWER-inactive license within 30 calendar days OR law provides that a person may renew an inactive real estate license - ANSWER-every two years indefinitely Which of the following must be deposited in a client's trust account or neutral escrow? - ANSWER-Earnest money deposits collected rents to be prorated at closing sales proceeds yet to be disbursed Who must register the business name ? - ANSWER-Principal Broker, must register the business name with REA-(Real Estate Agency) under their name. Who must maintain CE records? - ANSWER-Principal brokers and brokers must maintain all their own CE records for 3 years How long until earnest money needs to be deposited? - ANSWER-3 banking days