Practice Final Flashcards
If the seller does not provide the buyer with a Seller’s Property Disclosure Statement or Exemption, the buyer may cancel the transaction __________
1) at any time prior to closing the transaction.
2) up to seven days prior to closing the transaction.
3) at no time after the offer is accepted.
4) up to 10 days prior to the closing of the transaction.
at any time prior to closing the transaction.
According to the Administrative Rules and Regulations of the Real Estate Agency, which of the following statements is true?
I. The earnest money receipt must specify when and whether evidence of title will be furnished to the purchaser.
II. A written record of the date and time an offer was presented to a seller must be maintained by the licensee.
1) I only
2) II only
3) Both I and II
4) Neither I nor II
Both I and II
A listing agreement between a broker and seller may be terminated by the _____________
1) death of either party.
2) bankruptcy of the seller. 3) destruction of the property.
4) All of the above
All of the above
Under Oregon law, if a principal real estate broker establishes an independent contractor relationship with an associated real estate broker _____________
1) the real estate broker is not required to have his personal transactions supervised by the principal broker.
2) the listings obtained by the real estate broker may be transferred if the real estate broker moves to another principal broker’s office.
3) the principal broker must supervise the real estate broker’s real estate activities so as to conform to the Oregon Real Estate License Law and Administrative Rules. 4) the principal broker is responsible for approving continuing education.
the principal broker must supervise the real estate broker’s real estate activities so as to conform to the Oregon Real Estate License Law and Administrative Rules.
A principal real estate broker is responsible to review and initial all documents written by his associated real estate brokers within _____________
1) one banking day.
2) as soon as practicable. 3) seven banking days from the date the document was accepted, rejected or withdrawn.
4) seven calendar days from the date the document was accepted, rejected or withdrawn.
seven banking days from the date the document was accepted, rejected or withdrawn.
Principal Broker Miller and Associate Broker Thomas got into a disagreement about an office policy. Thomas requested that Miller give Thomas his license so he could move to another brokerage. Miller disassociated Thomas’ license in eLicense. Under Oregon law, when did Miller’s legal responsibility for Thomas’ professional real estate activity end?
1) 30 days after Miller gave the license to Thomas.
2) When the license notification was received by eLicense at the Real Estate Agency.
3) As soon as Miller gave the license to Thomas.
4) The date the license was reissued to another broker.
When the license notification was received by eLicense at the Real Estate Agency.
In a usual listing agreement, the broker is authorized to _____________
1) convey the real property listed.
2) promise a 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.
find a purchaser and accept a deposit.
Which of the following best describe earnest money?
1) The money deposited by the purchaser at the time of signing the earnest money or sales contract
2) The consideration for the sale of the property
3) The commission paid to the broker
4) The money deposited by the purchaser with the broker or seller to pay for the expense of examining title
The money deposited by the purchaser at the time of signing the earnest money or sales contract
Adams signed an “Exclusive Right-to-Sell” listing for his residence for a term of six months with Broker Meyers. The price was set at $390,000; the commission was to be 6%. During the listing period the house was destroyed by fire. Under these circumstances _____________
1) Meyers is entitled to a commission from Adams.
2) the listing is still valid for the sale of the land upon which the house was located.
3) the fire insurance company and Adams must each pay one half of the broker’s commission.
4) Meyers is not entitled to a commission and the listing is terminated.
Meyers is not entitled to a commission and the listing is terminated.
An option is best defined as _____________
1) a contract in which one party agrees to buy real property from another party. 2) an informal agreement between the broker and the seller.
3) a contract that transfers possession of real property for a specific period.
4) a contract in which one party buys the right to purchase real property.
a contract in which one party buys the right to purchase real property.
The real estate Commissioner may discipline an Oregon real estate licensee whenever the licensee ___________ I. promises there will be future profits on the resale of real property.
II. acts as an agent for both parties in a transaction without the knowledge and written permission of all parties for whom the licensee is acting.
1) I only
2) II only
3) Both I and II
4) Neither I nor II
Both I and II
A principal real estate broker must retain for a period of six years all _____________
1) listing agreements and earnest money receipts.
2) clients’ trust account records and ledgers.
3) vouchers, bills or obligations paid for the account of a client.
4) All of the above
All of the above
Broker Jones left Principal Broker Adams and went to work for Principal Broker Brown. What happens to the listings obtained by Jones while licensed with Adams?
1) They could be transferred to Brown by Adams.
2) They remain with Adams.
3) The listings could be voided by Jones.
4) Since the listing is a personal contract between the seller and Jones, he could take the listings to Jones’ new office.
They remain with Adams
A prospective buyer should be given a copy of the offer _____________
1) any time after the seller’s acceptance.
2) as soon as a prospective buyer signs the offer.
3) at the time of closing.
4) at least five days prior to the closing.
as soon as a prospective buyer signs the offer.
It is in the best interest of the seller if a broker takes a listing at _____________
1) whatever price the seller dictates.
2) market value plus commission.
3) market value including the commission.
4) the highest price the seller can get in the time the seller has in which to sell.
the highest price the seller can get in the time the seller has in which to sell.
An “Exclusive Agency” listing is good for _____________
1) 30 days.
2) 90 days, but can be automatically renewed at the broker’s option.
3) indefinitely, until canceled.
4) any time period the owner and the broker agree upon.
any time period the owner and the broker agree upon.
When a broker takes a net listing in Oregon, the broker should _____________
1) limit the actual commission to no more than what is prevalent for other listings.
2) make full disclosure to the seller of the value of the property and market conditions.
3) Both 1 and 2
4) Neither 1 nor 2
make full disclosure to the seller of the value of the property and market conditions.
The commission rate for the sale of real estate is determined by _____________
1) negotiation with the seller. 2) silent agreement among brokers in a local area.
3) fixed schedules approved by the state licensing commission.
4) the multiple listing service.
negotiation with the seller.
A broker acting under an “Exclusive Agency” listing for the sale of a residence usually receives his commission when _____________
1) the earnest money is received.
2) he takes the listing.
3) the sale is closed.
4) he obtains an accepted offer executed by a ready, willing and able buyer.
the sale is closed.
Escrow agents in Oregon are licensed by the _____________
1) Oregon Corporation Commission.
2) Oregon Real Estate Agency.
3) Escrow Division of the Office of the Secretary of State.
4) Oregon Housing Agency.
Oregon Real Estate Agency. `
Gary Henderson, an active Oregon principal broker, is a major stockholder in Mid- Pacific Corporation. Mid-Pacific is offering to sell units in a condominium project the corporation owns. Henderson is actively participating in the negotiation for the sale of the units. To comply with Oregon rules and regulations, Henderson must do which of the following? I. He must disclose his interest in the corporation. II. He must deposit any funds he receives in connection with the sale into a neutral escrow depository or Clients’ trust account.
1) I only
2) II only
3) Both I and II
4) Neither I nor II
Both I and II
