(Exam Prep) Ch. 2: Oregon Administrative Rules
The Real Estate Commissioner must be notified of change in contact within ___ days?
10 days
How long does a principle broker have to deposit an EMD into neutral escrow or client trust account after receiving it, if no instructions are given?
3 banking days
An Oregon principal real estate broker review and initial each listing agreement, real estate sale agreement, addendum, or counteroffer within __ banking days.
7
The principal real estate broker must review each document of agreement generated in a real estate transaction within __________ after it has been accepted, rejected, or withdrawn.
7 banking days
The reconciled bank balance of the account labeled 'Trust Account - Property Management' must equal the sum of balances in?
Each individual owner's ledger account
T/F: Private transactions involving licensees are NOT covered by license law.
False
T/F: A Finder's Fee cannot be accepted for Sales OR the rental of real property.
False, Finder's fee's can be collected for rental of real property ONLY
T/F: A Property manager is not allowed to withdraw earned management fee's from the clients trust account.
False, the property manager should do it once a month
When does the buyer need a copy of their offer?
Immediately after signing it
Which of these is able to practice property management: A Principle Broker A Licensed Property Manager A Broker (without supervision)
ONLY a principle broker or a licensed property manager
In the absence of escrow instructions for an EMD in an offer, to whom does the EMD go to?
The listing principle broker
All advertisements relating to property listed for sale by a principal real estate broker must contain
The name of the Principle Brokerage
Unless stated otherwise, a principal broker must deposit the earnest money in the clients' trust account or in a neutral escrow depository by _______________________________________ after receiving the earnest money.
by the close of business on the next business day
Oregon law requires that checks used to disburse funds deposited in a clients' trust account be pre:
pre-numbered
A real estate broker associated with a principal broker receiving a deposit should deposit it in:
their principal broker's trust account.
A broker associated with a PRINCIPLE broker should promptly do what with an EMD?
transmit the funds promptly to the principle broker.
Does the Real Estate Commissioner need to be notified in writing of termination of a property management agreement?
No
Is the name of the banking institution in which the funds will be deposited, required to be on the receipts prepared by a Property Manager?
No
Can a property manager negotiate a lease-option? Why?
No, because they can only negotiate rentals and a lease option includes and option to purchase.
Does a PM need to establish at least one owner's ledger for each property managed?
No, only for each Property Management Agreement
A copy of an offer or listing agreement must be given to the client when?
As soon as it is signed by the client
An agreement for the management of property must always specify the:
Management Fee
A written report of the owner's ledger must be given to the owner how often?
Monthly
Can Property Management Agreements be oral?
No
Can a licensee negotiate a lease-option on a property they own without supervision of their principle broker?
No
Can written monthly reports be waived by the client of a property manager?
No
All Real Estate advertising must include the registered name of the
Principle Broker(age)
All property management agreements must include ______ and _____ to be paid to the property manager, as well as any _______ / _______ given by the owner to the property manager.
Rebates and overrides Authority/Power
What happens to the license of a broker when it is returned to the Real Estate Agency by the supervising principal broker
The Agency will change the license status from active to inactive status upon receipt
Who is responsible for providing a tenant with a final accounting of their deposit when the owner changes PM's? The new PM or the PM when the tenant terminated the tenancy?
The PM at the time the tenant terminated the tenancy
T/F: A licensee is in violation of OR Admin rules if they fail to mention the type of earnest money received, in the earnest money agreement?
True
T/F: A property management agreement must include the management fee and the method of agreement termination.
True
Are rejected offers, listing agreements of unsold properties, or EMD's that were returned after a failed sale, included as documents that must be retained for 6 years by brokers?
Yes
Can copies of tenants' rental agreements be retained with the on-site resident manager?
Yes
Do all Listing Agreements need to have a definite expiration date?
Yes
Do property agreements need to have how the records will be disposed of when the agreement terminates?
Yes
Do tenants need to be notified of termination of a property management agreement?
Yes
Does a returned tenant deposit (that was never put in a trust account) need to be photocopied and dated for the property manager's records?
Yes
Is compensation required to be disclosed in Listing Agreements?
Yes
Is it legal for the interest earned on an EMD deposited to an interest-bearing account to go to the broker?
Yes
Do rental advertisements need to have the property manager's registered name? What about listings?
Yes to both
