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? seven banking days from the date the document was accepted, rejected or withdrawn.
How many days does an Oregon principal broker have to review documents of agreement?
seven banking days
The principal broker must review each document of agreement generated in a real estate transaction within seven banking days after it has been accepted, rejected, or withdrawn.
How many days do Oregon real estate brokers have to submit paperwork to their principal real estate broker?
3 banking days
(2) When a real estate broker receives any document referred to in (1) of this rule, the real estate broker must transmit to the real estate broker’s principal broker the document within 3 banking days of real estate broker’s receipt of the document.
How long after completion or termination must a broker retain records and files pertaining to a transaction?
A broker must maintain all records and files for a minimum of five (5) years after completion or termination of a transaction.
When should a copy of the offer be given to the prospective buyer?
as soon as the prospective buyer signs the offer. as soon as the prospective buyer signs the offer. Which statements are true? 1) The earnest money receipt must specify when and whether evidence of title will be furnished to the purchaser.
How long do licensees have to maintain their records in Oregon?
Principal brokers and property managers must keep copies of all records of professional real estate activity conducted by licensees on behalf of the business for at least 6 years. Help us improve!
How long may a broker leave earned fees and commissions in the trust account without causing a commingling violation?
25 days
Commissions, fees, or other income earned by the broker and collectible from the trust account are left in the trust account for more than 25 days from the date they were earned. A common example of commingling is depositing rents and security deposits on broker-owned properties into the trust account.
How many times can you take the real estate exam in Oregon?
You can retake your real estate broker exam as many times as necessary to pass. If you pass one section and not the other, you can retake just the failed section. Just know that your passing section score is only valid for (1) year for your broker license application.
How much does a realtor make in Oregon?
The average salary for a real estate agent is $105,774 per year in Oregon.
How hard is the Oregon real estate exam?
Is the Oregon real estate exam hard? The national part of the broker exam has 80 questions, and the state-specific part of the exam has 50 questions. All of the questions are multiple-choice. To pass the test, you must receive a 75% or higher.
What is the timeframe during which lenders must retain records?
Section 1026.25(c)(2)(i) requires a creditor to maintain records sufficient to evidence all compensation it pays to a loan originator, as well as the compensation agreements that govern those payments, for three years after the date of the payments.
What is the retention period for the documents of a closed transaction?
three years
The DRE requires that transaction files be retained for three years. This retention period begins as of the date of the closing of the transaction, or if there is no closing from the date of the listing.
What is the minimum number of years after closing a broker’s transaction file must be available for a Cal DRE audit?
three years
A broker must retain for three years copies of receipts issued or obtained in connection with the receipt and distribution of such checks.
Can a seller accept another offer while under contract?
“Although this will cause some pushback and sometimes isn’t looked at as the most ethical, a seller can legally still accept any other offer up until attorney review conclude as the deal isn’t officially under contract.” For the most part, though, buyers more commonly back out of contracts rather than sellers.
Can you put an offer on a house that already has an offer?
Can you put multiple offers on houses? You can put multiple offers on houses – and it’s a common practice amongst buyers. There is no law against making offers on more multiple houses.
Can you ask for proof of another offer on a house?
Answer: The short answer is no. There’s no way to get absolute proof of another offer, except when an Escalation Addendum is used (which I’ll address later), but there are strategies to help determine how legitimate a listing agent’s claim of multiple offers is.
Which is false regarding a promissory note used in connection with a mortgage or trust deed?
Which is FALSE regarding a promissory note used in connection with a mortgage or trust deed? It insures that the debt will be paid. The promissory note, outside of the promises given in the note, does not ensure that the debt will be paid.
How long can a realtor hold earnest money?
The earnest money can be held in escrow during the contract period by a title company, lawyer, bank, or broker—whatever is specified in the contract. Most U.S. jurisdictions require that when a buyer timely and properly drops out of a contract, the money be returned within a brief period of time, say, 48 hours.
What is the period of time called when all parties are held accountable?
Escrow. The period of time when all parties are held accountable for the terms of the agreement such as disclosures, financing, property inspection, title search, etc.
Which of the following is correct concerning a broker’s required record keeping?
Which of the following is correct concerning a broker’s required record-keeping? Brokers must notify the Commission of the name of the bank in which each trust account is maintained and each account’s name or number within how long of opening each account? One Month.
What is the pass rate for the Oregon real estate exam?
According to current exam statistics reported in Oregon Real Estate Board meeting minutes, close to 70 percent of first-time takers pass the national part of the exam.