Free Oregon Agency Practice Test — LicenseIQ

Question 1

A listing where the seller may sell themselves without owing commission, but only the listing broker among agents is protected, is:

Accepted Answer

In an exclusive agency listing, the seller pays no commission on a self-sale, but the listing broker is protected if any broker sells it. (Reclassified to section 6 / CORE.)

Question 2

A property manager authorized to collect rents, sign leases, hire contractors and run the owner's buildings on an ongoing basis is typically a:

Accepted Answer

A general agent handles a range of matters in a continuing relationship (typical of property management). A listing agent is a special (limited) agent for one transaction.

Question 3

An agent authorized to perform a single specific act for a principal is a:

Accepted Answer

A special (limited) agent has authority for a specific task, typical of a listing agent. A property manager is usually a general agent.

Question 4

A licensee never signs a buyer agreement but repeatedly gives a buyer negotiating advice and acts on his behalf. An agency relationship may have been created by:

Accepted Answer

Implied agency arises from conduct; the agent then owes full fiduciary duties. Express agency is created by stated agreement, ideally in writing.

Question 5

Which item must a disclosed limited agency agreement include under OAR 863-015-0210?

Accepted Answer

OAR 863-015-0210(2) requires the business name, existing agreements, licensee names including the principal broker, a description of ORS 696.815, disclosure of duties, and consent about future transactions. Confidentiality cannot be waived.

Question 6

Which statement about the initial agency disclosure pamphlet is correct?

Accepted Answer

ORS 696.820(1) says the pamphlet is informational only. OAR 863-015-0215 imposes no signature requirement; the signed form is the Final Agency Acknowledgment.

Question 7

Under OAR 863-015-0205, when do two or more buyers count as being in the 'same transaction' for disclosed limited agency purposes?

Accepted Answer

OAR 863-015-0205(2) says multiple buyers are in the same transaction if they have all submitted offers on the same property. Touring alone does not trigger it.

Question 8

Under ORS 696.020, to whom may the Oregon Real Estate Agency issue a real estate license?

Accepted Answer

ORS 696.020(1) limits licenses to individuals. A company does business under a registered business name controlled by a principal broker, but the company itself is never licensed.

Question 9

Which fiduciary duty continues even after the agency relationship has ended?

Accepted Answer

Most fiduciary duties end with the agency, but the agent must continue to keep the former client's confidential information private.

Question 10

A property manager owes fiduciary duties primarily to the:

Accepted Answer

The property manager is the owner's (general) agent and owes fiduciary duties to the owner, while dealing honestly with tenants.

Question 11

After HB 4058, a licensee who acts as a disclosed limited agent for both buyer and seller in a residential sale needs which documents?

Accepted Answer

The Agency's HB 4058 guidance says representing both parties requires all three: the listing agreement, the buyer representation agreement, and the disclosed limited agency agreement.

Question 12

When must a seller sign the Final Agency Acknowledgment?

Accepted Answer

OAR 863-015-0200(12) requires sellers to sign when the agreement is first submitted, and signing is not acceptance. Buyers sign when they sign the offer.

Question 13

A listing agent knows the seller will accept $20,000 less than list price. A buyer asks, 'Will they take less?' The agent should:

Accepted Answer

The duty of confidentiality bars disclosing information, like the seller's lowest acceptable price, that would harm the client's bargaining position.

Question 14

A material defect that a seller/agent must disclose is one that:

Accepted Answer

Material defects significantly affect value or would influence a buyer's decision and must be disclosed.

Question 15

Which of the following is a fiduciary duty an agent owes the principal?

Accepted Answer

Fiduciary duties are Confidentiality, Obedience, Accounting, Loyalty and Disclosure (COALD), plus reasonable care.

Question 16

When a broker appoints one salesperson to represent the seller and another salesperson in the same office to represent the buyer, this is:

Accepted Answer

Designated agency assigns separate agents within one brokerage; the broker is still a dual agent and written consent is required.

Question 17

An agency relationship can be terminated by all of the following EXCEPT:

Accepted Answer

Agency ends by performance, expiration, mutual agreement, operation of law, death or incapacity, or destruction of the property - not by the wish of an unrepresented customer.

Question 18

A seller knows that the basement flooded last spring, but the damage was repaired and is not visible. The seller and listing agent must:

Accepted Answer

Latent (hidden) defects known to the seller or agent must be disclosed; failing to do so can create liability for both.

Question 19

Which statement about dual agency is correct?

Accepted Answer

Dual agency creates an inherent conflict; with informed written consent, the agent provides limited representation and must keep each party's confidences.

Question 20

A seller has already accepted an offer, and another buyer submits a higher offer. The listing agent should:

Accepted Answer

Listing agents must present all offers through closing, but should not give legal advice about the seller's obligations under the existing contract.

Question 21

A buyer's agent's brother owns a home that fits the buyer's needs. Before showing it, the agent must:

Accepted Answer

Any personal or financial interest of the agent or family must be disclosed up front so the client can make an informed decision.

Question 22

Which affirmative duty of a seller's agent may be waived or modified by written agreement?

Accepted Answer

ORS 696.805(5) makes the affirmative duties non-waivable except the continuous-marketing duty in (3)(g). The core fiduciary duties cannot be waived.

Question 23

Within how many business days must a principal broker notify the bank and the Agency after opening a clients' trust account?

Accepted Answer

ORS 696.245 sets 10 business days to notify the bank and the Agency of opening or closing a trust account.

Question 24

Under ORS 696.800, 'confidential information' protected in Oregon agency law applies to transactions involving:

Accepted Answer

ORS 696.800(3) limits the definition to information from a buyer or seller of one to four residential units. A 40-unit apartment sale is outside that definition.

Question 25

Broker Ann (seller's agent) and broker Ben (buyer's agent) work under the same principal broker on one transaction. Who is the disclosed limited agent for both parties?

Accepted Answer

ORS 696.815(4) and OAR 863-015-0200(3) make only the principal broker the disclosed limited agent when different brokers in the firm represent different parties. Ann and Ben each keep representing only their own client.

Oregon real estate agency practice test

1. A listing where the seller may sell themselves without owing commission, but only the listing broker among agents is protected, is:

2. A property manager authorized to collect rents, sign leases, hire contractors and run the owner's buildings on an ongoing basis is typically a:

3. An agent authorized to perform a single specific act for a principal is a:

4. A licensee never signs a buyer agreement but repeatedly gives a buyer negotiating advice and acts on his behalf. An agency relationship may have been created by:

5. Which item must a disclosed limited agency agreement include under OAR 863-015-0210?

6. Which statement about the initial agency disclosure pamphlet is correct?

7. Under OAR 863-015-0205, when do two or more buyers count as being in the 'same transaction' for disclosed limited agency purposes?

8. Under ORS 696.020, to whom may the Oregon Real Estate Agency issue a real estate license?

9. Which fiduciary duty continues even after the agency relationship has ended?

10. A property manager owes fiduciary duties primarily to the:

11. After HB 4058, a licensee who acts as a disclosed limited agent for both buyer and seller in a residential sale needs which documents?

12. When must a seller sign the Final Agency Acknowledgment?

13. A listing agent knows the seller will accept $20,000 less than list price. A buyer asks, 'Will they take less?' The agent should:

14. A material defect that a seller/agent must disclose is one that:

15. Which of the following is a fiduciary duty an agent owes the principal?

16. When a broker appoints one salesperson to represent the seller and another salesperson in the same office to represent the buyer, this is:

17. An agency relationship can be terminated by all of the following EXCEPT:

18. A seller knows that the basement flooded last spring, but the damage was repaired and is not visible. The seller and listing agent must:

19. Which statement about dual agency is correct?

20. A seller has already accepted an offer, and another buyer submits a higher offer. The listing agent should:

21. A buyer's agent's brother owns a home that fits the buyer's needs. Before showing it, the agent must:

22. Which affirmative duty of a seller's agent may be waived or modified by written agreement?

23. Within how many business days must a principal broker notify the bank and the Agency after opening a clients' trust account?

24. Under ORS 696.800, 'confidential information' protected in Oregon agency law applies to transactions involving:

25. Broker Ann (seller's agent) and broker Ben (buyer's agent) work under the same principal broker on one transaction. Who is the disclosed limited agent for both parties?

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