CH 15- Real Estate License Law

Flashcard maker : Lily Taylor
Which is FALSE regarding the sale of a business opportunity?
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.

Which of the following is NOT considered trust funds?
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.

In California, a real estate license must be renewed every
18 months.
six years.
**four years.
two years.
In California, real estate syndicates are regulated by the:
Real Estate Investment Trust Act.
**Commissioner of Business Oversight
California Attorney General.
CalBRE Real Estate Commissioner.
A broker with a trust account must deposit trust funds received
**within three business days.
within two business days.
within 24 hours.
In California, Real Estate Law is enforced by
the Attorney General.
the Legislature.
the District Attorney of each county.
**the Real Estate Commissioner.
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
a demurrer.
**an accusation.
a complaint.
a finding of fact and conclusion of law.
All transactional documentation for listings, purchase and sale agreements, property management activities, exchanges and trust account records must be retained for a period of
one year.
**three years.
two years.
four years.
If a salesperson quits or is discharged by his/her broker, the broker is required to return the salespersons license certificate to the salesperson
**within three days.
within five days.
within one week.
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

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