Oregon: Regulation of Broker Activities & Property Management & Document handling and recording

Any promotional material distributed by an Oregon real estate broker associated with a principal real estate broker
1. must comply with all fair housing laws.

2. may contain the direct telephone number of the real estate broker if the principal broker’s licensed name or registered business name is given (the registered business name must be used if there is one).
Any promotional material distributed by an Oregon real estate broker associated with a principal real estate broker

All advertising for tenants by a real estate property manager licensee must
1. be reviewed by the property manager if prepared by the manager’s non-licensed employees.

2. include the property manager’s licensed name.

All advertising for the rental of an owner’s rental properties managed by a principal real estate broker must:
1. include the registered name of the principal broker.
2. comply with all anti-discrimination laws
Which of the following is a supervision responsibility of an Oregon principal real estate broker under the Real Estate License Law and Administrative Rules?
Both.
1. The purchase or sale of associated brokers’ own real property

2. Advertising written by associated brokers for the principal broker’s listings

An Oregon real estate broker associated with a principal real estate broker would be in violation of the Real Estate License Law and Administrative Rules if he
Both.
1. sold his own real property without the supervision of his principal broker.

2. did not reveal to the other party that he is a real estate licensee when selling his own real property.

Every listing must
1. contain a definite expiration date.

2. be reviewed by the principal broker or manager of a branch office within seven days of the date the listing is written.

Under Oregon administrative rules, if a principal broker obtains a listing for the sale of rental property as part of a property management agreement with the owner of the property
Both.
1. the listing agreement must be set forth and signed separately.

2. the compensation must be disclosed.

In a real estate transaction the listing principal broker receiving an earnest money deposit must
A and B.
a. hold the funds in trust for both buyer and seller.

b. state in the receipt the specific nature of the earnest money – cash, check, or promissory note.

Under Oregon Administrative Rules, which of the following is not required to be included in an earnest money agreement?
The name of the lender from whom the buyer will secure financing
A broker associated with a principal real estate broker wrote an offer for a buyer, which the buyer signed. The offer did not provide for an earnest money deposit. Which of the following statements is true concerning this situation?
A contract would be formed on acceptance without existence of a deposit but the listing broker should advise the seller of the risks of having no earnest money and advise a counter-offer to include an appropriate earnest money deposit.
A principal real estate broker accepted a $6,000 check as earnest money on a Saturday evening. There was no statement in the sales agreement that the check was to be held by the principal broker until the seller’s acceptance or rejection of the offer. In this case, what is the deadline for the principal broker to deposit the money into escrow or the principal broker’s clients’ trust account according to Oregon administrative rules?
BY close of the following wednesday
A real estate broker received a check from a buyer as an earnest money deposit on a listing held by his principal broker. There was no statement in the sales agreement directing the principal broker to hold the check until the seller either accepted or rejected the offer. The principal broker must deposit the check in a neutral escrow account or into the his clients’ trust account within what period of time according to Oregon administrative rule?
Prior to the close of business of the third banking day after the day the check is received
Helen, a principal real estate broker, received a $5,000 check as a deposit with an offer to purchase on Monday. There was no statement in the sales agreement directing her to hold the check until the seller either accepted or rejected the offer. Helen discovered the seller was on vacation for seven days. To comply with Oregon administrative rules, Helen should
deposit the check in her clients’ trust account or in a neutral escrow depository by the close of business on Thursday.
An offer along with a check for earnest money was submitted to a principal real estate broker on a Saturday morning. There was no statement in the offer directing the principal broker to hold the check until the seller either accepted or rejected the offer. Oregon administrative rules require the principal broker to deposit the earnest money in the principal broker’s clients’ trust account or in a neutral escrow depository by
Close of buisness on wednesday
A principal real estate broker’s or property manager’s records of his clients’ trust account must contain the date and
From whom the money was received and
where the money was deposited.
A property was listed with principal real estate broker Allen. He placed the listing in a multiple listing service to which he belongs. Beck, a broker associated with principal broker Downes, is also a member of the multiple listing service. Beck obtained a signed offer and earnest money deposit of $1,000 for the property Allen listed. The earnest money should be turned over to
Downes
Principal real estate broker Smith listed a property and he placed that listing in a multiple listing service to which he belongs. Richard is a broker who is associated with principal broker Jones, also a member of the same multiple listing service. Richard obtains a signed offer and an earnest money deposit of $1,000 for the property that was listed by Smith. Richard should turn that earnest money over to
Jones
Under the Real Estate Agency’s administrative rule, a property manager must deposit clients’ trust funds prior to the close of business
5 banking days following receipt
According to Oregon administrative rules, how many banking days following receipt does a property manager have in which to deposit funds?
5 banking days
Real estate broker Jones, who is associated with principal broker Brown, received a $10,000 earnest money deposit in the form of a check from Buyer Smith on Tuesday along with an offer to purchase. Jones gave the check to Brown on Wednesday. The offer did not instruct Brown to hold the check pending the seller’s decision on the offer. Oregon administrative rules require the check be deposited in Brown’s clients’ trust account or in a neutral escrow depository by the close of business on
Friday
Real estate broker Jones, who is associated with principal broker Brown, received a $10,000 earnest money deposit in the form of a check from Buyer Smith on Tuesday along with an offer to purchase. Jones gave the check to Brown on Wednesday. The offer instructed Brown to hold Smith’s check pending the seller’s decision on the offer. If the seller accepted the offer on Sunday, the check must be deposited in Brown’s clients’ trust account or in a neutral escrow depository
by the close of business on the Wednesday following the seller’s acceptance.
A principal real estate broker who wants to put an earnest money deposit in an interest-bearing account must get written authorization from
all parties with an interest in the funds
A principal real estate broker receives cash as an earnest money deposit. All parties agree in writing for the funds to be deposited in an interest-bearing account, since they do not expect to close the transaction for a year. How will the interest earned on the earnest money deposit eventually be distributed?
Interest on the earnest money must be divided according to the written agreement of the parties having an interest in the trust funds.
How soon after the date on the document must an Oregon principal real estate broker review and initial each listing agreement, earnest money receipt, addendum, or counteroffer?
within 7 banking days
In Oregon, the principal broker having responsibility for a real estate transaction must initial all earnest money receipts, addendums, and counteroffers within:
7 banking days after transaction
A principal real estate broker is responsible to review and initial all documents written by his associated real estate brokers within
seven banking days from the date the document was accepted, rejected or withdrawn.
According to administrative rules of the Real Estate Agency which of the following statements is true?
A tenant’s rental agreement must be reviewed, initialed and dated by the property manager within five days of the agreement’s execution.
If the buyer and the seller agree in writing, the closing of a real estate transaction may be handled legally without a principal broker’s supervision by which of the following?
Escrow agent
Real estate brokers must reconcile their clients’ trust accounts at least once each
month
Under the Oregon Real Estate Agency’s Administrative Rules and Regulations, a tenant’s rental agreement must include all of the following except
phone number
A property manager is responsible to keep which of the following records
Void Checks and rental agreements
An on-site resident manager who is a nonlicensed employee of a property manager may
may sign rental agreements with clients
al, executed copy of a tenant’s rental agreement must be filed and maintained by the property manager
for 6 years
A property manager must do which of the following after execution of a tenant’s rental agreement?
Both
I. Review, initial, and date the agreement within five days

II. File and maintain a legible, executed copy of the agreement

A principal broker or property manager may authorize an unlicensed employee to
review and approve tenants’ rental agreements on behalf of the property manager.
landlord and tennant act do not apply ot
The rules listed in this booklet do not apply to the following exceptions: transient occupancy in a hotel or motel; living in a place as part of your employment in or around the rental building, such as a resident manager or janitor; living in a place you are buying; living on land rented primarily for the purpose of farming; and living in certain institutions.
How many days does an active or inactive licensee have to notify the Agency of a change to a mailing address or email address?
10 calendar days
Service animal
It is not legal to refuse to rent to a blind or deaf person because the person has an animal needed to help this person. Landlords cannot charge an additional nonrefundable fee for a hearing or guide dog.ORS 90.390

City ordinances in Portland and Corvallis also prohibit discrimination because of a tenant’s source of income, for example, welfare.

Refusal based on sexual orientation
City ordinances in Portland, Corvallis and Ashland prohibit discrimination based on sexual orientation. State law does not. No landlord may refuse to rent to you, increase your rent, evict you or otherwise treat you differently because you have HIV disease or because they think you carry the virus or are likely to acquire it. This would be discrimination based on handicap
On what time basis must trust accounts be reconciled:
monthly
a broker must keep all transaction files for
4 years
All earnest money received by a broker on behalf of his or her principle must be deposited in an escrow account within
3 buisness days
A broker associated with a principal broker may accept a compensation directly from
Principal Broker