Oregon Real Estate Practice Exam questions and answers 2024 with complete solution

A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause. This permits the lender to - demand immediate payment of the entire note. A broker did NOT have a written independent contractor agreement with his salesperson. While showing homes to a family, the salesperson was involved in a car accident in which a child in her car was injured. Could the broker be held liable in this situation, and why? - Yes; the lack of an independent contractor agreement may classify the salesperson an employee and an employer may be held liable for the torts of an employee. A broker has brought a ready, willing, and able buyer to a seller. In MOST listing contracts, the broker has earned his commission when - the seller accepts the offer. A broker has signed a listing contract for the sale of a home. Which of the following could make this contract voidable? - The seller is heavily under the influence of alcohol at the time of signing. A broker is developing a checklist to be used by licensees during the time period between writing a contract and closing. Which of the following items should be included in the "Property Inspections" section? - A place to list repairs, who will pay, and when repairs are to be completed. A broker is showing a buyer one of his residential listings. The buyer says he wants to establish a day care center for seniors in the property. The property has been used as a day care center for no more than five children. How should the broker advise this buyer? - Provide the buyer with contact information for the local planning and zoning office to confirm the zoning and determine whether it permits his use. A broker is teaching newly hired salespersons the correct way to complete a listing agreement form. The broker is attempting to show the value of putting the correct property address on the listing. The BEST visual aid to help them learn how to do so accurately would be - a subdivision plat A broker learns that one of the licensees under his supervision, and the owners of a listed property, have worked out a scheme to withdraw a property from the market whenever a showing is requested by any buyer who seems to be from a foreign country. What is the most important action for the broker to takein this situation? - develop stringent policies for the firm, establishing the criteria that may be used to determine which properties are shown to prospects.