Principles of Real Estate Chapter 13

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

$500

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

3 years

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

4 years

A broker is required to supervise which of the following...?

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

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

Anyone licensed to practice law in California

A written instrument given to pass title of personal property from vendor to the vendee is known as a...?

Bill of Sale

A systematic regulation of construction of buildings within a municipality established by ordinance or law are known as...?

Building Code

This law is intended to prevent a business owner from selling the items in which they run their business...?

Bulk Sales Law

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

CSLB Contractors State Licensing Board

An area of limited height under a floor or roof, giving access to wiring and plumbing is referred to as a...?

Crawl Space

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

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

A tax on the transfer of property by one individual to another while receiving nothing or less than full value in return is known as a...?

Gift Tax

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 is known as a...?

Plot Plan

This is 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...?

Specialty Contractor

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

Tax

Which of the following 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...?

The California Real Estate Recovery Fund

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

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

To enforce the building codes

A gift is subject to tax liability...?

True

A gift tax can be applied to both personal and real property...?

True

Building codes are an example of police power...?

True

It is a misdemeanor for a licensed contractor to perform asbestos related work without prior certification...?

True

A roof which is almost level is referred to as a...?

Flat Roof

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

Ethics Fair Housing Consumer Protection All of the above

A plumber is an example of a general contractor...?

False

Mobile homes are NOT subject to a sales and use tax...?

False

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 is known as a...?

Floor Plan

A floor plan drawn to scale showing the location and size of the foundation walls of a building is known as a...?

Foundation Plan

This refers to 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...?

General Contractor

Specialty contractors work under a general contractor on a project...?

True