Oregon Real Estate Study guides, Class notes & Summaries

Oregon Real Estate Exam (PSI) Questions with Verified Answers | Latest 2023/2024 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 ️ 6 years, from the date the transaction was accepted, rejected, or withdrawn...

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 - 6 years, from the date the transaction was accepted, rejected, or withdrawn Who approves advertising?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 re...

Mastering the laws relating to _________ can reduce misunderstandings and litigation, especially in the areas of commissions through procuring cause, conflicts of interest and representation. - Answer agency A broker is a person who: - Answer a. Is employed by another person b. Has the authority to act for that person c. Has the authority to exercise some discretion while acting for another person The person who hires or appoints an agent to act on their behalf is called a: - Answer ...

A contract is an exchange of promises between two or more parties to ______________. - Answer do or refrain from doing an act. For a real estate contract to be valid and enforceable in court it must contain certain elements. Which is not an element for an enforceable real estate contract? a. consideration b. lawful purpose c. mutual agreement d. all persons must reside in the same state - Answer d. all persons must reside in the same state Failure to fulfill the promises contained...

Constructive eviction - Answer Acts done or not done by the landlord which materially disturb or impair tenants occupancy so as the tenant is forced to leave Surrender and acceptance - Answer Mutual agreement to terminate lease The residential landlord and tenant act - Answer Covers leased structures used as home, residence or sleeping place. EXCLUDES nursing homes, lease to own, dorms, frats, resident managers homes Law of agency - Answer Statutory law controlling the rights an...

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 broke...

The buyer asks if there are any sex offenders in the neighborhood. The agent's MOST appropriate response would be to: - Answer give the buyer the website address so the buyer can look up that information A developer intends to subdivide a large parcel of land and is in the process of land planning. He has determined the geographic boundaries of the individual lots and how the streets as the development will be signed to give access to each lot, when can he begin to list this property? - An...

Contract - Answer *agreement between two or morew competent parties based upon legal consideration that creates duties and obligations that are legally enforceable. 4 elements required for a contract - Answer *Competent Parties *Legal (or lawful) object or purpose *Agreement between the parties (offer & acceptance) *Consideration Valid Contract - Answer Contains all of the essential elements and is binding and enforceable upon both parties to the contract. Voidable Contract - A...

A branch office registration is necessary to use a: A. model unit, available for sale, in a subdivision for promotion of interest in the development. B. temporary structure for dissemination of information. - Answer Neither A nor B A person can work as a secretary in a real estate office without obtaining a real estate license. That secretary can legally perform which of the following functions? - Answer Verify the accuracy of listing information supplied by a broker by checking the rec...

Do social networking sites have to be supervised by the principal broker? - Answer Yes, social networking sites and advertising Does an acutioneer or a short term vacation rental need a real estate liscence? - Answer An auctioneer who is auctioning homes must have license - someone who deals with short term vacation rentals needs business license only - real estate license not required. Which of the following needs to be disclosed to a potential buyer? - Answer a rehabilitation house...

What are liquidated damages? Liquidated damages are procured from selling property Liquidated damages are in excess of actual damages Liquidated damages are specified in a contract in case of breach of contract Liquidated damages are in addition to those specifically stated in a contract - Answer When the broker gets a listing, the broker is the agent and the principal broker is the sub-agent. True False - Answer False The principal broker is the agent of the seller;...

How does a creditor who has obtained a judgment get satisfaction against a debtor who will not pay? - Answer Writ of execution. A major difference between freehold and nonfreehold estates is that all freehold estates _________. - Answer are of indeterminable duration. The economic characteristics of land are - Answer Scarcity, location, and durability. At the time of harvest, crops that require annual planting are generally considered to be - Answer Personal Property. A legal...