Questions and Answers
What is the maximum time allowed for an earnest money deposit to be made?
Which of the following duties is specifically owed by the seller's agent to the seller?
What is the duration of a temporary real estate license before full licensing requirements must be met?
How long do licensees need to keep continuing education records?
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What is a requirement for the first renewal of a real estate license?
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When can a property manager be relieved of their duty to maintain confidentiality?
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What happens if a lien is not enforced by a lawsuit within 120 days?
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What type of agency occurs when licensees under the same principal broker represent opposing parties in a transaction?
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What is the primary purpose of a promissory note with an early pay date when used as earnest money?
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Which of the following statements accurately reflects the concept of puffing in real estate?
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What action must licensees take at first contact with a potential client?
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What distinguishes partitioning from subdividing land in Oregon?
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What does the principal broker remain responsible for until proper notice is received?
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Which of the following describes Disclosed Limited Agency?
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What is the 'Statute of Frauds' primarily concerned with in real estate transactions?
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What is a 'Material Fact' in the context of real estate?
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Study Notes
Earnest Money and Deposits
- Earnest money deposits must be made within 3 banking days, while other funds need to be deposited within 5 days.
- Using a promissory note with an early pay date as earnest money is advisable to protect the seller's interests.
Brokerage and Licensing
- The principal broker must supervise and authorize any registered business name for the brokerage.
- Licensees are prohibited from advertising properties without written listing agreements.
- A temporary license is valid for up to 1 year, after which full licensing requirements must be met.
Responsibilities and Duties
- The seller's agent has fiduciary duties to the seller, including loyalty, confidentiality, disclosure of material facts, and proper accounting for funds.
- Property managers owe duties like timely accounting and maintaining confidentiality to property owners.
- Licensees must present all offers promptly, regardless of any existing sale contract.
Education and Renewal Requirements
- The first license renewal requires completion of a 3-hour law course and a 27-hour advanced practices course.
- Subsequent renewals require the 3-hour law course plus electives.
- Licensees must maintain continuing education records for 3 years and report address changes within 10 days.
Legal and Statutory Aspects
- The Oregon Real Estate Agency can reprimand, suspend, or revoke licenses for violations, but cannot mandate restitution payments.
- The statue of limitations for construction liens is 75 days from the completion of work; liens may become invalid after 120 days without a lawsuit.
- Court-ordered sales may not require a real estate license if executed by court officers.
Property Ownership and Transactions
- Tenancies by the entirety serve as the default ownership structure for married couples purchasing property together in Oregon.
- Disclosed limited agency occurs when different licensees under the same principal broker represent competing parties in a transaction.
- Licensees cannot solicit properties listed by another broker to avoid disciplinary action.
Marketing and Advertising
- Puffing refers to exaggerated marketing claims that aren't strictly factual but permissible within limits.
- Comparative Market Analysis (CMA) adjustments should reflect how features impact market value rather than their actual cost.
- Agency disclosure pamphlets must be provided to consumers at first contact to explain agency relationships.
Property Development Terminology
- Partitioning involves dividing land into 2 or 3 parcels, while subdividing refers to dividing land into 4 or more lots in Oregon.
- The Willamette Meridian serves as the principal meridian used for land surveying in Oregon.
- Material facts significantly affect property value and the ability to fulfill obligations; disclosure of hazards like meth labs is mandatory due to potential impact on property condition.
Financial Laws and Regulations
- Usury laws set limits on interest rates that lenders can charge.
- Water rights in Oregon pertain to the usage of water, requiring usage at least once every 5 years.
- Trust accounts are designated for holding client funds separate from broker funds, ensuring proper management of financial transactions.
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Description
Test your understanding of earnest money deposits and brokerage licensing regulations in real estate. This quiz covers essential guidelines every real estate professional should know, including timelines for deposits and advertising restrictions.
