OR Real Estate study guide
OR Real Estate · Work through your exam, one topic at a time.
An Oregon real estate broker license is the credential that allows a person to be employed by or associated with a licensed Oregon real estate brokerage to list, market, negotiate, and sell or lease real property for others for compensation. It is the entry-level sales credential in Oregon - brokers work under a principal broker - and it is issued by the Oregon Real Estate Agency (OREA), the state agency that also oversees escrow, land development, continuing education, and consumer complaints. The OR Real Estate study guide has 10 sections and about 3,041 words.
01Real Property Ownership and Land Use
Begin with the estate: fee simple absolute (the broadest), defeasible fees (determinable, condition subsequent), life estates (with reversion or remainder), and leaseholds (estate for years, periodic, at will, at sufferance). Then count the owners: severalty, tenancy in common (unequal shares allowed, no survivorship), and joint tenancy (four unities plus survivorship).
325 words, about 2 min02Agency Relationships and Fiduciary Duties
Agency arises by express agreement, implication, ratification, or estoppel. Oregon licensees act as a seller's agent, a buyer's agent, or a disclosed limited agent (Oregon's term for dual agency).
296 words, about 1 min03Real Estate Contracts
Offer, acceptance, consideration, capacity, lawful purpose, and a writing that satisfies the statute of frauds, signed by the party to be charged and containing an adequate legal description. Oregon purchase agreements, such as the standard residential sale agreement used in practice, are forms, not statutes; any writing meeting the elements can form a contract.
288 words, about 1 min04Real Estate Finance and Lending
Separate the promise to pay from the security. The note carries the debt; the mortgage or deed of trust gives the lien.
316 words, about 2 min05Property Valuation and Appraisal
Sales comparison is most reliable for residential resales. Cost applies replacement or reproduction cost new, minus depreciation, plus land value, and suits unique or new construction.
282 words, about 1 min06Transfer of Title, Deeds, and Closing
Competent grantor, identifiable grantee, words of conveyance, adequate legal description, grantor's signature (acknowledged for recording in Oregon), and delivery with present intent to convey plus acceptance. Consideration is not required for validity.
274 words, about 1 min07Property Management and Leasing
The management agreement defines scope, spending authority, reporting, and fees, and should state whether the manager may bind the owner. In Oregon, property managers must be licensed by the Oregon Real Estate Agency.
306 words, about 2 min08Real Estate Practice, Ethics, and Fair Housing
Federal protected classes are race, color, religion, sex, national origin, familial status, and disability. Oregon's statute adds marital status, sexual orientation including gender identity, and source of income.
299 words, about 1 min09Oregon Real Estate Law and Agency Rules
The Oregon Real Estate Agency, headed by the Real Estate Commissioner, administers ORS 696 and the rules in OAR chapter 863. Oregon licenses brokers and principal brokers; a principal broker supervises affiliated licensees and is responsible for the office's licensed activity.
324 words, about 2 min10Real Estate Mathematics
Commission equals price times rate, and splits are successive multiplications. Points equal a percentage of the loan amount, not the purchase price.
331 words, about 2 min