Chpt. 1 Intro to CA Real Estate Principles

Commission's Regulation 2270 requires the words:

"The services referred to herein are not available to persons located within the state of California."

The first rescheduled exam for a salesperson is ____.

$15

The first rescheduled exam for a broker is ___.

$20

Subsequent rescheduled exams for both salespersons and brokers are ___.

$30

Original license applicants pay a ___ fee for fingerprint scans.

$49

Fees for original examination and renewal reexaminations for salespersons are ___.

$65

Fees for original examination and renewal reexaminations for brokers are ___.

$95

What sections of the code apply to MOG licenses?

10507 and 10581

When was the first real estate license law published

1917

What is the continuing education requirement for a license renewal?

45 hours every four years.

Renewal applications are only accepted within ____ of expiration date.

60 days

How many actions are a license required for?

7

Because of the DRE, _____.

All that earn a license are subject to the same requirements, more a safer public experience.

Commission's Regulation 2270

Anyone who advertises about services over the Internet is NOT to be considered a real estate broker in California, if ONE of these apply...

Recent amendments to Business & Professions Code 10150 and 10151 allow for applicants to _____.

Apply for the license app at the same time as the exam app, rather than using two separate applications.

How are the 45 hours of continuing education completed?

Attending courses, seminars, and conferences approved by the Commissioner.

When did Legislature organize the statutory authority of the DRE into two parts?

August 4, 1943

Certain parties are exempt from the real estate license law, primarily:

Bank employees, licensed personal property brokers, lenders who make federally-insured loans, agricultural associations, cemetery employees, short-term rental agents, some clerical help, resident managers of apartment buildings, employees of real estate brokers, etc.

If a broker permits a person to operate under their authority, and to take action that requires a license to act:

Both the broker and salesperson may be penalized.

For a corporation to qualify for a broker license, at least one officer must serve the dual duty as a real estate broker serving as a _____.

Broker officer

The regulations created by the DRE Commissioner become part of the _____.

CA Administrative Code

The administrative body the both administers & enforces the real estate license laws & related regulation of California real estate licensees.

California Department of Real Estate (DRE)

Another qualification for a corporation to receive a broker license is a _____, which must be completed within 30 days of filing.

Certification of Status

An examinee of licensee may preform what transactions on the DRE website:

Check test results; renew salesperson/brokerage license; obtain the current testing schedule

The DRE Commissioner also serves as ______.

Chief Executive

Which regulation or section(s) apply to the use of the internet for advertising in California?

Commissions Regulation 2770

Broker applicants who already possess a salesperson license do not need to ____.

Complete fingerprint scans

What is RE 251?

Continuing Education Course Verification

RE 212 is the _____.

Corporation Background Statement

What document must be submitted for a change in main office or mailing address for a corporation?

Corporation Change Application

What document(s) must be submitted for a corporation to legally change its name?

Corporation Change Application and the Amended Articles of Incorporation

`A fictitious business name is also called a ____.

DBA

Fingerprints must be made using the _____.

DOJ's Live Scan program

In addition to time and employment restrictions, restricted licenses may also require ____.

Detailed reports of transactions & the filing of surety bonds

Numerous parties in a corporation must submit a Corporation Background Statement (RE 212), including _____.

Directors, chief executive offers, president, first-level vice presidents, secretaries, chief financial officers, subordinate offers, and shareholders of more than 10%

The broker applicant must take ___ courses.

Eight

The update service class in the CE requirements must be ____.

Eight hours

The documents provided in a corporation's name change must possess a _____.

Endorsed stamp of the CA Secretary of State

The regulations created by the DRE Commissioner should aim to _____.

Enforce maximum protection for real estate consumers and fairness to both the consumer and industry.

What is form RE 227?

Equivalent Experience Verification form, used to verify claims of equivalent experience in the field of real estate to qualify for a broker license.

RE 226 can also cover _____.

Experience in another state

In order to hold a DBA, a corporation must submit a _____ with the county clerk's office.

Fictitious Business Name Statement

____ must be submitted with license applications and fees as a state mandate.

Fingerprints

AB249 requires that:

For a salesperson license, applicants must take three college level courses in Real Estate Principles, Practice, and one elective course.

Licenses last ____ before requiring renewal.

Four years

An alternative for obtaining a broker license is _____.

Graduation from a 4-year university with a major or minor in Real Estate.

If a broker has compensated the non-licensed for activities for which he is not licensed, the broker is _____.

Guilty of a misdemeanor and may be fined by the courts.

In order to qualify for the broker examination, the applicant must ____.

Have two years of salesperson experience within five years of application time.

Which of the following will not be covered in this course?

How to advertise on the Internet in other states

What is Section 11350.6 of the Welfare and Institutions Code?

If a person has failed to make necessary child support payments, the DRE may not issue or renew a full-term license.

To advertise on the internet, licensees must:

Indicate license status

Gerard, a Nevada real estate licensee, has been advertising his services online to California citizens. He sells resort property outside Las Vegas and believes the California market could be very lucrative. Is it permissible for Gerard to advertise in this manner? Why or why not?

It is not permissible for Gerard to solicit California residents. He must hold a CA real estate license in addition his Nevada license.

As of ____, the DRE no longer issues original MOG broker licenses and permits.

January 1, 1994

A salesperson is required to be employed under a _____.

Licensed broker

The Commission's Regulation 2270 requires that any info is:

Limited to general information about the services offered to the public in general.

What is RE 237?

Live Scan Service Request

In addition the salesperson CE requirements, to renew a broker license, the _____ must also be completed.

Management & Supervision course

MOG

Mineral, Oil, and Gas

To protect the public in real estate transactions & provide related services to the real estate industry.

Mission of the DRE.

The Real Estate Law and Subdivided Lands Law are:

NOT the same in purpose or operation.

Does the DRE issue partnership licenses?

No

Is a receiver or court appointee subject to the license law requirements?

No

Is a trustee selling a property subject to the license law requirements?

No

Is the attorney for the property owner subject to the license law requirements?

No

Is the property own subject to the license law requirements?

No

According to section 10207, license fees are _____.

Non-refundable

Even if a salesperson receives a license, they are placed in ____ until hired by a qualifying broker.

Non-working status

Though the DRE does not issue ____ licenses, these actions may legally be preformed if all parties hold a broker license.

Partnership

Penny, a California licensee, has been advertising on the Internet. She specializes in the sale of upscale homes in the Hollywood Hills area. Penny has been violating the Business and Professions Code, Sections 10235.5 and 10140.6. What has she done?

Penny failed to indicate in the advertisement her licensee status.

The right of the state to enact & enforce laws for the order & safety of the general public.

Police Power

A salesperson whose employing broker is a member of a partnership formed by written agreement may _____.

Preform licenses acts on behalf of the partnership.

The application for license renewal must be postmarked _____.

Prior to midnight of the expiration date

A Certificate of _____ is required for foreign corporations.

Qualification

In qualifying for a broker's license, the salesperson's broker must provide the _____ form which acts as proof of two years active experience.

RE 226

If the RE 226 form cannot be retrieved, the _____ form can be used, provided two other individuals in a related real estate field can verify the applicant's duties, employment dates, and other important info.

RE 228

What are two forms for the to apply for the salesperson license?

RE 400A or RE 216B

___ applies to salesperson who are joint filing for their license and examination fees.

RE 435

___ applies to brokers who are joint filing for their license and examination fees.

RE 436

If the license is past two years of expiration,

Re-examination is necessary.

The DRE is governed by the ______.

Real Estate Commissioner.

The funds the DRE acquires are called the _____.

Real Estate General Fund

Division 4 of the Business Professions Code splits the DRE into:

Real Estate Law & Subdivided Lands Law

The DRE Commissioner serves to enforce the two main bodies of real estate law, which are _____ & _____.

Real Estate Law and Subdivided Lands Law

California licensing laws define which of the following:

Real estate brokerage; handling trust funds; managing escrow accounts.

Some of the ways the DRE acquires funds are through ____ & ____.

Renewal fees, license fees and subdivision public reports.

Probationary licenses issued by the commissioner that contain specific restrictions.

Restricted licenses

The CA DRE has five offices, located in:

Sacramento, Fresno, Los Angeles, San Diego, and Oakland.

What is RE 214?

Salesperson Change Application

_____ licenses must be available for inspection in a broker's offices.

Salesperson's licenses.

The Real Estate Law consists of:

Sections 10,000 - 10,580

Which sections of the code pertain to a salesperson license?

Sections 10132 & 10137

Which sections of the code pertain to penalizations for acting without a license?

Sections 10138, 10139, 10139.5

The Subdivided Lands Law consists of:

Sections 11,000 to 11,200

Fingerprints must be acceptable to the ____.

State Department of Justice (DOJ)

As an examinee, or a new licensee, where is the best, most accurate source for current California Department of Real Estate information?

The DRE website

The only party who should truly be solicit for the sale of a real property without a license is:

The owner and his/her legal representatives

What is the main purpose of the DRE?

To protect the public through the enactment & enforcement of laws pertaining to real estate and the requirements for salesperson/broker licenses.

Can a corporation legally change its name?

Yes

Is it permissible to advertise real estate associated services or products in California without a CA Real Estate License?

Yes, as long as the products or services do not include any actions for which a CA real estate license is required.

If a broker's license expires,

all licensed activities of the broker must cease