Oregon Broker PSI Practice Exam

According to Oregon laws, who is required to have a real estate license?

1. A seller who wants to market their own property

2. A property manager collecting monthly fees

3. A woman receiving a finders fee for soliciting buyers

4. A buyer who assists in the sale of their family property

The correct answer is: A woman receiving a finders fee for soliciting buyers

The requirement for a real estate license in Oregon is primarily focused on ensuring that individuals engaged in certain real estate activities, particularly those involving compensation, are qualified and adhere to legal and ethical standards. Collecting a fee for facilitating a real estate transaction establishes a professional relationship where the individual is performing actions that influence a real estate deal, thus necessitating a real estate license. A person receiving a finder's fee for soliciting buyers is engaged in licensed activities because they are actively participating in the real estate process for compensation. This activity could involve marketing or negotiating, which requires adherence to state regulations. In contrast, individuals like sellers marketing their own property, buyers assisting in the sale of family property, or even property managers in certain contexts may not require a license under specific conditions. Sellers do not require a license to sell their own properties, buyers helping with family transactions typically do not engage in professional brokerage activity, and certain property management duties might be exempt depending on the scope of their activities. Thus, the requirement for a real estate license hinges on the type of activity being conducted and whether compensation is involved, with the correct answer highlighting the importance of licensure for those professionally soliciting buyers.