Chapter 16-- California Real Estate License Law Flashcards Preview

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Flashcards in Chapter 16-- California Real Estate License Law Deck (19)
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1

Irma Craft, a real estate salesperson for Luckless Realty, has an arrangement with Rid  X Pest Control Services to receive a $25.00 referral fee for any customer she refers to Rid X. This arrangement is:

grounds for disciplinary action by the Commissioner

2

in California, real estate law is enforced by the

Real estate commissioner 

3

In California, A real estate license must be renewed every

four years 

4

The first renewal of a real estate license requires completion of _____ hours of continuing education during the previous four years

45 

5

Copies of an offer to purchase a property must be given to the offeror

immediately upon obtaining the offeror's signature on the offer 

6

The commission rate to be given by a seller as set forth in the listing agreement is

negotiated between the broker annd seller 

7

All transactional documentation for listings, purchase and sale agreements, property management activities, exchanges, and trust account records must be retained for a period of

three years 

8

Larry is a broker representing Mark Wood in the sale of his house. Mark is in Europe for two weeks and cannot be reached. kellie jones, the buyer of the property, contacts Larry to advise him that the closing needs to be extended for one week. Larry, knowing that Mark will benefit from the extension because he will not be given possession of the house he has purchased until his ale closes, signs mark's name to an addendum extending the closing.

 

Larry has:

exceeded the scope of his authority and violated real estate law 

9

Trust funds are best defined as 

anything of value to be held for a client or customer 

10

Commingling is 

depositing trust funds with personal or business funds 

11

A Real Estate Commissioner candidate must have a minimum of five years real estate experience within the last ____ years to be appointed by the governer 

ten 

12

A broker may be disciplined for all the following except:

  • drawing commission from the trust account 30 days after it was earned
  • placing earnest money deposits into the brokerage's business acount and then transferring the funds to the trust account within three business days
  • failing to supervise an associated licensee
  • placing a definite expiration date in an exclusive listing agreement 

placing a definite expiration in an exclusive listing agreement 

13

A licensee hired by a broker to engage in real estate activity on behalf of the broker must:

  • never infer to a customer or client that they are in business for themselves
  • receive all compensation from the broker
  • be employed under the terms of a written agreement that documents their employment relationship
  • all of the above

all of the above 

14

If a salesperson quits or is discharged by his or her broker, the broker is required to return the salesperson's license within

three business days 

15

The Real Estate Fund and its Consumer Recovery Account is funded by

real estate license fees 

16

A real estate license entitles a licensee to represent a client in:

  • business opportunities 
  • property management activity
  • loan brokerage
  • all of the above

all of the above 

17

California real estate laws are found in the 

business and professions code 

18

to qualify for a broker's license, the applicant must

complete eight statutorily required college-level courses

19

A licensee can advertise a listed property by means of a blind ad when

the licensee can never distribute a blind advertisement