Oregon License Law
Oregon licensees found to have committed 'misrepresentation' may face which of the following consequences?
AA verbal warning from OREA only
BLicense suspension or revocation, fines, civil liability, and requirement to repay damaged parties✓ Correct
CMandatory CE courses without any other penalties
DOnly a fine of up to $100
Explanation
Under ORS Chapter 696, misrepresentation by an Oregon licensee (whether intentional or negligent) can result in: OREA disciplinary action (license suspension or revocation), civil liability to harmed parties, financial penalties, and court-ordered restitution. Intentional misrepresentation may also expose the licensee to fraud claims and potential criminal charges.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
State-Specific Concepts
License Law
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