Quiz 15 Licensing/ Regulation
What is an account that holds all the money collected from license and exam fees and is used for the operating expense of the CalDRE? The Real Estate General Fund The Real Estate License Fund The Real Estate Escrow Fund The Real Estate Exam Fund
A
A broker who receives a buyer's money deposit, that is not in the form of a check, must deposit it in the appropriate account within how many days following receipt of the funds? 10 business days 3 business days 7 business days 5 business days
B
A licensee who is 70 years old or older is exempt from the continuing education requirements if that person has been a licensee in good standing in California for at least 25 years. 30 years. 15 years. 20 years.
B
How old must a candidate be in order to obtain a real estate license? 21 18 16 23
B
If an unlicensed person does act as a real estate salesperson or broker, he or she will be guilty of fraud. penalized under the law. required to compensate the injured party. fined $1,000.
B
What is described as the written instrument that passes the title to the personal property? A title receipt A bill of sale A balance sheet A transaction record
B
What is the main purpose of the DRE? To collect license and exam fees To protect the public To protect licensees To protect brokers
B
Who enforces the collection of sales and use taxes in California? The California Board of Realtors The California State Board of Equalization The California Bureau of Real Estate The California Real Estate Commission
B
Within how long of an alleged violation does a person have to file a complaint with the Commissioner regarding the actions of a real estate licensee in California? 1 year 3 years 6 months 18 months
B
A candidate for an original real estate salesperson license must qualify for and pass a written examination with a score of 60% or greater. 65% or greater. 70% or greater. 50% or greater.
C
California law has held that a post-dated check may be considered the equivalent of a certificate of deposit. cash deposit. promissory note. cashier's check.
C
If the Commissioner revokes a license, the person affected may not apply for reinstatement of the license until 2 years has passed. 6 months has passed. 1 year has passed. 3 months has passed.
C
What describes the right of the state to enact and enforce laws for the order, safety, health, morals, and general welfare of the public? Law of the land Eminent domain Police power Right of rescission
C
What is a tax on the retail sale of tangible personal property in California called? The California Public Use Tax An assessment The California Sales and Use Tax Real Property Tax
C
What is an account established as a last resort for a consumer who has obtained a final civil judgment or criminal restitution order against a real estate licensee based on fraud or certain other grounds? The Real Estate Education Fund The Real Estate Research Fund The Recovery Fund The Real Estate Restitution Fund
C
What is the continuing education requirement to renew a real estate license in California? 12 hours every 2 years 15 hours every year 45 hours every 4 years 60 hours every 4 years
C
Which one of these parties do not need to be licensed as real estate sales persons or brokers? A buyer's agent A person who solicits real estate listings A short term vacation rental agent A seller's agent
C
All California real estate licenses are issued for a period of 2 years. 6 years. 8 years. 4 years.
D
The maximum liability of the Recovery Account in any one transaction is how much? $40,000.00 $10,000.00 $15,000.00 $50,000.00
D
The rules of the Bulk Sales Act apply when a business is sold that involves creditors. appurtenances. assets. inventory.
D
What describes money or other things of value that are received by the broker on the part of another person? Endowment Investment capital Escrow Trust funds
D
What do we call the practice of mixing a client's money with the agent's personal funds? Conversion Disengagement Dispersement Commingling
D
What does DRE stand for? California Buyer Representation California Board of Realtors California Business Enterprises California Department of Real Estate
D
What gives a person the chance to channel his or her private savings into real estate investments for which other financing cannot be obtained or is not available because of the large amount of money involved? A Money Market Account Private investment Economic reinvestment Real estate syndication
D
What type of licensing does a person need who is acting on his or her own behalf with respect to his or her own property? A real estate license A broker license An independent contractor license No license required
D