Oregon Real Estate Exam (PSI) Questions and Answers
New 2023 Actual Exam Solved 100%
How many consecutive years of non-use of water does one lose their water rights in
Oregon?
5 consecutive years, the right is considered forfeited
Who must register the business name?
Principal Broker, must register the business name with REA-(Real Estate Agency)
under their name.
How long must real estate documents be kept?
6 years, from the date the transaction was accepted, rejected, or withdrawn
Who approves advertising?
The principal broker
When should the principal broker review a brokers Documents?
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?
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?
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?
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?
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
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
Advanced Practices Course & LARRC aka Law & Rule Required course
Continuing education requires what?
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?
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?
Amend Authorization Before Termination Date
What must happen before a principal broker can authorize a broker to supervise?
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?
30 Calendar days, before the license automatically becomes inactive
A broker cannot collect a commission if...
There is not a written, signed listing or fee agreement that provides an adequate
description of the property (address)
Disclosed Limited Agency means?
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?
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?
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?
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.
What should a real estate agent do if the customer requests information outside of
expertise of the real estate agent?
Advise the principal to seek expert advice related to the transaction beyond the agent's
expertise
Can a real estate licensee represent both the buyer and seller in the same real estate
transaction?
YES, under a disclosed limited agency agreement with written permission from both the
seller and buyer
When should a real estate agent present an agency disclosure pamphlet to each party?
At first contact, but not limited to in person, telephone, internet, or email,
If a real estate agent is selling their own home and wants to advertise it, do they still
need approval from their principal broker for the advertising?
No, review or approval is NOT required if a licensee is advertising their own property for
sale, exchange or lease option, as long as the property is not listed with their principal
broker. ... If the property is listed with the principal broker, all advertising, even by its
licensee owner, must be reviewed and approved.
Can a real estate agent advertise a property with verbal confirmation from the property
owner?
No, a real estate agent must have WRITTEN permission from the property owner to be
able to advertise the property.
New 2023 Actual Exam Solved 100%
How many consecutive years of non-use of water does one lose their water rights in
Oregon?
5 consecutive years, the right is considered forfeited
Who must register the business name?
Principal Broker, must register the business name with REA-(Real Estate Agency)
under their name.
How long must real estate documents be kept?
6 years, from the date the transaction was accepted, rejected, or withdrawn
Who approves advertising?
The principal broker
When should the principal broker review a brokers Documents?
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?
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?
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?
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?
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
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
Advanced Practices Course & LARRC aka Law & Rule Required course
Continuing education requires what?
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?
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?
Amend Authorization Before Termination Date
What must happen before a principal broker can authorize a broker to supervise?
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?
30 Calendar days, before the license automatically becomes inactive
A broker cannot collect a commission if...
There is not a written, signed listing or fee agreement that provides an adequate
description of the property (address)
Disclosed Limited Agency means?
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?
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?
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?
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.
What should a real estate agent do if the customer requests information outside of
expertise of the real estate agent?
Advise the principal to seek expert advice related to the transaction beyond the agent's
expertise
Can a real estate licensee represent both the buyer and seller in the same real estate
transaction?
YES, under a disclosed limited agency agreement with written permission from both the
seller and buyer
When should a real estate agent present an agency disclosure pamphlet to each party?
At first contact, but not limited to in person, telephone, internet, or email,
If a real estate agent is selling their own home and wants to advertise it, do they still
need approval from their principal broker for the advertising?
No, review or approval is NOT required if a licensee is advertising their own property for
sale, exchange or lease option, as long as the property is not listed with their principal
broker. ... If the property is listed with the principal broker, all advertising, even by its
licensee owner, must be reviewed and approved.
Can a real estate agent advertise a property with verbal confirmation from the property
owner?
No, a real estate agent must have WRITTEN permission from the property owner to be
able to advertise the property.
