Oregon Real Estate National Test Q&A Exam Review Questions and answers, rated A+/| latest update 2024/25|

Oregon Real Estate National Test Q&A Exam Review Questions and answers, rated A+/ Promissory note for earnest money to be made payable at? - -Sellers Acceptance. Do social networking sites have to be supervised by the principal broker- - -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? - -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? - -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? - -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? - -10 business days. What is the age a person has to be to get a reverse mortgage? - -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? - -They must own their home free and clear. Who gets paid in a reverse mortgage? - -The lender pays the homeowner. Do you have to notify the REA of an address change in 10 days or 10 business days. - -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 - -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 - -, (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. A registered name can be submitted by: a broker, a principal broker, an office manager approved by a principal, a company owner - -PRINCIPAL BROKER If a principal broker is managing their personal rental property, funds collected from rentals must be: maintained in a ledger just as he would in professional property, transferred into a client trust account, deposited in his personal bank account, recorded and maintained at his office - -DEPOSITED IN PERSONAL BANK ACCOUNT A commission can be paid from a principal broker to: a real estate agent no longer employed with the principal that earned the commission before their license was transferred, a property manager involved in the sale of real estate, a property manager involved in the sale of a lease hold estate, a real estate agent not employed by the principal - -A REAL ESTATE AGENT NO LONGER EMPLYED WITH THE PRINCIPAL BROKER THAT EARNED THE COMMISSION BEFORE THEIR LICENSE WAS TRANSFERRED An internet listing of a home must include: the location of the real estate office, the license number of the principal broker, that the listing agent is licensed in the State of Oregon, when the agent's real estate license expires. - -THAT THE LISTING AGENT IS LICENSED IN THE STATE OF OREGON If you were called to list someone's home and when you arrived, another brokerage's for sale sign was on the property what should you do? Should you view the home and make your pitch and if they were interested tell them you could only represent them after they ended their agreement with the other or do you just walk away and tell them you can't represent them? - -You can make your pitch and tell them you would love to list their house after their current listing expires. You cannot imply they should end their current listing. If Joe vacated his rental home without paying the