Free Oregon Real Estate Broker Practice Exam 2025

Commission fees are negotiable between the broker and the client, and should be specified in the listing contract.

Temporary real estate licenses in Oregon are valid for one year from issuance.

If no action is taken, construction liens expire after 365 days in Oregon.

Dual agency is allowed with the written consent of all parties involved in the transaction.

Oregon requires that construction liens be filed within 120 days of completing the labor or providing materials.

Oregon's Fair Housing law includes gender identity as a protected class, going beyond federal law.

Oregon Water Code stipulates water rights lapse after five consecutive years of non-use.

Licensees must notify the Agency within 10 business days of changes to client trust accounts.

Marital status is a protected class under Oregon law, so refusing to rent to unmarried couples is illegal.

Oregon Fair Housing laws apply to a wide range of individuals involved in housing including owners, managers, and brokers.

Oregon law does not set a limit on security deposits, allowing landlords to decide the amount as long as it's reasonable and disclosed.

Referral fees may be paid to individuals acting in good faith due to personal connections, not for business.

Unlicensed assistants are strictly prohibited from engaging in any client negotiations.

Disability is one of the protected classes under both Oregon and federal fair housing laws.

In Oregon, real estate licensees are required to complete continuing education every 24 months.

Each listed action violates license law, so the correct answer is 'all of the above'.

A total of 150 hours of pre-license education is required for Oregon brokers.

Licensees must inform the Agency of address changes within 10 days.

Disclosure of a neighbor’s HIV status is not allowed under federal and state fair housing laws.

Oregon requires licensees to deposit client funds by the end of the next banking day after receipt.

Licensees must complete 3 hours of continuing education specifically related to law and rules according to Oregon regulations.

Funds received by brokers must be deposited into a neutral escrow account within 5 banking days as per Oregon rules.

Negotiating the sale of an entire business that includes real estate requires a real estate license in Oregon.

In Oregon, the Oregon Real Estate Agency is responsible for issuing and managing real estate licenses.

Oregon law mandates that brokers must retain transaction-related documents, such as sales and purchase agreements, for at least six years.

Oregon requires licensees to complete 24 hours of continuing education every two years to maintain their license.

Fiduciary duty means putting the client’s interests above all others, including the agent's own.

A 'blind ad' is one that fails to include the broker's licensed name, which is a violation in Oregon.

Attorneys may conduct real estate transactions without a license when representing a client as part of legal duties.

$420,000 × 0.06 = $25,200.

If no written agreement exists, Oregon defaults to designated agency, where each licensee represents only their own client.

Real estate licenses in Oregon must be renewed every year by the anniversary date of issuance.

Oregon law requires that a licensee notify the Real Estate Agency within 10 days if they are convicted of a felony.

An 'exclusive right to sell' listing guarantees the listing broker a commission regardless of who sells the property.

In Oregon, a licensee selling their own property must disclose their license status in writing to all parties involved.

A broker in Oregon may only receive compensation through their principal broker, not directly from clients or other agents.

To advertise real estate services, a licensee must be licensed and have broker approval; advertising must also include the broker’s name.

Earnest money must be deposited within three banking days in Oregon to ensure proper handling of client funds.

Practicing real estate without a license in Oregon is a Class A misdemeanor and can include fines or other penalties.

The Oregon Real Estate Agency can revoke, suspend, or place a licensee on probation for violations of license law.

Oregon requires disclosure of agency status at first substantial contact with any party to a transaction.

Principal brokers in Oregon must keep real estate transaction records for at least 3 years for compliance and audit purposes.

Commingling includes using client escrow money for personal or business purposes, which is a violation of trust.

Oregon law mandates agency disclosure at the first substantial contact to ensure transparency with clients.

In Oregon, partitioning applies to dividing land into 2 or 3 parcels, while subdividing involves 4 or more parcels.

Oregon designates land division as either partitioning (fewer than four lots) or subdividing (four or more lots), which are the two recognized legal terms.

The principle of substitution is fundamental in appraisal and underlies all value approaches.

Oregon law requires licensees to transfer their license to a new principal broker within 15 calendar days of the prior broker's license expiration or revocation.

FHA loans are insured by HUD and protect lenders from losses if borrowers default.

A legal description is required for a real estate contract to be enforceable. Earnest money is common but not required.