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.
promptly.
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.
immediately.
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
$10,000.
$20,000.
**$50,000.
$100,000.

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