Oregon Real Estate Exam (PSI) With 200+ Questions &
Correct Answers
How many consecutive years of non-use of water does one lose their water rights
in Oregon? - ANSWER-5 consecutive years, the right is considered forfeited
Who must register the business name? - ANSWER-Principal Broker, must register
the business name with REA-(Real Estate Agency) under their name.
How long must real estate documents be kept? - ANSWER-6 years, from the date
the transaction was accepted, rejected, or withdrawn
Who approves advertising? - ANSWER-The principal broker
When should the principal broker review a brokers Documents? - ANSWER-7
days, of the documents acceptance, rejection, or withdrawal. The principal broker
must initial and date the document in writing at the time of review
How long must you keep attendance & continuing education records? - ANSWER-
3 years, All other records regarding business are kept for 6 years
When should you notify the Real Estate agency a clients trust account has been
closed/opened? - ANSWER-10 business days, from the date the account was
opened or closed
When informing the real estate agency a clients trust account has been opened.
What information is to be included? - ANSWER-1. Name of the bank
,2. Account Number
3. Name of the account
4. Date the account was opened
5. Acknowledged copy of the notice
How long can a broker temporarily supervise due to the absence of the principal
broker? - ANSWER-90 days, with written authorization and broker accepts in
writing the effective & termination date. The broker must also have 3years of
active real estate experience.
Who must maintain CE (continuing education) records - ANSWER-Principal
brokers and brokers must maintain all their own CE records for 3years
Only accepted course for renewing real estate license for the first time -
ANSWER-Advanced Practices Course & LARRC aka Law & Rule Required
course
Continuing education requires what? - ANSWER-Principal brokers & brokers are
required to complete 30hours of continuing education each 2year license cycle
Your first renewal must include 3hour law & rule required course aka (LARRC) &
27hours broker advanced practices course
How long until earnest money needs to be deposited? - ANSWER-3 banking days
In the principal brokers absence he may assign a broker to temporarily supervise.
The authorizing principal broker must file what to end the authorized broker before
the agreed upon termination date? - ANSWER-Amend Authorization Before
Termination Date
, What must happen before a principal broker can authorize a broker to supervise? -
ANSWER-Written authorization must be received by the agency before the
effective date
How long does a licenses have after a principal broker dies to transfer their
license? - ANSWER-30 Calendar days, before the license automatically becomes
inactive
A broker cannot collect a commission if... - ANSWER-There is not a written,
signed listing or fee agreement that provides an adequate description of the
property (address)
Disclosed Limited Agency means? - ANSWER-Same as Dual Agency,
representation of the buyer and the seller or two buyers occurs within the same real
estate BUSINESS - not to get confused with same broker
How long does a real estate agent have to present an offer to the seller? -
ANSWER-There is not a standard time but it is said "As timely as possible"
Does a real estate agent have to present ALL offers to the seller? - ANSWER-YES,
agent must present all written offers, notices, and other written communications in
a timely manner regardless if the seller is subject to a contract for sale or the buyer
is already a party to a contract for purchase.
Does the duty a real estate agent owes to their principal of confidentiality end after
the agency relationship ends? - ANSWER-NO, confidentiality survives the ending
of an agency relationship. A broker may not reveal information received from a
client even after that client stops being the broker's client.
Correct Answers
How many consecutive years of non-use of water does one lose their water rights
in Oregon? - ANSWER-5 consecutive years, the right is considered forfeited
Who must register the business name? - ANSWER-Principal Broker, must register
the business name with REA-(Real Estate Agency) under their name.
How long must real estate documents be kept? - ANSWER-6 years, from the date
the transaction was accepted, rejected, or withdrawn
Who approves advertising? - ANSWER-The principal broker
When should the principal broker review a brokers Documents? - ANSWER-7
days, of the documents acceptance, rejection, or withdrawal. The principal broker
must initial and date the document in writing at the time of review
How long must you keep attendance & continuing education records? - ANSWER-
3 years, All other records regarding business are kept for 6 years
When should you notify the Real Estate agency a clients trust account has been
closed/opened? - ANSWER-10 business days, from the date the account was
opened or closed
When informing the real estate agency a clients trust account has been opened.
What information is to be included? - ANSWER-1. Name of the bank
,2. Account Number
3. Name of the account
4. Date the account was opened
5. Acknowledged copy of the notice
How long can a broker temporarily supervise due to the absence of the principal
broker? - ANSWER-90 days, with written authorization and broker accepts in
writing the effective & termination date. The broker must also have 3years of
active real estate experience.
Who must maintain CE (continuing education) records - ANSWER-Principal
brokers and brokers must maintain all their own CE records for 3years
Only accepted course for renewing real estate license for the first time -
ANSWER-Advanced Practices Course & LARRC aka Law & Rule Required
course
Continuing education requires what? - ANSWER-Principal brokers & brokers are
required to complete 30hours of continuing education each 2year license cycle
Your first renewal must include 3hour law & rule required course aka (LARRC) &
27hours broker advanced practices course
How long until earnest money needs to be deposited? - ANSWER-3 banking days
In the principal brokers absence he may assign a broker to temporarily supervise.
The authorizing principal broker must file what to end the authorized broker before
the agreed upon termination date? - ANSWER-Amend Authorization Before
Termination Date
, What must happen before a principal broker can authorize a broker to supervise? -
ANSWER-Written authorization must be received by the agency before the
effective date
How long does a licenses have after a principal broker dies to transfer their
license? - ANSWER-30 Calendar days, before the license automatically becomes
inactive
A broker cannot collect a commission if... - ANSWER-There is not a written,
signed listing or fee agreement that provides an adequate description of the
property (address)
Disclosed Limited Agency means? - ANSWER-Same as Dual Agency,
representation of the buyer and the seller or two buyers occurs within the same real
estate BUSINESS - not to get confused with same broker
How long does a real estate agent have to present an offer to the seller? -
ANSWER-There is not a standard time but it is said "As timely as possible"
Does a real estate agent have to present ALL offers to the seller? - ANSWER-YES,
agent must present all written offers, notices, and other written communications in
a timely manner regardless if the seller is subject to a contract for sale or the buyer
is already a party to a contract for purchase.
Does the duty a real estate agent owes to their principal of confidentiality end after
the agency relationship ends? - ANSWER-NO, confidentiality survives the ending
of an agency relationship. A broker may not reveal information received from a
client even after that client stops being the broker's client.
