Oregon Practices Final Exam Questions
and Answers 100% Solved | Rated A+
A broker is a person who: - ✔✔a. is employed by another person
b. has the authority to act for another person
c. has the authority to exercise some discretion while acting for another
person
The person who hires or appoints a broker to act on his/her behalf is a
_____________. - ✔✔principal
In Oregon, a brokerage must register with the ____________________. -
✔✔Oregon Real Estate Agency
Sally and John are licensees at ABC Realty. Who must supervise their day
to day activities? - ✔✔the principal broker of their brokerage
If a principal broker needs to be absent from the company for an extended
period of time, he/she delegates supervisory duties to
___________________ through a written authorization. - ✔✔a. another
principal broker
b. a broker who has three years of experience as a real estate broker
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,The length of absence for the principal broker may not exceed ____ days. -
✔✔90 days
The principal broker has the responsibility of supervising the licensees of a
brokerage. What might be included in this supervision? - ✔✔a. Reviewing
of all real estate related paperwork
b. Responsibility for the actions of their licensees
c. Responsibility for ensuring that all licensees adhere to all federal state
and local real estate laws.
If two or more principal brokers own a real estate business together
_________________________ over affiliated licensees and employees. -
✔✔they may have equal supervisory responsibility
A brokerage should have in place a/an _______________________ for
both employees and independent contractors specifying compensation, pay
periods, duties to be performed and make reference to a company policy
manual. - ✔✔written employment agreement
Each brokerage should have a ___________________ that is signed by
both the principal broker and the affiliated licensee or employee. This
manual clarifies the role of the brokerage and the licensee and the
company's policies. - ✔✔company policy manual
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Sub-agent is a real estate term describing the relationship which a principal
broker and his/her licensees have with a principal (buyer or seller) of a
property. A licensee is an agent for their principal broker. And the principal
broker is an agent for the principal (buyer or seller). With this arrangement,
the licensee is deemed a _________________. - ✔✔sub-agent
Tom is an employee for a firm in Portland. His working hours are from 8am-
5pm. He has a very detailed job description. His lunch hour is from 1pm
until 2pm. He receives a ___________ at the end of the year for a
statement of his earnings. - ✔✔W-2
Barry is an independent contractor for ABC Realty. At the end of the year,
ABC Realty will give Barry a ____________ showing earnings for the year.
- ✔✔1099-MISC
If a person realizes a profit or a loss, this suggests they are in business for
themselves and they may be a/an ____________________. -
✔✔independent contractor
SECA is an acronym for ________________________. - ✔✔Self
Employment Contribution Act
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, If you are an independent contractor, the business
_______________________. - ✔✔does not withhold taxes from your
wages
Of the following activities, which one would a non-licensed assistant NOT
be allowed to perform?
a. Answering the telephone
b. Faxing document for licensees
c. Showing property to prospective clients
d. Disbursing mail to licenses in the firm - ✔✔Showing property to
prospective clients
In Oregon, a real estate brokerage must maintain a place of business. This
business must be in Oregon, unless the principal broker holds a real estate
license in another state and holds ____________________________. -
✔✔an Oregon reciprocal license
Jason owns ABC Realty and is the principal broker. He has set up a
permanent booth in a shopping mall to show prospective clients listings that
are for sale. Pete mans the booth five days a week. The booth has been in
existence for 6 months. The booth is considered a
______________________. - ✔✔branch office
4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
and Answers 100% Solved | Rated A+
A broker is a person who: - ✔✔a. is employed by another person
b. has the authority to act for another person
c. has the authority to exercise some discretion while acting for another
person
The person who hires or appoints a broker to act on his/her behalf is a
_____________. - ✔✔principal
In Oregon, a brokerage must register with the ____________________. -
✔✔Oregon Real Estate Agency
Sally and John are licensees at ABC Realty. Who must supervise their day
to day activities? - ✔✔the principal broker of their brokerage
If a principal broker needs to be absent from the company for an extended
period of time, he/she delegates supervisory duties to
___________________ through a written authorization. - ✔✔a. another
principal broker
b. a broker who has three years of experience as a real estate broker
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,The length of absence for the principal broker may not exceed ____ days. -
✔✔90 days
The principal broker has the responsibility of supervising the licensees of a
brokerage. What might be included in this supervision? - ✔✔a. Reviewing
of all real estate related paperwork
b. Responsibility for the actions of their licensees
c. Responsibility for ensuring that all licensees adhere to all federal state
and local real estate laws.
If two or more principal brokers own a real estate business together
_________________________ over affiliated licensees and employees. -
✔✔they may have equal supervisory responsibility
A brokerage should have in place a/an _______________________ for
both employees and independent contractors specifying compensation, pay
periods, duties to be performed and make reference to a company policy
manual. - ✔✔written employment agreement
Each brokerage should have a ___________________ that is signed by
both the principal broker and the affiliated licensee or employee. This
manual clarifies the role of the brokerage and the licensee and the
company's policies. - ✔✔company policy manual
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Sub-agent is a real estate term describing the relationship which a principal
broker and his/her licensees have with a principal (buyer or seller) of a
property. A licensee is an agent for their principal broker. And the principal
broker is an agent for the principal (buyer or seller). With this arrangement,
the licensee is deemed a _________________. - ✔✔sub-agent
Tom is an employee for a firm in Portland. His working hours are from 8am-
5pm. He has a very detailed job description. His lunch hour is from 1pm
until 2pm. He receives a ___________ at the end of the year for a
statement of his earnings. - ✔✔W-2
Barry is an independent contractor for ABC Realty. At the end of the year,
ABC Realty will give Barry a ____________ showing earnings for the year.
- ✔✔1099-MISC
If a person realizes a profit or a loss, this suggests they are in business for
themselves and they may be a/an ____________________. -
✔✔independent contractor
SECA is an acronym for ________________________. - ✔✔Self
Employment Contribution Act
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, If you are an independent contractor, the business
_______________________. - ✔✔does not withhold taxes from your
wages
Of the following activities, which one would a non-licensed assistant NOT
be allowed to perform?
a. Answering the telephone
b. Faxing document for licensees
c. Showing property to prospective clients
d. Disbursing mail to licenses in the firm - ✔✔Showing property to
prospective clients
In Oregon, a real estate brokerage must maintain a place of business. This
business must be in Oregon, unless the principal broker holds a real estate
license in another state and holds ____________________________. -
✔✔an Oregon reciprocal license
Jason owns ABC Realty and is the principal broker. He has set up a
permanent booth in a shopping mall to show prospective clients listings that
are for sale. Pete mans the booth five days a week. The booth has been in
existence for 6 months. The booth is considered a
______________________. - ✔✔branch office
4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
