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Questions and Answers
What is required for all real estate compensation in Oregon?
How many hours of prelicensing education are required for broker candidates in Oregon?
What does the statute of frauds require for real estate purchase agreements in Oregon?
Which of the following is true regarding the responsibility of a principal broker in Oregon?
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What is the time frame for earnest money deposits to be made in Oregon?
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What are unlicensed assistants in Oregon restricted from doing?
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Which of the following is prohibited regarding rebates or finder's fees in Oregon real estate transactions?
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Which area is heavily tested on the Oregon real estate exam?
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What is the consequence of violating the prohibition against commingling client trust funds in Oregon?
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How many continuing education hours must Oregon real estate licensees complete every 2 years?
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Under what condition can a water right in Oregon be considered forfeited?
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What is the maximum time allowed for filing a construction lien in Oregon after completing work on a property improvement?
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Which of the following actions is not allowed for a real estate licensee with an inactive license in Oregon?
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In Oregon, what additional protection is included in fair housing laws compared to federal law?
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When must principal brokers review and initial real estate agreements in Oregon?
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Which of the following activities can unlicensed assistants perform in Oregon?
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Study Notes
Oregon Real Estate Regulations
- Commingling personal or other funds with client trust funds is prohibited, with violations subject to civil penalties of up to $10,000.
- Real estate licensees must complete 30 hours of continuing education every 2 years, including a 3-hour law and rule course.
- The Oregon Real Estate Agency is responsible for issuing licenses and regulating licensees.
Fair Housing Laws
- Oregon's fair housing laws prohibit discrimination based on sexual orientation and gender identity, in addition to federally protected classes.
- Additional fair housing protections include source of income and marital status.
Water Rights
- Water rights in Oregon remain valid indefinitely if used at least once every 5 years; non-use for this period can lead to forfeiture.
Construction Liens
- Construction liens must be filed within 75 days of completing work on property improvements.
Principal Broker Responsibilities
- Principal brokers must review and initial real estate agreements within 7 banking days and notify the Real Estate Agency about client trust account changes within 10 business days.
Property Management Regulations
- Property managers are required to return funds and provide documentation to property owners within 60 days of terminating a management agreement.
Advertising Requirements
- Licensees must include specific information such as brokerage affiliation in online advertisements.
- Licensees can advertise their own properties without principal broker approval if certain conditions are met.
- There are additional restrictions on content in real estate advertising in Oregon compared to other states.
Licensing and Continuing Education
- An inactive real estate license prohibits any real estate activities, including hosting open houses or property showings.
- All compensation in real estate transactions must flow through the sponsoring broker; direct payments from clients to licensees are not allowed.
- Prelicensing education requires broker candidates to complete 150 hours.
Statutory and Legal Considerations
- The statute of frauds mandates that real estate purchase agreements must be in writing to be enforceable.
- Violations of real estate laws in Oregon are generally classified as misdemeanors.
Supervision and Licensing
- The principal broker is responsible for the activities of their licensees until the license is properly transferred or inactivated.
- Reciprocity agreements for licensing exist with specific states like Alabama and South Dakota, but not on a nationwide basis.
Timeline and Deposits
- Important timelines include depositing earnest money within 3 banking days and other trust funds within 5 days.
- Licensees must know timelines for actions related to trust funds, filing liens, reviewing agreements, and terminating management.
Unlicensed Assistants
- Unlicensed assistants can perform limited written tasks but cannot negotiate deals or engage in activities requiring a license.
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Description
Test your knowledge on Oregon's real estate regulations, including trust fund management and continuing education requirements for licensees. Additionally, explore fair housing laws that protect against discrimination in the real estate market.
