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