Oregon Real Estate National Test Q&A (Already Passed!)

Promissory note for earnest money to be made payable at? correct answers Sellers Acceptance. Do social networking sites have to be supervised by the principal broker- correct answers 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 answers 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 answers 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 answers 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 answers 10 business days. What is the age a person has to be to get a reverse mortgage? correct answers 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 answers They must own their home free and clear. Who gets paid in a reverse mortgage? correct answers The lender pays the homeowner. Do you have to notify the REA of an address change in 10 days or 10 business days. correct answers 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 correct answers 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 correct answers , (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.