Oregon Real Estate Practice Test

Upon written acceptance or rejection of an offer, what must a real estate agent provide?

1. Copies of the offer within 5 banking days

2. Legible copies of the offer within 3 banking days

3. Verbal confirmation to both parties

4. Written confirmation to the principal broker

The correct answer is: Legible copies of the offer within 3 banking days

When an offer in a real estate transaction is either accepted or rejected, it is a regulatory requirement for the agent to provide legible copies of the offer to the involved parties. This must be completed within a specified time frame—in this case, three banking days. The purpose of requiring a copy is to ensure that all parties have clear documentation regarding the status of the offer, which fosters transparency and helps prevent misunderstandings about the terms and conditions discussed. Providing these copies allows the parties to review the documentation at their convenience and confirms that the agent is acting in good faith and in accordance with the law. Such practices are essential for maintaining professionalism and trust in real estate dealings. Therefore, the correct answer emphasizes this responsibility, establishing a clear timeframe within which the agent must operate to comply with regulations affecting real estate transactions.