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OREGON REAL ESTATE EXAM (PSI) EXAM ACTUAL EXAM
QUESTIONS AND ANSWERS VERSIONS A & B AND
PRACTICE EXAM 2024-2025 UPDATE
Oregon Real Estate Exam (PSI) EXAM A 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 - ANSWER-6 years, from the date the transaction was accepted, rejected, or withdrawn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 broker
When should the principal broker review a brokers Documents? - ANSWER-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? - ANSWER-3 years, All other records regarding business are kept for 6 years 1 / 4
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When should you notify the Real Estate agency a clients trust account has been closed/opened?
- ANSWER-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? - ANSWER-1. Name of the bank
- Account Number
- Name of the account
- Date the account was opened
- Acknowledged copy of the notice
How long can a broker temporarily supervise due to the absence of the principal broker? - ANSWER-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 - ANSWER-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 - ANSWER-Advanced Practices Course & LARRC aka Law & Rule Required course
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3 Continuing education requires what? - ANSWER-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? - ANSWER-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? - ANSWER-Amend Authorization Before Termination Date
What must happen before a principal broker can authorize a broker to supervise? - ANSWER- 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? - ANSWER- 30 Calendar days, before the license automatically becomes inactive
A broker cannot collect a commission if... - ANSWER-There is not a written, signed listing or fee agreement that provides an adequate description of the property (address)
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4 Disclosed Limited Agency means? - ANSWER-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? - ANSWER-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? - ANSWER-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? - ANSWER-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? - ANSWER-Advise the principal to seek expert advice related to the transaction beyond the agent's expertise
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