Section 2 chapter 1-5
properties built prior to .......... require a lead based paint disclosure
1978
Familial status became a protected class under the
1988 fair housing amendment act
real estate brokers are required to maintain records of each transaction for at least how many years
3
the California bureau of real estate has the power to do which of the following
All of the above Issues a license suspend a license revoke a license
which of the following should be considered when choosing a broker
All of the above location commission split training
which of the following sis considered an illegal action under the fair housing laws
All of the above Steering blockbusting redlining
(T/F) any licensed real estate broker or agent can call themselves a realtor
False
(T/F) contacting owners of expired listing is considered a violation of the do not call registry
False
(T/F) dual agency is illegal in California
False
a ........ Property is a property that may be perceived to be undesirable for other that physical or environmental reasons
Stigmatized
(T/F) new agents typically work better in an office environment
True
(T/F) real estate is cyclical
True
(T/F) real estate salespersons must have good time management skills
True
(T/F) since a real estate agent operates as an independent contractor, the agents sponsoring broker is NOT required to withhold any income taxes
True
the unlawful appropriation of another's property or funds is known as
conversion
In addition to commission splits, brokers may make money from which of the following
desk fees
(T/F) A real estate agent is allowed to call a for sale by owner and try to list their property
false
(T/F) agents are only allowed to hold open housed for their own listings
false
Any fact that would influence the decision of a reasonably prudent person is known as
material fact
which of the following is an indication of a water problem in a house
mold
In order to use the title Realtor, a licensee must be a member of
national association of realtors
an agent who works oly for the buyer or the seller is known as a
single agent
using racial, ethnic, or religious criteria in suggesting, recommending, and/or influencing individuals regarding locations for the purchase or rental of a single-family residence or rental dwelling is known as
steering
who owns any listings obtained by a real estate sales person
the salespersons sponsoring broker only
(T/F) a real estate sales person operates as a sub-agent to their broker
true
(T/F) all disclosures involved in a real estate treansaction should be in writing
true
(T/F) any agent involved in a residential transaction must disclose agency
true
(T/F) anyting greater thatn four dwelling units is considered commercial real estate
true
(T/F) commissions are always negotiable
true
(T/F) the weather conditions at the time of the visual inspection must be described on the AVID form
true
what is the maximum fine per violation for calling people on the do not call registry
$16,000
what is the maximum fine per violation of the CAN-SPAM act
$16,000
The overall commission for a transaction is 6%. the commission split between the sellers and buyers broker is 50/50. the commission split between the sellers broker and their real estate agent in the transaction is also 50/50. what would the sellers brokers real estate agents commission for the transaction be?
1.5%
A federal law protecting the rights of individuals with physical or mental impairments is known as the
Americans with disabilities act
public accommodations for handicapped individuals is required under the
Americans with disabilities act
steering is commonly associated with
Buyers
which of the following issues a real estate license in California
California bureau of real estate
an agents compensation for performing the duties of the agency is known as a
Commission
real estate licensees are required to do ............ in order to renew their license
Continuing education
a long term physical or mental impairment, or condition, that substantially limits a person major activities is known as a
Disability
which of the following prohibited discrimination in housing whenever federal funds were involved
Executive order 11603
this federal law prohibits the discrimination in the sale, rental, financing, or appraisal of housing on the basis of race, color, religion, gender, national origin, handicap, or familial status
Fair housing act of 1968
(T/F) new licensees are required to become members of the NAR
False
(T/F) when conducting their visual inspection, the real estate agent ins required to check crawl spaces and roofs
False
This refers to a person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another
Independent contractor
according to the IRS, real estate agents are
Independent contractors
This court case determined is was unconstitutional to refuse to sell a house on the basis of race
Jones v. Mayer
when getting started as a real estate agent, it is usually better to focus on a ............ market
Niche
broker commissions are typically stated as a
Percentage of the sale price
TILA is also known as
Regulation Z
any home that is not newly constructed is considered a
Resale home
the real estate marketplace is a/an ........... marketplace
Stratified
Blockbusting is also known as panic selling
True
what should an agent include in their mailings to their geographical farm
all of the above Recently listed properties recently sold properties Market updates
Your geographic farm can be which of the following
all of the above a neighborhood a community a building complex
(T/F) the sellers broker is responsible for completing the transfer disclosure statement
false
(T/F) real estate related mailing should be sent to homes in the agents geographical farm
true
(T/F) the real estate broker is responsible for completing the AVID form
true
if a property sells for $500,000 and the sellers broker commission is 6%, how much will the broker earn from the transaction
$30,000
In order to be considered a senior living residence, at least 80% of the units must be occupied by persons ............... Years of older
55
This federal law prohibits discrimination on the basis of race, sex, color, national origin, or gender in any housing program receiving federal money
Civil Rights act of 1964
the illegal mixing of personal funds with money held in trust on behalf of a client is known as
Commingling
Agency exist between the principal and
Real estate broker
which of the following carries workers compensation insurance
Real estate brokers
which of the following is considered a support or service animal
Seeing-eye dog
(T/F) Discrimination in advertising is covered under the civil rights act of 1968
True
(T/F) Purchasers of residential real estate are entitled to a Real Estate transfer disclosure statement
True
(T/F) a mandated disclosure is a disclosure which is required by law
True
(T/F) a new agents geographical farm should be close to their own home
True
(T/F) a real estate salesperson must work under a sponsoring broker
True
(T/F) ethics tend to precede law
True
what is the final step in disclosing and agency relationship
confirm
the refusal to lend money within a specific area for various reasons is known as
redlining
a person in a position of truest and confidence is known as a
Fiduciary
if the overall commission in a transaction is 6%, and the seller/buyer broker commission split is 50/50, what would the buyer brokers commission be for the transaction
3%
the Sherman anti-trust acts prohibits which of the following
All of the above Market allocation group boycotting price fixing
this federal law prohibits all discrimination on the basis of race only
Civil Rights act of 1866
an agency relationship in which the agent acts concurrently for both of the principals in a transaction is known as
Dual agency
which of the following occurs when tow agents working under the same sponsoring broker represent both sides in a transaction
Dual agency
the court case determined that a sellers agent only has a duty to visually diligently inspect property
Easton vs. Strassburger
(T/F) a broker never owes fiduciary duties to a buyer
False
(T/F) most new home buyers purchase using cash
False
This federal law requires the disclosure to borrowers of settlement (closing) Procedures and costs by means of a pamphlet and forms prescribed by the United States Department of Housing and Urban Development (HUD)
RESPA
the natural hazards disclosure is required for
Residential properties
As a new licensee, what is the most important aspect in choosing a broker
Training
(T/F) A real estate broker acts as a fiduciary to the principal
True
a real estate salesperson can sell which of the following real property types
All of the above luxury homes time shares condominiums
Moral principles that govern a persons or groups behavior are known as
Ethics
That duty owed by an agent to act in the highest good faith toward the principal is known as a
Fiduciary duty
a federal legislation including the imposition of civil and punitive damages for anti-trust activities is known as the
Sherman Anti-trust act
(T/F) high performing agents may demand a higher commission split with their sponsoring broker
True
(T/F) in a buyers market, there is an excess of inventory
True
(T/F) The fair employment housing act is also known as the Rumford fair housing act
False
(T/F) most home purchased are now started online
True
money or other things of value that real estate agents receives on behalf of the principal or any other person involved in a transaction are known as
Trust funds
the use of prejudice to instill fear, or panic ,in order to motivate individuals in a particular area or neighborhood to sell or dispose of their property because of the entrance or potential entry of a protected class is known as
Blockbusting
which of the following must be double braced in California
water heaters
a seller who must sell is known as a
Motivated seller
David recently obtained his real estate salesperson license. What should David focus on most to get listing contracts with sellers and grow his business
Prospecting
The process of locating owners who are interested in selling their homes is known as
Prospecting