CH 15- Real Estate License Law

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.
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.
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.
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.
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.
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.

Get instant access to
all materials

Become a Member