Oregon Real Estate Broker License EXAM WITH ANS (100% verified) 2024
2 views 0 purchase
Course
REAL ESTATE LICENSE
Institution
REAL ESTATE LICENSE
Principal Broker correct answers A principal real estate broker is an individual who may or may not be responsible for the professional real estate activity conducted by himself and others working in the same office.
Principal Broker must be correct answers 18 years of age; background check; edu...
Oregon Real Estate Broker License EXAM WITH ANS
(100% verified) 2024
Principal Broker correct answers A principal real estate broker is an individual who may or may
not be responsible for the professional real estate activity conducted by himself and others
working in the same office.
Principal Broker must be correct answers 18 years of age; background check; educational
requirements; real estate license for 3 years; passed brokers exam
To become eligible for a principal broker license, a broker must have held an active real estate
license for a period of not less than three years correct answers True
The relationship between a real broker and and his client is correct answers An agency
relationship coupled with fiduciary obligations
What body of law prescribes the rights and duties between a property manager and her clients
correct answers Law of Agency
A special agent correct answers Has the obligation of one task
To the seller, a broker representing the seller is usually correct answers A special agent
The amount of commission a principal broker must pay a broker is determined by correct
answers The listing agreement
Which best describes the relationship between common law fiduciary duty and the statutory
fiduciary obligations of a broker? correct answers Common law fiduciary duty is the basis for the
statutory fiduciary obligations
The duty of loyalty to a clients interests requires a broker to correct answers Keep the clients
interests foremost in the brokers mind and actions
The obligation assumed by the broker as an agent for the client is described as a correct answers
Fiduciary relationship
A seller tells the listing broker that termites have destroyed the subfloor in the living room and
the swimming pool is in violation of the city setback requirements. The following the listing
broker must disclose to the public and any prospective buyer correct answers Disclose the
damage to the subfloor in the living room and the setback violation of the pool per city code
The broker owes his client the duty of following his instructions. In the event the client wants the
broker to commit an unlawful act, what action should the broker take? correct answers Refuse to
follow instructions and withdrawas broker immediately
, Which of the following actions would not terminate an agency relationship created to sell real
property? correct answers Death of a lender working with the buyer
Describe dual agency correct answers A broker representing both the buyerand the seller in the
same transaction
A real estate broker correct answers May act for both parties with knowledge and written consent
of both
If legal problems arise in a real estate transaction the principal broker should correct answers
Notify the parties involved that they should retain a company attorney
Commingling is the opposite of correct answers Separation
Which of the following best describes commingling funds? correct answers A principal broker
adds funds from his personal account to balance the company clients trust account
Miller a license principal real estate broker was sued for conversion. This mean Miller allegedly
correct answers Misappropriated his clients funds.
Which of the following is the duty of the supervising principal broker correct answers To be
completely truthful when dealing with brokers and clients
A principal broker correct answers A principal broker is an individual who may or may not be
responsible for professional real estate activity of others
Broker correct answers A licensee working under supervision of a principal broker
Property manager correct answers A licensed individual who can perform property management
services for others for a fee.
Agency correct answers A fiduciary relationship is when an agent acts on behalf of another party
in a professional real estate activity
Fiduciary Duty correct answers An agency relationship is when an agent owes their principal the
fiduciary duties of loyalty, confidentiality, disclosure, and obedience.
Principal correct answers A principal is a person or entity who authorizes another to act on his or
her behalf, most often either a seller or buyer of real property.
Special Agent correct answers An agent empowered to conduct a particular transaction or a
specific act, such as assisting their principal with the purchase or sell of real property.
Independent contractor correct answers An independent contractor can perform work without
being an employee
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller THEEXCELLENCELIBRARY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
