Can the router act as a DHCP client?

Answer:

Yes, it can be configured to receive an IP Address from a DHCP server. The configuration is found under menu option # 4, Internet Access Setup.
Simply move the cursor with the arrow keys down to IP ADDRESS ASSIGNMENT = and make sure it says Dynamic. If not, press the space bar key until it does. Press the enter key all the way through the menu, and it will save the configuration to ROM. The router will then be able to receive an IP address from the ISP.