(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.
For Property Manager Reactivation
- 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.
Reactivation applicants must register for their exam through the Real Esstat Agency, and schedule and take the exam through PSI, the exam proctor.
The cost for the exam is $75. The cost of the license reactivation fee will be either $75 or $120, depending on the time inactive and if the license was renewed inactive. To register for the exam, applicants must submit a Reactivation Exam Application and pay the exam fee to the Real Estate Agency. After processing your application, the Agency will mail an Eligibility Letter to you. It can take up to two weeks to receive the Eligibility Letter. The letter will also contain information about how to schedule the exam with PSI. After receipt of the Eligibility Letter, the applicant will contact PSI directly to schedule an exam appointment.
The exam is by computer. All response keys are colored and have prominent characters. Before starting the exam, there is a brief tutorial. Some sample questions will be presented during the tutorial in order to practice answering questions and reviewing answers. The exam is closed book and limited to two hours.
The applicant is notified of their exam on the computer screen after completing the exam. Passing scores are valid for just one year from the date of passing. The applicant must submit the appropriate license forms within the one year or be required to restart the reactivation process and retake the exam. Likewise, applicants who fail the exam will need to start the process over by submitting a new Reactivation Exam Application to the Real Estate Agency.
For more information about the reactivation process, call the Oregon Real Estate Agency at (503) 378-4170 or visit their Web site at www.rea.state.or.us.