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Oregon Real Estate Brokerage Regulations, Exams of Nursing

Alaska Pacific University (APU)Nursing

A comprehensive overview of the regulations governing real estate brokerage activities in oregon, focusing on the roles and responsibilities of principal brokers, part-time employees, and associated brokers. Topics covered include listing agreements, exclusive rights, earnest money agreements, and supervision requirements.

Typology: Exams

2023/2024

Available from 06/07/2024

Talia00
Talia00 🇺🇸

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Oregon Real Estate Study Questions(Latest
Exam 2024)
An unlicensed personal assistant working for a licensed
broker may do which of the following activities?
1. Write ads and submit them to the newspaper and
online.
2. Host open houses.
3. Email brokers weekly updates to the broker's clients.
4. Write up an offer for a buyer and then have the broker
sign the contract later. - correct answers✅1. Write ads
and submit them to the newspaper and online.
A principal real estate broker hired a number of part-time
employees to show property, pass out brochures, quote
prices, and state terms of the sale of real property in a
development. A real estate broker was on site to fill out
all of the earnest money agreements. The employees did
not sign documents. Under these circumstances, the
1. employees must be real estate licensees.
2. principal real estate broker is not in violation since a
licensee filled out and signed the documents.
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Partial preview of the text

Download Oregon Real Estate Brokerage Regulations and more Exams Nursing in PDF only on Docsity!

Exam 2024)

An unlicensed personal assistant working for a licensed broker may do which of the following activities?

  1. Write ads and submit them to the newspaper and online.
  2. Host open houses.
  3. Email brokers weekly updates to the broker's clients.
  4. Write up an offer for a buyer and then have the broker sign the contract later. - correct answers ✅1. Write ads and submit them to the newspaper and online. A principal real estate broker hired a number of part-time employees to show property, pass out brochures, quote prices, and state terms of the sale of real property in a development. A real estate broker was on site to fill out all of the earnest money agreements. The employees did not sign documents. Under these circumstances, the
  5. employees must be real estate licensees.
  6. principal real estate broker is not in violation since a licensee filled out and signed the documents.

Exam 2024)

  1. employees could legally quote prices and terms as long as they did not fill out the forms.
  2. broker is not in violation as long as the employees were paid on an hourly basis. - correct answers ✅1. employees must be real estate licensees. Which of the following statements is false concerning an inactive real estate broker involved in a lease option of his personally owned real estate?
  3. The transaction must be supervised by a principal real estate broker.
  4. The real estate broker must deposit all funds received in the transaction into a neutral escrow depository.
  5. The real estate broker must maintain a transaction file on the transaction as if the transaction were being handled by a principal real estate broker.
  6. The real estate broker must disclose the broker's license status to the other party to the transaction. -

Exam 2024)

With the supervising principal broker's permission and authority, a broker could do which of the following activities?

  1. Manage the office indefinitely while the principal broker is out of town
  2. Close a transaction.
  3. Review and approve the advertising submitted by other brokers in the office.
  4. For a fee, review and supervise the files for the principal broker. - correct answers ✅2. Close a transaction. Oregon law provides that a person may renew an inactive real estate license
  5. once, for a three-year term.
  6. not more than twice, each time for two years.

Exam 2024)

  1. only after taking an examination on current real estate matters.
  2. every two years indefinitely. - correct answers ✅4. every two years indefinitely. In Oregon, at the time of executing an earnest money agreement, the question of the disposition of forfeited earnest money is a matter for negotiation between
  3. the principal or sole practitioner real estate broker and the seller.
  4. the principal or sole practitioner real estate broker and the buyer.
  5. the buyer and the seller.
  6. all clients and principal or sole practitioner real estate brokers involved in the transaction. - correct answers ✅1. the principal or sole practitioner real estate broker and the seller. Interest accrued on an interest-bearing client's trust account may not be directly paid to the

Exam 2024)

  1. Share a percentage of each commission with the assistant which is paid directly from the principal broker, not the broker. - correct answers ✅1. Pay the unlicensed assistant a salary based on an employment agreement between the parties. A seller engages a broker to find a buyer ready, willing and able to purchase a seller's parcel of real property. The seller executes and delivers to the broker an exclusive right to sell employment contract. A few weeks prior to the expiration date of the employment contract, the seller decides to revoke the contract before any sale occurred and prior to the broker finding a buyer ready, willing and able to buy the property.
  2. The owner can revoke his contract but could be liable for damages.
  3. The owner can revoke his contract and will not be liable for damages to the broker.
  4. The owner could not revoke his contract because it is irrevocable.
  5. The owner would have to sell the real property at the listed price of the broker found a buyer ready, willing and

Exam 2024)

able to buy at this price. - correct answers ✅1. The owner can revoke his contract but could be liable for damages. In a usual listing agreement, the broker is authorized to

  1. convey the real property listed.
  2. promise the buyer that any offer on the listed terms will be accepted.
  3. find a purchaser and bind his client to a contract.
  4. find a purchaser and accept a deposit. - correct answers ✅4. find a purchaser and accept a deposit. If principal broker Ed is aware that principal broker Dave has an exclusive listing which is about to expire, broker Ed may
  5. solicit an exclusive listing agreement from the owner after the expiration date.

Exam 2024)

  1. The listing agent is responsible for the sellers actions. - correct answers ✅2. The buyer should be made aware that if the seller refuses to fill out a sellers property disclosure the buyer has until the day of closing to terminate the transaction and have their earnest money returned. Broker Reed had an open listing on a property. He brought the buyer to the property and the buyer bought the property. Since this was an open listing agreement, what must broker Reed do to be assured he will receive his commission from the seller?
  2. File a suit against the seller to demand the commission be paid.
  3. Since the listing was open the seller should be instructed to pay the commission directly to the broker. 3.The payment of commission would be handled the same as any other listing.
  4. Instructions should be given to the escrow office to pay the commission directly to the broker - correct answers ✅3.The payment of commission would be handled the same as any other listing.

Exam 2024)

Mr. and Mrs. Thomas Martin want to sell their house. They want a broker to show the property, but they would like to be able to sell the house themselves without the obligation of paying a broker a commission. What form of listing would allow them to use several brokers services and not pay a commission should they sell the house themselves?

  1. Open listing
  2. Exclusive listing
  3. Exclusive right to sell listing
  4. Net listing - correct answers ✅1. Open listing An exclusive agency listing guarantees the broker his commission
  5. if any broker sells the property.
  6. if the seller sells the property.

Exam 2024)

  1. Exclusive agency listing
  2. Multiple listing
  3. Exclusive right to sell listing - correct answers ✅3. Multiple listing Which of the following best describes an earnest money agreement?
  4. a legally enforceable contract requiring the seller's signature to be valid.
  5. a legally enforceable contract requiring the signatures of all parties to be valid.
  6. A legally enforceable contract binding both the buyer and seller to all known and unknown facts attached to the property
  7. A legally enforceable contract binding the buyer and their heirs to the conditions of the contract. - correct

Exam 2024)

answers ✅2. a legally enforceable contract requiring the signatures of all parties to be valid. A broker wrote an offer for a buyer that contained a 10 day acceptance clause along with a $2,000 deposit. On the fifth day the buyer notified the broker he wants to withdraw the offer and receive back his deposit check for $2,000. Of the following statements which one is correct?

  1. The buyer must wait until the 10 day acceptance clause has ended before revoking the offer.
  2. The buyer can revoke the offer immediately provided the seller has not responded to the buyers offer.
  3. The buyer must wait until the seller acknowledges the offer and then the buyer can terminate the offer in a counteroffer.
  4. The buyer must wait until the preliminary title report has been delivered and then terminate the offer and ask for the $2,000 deposit to be returned. - correct

Exam 2024)

  1. Land sale contract.
  2. Trust deed.
  3. Life estate - correct answers ✅2. Land sale contract. What is the time expectation in "Time is of the Essence"?
  4. 24 hours from time of receipt.
  5. 48 hours from time of receipt.
  6. 5 business days from the time of receipt.
  7. As timely as possible. - correct answers ✅4. As timely as possible. Which of the following statements regarding counteroffers is true?
  8. A counter offer is not binding if either party wants to return to the original offer.

Exam 2024)

  1. Both the buyer and the seller are allowed to write two different counter offers during negotiations or the entire transaction will become void.
  2. A counter offer is a rejection of the first offer and becomes the new offer.
  3. If there is a slight change, such a change in the closing date, it is not considered a counter offer - correct answers ✅3. A counter offer is a rejection of the first offer and becomes the new offer. In a real estate sales transaction, the amount of the earnest money deposit is determined by
  4. the real estate license law.
  5. agreement of the parties.
  6. a minimum of 5% of sales price.
  7. the broker. - correct answers ✅2. agreement of the parties.

Exam 2024)

  1. returned to the offeror if it does not provide better terms than the first offer. - correct answers ✅ A provision in an offer to purchase that requires the completion of a certain act before the contract is binding is known as a
  2. covenant.
  3. mandamus.
  4. restriction.
  5. contingency - correct answers ✅4. contingency Jack Williams, a property manager, was $1,000 short when needing to pay his office rent. He wrote a check to himself from his clients' trust account to cover the cost. Williams' action is an example of:
  6. Conversion
  7. Fraud

Exam 2024)

  1. Misrepresentation.
  2. Commingling - correct answers ✅1. Conversion Which of the following actions would best describe commingling of funds?
  3. A broker accepts an earnest money deposit check from a buyer and has it placed in the brokerage's clients' trust account.
  4. A broker pays for a repair for a buyer out of his own personal checking account.
  5. A principal broker is short of funds in the company clients' trust account so he transfers funds from his business account into the clients' trust account.
  6. A principal broker pays commissions to his associated brokers out of the company's business account. - correct answers ✅3. A principal broker is short of funds in the company clients' trust account so he transfers funds from his business account into the clients' trust account.