Oregon Real Estate Section 1 Questions and Answers 100% Correct!

How long does a buyer have to revoke their offer after receiving a seller's property disclosure statement? - ANSWER-5 business days When must the seller's disclosure be sent? - ANSWER-Once the seller receives a written offer to purchase from a buyer What is the first thing to consider when gathering leads? - ANSWER-Quantity Legally speaking, what is a protected class? - ANSWER-A group that is specifically protected from discrimination What is the standard commission rate on real estate sales? - ANSWER-6% When does a listing agent get paid under an exclusive right to sell agreement? - ANSWER-When the property sells, regardless of who found the buyer Which of the following is not an affirmative of a real estate property manager or a real estate (principal) broker performing as a property manager? - ANSWER-Maintain loyalty to tenants ensuring that the property owner's policies do not unfairly impact the tenants What is Section 8 of the Housing and Community Development Act of 1974? - ANSWER-The section of the law that authorizes the government to grant housing vouchers You cannot use the eLicense portal to do which of the following? - ANSWER-Sign up for the PSI exam What is the maximum days in a year an individual can stay in a property he or she owns but still count is as a rental property and deduct rental expenses? - ANSWER-14 days If your customer has an unreasonable request in regards to marketing what should you do? - ANSWER-Help the customer understand why their request will not work and give them alternatives that will work better What is the difference between the Civil Rights Act of 1968 and the Fair Housing Act of 1968? - ANSWER-The Fair Housing Act is a subset of the Civil Rights Act (Title VIII) Per OAR which of the following is a purpose of "progressive discipline"? - ANSWER-Educate the licensee to improve compliance Which of the following is not a rule pertaining to real estate advertising? - ANSWER-The ad must state the assessed value of the property being sold Which of the following regulations does a licensee selling their own property have to abide by? - ANSWER-Regulations governing getting paperwork approved by their principal broker A real estate broker who has an inactive license is exempted from which of the following rules - ANSWER-They do not have to get their principal broker to sign their documents How long can a real estate broker's license be expired before it lapses? - ANSWER-One year What does the Age Discrimination Act of 1975 do? - ANSWER-IT prohibits age discrimination in any federally funded program Which of the following is NOT required on the initial from when opening a clients' trust account? - ANSWER-The starting balance in the account What is the purpose of an MLS? - ANSWER-To gather a list of properties for sale for easy browsing by buyers and their agents Which of