OREGON REAL ESTATE EXAM PSI FINAL
PAPER 2026 FULL QUESTIONS WITH
CORRECT ANSWERS GRADED A+
⩥ Listing Agreements. Answer: A listing agreement is a personal service
contract whereby a property owner hires a specific principal broker and
is NOT assignable to another principal broker.
⩥ four different types of listing agreements. Answer: Open
Exclusive agency
Exclusive right to sell
Net
⩥ Open Listing. Answer: allows the seller to employ any number of
agents at the same time. However, the seller will only owe a commission
to the agent who sells the property (the procuring cause of the sale).
Also, the open listing agreement allows for the seller to sell the property
without owing any commission.
Open listing - non-exclusive; no stated expiration; procuring cause gets
the commission; no commission if the seller procures the customer.
⩥ Exclusive Agency. Answer: gives one principal broker the right to sell
the property, but no commission is owed if the seller sells the
,property.gives one principal broker the right to sell the property, but no
commission is owed if the seller sells the property.
Exclusive Agency Listing - exclusive excepting the owner; must expire;
the principal broker gets the commission unless sold by the owner.
⩥ Exclusive Right to Sell. Answer: the seller employs just one principal
broker. The principal broker earns their commission if the property is
sold by another principal broker, the seller, or the listing principal
broker.
contains a due diligence clause that requires the principal broker to
exercise due diligence in attempting to locate a buyer for the property.
also contains a clause that requires the seller to pay the fee if the
property is sold to anyone introduced to the property during the listing
period, even after the listing has expired
Exclusive Right to Sell Listing - given to only one principal broker;
must expire; principal broker gets paid if the property transfers during
the listing period.
⩥ Net Listing. Answer: A net listing is a listing agreement that allows
the agent to keep everything over the minimum (net) price set by the
seller.
, Net Listing - the agent gets to keep everything over the minimum sales
price set by the seller; discouraged even in states where legal.
⩥ General Listing Contract Requirements. Answer: A listing agreement
is a unilateral personal service contract and must include all of the
necessary contractual elements
It must be in writing (Oregon Statute of Frauds).
It must have a definite expiration date.
It cannot include a provision requiring the person signing the agreement
to notify the principal broker of the person's intent to cancel the listing
after the stated specific expiration date.
The listing cannot include a provision subjecting the owner of the listed
property to the payment of two or more commissions for one sale if the
owner lists the same property with a second or subsequent principal
broker after the termination of the preceding listing agreement.
The listing agreement cannot include language that could be considered
discriminatory under either federal or state fair housing laws.
PAPER 2026 FULL QUESTIONS WITH
CORRECT ANSWERS GRADED A+
⩥ Listing Agreements. Answer: A listing agreement is a personal service
contract whereby a property owner hires a specific principal broker and
is NOT assignable to another principal broker.
⩥ four different types of listing agreements. Answer: Open
Exclusive agency
Exclusive right to sell
Net
⩥ Open Listing. Answer: allows the seller to employ any number of
agents at the same time. However, the seller will only owe a commission
to the agent who sells the property (the procuring cause of the sale).
Also, the open listing agreement allows for the seller to sell the property
without owing any commission.
Open listing - non-exclusive; no stated expiration; procuring cause gets
the commission; no commission if the seller procures the customer.
⩥ Exclusive Agency. Answer: gives one principal broker the right to sell
the property, but no commission is owed if the seller sells the
,property.gives one principal broker the right to sell the property, but no
commission is owed if the seller sells the property.
Exclusive Agency Listing - exclusive excepting the owner; must expire;
the principal broker gets the commission unless sold by the owner.
⩥ Exclusive Right to Sell. Answer: the seller employs just one principal
broker. The principal broker earns their commission if the property is
sold by another principal broker, the seller, or the listing principal
broker.
contains a due diligence clause that requires the principal broker to
exercise due diligence in attempting to locate a buyer for the property.
also contains a clause that requires the seller to pay the fee if the
property is sold to anyone introduced to the property during the listing
period, even after the listing has expired
Exclusive Right to Sell Listing - given to only one principal broker;
must expire; principal broker gets paid if the property transfers during
the listing period.
⩥ Net Listing. Answer: A net listing is a listing agreement that allows
the agent to keep everything over the minimum (net) price set by the
seller.
, Net Listing - the agent gets to keep everything over the minimum sales
price set by the seller; discouraged even in states where legal.
⩥ General Listing Contract Requirements. Answer: A listing agreement
is a unilateral personal service contract and must include all of the
necessary contractual elements
It must be in writing (Oregon Statute of Frauds).
It must have a definite expiration date.
It cannot include a provision requiring the person signing the agreement
to notify the principal broker of the person's intent to cancel the listing
after the stated specific expiration date.
The listing cannot include a provision subjecting the owner of the listed
property to the payment of two or more commissions for one sale if the
owner lists the same property with a second or subsequent principal
broker after the termination of the preceding listing agreement.
The listing agreement cannot include language that could be considered
discriminatory under either federal or state fair housing laws.
