Oregon Broker PSI Practice Exam

In what time frame must a principal broker provide approval on documents?

1. Within 24 hours

2. Within 5 days

3. Within 7 days

4. Within 14 days

The correct answer is: Within 7 days

The correct answer is based on the regulations governing real estate transactions in Oregon, which specify that a principal broker must approve documents within a particular time frame to ensure smooth operations and compliance with legal requirements. Specifically, the law dictates that such approval must occur within 7 days. This time frame is established to maintain efficient processing of documents related to real estate transactions, helping to protect both clients and the brokerage. In the context of this question, a timeframe that is shorter than 7 days, such as 24 hours or 5 days, may not allow for adequate review and consideration of the documents, which could lead to oversight or errors. Alternatively, taking longer than 7 days, such as 14 days, could impede the transaction process, potentially frustrating clients or creating delays that affect the overall deal. Hence, adhering to the 7-day rule is crucial for operational efficiency and legal compliance within the real estate industry in Oregon.