Please enter something
Home Page Flashcards CH 15- Real Estate License Law - Flashcards

CH 15- Real Estate License Law – Flashcards

Niamh Mitchell
8 July 2022
10 test answers

Unlock all answers in this set

Unlock answers 10
question
Which is FALSE regarding the sale of a business opportunity?
answer
Most sales will include stock in trade, fixtures, and goodwill. California licensees are permitted to sell business opportunities. They must involve the sale of real property for a licensee to receive a commission. **The licensee should have a strong background in accounting and business law in addition to principles of real estate.
question
Which of the following is NOT considered trust funds?
answer
Funds given by a seller to defray future advertising costs. A title to an automobile given as earnest money. **A deposit received by the licensee from a tenant occupying a home owned by the licensee. A promissory note to be redeemed upon acceptance of an offer.
question
In California, a real estate license must be renewed every
answer
18 months. six years. **four years. two years.
question
In California, real estate syndicates are regulated by the:
answer
Real Estate Investment Trust Act. **Commissioner of Business Oversight California Attorney General. CalBRE Real Estate Commissioner.
question
A broker with a trust account must deposit trust funds received
answer
**within three business days. within two business days. within 24 hours. promptly.
Unlock the answer
question
In California, Real Estate Law is enforced by
answer
the Attorney General. the Legislature. the District Attorney of each county. **the Real Estate Commissioner.
Unlock the answer
question
When the Real Estate Commissioner wishes to proceed against a licensee for a suspected violation of real estate law, the Commissioner must first serve the licensee with
answer
a demurrer. **an accusation. a complaint. a finding of fact and conclusion of law.
Unlock the answer
question
All transactional documentation for listings, purchase and sale agreements, property management activities, exchanges and trust account records must be retained for a period of
answer
one year. **three years. two years. four years.
Unlock the answer
question
If a salesperson quits or is discharged by his/her broker, the broker is required to return the salespersons license certificate to the salesperson
answer
**within three days. immediately. within five days. within one week.
Unlock the answer
question
The maximum amount that can be paid from the Real Estate Education, Research and Recovery Account on behalf of a licensee as a result of judicial action involving one claimant is
answer
$10,000. $20,000. **$50,000. $100,000.
Unlock the answer
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New
Get unstuck with AI assistant right now
  • Enter your topic/question
  • Receive an explanation
Pro tips to get quality response
  • Ask one question at a time
  • Enter a specific assignment topic
  • Aim at least 500 characters
Question
What is the right structure for an essay
Answer
A paragraph is a related group of sentences that develops one main idea. Each paragraph in the body of the essay should contain:
  • a topic sentence that states the main or controlling idea
  • supporting sentences to explain and develop the point you’re making
  • evidence from your reading or an example from the subject area that supports your point
  • analysis of the implication/significance/impact of the evidence finished off with a critical conclusion you have drawn from the evidence.