Oregon Real Estate National Test Q&A with complete solution

Oregon Real Estate National Test Q&A with complete solution Promissory note for earnest money to be made payable at? -Correct Answer-Sellers Acceptance. Do social networking sites have to be supervised by the principal broker- -Correct 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? -Correct 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? -Correct 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? -Correct 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? -Correct Answer-10 business days. What is the age a person has to be to get a reverse mortgage? -Correct 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? -Correct Answer-They must own their home free and clear. Who gets paid in a reverse mortgage? -Correct Answer-The lender pays the homeowner. Do you have to notify the REA of an address change in 10 days or 10 business days. -Correct 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, performin