Real Estate Agency Flashcards
1
Q
1) Which of the following constitutes engaging in professional real estate activity as defined by Oregon Law?
I. A person who, for a fee, rents real estate owned by others to the public
II. A person who, for a fee, assists owners only in procuring prospective tenants for the owner’s rental
property.
1) I only
2) II only
3) Both I and II
4) Neither I nor II
A
3) Both I and II
2
Q
- Property management agreements may be negotiated and signed by a _____________
I. real estate property manager.
II. real estate broker associated with a principal real estate broker.
III. non-licensed employee of a principal real estate broker.
1) I only
2) I and II only
3) II and III only
4) I, II and III
A
2) I and II only
3
Q
- A listing broker receives his authority to accept an earnest money deposit in the _____________
1) earnest money agreement.
2) listing contract.
3) closing documents.
4) Administrative Rules and Regulations.
A
2) Listing contract
4
Q
- All cash received from a tenant by a property manager _____________
I. must be deposited into the property manager’s client’s trust account within three banking days after receipt.
II. must be recorded by an entry in the tenant’s ledger maintained by the propertymanager.
1) I only
2) II only
3) Both I and II
4) Neither I nor II
A
3)Both I and II
5
Q
- A valid contract of sale has been executed by both seller and buyer. Until closing, the buyer has ________
1) title.
2) defeasible title.
3) reversionary rights.
4) equitable title.
A
4)equitable title.
6
Q
- Oregon’s Discrimination Statutes related to real property transactions apply to _____________
I. sellers of real property.
II. lessors of real property.
III.real estate licensees.
1) I only
2) I and II only
3) II and III only
4) I, II and III
A
4) I, II and III
7
Q
- Which of the following statements concerning counteroffers is true?
I. If the counteroffer is refused, the original offer is open for acceptance.
II. Material changes made to an original offer constitute a counteroffer.
1) I only
2) II only
3) Both I and II
4) Neither I nor II
A
2) II only
8
Q
- 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.
A
1) at any time prior to closing the transaction.
9
Q
- 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
A
3) Both I and II
10
Q
- 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
A
4) All of the above
11
Q
- 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
A
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.
12
Q
- 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.
A
3) seven banking days from the date the document was accepted, rejected or withdrawn.
13
Q
- 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.
A
2) When the license notification was received by eLicense at the Real Estate Agency.
14
Q
- 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.
A
4) find a purchaser and accept a deposit.
15
Q
- 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
A
1) The money deposited by the purchaser at the time of signing the earnest money or sales contract
