NAR Settled?
When hosting an open house for another firms listing you must have what?
1. We don't host other firms listings.
2. But if we DID, you'd need a buyer broker for each buyer entering the property.
In the OR Sales Agreement, what three options does a buyer have to inspect the property for lead?
1. 10 Business Days
2. 10 Calendar Days
3. Waiver of Inspection
What are riparian rights?
Water rights
The VA is now allowing buyers to pay buyer agent fees directly—a practice that they previously disallowed. However, at this point this rule change is only temporary, and we are still awaiting a permanent rule change.
What is the precise way to identify the location and boundaries of a piece of real estate?
Legal description
As of January 1st, 2025- what is the longest contract term that can be signed by a buyer or seller?
24 months
If you were to work with an unrepresented buyer, what OR form would you use for that agreement?
Form 9.5 Buyer Non-Agency Agreement.
This document makes clear that the listing agent is not the buyer’s agent and owes no duties to the buyer other than those owed to all parties in a transaction. It advises the buyer to seek advice from the buyer’s own experts. It explains that while the listing agent may assist the buyer in the preparation of documents or take other actions to assist the parties in culminating the transaction, the listing agent is doing this for the exclusive benefit of the seller.
air rights are known as that can be leased, purchased or sold just like any physical property.
What are they formally called today?
Transferable-development rights
In MLS, can a seller advertise concessions? If so, can the be earmarked for buyer broker fees?
Concessions earmarked for buyer broker fees cannot be communicated on the MLS.
Bonus: how old will she be in 2025?
June
37
Define Cooperative Compensation?
BONUS: Does Heritage allow it?
Broker to Broker compensation
NO
Can I amend/revise a buyer representation agreement to adjust the compensation level? And if so, when?
You and your buyer have the freedom to adjust your contracts based on factors that are important and agreeable to you and your buyer, but compensation levels should never be adjusted to simply match a seller or listing agent offer of compensation. The purpose of the settlement agreement is for buyer agent compensation to be set between the buyer and the buyer agent, and the listing broker compensation to be set between the seller and the listing broker. The seller and listing broker should not be influencing buyer agent compensation.
What this means in practice is that you should never increase your fee to match a seller or listing agent offer of compensation.
Name the 7 affirmative duties owed to your client in a real estate transaction.
1. To exercise reasonable care and diligence
2. Account in a timely manner for money and property received from or on behalf of seller.
3. To be loyal to the seller by not taking action that is adverse or detrimental to the seller's interest in a transaction.
4. To disclose in a timely manner any conflict of interest, existing or contemplated
5. To advise the seller to seek expert advice on matter related to the the transaction that are beyond the agents expertise
6. To maintain confidential information from or about the seller except under subpoena or court order, even after termination of the agency relationship
7. Unless agreed otherwise in writing, to make a continuous, good faith effort to find a buyer for the property, expect that a seller's agent is not required to seek additional offers to purchase the property while the property is subject to a contract for sale.
What are best practices when representing a seller and dealing with an unrepresented buyer?
When working as a listing agent and dealing with an unrepresented buyer, the listing owes the following duties to all parties in a transaction, including the unrepresented buyer under ORS 696.810:
To deal honestly and in good faith;
To present all written offers, written notices and other written communications to and from the parties in a timely manner without regard to whether the property is subject to a contract for sale or the buyer is already a party to a contract to purchase; and
To disclose material facts known by the seller’s agent and not apparent or readily ascertainable to a party.
Beyond that, the listing agent’s duties are with the seller exclusively and the listing agent must take great care not to imply that they are the buyer’s agent or otherwise looking out for the interests of the buyer.
Does a trustee of an estate have to fill out property disclosures, if they have never lived in the home that is being listed for sale?
Unless they qualify for one of the exemptions, all parties must fill out the SPD to the best of their knowledge, even having never lived there.
Define IPC
Interested Party Contributions
In what situation, as a scribe, would an unrepresented buyer be allowed to use real estate forms to assist the seller in obtaining an offer?
Oregon REALTORS® forms license agreement allows the Oregon REALTORS® forms to be shared with an unrepresented buyer to assist the seller in obtaining an offer.
While acting as a scribe for an unrepresented buyer to complete an offer on a standard form does not itself create an agency relationship, it is preferable to avoid any situation where the unrepresented buyer may be asking for your advice on the terms of an offer. Thus, a better method for securing an offer from an unrepresented buyer would be to allow the buyer to use their own forms, provide blank standard forms for the unrepresented buyer to complete (should your forms provider allow it), or for the seller to make the offer to the buyer.
How many square feet are in an acre?
43,560
Which buyer representation rule is more stringent?
Bonus: why?
NAR Settlement.
Beginning January 1, 2025, Oregon law will require that a statutorily compliant Buyer Representation Agreement be entered into before, or as soon as reasonably practicable after, the licensee has commenced efforts to assist the buyer in purchasing real property or in identifying real property for purchase.
In order for your E&O insurance to cover you & your practice in a transaction, what must occur?
Bonus if you can name when you are NOT covered.
1. you must receive compensation for services.
2. All personal transactions are not covered.
What are the principal broker requirements for Buyer Broker Service Agreements under Oregon Law?
Representation agreements are a part of professional real estate activities and therefore under ORS 696.280, the principal broker must maintain “complete and adequate records” of those agreements within the state for at least six years after the agreements was created. The agreements can be stored electronically, but only in a non-erasable “WORM” (write once, read many) storage device.
Name the OR Forms document you would use to modify your buyer broker agreement.
9.4A Buyer Representation Amendment
This is the document the Buyers and Agents can use to modify the terms of a Buyer Representation Agreement.
How many sections are in a township?
Ranges are vertical columns of townships in the PLSS, which is the area between two meridian lines. Survey Townships. Survey townships are an area of land approximately six square miles consisting of 36 sections.
When must an Oregon REALTOR and MLS participant enter into a written agreement with a buyer?
All REALTOR® MLS participants must enter into a written agreement with buyers before touring a home with the buyer.
Define FORD
Friends/Family
Occupation
Recreation
Dreams