Oregon Broker PSI Practice Exam

Under what condition may an Oregon resident engage in real estate transactions without a license?

1. They are an attorney

2. They are a family member of the property owner

3. They deal in estate property as an appointed executor

4. They have previous real estate experience

The correct answer is: They deal in estate property as an appointed executor

An Oregon resident may engage in real estate transactions without a license when they are dealing with estate property as an appointed executor. This exemption is based on the legal responsibilities that come with being an executor or administrator of an estate. Executors are tasked with managing the property of the deceased, which may include selling real estate or transferring property titles. They act within the scope of their duties to settle the estate's affairs, and this authority encompasses real estate transactions related to the estate. In contrast, while attorneys may also perform certain functions related to real estate transactions without a license due to their legal training and authority, this is not a blanket exemption provided to all attorneys for real estate dealings. Family members of a property owner may engage informally in various aspects but typically require a license for formal transactions unless certain conditions apply. Previous real estate experience does not exempt an individual from licensing requirements in Oregon; rather, proper education and licensure are mandated to engage in real estate activities legally.