quiz 1 real estate principles

All real estate brokers and agents need to complete at least __________ of continuing education (CE) every four years to renew a license issued by the California Department of Real Estate (DRE).

45 hours

The Agency Law Disclosure needs to be attached to which of the following documents and signed by all parties in targeted transactions?

A purchase agreement, A seller's listing agreement, A counteroffer.

The California Legislature created the __________ to oversee, regulate, administer and enforce the real estate law.

California Department of Real Estate (DRE)

The chief officer of the California Department of Real Estate (DRE) is the:

Real Estate Commissioner

The __________ is available to individuals who have obtained a judgment against a licensee and are unable to recover the judgment from the licensee for losses caused while acting as an agent.

Real Estate Recovery Fund

A residential mortgage primarily for personal, family or household use and secured by a deed of trust on a dwelling is known as a:

consumer purpose mortgage

A broker's representation of a client, such as a buyer or seller, is best undertaken:

on a written employment agreement signed by both the client and the broker.

To be eligible for a broker or agent license, the applicant needs to be honest and truthful, complete mandatory education and:

pass the qualifying exam.

Agency in real estate related transactions includes relationships between brokers and their:

principals and agents

Failure of the seller's agent to provide the seller with the Agency Law Disclosure prior to entering into the listing agreement may result in:

the loss of their fee.