Real Estate Principles Edition 10, Chapter 1 Quiz

Real estate licenses are renewable for a period of

four years. (The full term on renewal of a broker's or salesperson's license is four years. page 20)

California's Real Estate Law is found in the

Business and Professions Code. (California legislation has been compiled into a series of books called codes. The Real Estate Law is Division 4 of the Business and Professions Code. Part 1 covers licensing and Part 2 covers transactions. page 2)

Every real estate broker must be licensed by the Bureau of

Real Estate. (The Bureau of Real Estate licenses real estate brokers in California.page 3)

Which of the following does NOT require a real estate license?

Selling your own property (It is not necessary to have a real estate license to sell your own property. page 16)

The applicant for a real estate salesperson's license must complete how many college-level courses before taking the licensing examination?

Three (An applicant for a real estate salesperson's license must complete three college-level courses before taking the licensing examination. page 19)

The Real Estate Law allows a business opportunity to be sold

by a real estate licensee. (A real estate licensee may represent others in the purchase or sale of a business. Business brokerage is a growing area of real estate practice.page 14)

Under the Real Estate Law, a real estate salesperson works for a broker as an

employee. (For purposes of the Real Estate Law, a salesperson is always considered the employee of the broker. page 5)

A real estate broker's license may be obtained by any of the following except a

limited liability company. (There is no provision in the Business and Professions Code to allow a limited liability company to obtain a real estate license. pages 4-5)

A real estate salesperson is supervised by

the employing broker only. (The employing broker is held accountable for the salesperson's conduct in performing business activities.pages 5-6)

When a real estate license expires, licensed activity must cease but the license may be renewed up to

two years later. (A license that is not renewed before it expires may be renewed at any time up to two years from the expiration date. All licensed activity must cease before the license is renewed and a late renewal fee will be required. page 21)