Oregon Real Estate Exam Flashcards

Question 1

Oregon's entry-level license and regulator?

Accepted Answer

BROKER (no salesperson tier; Principal Brokers supervise), licensed by the Oregon Real Estate Agency after 150 hours of pre-license education.

Question 2

Does Oregon maintain a real estate recovery or guaranty fund to reimburse defrauded consumers?

Accepted Answer

No. Oregon does not operate a real estate recovery (guaranty) fund; injured parties pursue remedies through the courts.

Question 3

In Oregon, when must a licensee provide the agency disclosure pamphlet ('Initial Agency Disclosure Pamphlet')?

Accepted Answer

At first contact with a represented party, the licensee must provide the Initial Agency Disclosure Pamphlet describing the types of agency relationships available.

Question 4

How long must Oregon brokerages retain real estate transaction records?

Accepted Answer

Oregon requires brokerages to keep transaction and trust account records for a defined retention period (generally several years) and make them available to OREA on request.

Question 5

What is the entry-level real estate license in Oregon called?

Accepted Answer

A 'broker' license. An entry-level Oregon broker must work under the supervision of a principal broker.

Question 6

In Oregon, who supervises a newly licensed broker?

Accepted Answer

A principal broker, who is responsible for supervising the brokers associated with the office or firm.

Question 7

How much continuing education must an Oregon broker complete each renewal period?

Accepted Answer

30 hours of approved continuing education during each two-year license period.

Question 8

Where must an Oregon broker deposit client funds such as earnest money?

Accepted Answer

In a designated clients' trust account, kept separate from the broker's own funds (no commingling).

Question 9

What agency relationships does Oregon recognize between a licensee and a buyer or seller?

Accepted Answer

Seller's agent, buyer's agent, and disclosed limited agent (representing both parties, or both buyer and seller represented by brokers under the same principal broker) with informed consent.

Question 10

In Oregon, what is the entry-level real estate license, and who must supervise it?

Accepted Answer

The entry license is a 'broker.' A broker must be supervised by and associated with a licensed principal broker (or a registered business that has one).

Question 11

What state agency regulates real estate licensing in Oregon?

Accepted Answer

The Oregon Real Estate Agency (OREA), led by the Real Estate Commissioner.

Question 12

Is Oregon a community property state for real estate ownership?

Accepted Answer

No. Oregon is a common-law (separate property) state, not a community property state, so spouses do not automatically share equal ownership of property acquired during marriage.

Question 13

How many hours of pre-license education does Oregon require?

Accepted Answer

150 hours of approved pre-license coursework.

Question 14

In Oregon, in whose name must a broker advertise listed property and brokerage services?

Accepted Answer

Advertising must be done in the name of the registered business name (the brokerage) under the supervising principal broker; a broker may not advertise under their own name independently.

Question 15

In Oregon, what is dual representation by one broker/brokerage called?

Accepted Answer

Disclosed limited agency, which requires informed written consent from all represented parties.

Question 16

What grounds can lead to license discipline in Oregon?

Accepted Answer

Conduct such as fraud, misrepresentation, commingling client funds, dishonest dealing, or violating license law and rules.

Question 17

How many hours of pre-license education does Oregon require to become a broker?

Accepted Answer

150 hours of approved real estate broker pre-license education, after which the candidate must pass the state licensing exam.

Question 18

What is Oregon's entry-level real estate license called?

Accepted Answer

A 'broker' — it functions like a salesperson in other states and must be supervised by a principal broker.

Question 19

What disclosure form must Oregon home sellers typically provide to buyers?

Accepted Answer

The Seller's Property Disclosure Statement, describing the known condition of the property.

Question 20

What is 'disclosed limited agency' in Oregon?

Accepted Answer

An arrangement where a licensee (or a principal broker's brokers) represents both buyer and seller in the same transaction, with the written informed consent of both, and owes each only limited duties.

Question 21

Who is responsible for maintaining the clients' trust account and transaction records in an Oregon brokerage?

Accepted Answer

The principal broker is responsible for the trust account, recordkeeping, and supervising the brokers' handling of client funds and documents.

Question 22

Which state agency regulates real estate licensees in Oregon?

Accepted Answer

The Oregon Real Estate Agency (OREA), led by the Real Estate Commissioner.

Question 23

How long is an Oregon real estate license term before it must be renewed?

Accepted Answer

Oregon licenses are issued for a two-year term and must be renewed every two years.

Question 24

What core duties does an Oregon licensee owe to their client under the agency statutes?

Accepted Answer

Duties include loyalty, obedience to lawful instructions, confidentiality, reasonable care and diligence, accounting for funds, and disclosure of material facts; to all parties, honest and fair dealing.

Question 25

Who heads the Oregon Real Estate Agency?

Accepted Answer

The Real Estate Commissioner, who is appointed by the Governor and administers Oregon real estate license law.

Question 26

Where must an Oregon principal broker deposit client trust funds, such as earnest money?

Accepted Answer

In a designated clients' trust account (escrow) at an Oregon financial institution, kept separate from the broker's own funds; commingling is prohibited.

Question 27

Who supervises a newly licensed Oregon broker?

Accepted Answer

A principal broker, who is responsible for overseeing the broker and the brokerage's operations.

Question 28

How many hours of pre-license education are required to become an Oregon broker?

Accepted Answer

150 hours of approved real estate pre-license education.

Question 29

What is a principal broker in Oregon?

Accepted Answer

A licensee qualified to supervise other brokers and operate independently, often managing a real estate business or office.

Question 30

Is Oregon a community property state?

Accepted Answer

No. Oregon is not a community property state; it follows common-law (separate) property rules for spousal ownership.

Question 31

Which agency regulates real estate licensees in Oregon?

Accepted Answer

The Oregon Real Estate Agency (OREA), led by the Real Estate Commissioner, licenses and oversees brokers, principal brokers, and property managers.

Question 32

What property-condition disclosure must Oregon residential sellers generally provide to buyers?

Accepted Answer

A Seller's Property Disclosure Statement, a form covering the property's known condition. Buyers have a statutory right to revoke the offer within a set period after receiving it if no waiver applies.

Question 33

What disclosure must most Oregon residential sellers provide to buyers?

Accepted Answer

A Seller's Property Disclosure Statement describing the known condition of the property.

Question 34

What disciplinary actions can the Oregon Real Estate Agency take against a licensee?

Accepted Answer

It may reprimand, fine, suspend, revoke, or refuse to renew a license, and may deny a license application.

Oregon Real Estate Exam Flashcards

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