Ch 13

(T/F) Building codes are an example of police power

True

(T/F) It is a misdemeanor for a licensed contractor to perform asbestos related work without prior certification

True

Specialty Contractor

a contractor whose operations involve the performance of construction work requiring special skill and whose principal contracting business involves the use of specialized building trades or crafts

(T/F) Specialty contractors work under a general contractor on a project

True

A broker is required to supervise...?

-All transactions that require a real estate license -Handling of all trust funds -Filing, storage, and maintenance of all transaction related documents (All of the above)

Which of the following is a requirement of a bulk sale by a business...?

-The business owner must setup an escrow for all funds realized from the sale -The business owner must give notice to all of their creditors -The business owner must publish notice of the sale in a circulated publication (All of the above)

Real estate brokers must maintain records of all transactions for how many years from the date of the closing...?

3

For new licensees, continuing education is required how many years after getting their license...?

4 years

Building Codes

A systematic regulation of construction of buildings within a municipality established by ordinance or law

Contractors in the State of California are governed by the...?

Contractors State Licensing Board

All new licensees are required to take which of the following continuing education courses...?

Ethics, Fair Housing and Consumer Production (All of the above)

The California Real Estate Recovery Fund

enables a person who has been defrauded or had trust funds converted by a real estate licensee in a transaction requiring a license, to recover at least some of his/her actual loss when the licensee's assets are insufficient

Bulk Sales Law

prevents a business owner from selling the items in which they run their business

A bill of sale is required if the items being sold are valued over...?

500

Bill of Sale

A written instrument given to pass title of personal property from vendor to the vendee

The Housing and Community Development do which of the following...?

Develop housing policy and building codes, Regulate manufactured homes and Regulate mobile home parks (All of the above)

What is the job of a building inspector...?

To enforce the building codes

Flat Roof

A roof which is almost level

Crawl Space

An area of limited height under a floor or roof, giving access to wiring and plumbing

Who are exempt from the real estate licensing education requirements in California...?

Anyone licensed to practice law in California

(T/F) A plumber is an example of a general contractor

False

(T/F) Mobile homes are NOT subject to a sales and use tax

False

(T/F) A gift tax can be applied to both personal and real property

True

General Contractor

a contractor whose principal business is in connection with any structure being built (or to be built), requiring in its construction the use of at least two unrelated building trades or crafts

Foundation Plan

A floor plan drawn to scale showing the location and size of the foundation walls of a building

Plot Plan

A scaled plan diagram showing the buildings, utility runs, equipment layout, the position of roads, and other constructions of an existing or proposed project site

Gift Tax

A tax on the transfer of property by one individual to another while receiving nothing or less than full value in return

(T/F) A gift is subject to tax liability

True

Tax

This is an enforced charge extracted of persons, corporations and organizations by the government to be used to support government services and programs

Floor Plan

A drawing to scale, showing a view from above, of the relationships between rooms, spaces and other physical features at one level of a structure