- | Page
Oregon Real Estate Exam (PSI) Questions with Verified Answers | Latest
Question 1: How many consecutive years of non-use of water
does one lose their water rights in Oregon?
CORRECT ANSWER : 5 consecutive years, the right is
considered forfeited
Question 2: Who must register the business name?
CORRECT ANSWER : Principal Broker, must register the
business name with REA-(Real Estate Agency) under their name.
Question 3: How long must real estate documents be kept?
CORRECT ANSWER : 6 years, from the date the transaction
was accepted, rejected, or withdrawn
Question 4: Who approves advertising?
CORRECT ANSWER : The principal broker
Question 5: When should the principal broker review a brokers
Documents?
- | Page
CORRECT 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
Question 6: How long must you keep attendance & continuing
education records?
CORRECT ANSWER : 3 years, All other records regarding
business are kept for 6 years
Question 7: When should you notify the Real Estate agency a
clients trust account has been closed/opened?
CORRECT ANSWER : 10 business days, from the date the
account was opened or closed
Question 8: When informing the real estate agency a clients trust
account has been opened. What information is to be included?
CORRECT ANSWER : 1. Name of the bank
- Account Number
- Name of the account
- Date the account was opened
- Acknowledged copy of the notice
- | Page
Question 9: How long can a broker temporarily supervise due to
the absence of the principal broker?
CORRECT 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.
Question 10: Who must maintain CE (continuing education)
records
CORRECT ANSWER : Principal brokers and brokers must
maintain all their own CE records for 3years
Question 11: Only accepted course for renewing real estate
license for the first time
CORRECT ANSWER : Advanced Practices Course & LARRC
aka Law & Rule Required course
Question 12: Continuing education requires what?
CORRECT ANSWER : Principal brokers & brokers are required
to complete 30hours of continuing education each 2year license cycle
- | Page
Your first renewal must include 3hour law & rule required course aka (LARRC) & 27hours broker advanced practices course
Question 13: How long until earnest money needs to be
deposited?
CORRECT ANSWER : 3 banking days
Question 14: 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?
CORRECT ANSWER : Amend Authorization Before
Termination Date
Question 15: What must happen before a principal broker can
authorize a broker to supervise?
CORRECT ANSWER : Written authorization must be received
by the agency before the effective date
Question 16: How long does a licenses have after a principal
broker dies to transfer their license?
