Chapter 14
Which of the following is TRUE concerning the salesperson's exam? a. 150 multiple choice question test b. 50% correct score to pass c. 3-hour exam period d. all of the above
a. 150 multiple choice question test
The group, through its leader, that regulates real estate transactions is called the: a. California Bureau of Real Estate b. NAR c. CAR d. Federal Government
a. California Bureau of Real Estate
A false advertisement (Section 10177 of the Business and Professions Code) that gives the impression that the agent is the owner of the property is called a: a. blind advertisement b. pocket advertisement c. classified advertisement d. paid advertisement
a. blind advertisement
In a sale of an existing business ( Business Opportunity) the real property is transferred: a. by deed b. by bill of sale c. through the Real Estate Commissioner's office d. none of the above
a. by deed
Who appoints the Real Estate Commissioner? a. President b. Governor c. State Senate d. State Assembly
b. Governor
When a broker has mixed the funds of his or her principals with is or her own money, it is called: a. collusion b. commingling c. conversion d. combining
b. commingling
Which of the following is FALSE concerning the broker's exam? a. 200 questions b. Five hours to complete c. $500 fee d. 75% correct answers to pass
c. $500
How many hours of Commissioner-approved continuing education must a salesperson or broker have in order to renew his or her four-year license? a. 30 hours b. 40 hours c. 45 hours d. 60 hours
c. 45 hours
What license is NOT issued by the Bureau of Real Estate? a. Broker's license b. Prepaid rental listing service license c. Alcoholic Beverage license d. All of the above
c. Alcoholic Beverage license
According to the Business and Professions Code 10176, which of the following is Not grounds for license revocation or suspension? a. Misrepresentation b. False promises c. No commissions earned for a year d. Commingling
c. No commissions earned for a year
Any individual who wants to operate a real estate office must have: a. a perfect credit rating b. a master's degree c. a broker's license d. All of the above
c. a broker's license
The total liability the recovery fund in any one transaction is: a. $200,000 b. $25,000 c. $30,000 d. $50,000
d. $50,000
A sale of a business (business opportunity) by a real estate agent can include which of the following? a. Real estate b. Personal property c. Goodwill d. All of the above
d. All of the above
A "REALTOR" is a member of which trade associations(s)? a. Local Board of Realtors b. California Association of Realtors c. National Association of Realtors d. Any of the above
d. Any of the above
The portion of the Business and Professions Code that refers to licensing and subdivisions is called: a. Real Estate Recovery Law. b. Real Estate General Fund. c. Commissioners's Regulations. d. California Real Estate Law.
d. California Real Estate Law
The real estate trade association whose members are known as Realists is the: a. National Association of Realtors b. Local Board of Realtors c. California Association of Realtors d. National Association of Real Estate Brokers
d. National Association of Real Estate Brokers
Any licensee working in the real estate field must be a member of which group? a. NAR b. CAR c. NAREB d. No affiliation is necessary
d. No affiliation is necessary
Who has the power to revoke, restrict, or suspend a real estate license? a. California Legislature b. NAR c. CAR d. Real Estate Commissioner
d. Real Estate Commissioner
Which of the following is FALSE concerning real estate licenses? a. Brokers' licenses are renewable b. Salespersons' licenses are renewable c. All licensees must complete 45 hours of CE courses every four years. d. Real estate licenses are valid for the life of the licensee
d. Real estate licenses are valid for the life of the licensee
Which of the following does NOT require a real state license? a. Selling real estate for others b. Buying real estate for others c. Negotiating leases for others d. Selling your own real estate
d. Selling your own real estate