(OnlineEd – Portland, OR) – The Oregon Real Estate Agency requires broker, principal broker, and property manager licensee’s who have been inactive for two consecutive years preceding their request to reactivate their license to pass a reactivation exam.
All reactivation exams consists of 48 multiple-choice questions. A score of 75% (36 correctly answered questions) is required to pass. The following are major content areas and the approximate percentage of questions that will be included from each area:
For Real Estate Broker and Principal Broker Reactivation
- General Real Estate Law (23%) – Questions will cover: agency relationships; contracts, including listing, earnest money, and option agreements; nature of real property; forms of ownership.
- Real Estate Finance (19%) – Questions from this section will include: government lending laws; financing instruments such as mortgages, trust deeds, and land sales contracts; government financing programs; conventional financing; foreclosure; exchangine’ appraisal of real property.
- Special Fields (6%) – The applicant will be tested on such topics as: local, state and federal government land rights; Federal Fair Housing law; property management.
- License Laws (31%) – Questions in this area will cover ORS 696 and Oregon Administrative Rules 863-15.
- Control Laws (21%) – The questions from this section will include: assessment and taxation of real property; Oregon Vetrans’ Farm and Home Loan Program; Residential Landlord and Tenant Law (ORS 90); Subdivisions and Partitions (ORS 92); Condominium Act (ORS 100); Oregon Water Rights; construction lien law (ORS 87); Oregon discrimination statute (ORS 659); Oregon Trust Deed Act (ORS 86; deed forms.
- Real Estate License Law and Rules (35%) – Questions in this area include: License Law and Administrative Rules as they apply to property managers, in particular, recordkeeping, clients’ trust accounts and reconciliation.
- Residential Landlord and Tenant Act (25%) – Questions in this area cover: rights and obligations of landlords and tenants; evicitons; forcible entry and detainer procedures; anti-discrimination statutes, federal and state; Fair Credit Reporting Act as applied to tenant selection.
- Basic Real Property Law (10%) – Questions will consist of: types of estates and forms of ownership; nature of real property versus personal property’ fixtures, emblements and water rights.
- Real Estate Contracts (10%) – Questions cover; property management agreements; rental agreements and leases.
- Agency Relationships (10%) – Questions in this section are about: Law of agency and how it affects the relationship between property manager and owner.
- Transfer of Title (5%) – Questions include: Voluntary and involuntary transfers; encumbrances, including easements and liens; ways to legally describe real property.
- Types of Leases (5%) – Questions will be about: Common lease clauses and types of leases.