Real Estate License Law Questions

A nonlicensed personal assistant to an Oregon broker associated with a principal real estate broker could legally perform which of the following activities? 1. Install signs and lock boxes on listed properties 2. Prepare and submit advertising to a newspaper as long as the broker reviews it

1

A real estate broker associated with a principal broker who hires an unlicensed person to work as a personal assistant could legally 1. pay the assistant a salary. 2. share a commission with the assistant.

1

An Oregon real estate license must be held by a person who performs which of the following acts? 1. Take a listing from a real property owner with the expectation of receiving a commission 2. Charge a consultation fee to a seller for advice on marketing real property 3. Receive a commission for selling a mobile home located on a rental space in a mobile home facility

1 and 2 only

Property management agreements may be negotiated and signed by a 1. real estate property manager. 2. real estate broker associated with a principal real estate broker 3. who allows property management. 4. non-licensed employee of a principal real estate broker.

1 and 2 only

A principal real estate broker may share his commission with 1. a cooperating principal real estate broker under an oral agreement. 2. the seller's attorney.

1 only

If a principal broker uses a neutral escrow depository for earnest money deposits 1. there must be agreement from all parties who have an interest in the trust funds. 2. no copy of the real estate sale agreement has to be kept in the office transaction file.

1 only

Oregon law allows the principal brokers of a real estate firm to delegate 1. the area of management responsibilities among its principal brokers, 2. responsibility for conduct of associated licensees based on the percentage of ownership in the organization held by each principal broker.

1 only

Regardless of where the principal broker resides, the records for professional real estate activity conducted in Oregon must be retained 1. within the State of Oregon. 2. for seven years after the date of the transaction.

1 only

Under Oregon's agency disclosure law before entering into a listing agreement, a real estate licensee must 1. give an Initial Agency Disclosure Pamphlet to the seller. 2. a seller is prohibited from paying a buyer's real estate agent's commission.

1 only

Brooks, a real estate broker, sold a property without notifying his principal broker. Brooks gave part of the commission directly to Simpson, a real estate broker associated with another firm, because they had worked together to complete this sale. Which of the following statements is correct regarding the situation? 1. Brooks does not have the right to receive commissions directly. 2. Simpson may not legally keep the money Brooks gave him. 3. Brooks has violated his duty to his principal broker.

1, 2, and 3

Which of the following must be deposited in a clients' trust account or neutral escrow? 1. Earnest money deposits 2. Collected rents to be prorated at closing 3. Sales proceeds yet to be disbursed

1, 2, and 3

Non-licensed employees of a property manager may 1. collect rents from tenants. 2. negotiate property management agreements with owners. 3. negotiate rental agreements with tenants. 4. show properties to prospective tenants.

1, 3, and 4 only

A principal broker can place clients' trust funds into an interest-bearing account only if 1. the interest earned on the account is not credited to the broker. 2. all parties who have an interest in the funds give their written permission.

2 only

A real estate broker receives an earnest money deposit of $15,000 from a buyer with instructions to deposit the money into an interest-bearing account because the transaction may not close in escrow for a year. Under these circumstances, the 1. interest which accrues must be paid to the purchaser since he was the party that requested the money be placed in an interest- bearing account. 2. funds must be deposited in a federally insured interest-bearing account, provided both parties to the transaction have given their written consent.

2 only

A real estate licensee would be disciplined under ORS 696, the Real Estate License Law, for which of the following? 1. Acting for more than one party in a transaction where he notifies all parties and receives their consent. 2. Making a material misrepresentation to a prospective buyer, but the buyer did not purchase the property.

2 only

An Oregon resident CAN engage in real estate without a license if 1. they only negotiates one transaction each year for another person for compensation. 2. they deal in estate property as an appointed executor of the estate.

2 only

Under Oregon license law, real estate brokers associated with principal brokers who 1. are independent contractors may operate outside of their brokers' supervision. 2. sell their own property are required to disclose their license status. I only

2 only

Under Oregon's agency disclosure law, a real estate broker associated with a principal broker may represent both the seller and buyer by a disclosed limited agency relationship. In this type of agency relationship 1. the broker must agree to receive compensation from one party, not both. 2. the buyer and seller arrange to have the principal broker keep some information confidential from the parties unless express permission otherwise is give

2 only

When a real estate broker transfers to a different principal broker: 1. the real estate broker may take all of his existing listings with him to the new office. 2. an acknowledgment of transfer must be sent to the receiving principal broker.

2 only

Which of the following acts requires an Oregon real estate license? 1. Negotiation between a buyer and a seller for the sale of a mobile home located on a rental space in a mobile home facility 2. Acceptance of a listing to sell a farm

2 only

A real estate broker associated with a principal broker received from a cooperating broker an offer to purchase a property with earnest money in the form of a certified check made out to the brokerage firm. What should the real estate broker do with the check? 1. Deposit the check in the real estate broker's Clients' Trust Account 2.Endorse the check and forward it to the cooperating broker 3. Give the check to his own principal broker as soon as possible 4. Forward the check to the cooperating broker with the offer to purchase

3

Principal brokers must supervise which of the following activities of brokers? 1. Completion of an Exclusive Right to Sell Listing Agreement 2. Completion of a Comparative Market Analysis 3. Completion of a Real Estate Sale Agreement 4. All of the above

4.

A principal broker must maintain a complete record of all funds, promissory notes, or other consideration received on real estate offers and transactions for a minimum of

6 years

Charles Rupp is an active principal broker and is required to keep records for all professional real estate activity for

6 years

How long after the date of the transaction are Oregon licensees required to keep records?

6 years

Oregon law requires that principal brokers keep adequate records of all professional real estate activity for not less than __________ after the date of the transaction.

6 years

Signed copies of listings, deposit receipts, real estate sale agreements, and other contracts must be kept for

6 years

A principal real estate broker hired a number of part-time employees to show property, pass out brochures, quote prices, and state terms of the sale of real property in a development. A real estate broker will be on site at the development to fill out all the earnest money agreements. The part-time employees will not sign documents. Under these circumstances, the A. employees must be real estate licensees. B. principal real estate broker is not in violation since a licensee filled out and signed the documents. C. employees could legally quote prices and terms as long as they did not fill out the forms. D. broker is not in violation as long as the employees were paid on an hourly basis.

A

A real estate principal broker or property manager must retain records of his Oregon real estate activity A. for six years after the date of the transaction. B. for seven years after the date of the transaction. C. for ten years after the date of the transaction. D. as long as his license is on active status.

A

A real estate sale agreement is signed by both the buyer, Lori Unruh, and the seller, Leo and Evelyn Robertson but the transaction falls through because Evelyn refuses to sign the deed conveying title. The broker handling the transaction A. is entitled to a full commission. B. is entitled to half of the commission specified in the listing agreement. C. must transfer the earnest money from the clients' trust account to a neutral escrow agent. D. has violated a fiduciary obligation to Unruh.

A

Broker Jones convinced Seller Smith to sign an exclusive right-to-sell listing even though Jones knew there was an outstanding exclusive right- to-sell listing on the property. Jones told Smith that Smith should call the first broker and cancel that listing. Which of the following statements is true regarding this situation? A. The Real Estate Commissioner can take action against Jones for violation of license law. B. This is legal because a listing is an employment agreement, not a contract. C. This is legal but unethical. D. Jones's principal broker should keep the listing so long as the commission is shared with the first broker.

A

If a buyer makes an earnest money deposit and later forfeits the deposit, what is the disposition of the forfeited earnest money? A. The real estate broker and the seller must negotiate the disposition of forfeited earnest money at the time they complete a listing agreement or real estate sale agreement. B. The real estate broker and the seller must always equally divide the forfeited earnest money between them. C. The seller is always entitled to the full amount of the earnest money deposit. D. The real estate broker is always entitled to the amount of the broker's expenses incurred, and the seller is entitled to the balance of the forfeited earnest money.

A

When an unlicensed assistant engages in any activity that requires a real estate license, the unlicensed assistant A. is subject to civil fines by the Real Estate Commissioner. B. could legally share in a commission with the employing licensee. C. is shielded by labor laws for actions brought by the Real Estate Commissioner. D. is exempt from license law when the assistant is paid a salary.

A

Which of the following statements about listing agreements is NOT true? A. A listing agreement in Oregon is limited to 180 days duration. B. A copy of the listing agreement must be kept with the principal broker. C. Each listing agreement shall state a definite expiration date. D. The seller should always be given a true legible copy of the listing.

A

Which statement is FALSE concerning an inactive real estate broker involved in a lease option of a personally-owned real estate? A. The transaction must be supervised by a principal real estate broker. B. The real estate broker must deposit all funds received in the transaction into a neutral escrow depository. C. The real estate broker must maintain a transaction file on the transaction as if the transaction were being handled by a principal real estate broker. D. The real estate broker must disclose their license status to the other party to the transaction.

A

The Commissioner may revoke or suspend a real estate broker's license for which of the following? Inducing a seller to break a listing contract with another principal broker to substitute a new listing contract with the broker's principal broker Violating Oregon's discrimination statutes Failure to deliver a completed copy of an offer to purchase to the purchaser and seller within a reasonable amount of time All of the above

All of the above

A property manager, with the required written consent of all parties having an interest in the clients' trust funds, may place the funds in A. a non-federally insured, interest-bearing bank account. B. a federally insured, interest-bearing bank account. C. an investment fund which invests in U.S. government bonds but is not federally insured. D. U.S. government bonds investments.

B

A real estate broker associated with a principal real estate broker may do which of the following without supervision? A. Set up a property management business B. Rent or lease their real estate C. Lease-option their real estate D. Sell their real estate

B

A real estate licensee would NOT be subject to discipline under Oregon License Law for A. misrepresentation by omission. B. acting for more than one party in a transaction with the consent of both. C. blockbusting, since this is only covered by federal law. D. making a strongly misleading statement to a buyer, as long as the seller knew and approved of the statement.

B

An Oregon real estate broker's unlicensed personal assistant directly participated in negotiations between a seller and purchaser. Which of the following is true about this situation? A. The personal assistant could legally collect a commission from the transaction. B. The personal assistant would be in violation of the Real Estate License Law. C. Personal assistants are allowed to participate in negotiations as long as they do not collect a commission. D. Personal assistants are allowed to participate in negotiations as long as they do not sign any documents.

B

Charles Rupp is an active real estate property manager in Oregon and must keep records of all his professional real estate activity for a period of A. one year. B. six years. C. eight years. D. eleven years.

B

If a principal real estate broker or property manager places trust funds in an interest-bearing clients' trust account A. the funds of one client cannot be deposited in the same account with the funds of another client. B. all parties having an interest in the funds must give approval. the interest earned may not be kept by the sole practitioner or C. principal broker or property manager. D. the interest earned must be given to the person who tendered the funds.

B

In Oregon, a disclosed limited agency representation means A. either the seller or the buyer is represented by one or more licensees associated with a principal real estate broker. B. both the buyer and the seller are represented by one or more licensees associated with a principal real estate broker. C. the principal broker has no responsibilities to any party to the transaction. D. the principal broker can disclose price and term information to either party without obtaining permission from the parties.

B

In which of the following situations may an Oregon principal broker pay a listing finder's fee? A. A licensed Oregon real estate property manager for professional real estate activity which involved the lease-option of real estate B. A real estate broker previously licensed with the principal broker who earned the fee prior to transferring his license C. A real estate broker associated with another principal broker D. A licensed Oregon real estate property manager for professional real estate activity which involved the sale of real estate

B

One of the individuals below is required to hold an active real estate license. Which individual is it? A. Nathaniel Wickerbuck, an attorney rendering real estate services for his law firm, Wickerbuck and Tenderbloom. B. Miguel's sister, Rosario, who is helping Miguel negotiate with a buyer for the transfer of an ownership interest in Miguel's real estate. C. Jeffrey, the personal representative of his deceased father, acting under his father's will. D. Remy, a registered engineer assessing the foundation of a house that his friend, Taylor, has under contract for purchase.

B

Oregon's agency disclosure law requires that a selling real estate licensee representing the seller give an Initial Agency Disclosure Pamphlet to a prospective buyer A. only if the buyer signs an earnest money agreement. B. at the first contact with the buyer who appears to be seeking representation. C. within ten days after the buyer contacts the licensee. D. only if the licensee initiates the contact with the buyer.

B

There are exemptions to licensing. Which IS required to be licensed? A. A Department of Veterans' Affairs employee selling foreclosed homes. B. A person who, for a fee, markets rental property and collects rent. C. A person performing professional real estate activity under a court order. D. A general partner who engages in a real estate transaction for a limited partnership.

B

Under Oregon's agency disclosure law, a seller's single agent A. may accept a commission only from the seller. B. is responsible for providing an Initial Agency Disclosure Pamphlet to the seller before entering into the listing agreement. C. has no obligations to buyers. D. may not cooperate with a buyer's single agent.

B

Which property management activity would require a real estate license? A. Supervision of on-site managers B. Negotiation of property management agreement with property owner C. Negotiation of rental agreements with tenants D. Physical maintenance of the real property

B.

A licensee can be guilty of misrepresentation by 1. direct acts or statements. 2. acts of omission, such as failure to disclose vital information.

Both 1 and 2

A person who holds an inactive real estate license 1. may not engage in professional real estate activity. 2.must disclose they have a real estate license when buying or selling property on their own account on at least the first written document of agreement.

Both 1 and 2

A real estate principal broker is required by the Oregon license law to do which of the following? 1. Notify the bank at which he maintains a clients' trust account in writing that the account is for the purpose of holding funds belonging to others and keep an acknowledged copy of the notice in the broker's records 2. Give the Real Estate Agency the name of the bank, account number, and name of account for each clients' trust account the broker maintains

Both 1 and 2

According to Oregon real estate license law, a principal real estate broker: 1. must maintain a definite place of business. 2. is responsible for the actions of affiliated licensees and must supervise their professional real estate activity.

Both 1 and 2

Charles Jones, an Oregon real estate licensee, must disclose that he holds a real estate license while 1. selling any real property he owns. 2. buying real property jointly with his spouse, who is not licensed.

Both 1 and 2

Jackson, a real estate broker, hired Wanda as an unlicensed personal assistant to help with mundane daily tasks. Wanda discussed the terms of an ongoing sale with a prospective buyer. Who is responsible for Wanda's violation of real estate law? 1. Jackson 2. Jackson's principal broker

Both 1 and 2

Oregon Real Estate License Law permits administrative action to be taken against a principal broker's license for failing to 1. notify the Real Estate Agency of the principal broker's change of address. 2. retain files of all real estate activity for 6 years from the termination or expiration

Both 1 and 2

Oregon law requires a principal broker who closes their office to 1. notify the Real Estate Agency where the records will be stored. 2. maintain records within the State of Oregon.

Both 1 and 2

Oregon real estate license law restricts brokers associated with principal brokers from 1. bringing a lawsuit against a seller for payment of a commission. 2. directly accepting a finder's fee from a principal broker with whom the broker is not licensed.

Both 1 and 2

Records of a principal broker for professional real estate activity conducted in Oregon must be retained 1. for a minimum of six years. 2. within the State of Oregon.

Both 1 and 2

The Real Estate Commissioner may discipline an Oregon real estate licensee whenever the licensee 1. promises there will be future profits on the resale of real property. acts as an agent for both parties in a transaction without the 2.knowledge and written permission of all parties for whom the licensee is acting.

Both 1 and 2

What must be done by the principal broker when establishing a clients' trust account? 1. Notify the Real Estate Agency of the name of the bank, account number and name of the account 2. Supply a notice to the bank that the account is maintained only for clients' funds

Both 1 and 2

Which is TRUE of a personal representative who wishes to sell some of the real estate included in the estate? 1. They can advertise the property without a real estate license. 2. They can negotiate the sale of the property without a real estate license.

Both 1 and 2

Which of the following categories of licensees, without charging a fee, could legally offer a seller an estimate of the sales price of the seller's property for the purpose of obtaining a listing? 1. Real estate broker 2. Principal real estate broker

Both 1 and 2

Which of the following constitutes engaging in professional real estate activity as defined by Oregon law? 1. A person who, for a fee, rents real estate owned by others to the public 2. A person who, for a fee, assists owners only in procuring prospective tenants for the owners' rental property

Both 1 and 2

A property manager must open and maintain at least one clients' trust account A. unless each month the owner instructs the property manager to deposit all collected funds directly into the owner's personal bank account. B. except if the owner instructs the property manager in writing to deposit all collected funds directly into the owner's personal bank account. C. for the deposit of funds received on behalf of owners of property managed under property management agreements. D. unless all funds collected for an owner by the resident manager of a rental complex are immediately deposited into the personal bank account of the resident manager.

C

The original, executed copy of a property management agreement A. must be retained by the owner of the rental unit. B. may be filed and retained by the non-licensed employee of the property manager at the rental site. C. must be filed and maintained by the property manager. D. may be filed and maintained by the property manager in his branch office located nearest to the rental unit.

C

Which statement is TRUE when a principal real estate broker has an independent contractor relationship with an associated real estate broker? A. The real estate broker is NOT required to have their personal transactions supervised by the principal broker. B. The listings obtained by the real estate broker may be transferred if the real estate broker moves to another principal broker's office. C. The principal broker MUST supervise the real estate broker's real estate activities. D. The principal broker is NOT responsible for reviewing the real estate broker's advertising.

C

Who of the following is required by Oregon law to have a real estate license? A. A college student receiving free rent while acting as resident manager of the fourplex he lives in B. A son selling his mother's property under power of attorney C. A woman who receives a finders' fee for soliciting buyers for her sister, who is licensed D. A property owner selling his investment property

C

A licensee can renew an inactive real estate license A. once, for a three-year term. B. not more than twice, each time for two years. C.only after taking an examination on current real estate matters. D. every two years, indefinitely.

D

A real estate broker associated with a principal real estate broker may do which of the following activities without supervision? A. Engage in property management if the real estate broker has held a real estate license for a minimum of five years B. Set up a property management business if the principal real estate broker agrees C. Lease-option the real estate broker's own property D. Rent or lease the real estate broker's own real estate

D

Broker Sam listed Tom's house for sale. Mary came into Sam's office and asked him to find a house for her. She agreed to pay him a finder's fee for his services. He showed her Tom's house, which she purchases. Sam did not mention to Tom or Mary that each of them were paying him for his services. In this situation: A. Sam's relationship to Mary complies with Oregon license law since she was not paying a commission, B. Sam has performed his duties in compliance with the law of agency. C. Sam may collect money from Tom, but not from Mary. D. Sam has violated Oregon license law and may lose his license.

D

Interest accrued on an interest-bearing clients' trust account may not be directly paid to the A. seller. B. principal real estate broker. C. purchaser. D. affiliated broker

D

It is a violation of the Real Estate License Law for a real estate broker A. to conduct real estate activity B.. during the time the license is on inactive status. after the license has expired. C. while waiting for the license to be reissued to another principal broker. D. during all the above.

D

Jaquine, a principal broker, authorizes an associated real estate broker personally guarantee a profit from land purchased and held one year before it is resold. What is the effect if the real estate broker acts on this authorization? A. No disciplinary action of the principal broker would be taken, since such guarantees are void by law. B. No disciplinary action of the principal broker would be taken, since the real estate broker actually made the guarantee. C. Only the principal broker is subject to disciplinary action, since he is responsible for the real estate broker's actions. D. Both the principal broker and the real estate broker are subject to disciplinary action for the guarantee.

D

Oregon principal real estate brokers must keep records for six years. Those records include A. files for transactions that failed. B. tenant rental agreements. C. reconciled bank statements for clients' trust accounts. D. All of the above

D

Oregon's agency disclosure law applies to A. residential property. B. commercial property. C. industrial property. D. All of the above

D

Principal Broker Bob had listed Susan's house for sale. Real Estate Broker Jim, associated with Principal Broker Bob, found a couple who were willing to purchase it. He obtained their signatures on a sales contract and received their earnest money check for 10% of the purchase price. Real Estate Broker Jim could do the following with the check? A. Deliver it to Seller Susan. B. Deposit it into Jim's bank account. C. Deposit it into Principal Broker Bob's personal account. D. Deliver it to Principal Broker Bob.

D

Shortly after the close of escrow, Jones, the seller, learned that the buyers, Mr. and Mrs. Brown, were the stepfather and mother of Jones' real estate broker, that the Browns were acting on behalf of the broker, and that an escrow for resale of the same property had been opened at a $25,000 higher sales price before the Jones to Brown escrow was closed. Jones filed a complaint with the Real Estate Agency. Which of the following is true regarding this situation? A. After an administrative hearing, the Commissioner would discipline the broker for not disclosing the relationship and would award money damages to the seller. B. Since the seller got his asking price, there is no basis for a complaint. C. The real estate law does not cover a situation of this kind and the Commissioner has no jurisdiction. D. The seller could sue the broker in civil court for the amount of the profit realized on the resale of the property and the broker is subject to disciplinary action by the Commissioner.

D

Which is NOT an activity that can be performed by a licensed real estate property manager? A. Rent an owner's rental properties B. Advertise for tenants for an owner's properties C. Lease an owner's rental properties D. List an owner's rental properties for sale

D

Which of the following individuals is NOT exempt from licensing law requirements while engaging in property management activity? A. A hotel representative in the business of arranging transient lodging at a hotel or inn B. A railroad company arranging transient lodging at a hotel or inn in the course of its business C. An innkeeper arranging transient lodging at his inn D. A limited partner in a limited partnership who, on a part-time basis, is acting under a separate, written property management agreement to rent the real property of the limited partnership

D

Which statement about a property manager's clients' trust funds is FALSE? A. The receipt must be recorded on the appropriate owner's ledger account and appropriate tenant's ledger account. B. The deposit must be made within five banking days after the date of receipt of the funds included in the deposit. C. The deposit must be accompanied by a bank deposit receipt identifying each payment of funds included within the deposit. D. The deposit may be made into an interest-bearing account without the prior written authorization of the owner of the property managed.

D

An unlicensed personal assistant to a real estate broker could legally do which of the following? A. Discuss the terms of a sale with a seller. B. Discuss information about property listed by the real estate broker. C. Obtain verification of sewer connection for a listed house from the D. city public works office at the client's request. Deliver documents to a buyer.

D.

Mary is a real estate broker associated with principal broker Larry. Tom is also a principal broker. Mary procured a sale for Tom's listing. Tom expressed his appreciation by directly paying Mary a $200 bonus. Which of the following statements is true concerning this situation? 1. This is acceptable because Tom is a principal broker. 2. This is acceptable as long as principal broker Larry is notified by principal broker Tom.

Neither 1 nor 2

Under Oregon law, it is legal for a real estate broker associated with a principal broker to directly pay a finder's fee for referring a buyer to 1. a real estate broker associated with another principal broker. 2. a close relative or friend.

Neither 1 nor 2

Which of the following acts are permitted under the Oregon License Law? A real estate broker associated with a principal broker sharing a commission directly with a licensee from another office A principal broker paying a finder's fee directly to a licensee associated with another principal broker A principal broker paying a finder's fee to an unlicensed person for referring a buyer None of the above

None of the above

A real estate broker associated with a principal broker could have his license suspended for a. misrepresentation. b. selling his own property even though he went through his principal broker and notified the buyer than he has a real estate license. c. being a poor credit risk. d. renting his own property

a

For six years, a principal real estate broker must retain all: listing agreements and earnest money receipts. clients' trust account records and ledgers. vouchers, bills, or obligations paid for the account of a client from the trust account. All of the above

all of the above

The Oregon Real Estate Commissioner can revoke a real estate license for acting in the dual capacity of agent and undisclosed principal in any transaction. acting for more than one party in a transaction without the knowledge and written permission of all parties for whom he acts. failure to deliver promptly a completed copy of any purchase agreement or offer to buy or sell real estate to the purchaser and to the seller. any of the above reasons.

any of the above reasons

The listing real estate broker is responsible for the delivery of the signed closing statement to which of the following persons in a transaction if the listing broker handles the closing function? The buyer The seller

both

Gary Henderson, an active Oregon principal broker, is a major stockholder in Mid-Pacific Corporation. Mid-Pacific is offering to sell units in a condominium project owned by the corporation and Henderson is actively participating in the negotiation for the sale of the units. To comply with Oregon rules and regulations, Henderson must 1. disclose his interest in the corporation. 2. deposit any funds he receives in connection with the sale into a neutral escrow depository or clients' trust account.

both 1 and 2

In Oregon, non-disclosure of a disclosed limited agency by a broker could result in 1. the broker losing his license. 2.contract rescission.

both 1 and 2

It is a violation of the Real Estate License Law for a licensee to prepare a competitive market analysis for real estate 1. contingent upon reporting a predetermined value. 2. in which the licensee had an undisclosed interest.

both 1 and 2

Janice, an Oregon principal broker, has a listing for a house. She finds a buyer while continuing to be the seller's agent. Under Oregon law, she must give an Initial Agency Disclosure Pamphlet to: 1. the buyer when the first contact is made with the buyer if the buyer appears to be seeking representation and has never before received the pamphlet. 2. the seller prior to entering into the listing agreement.

both 1 and 2

Three principal brokers formed a firm under which they conducted their real estate activity. Under Oregon law, which of the following statements about the supervision of the activities of the firm is true? 1. The principal brokers may delegate certain duties to a specific principal broker, for instance, one principal broker may be responsible for the training of new licensees. 2. All three principal brokers share equal responsibility for the conduct of the licensees employed by the organization.

both 1 and 2

Which of the following actions on the part of a real estate licensee could result in license revocation? 1. Failure to submit to an owner, before his acceptance of an offer, all other written offers. 2. Advertising a sales price other than the one stipulated by the owner

both 1 and 2

Which of the following acts would be grounds for suspension, revocation, or reprimand of a real estate licensee? 1. Making a false promise likely to persuade a purchaser, even though no purchaser acts to his detriment as a result of the promise 2. Making a material misrepresentation to a prospective purchaser even though the purchaser did not buy the property

both 1 and 2

Which of the following statements about two or more real estate property managers who are in business together is correct? 1. The managers may have equal supervisory control over the property management activity of the firm. 2. The managers must establish office policies.

both 1 and 2

A real estate broker associated with a principal broker participating in a real estate transaction is allowed to accept compensation directly from the seller. buyer.

neither

A real estate broker associated with a principal broker may legally 1. accept a finder's fee directly from another real estate broker. 2. pay a finder's fee to a neighbor for referring a buyer.v

neither 1 nor 2

James Wilson, a principal broker licensed in Oregon, can enter into a cooperative transaction with John Weber, even though he knows that Weber's broker license has been: 1. suspended. 2. revoked.

neither 1 nor 2