Principles Q13

Broker Bill wanted to keep some money in his trust account to cover any bank charges or unexpected fees. What is the maximum amount he can keep in his trust account without being in violation of the law?

$200

A licensed broker must keep real estate records for:

3 years

Which of the following statements is correct regarding real estate advertising?

A broker must disclose its license status in all advertising

Salesperson Sally listed seller Sam's home. According to the Do-Not-Call Rules, when can Sally call Sam?

Anytime

Causing panic selling by telling people that value in a neighborhood will decline because of a specific event, such as the purchase of homes by minorities is illegal and is called:

Blockbusting

__________ is the act of telling others that property values will decline because of a specific event, such as a large influx of minorities into a neighborhood.

Blockbusting

How does the IRS determine whether someone is an independent contractor?

Control and direction of the work performed

Which of the following is not an operation of real estate brokerage?

Paying non-licensees for assisting in the sale of real property

Who regulates real estate advertising?

State and federal agencies

In a real estate brokerage, the negotiator is the:

agent

The reason a listing must remain with the broker when the listing agent moves to a new broker is the seller's contract is with the:

broker

Real estate salespeople are paid:

by the broker

Real estate ads should not state or imply a preference or limitation with regard to all of the following, except:

credit history

Section 54-55.1 of the California Civil Code prohibits discrimination in the rental, leasing, or sale of housing accommodations to all of the following except the:

elderly

The compensation earned by a licensee depends on his or her:

employment status

When an agent receives funds on behalf of someone else, he or she is known as a(n):

fiduciary

It is imperative to choose a brokerage that:

implements a high standard of ethics

All of the following are activities of a brokerage, except:

making real estate investments.

The time allowed for the deposit of trust funds is:

three business days following the receipt of the funds.

A real estate brokerage can be set up in all of the following ways, except a(n):

township

Commingling is strictly prohibited by real estate law and occurs when:

trust funds are mixed with personal funds