California Real Estate Practice
What is the maximum fine per violation of the CAN-SPAM Act...?
$16,000
If a property sells for $500,000 and the seller's broker commission is 6%, how much will the broker earn from the transaction...?
$30,000
The overall commission for a transaction is 6%. The commission split between the seller's and buyer's broker is 50/50. The commission split between the seller's broker and their real estate agent in the transaction is also 50/50. What would the seller's broker's real estate agent's commission be for the transaction...?
1.5%
What is the maximum fine per violation for calling people on the Do Not Call registry...?
16,000
TILA was enacted in...?
1968
Properties built prior to ........... require a lead based paint disclosure?
1978
Familial status became a protected class under the...?
1988 fair housing act
Real estate brokers are required to maintain records of each transaction for at least how many years...?
3
If the overall commission in a transaction is 6%, and the seller/buyer broker commission split is 50/50, what would the buyer broker's commission be for the transaction...?
3%
In order to be considered a senior living residence, at least 80% of the units must be occupied by persons ..........years or older?
55
Your geographic farm can be which of the following...?
A neighborhood, community, or building complex
A federal law protecting the rights of individuals with physical or mental impairments is known as the...?
Americans with disabilities act
Public accommodations for handicapped individuals is required under the...?
Americans with disabilities act
Steering is commonly associated with...?
Buyers
Which of the following issues a real estate license in California...?
California Bureau of real estate
What is the final step in disclosing an agency relationship...?
Confirm
In addition to commission splits, brokers may make money from which of the following...?
Desk fees
A long-term physical or mental impairment, or condition, that substantially limits a person's major activities is known as a/an...?
Disability
An agency relationship in which the agent acts concurrently for both of the principals in a transaction is known as...?
Dual Agency
Which of the following occurs when two agents working under the same sponsoring broker represent both sides in a transaction...?
Dual Agency
This court case determined that a seller's agent only has a duty to visually and diligently inspect a property...?
Easton Vs Strassburger
Moral principles that govern a person's or group's behavior are known as...?
Ethics
Which of the following prohibited discrimination in housing whenever federal funds were involved...?
Executive order 11603
A broker never owes fiduciary duties to a buyer...?
False
A real estate agent is allowed to call a For Sale By Owner to try and list their property...?
False
When conducting their visual inspection, the real estate agent is required to check crawl spaces and roofs...?
False
A person in a position of trust and confidence is known as a...?
Fiduciary
That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure is known as a...?
Fiduciary Duty
According to the IRS, real estate agents are ...?
Independent Contractors
This refers to a person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another...?
Independent contractor
The California Bureau of Real Estate has the power to do which of the following...?
Issue license, suspend license, and revoke a license
Which of the following should be considered when choosing a broker...?
Location, Commission Split, Training
A real estate salesperson can sell which of the following real property types...?
Luxury homes, time shares, condominiums
Any fact that would influence the decision of a reasonably prudent person is known as a...?
Material Fact
Which of the following is an indication of a water problem in a house...?
Mold
In order to use the title REALTOR, a licensee must be a member of the...?
National Association of realtors
When getting started as a real estate agent, it is usually better to focus on a ............ market?
Niche
Broker commissions are typically stated as a...?
Percentage of the sales price
The Sherman Anti-Trust Act prohibits which of the following...?
Price Fixing, Market allocation, Group Boycotting
David recently obtained his real estate salesperson license. What should David focus on most to get listing contracts with sellers and grow his business...?
Prospecting
The process of locating owners who are interested in selling their homes is known as...?
Prospecting
Agency exists between the principal and...?
Real Estate Broker
TILA is also known as...?
Regulation Z
Any home that is not newly constructed is considered a...?
Resale
Who owns any listings obtained by a real estate salesperson...?
Salespersons sponsoring broker only
An agent who works only for the buyer or the seller is known as a...?
Single Agent
The real estate marketplace is a/an .......... marketplace?
Stratified
As a new licensee, what is the most important aspect in choosing a broker...?
Training
A mandated disclosure is a disclosure which is required by law...?
True
A new agent's geographical farm should be close to their own home...?
True
A real estate broker acts as a fiduciary to the principal...?
True
A real estate salesperson must work under a sponsoring broker...?
True
Which of the following must be double braced in California...?
Water heaters
The use of prejudice to instill fear, or panic, in order to motivate individuals in a particular area or neighborhood to sell or dispose of their property because of the entrance, or potential entry, of a protected class is known as...?
blockbusting
This federal law prohibits all discrimination on the basis of race only...?
civil rights act of 1866
An agent's compensation for performing the duties of the agency is known as a...?
commission
Real estate licensees are required to do ..............in order to renew their license?
continuing education
The unlawful appropriation of another's property or funds is known as...?
conversion
This federal law prohibits discrimination in the sale, rental, financing, or appraisal of housing on the basis of race, color, religion, gender, national origin, handicap, or familial status...?
fair housing act of 1968
Any licensed real estate broker or agent can call themselves a Realtor...?
false
The Fair Employment Housing Act is also known as the Rumford Fair Housing Act...?
false
This court cased determined it was unconstitutional to refuse to sell a house on the basis of race...?
jones v mayer
The refusal to lend money within a specific area for various reasons is known as...?
redlining
Which of the following is considered a support or service animal...?
seeing eye dog
A federal legislation including the imposition of civil and punitive damages for anti-trust activities is known as the...?
sherman anti-trust act
A landlord is not allowed to charge an increased security deposit for a tenant with a service animal...?
true
Money, or other things of value, that a real estate agent receives on behalf of the principal or any other person involved in a transaction are known as...?
trust funds
Real estate is cyclical...?
True
Purchasers of residential real estate are entitled to a Real Estate Transfer Disclosure Statement...?
True
Real estate related mailings should be sent to homes in an agent's geographical farm...?
True
Dual agency is illegal in California...?
False
The natural hazards disclosure is required for...?
Residential Properties
Contacting owners of expired listings is considered a violation of the Do Not Call Registry...?
False
Most new home buyers purchase using cash...?
False
New licensees are required to become members of the NAR...?
False
The seller's broker is responsible for completing the Transfer Disclosure Statement...?
False
Which of the following is considered an illegal action under the fair housing laws...?
Steering, Blockbusting, and redlining
A ........... property is a property that may be perceived to be undesirable for other than physical or environmental reasons?
Stigmatized
The real estate broker is responsible for completing the AVID form...?
True
The weather conditions at the time of the visual inspection must be described on the AVID form...?
True
Using racial, ethnic, or religious criteria in suggesting, recommending, and/or influencing individuals regarding locations for the purchase or rental of a single family residence or rental dwelling is known as...?
steering
A seller who must sell is known as a...?
Motivated Seller
This federal law requires the disclosure to borrowers of settlement (closing) procedures and costs by means of a pamphlet and forms prescribed by the United States Department of Housing and Urban Development (HUD)...?
RESPA
Which of the following carries workers compensation insurance...?
Real Estate Brokers
Most home purchases are now started online...?
True
New agents typically work better in an office environment...?
True
Real estate salespersons must have good time management skills...?
True
Since a real estate agent operates as an independent contractor, the agent's sponsoring broker is NOT required to withhold any income taxes...?
True
This federal law prohibits discrimination on the basis of race, sex, color, national origin, or gender in any housing program receiving federal money...?
civil rights act of 1964
A real estate salesperson operates as a sub-agent to their broker...?
True
All disclosures involved in a real estate transaction should be in writing...?
True
Any agent involved in a residential transaction must disclose agency...?
True
Anything greater than four dwelling units is considered commercial real estate...?
True
Blockbusting is also known as panic selling...?
True
Commissions are always negotiable...?
True
Discrimination in advertising is covered under the Civil Rights Act of 1968...?
True
Ethics tends to preceed law...?
True
In a buyer's market, there is an excess of inventory...?
True
High performing agents may demand a higher commission split with their sponsoring broker...?
True
The illegal mixing of personal funds with money held in trust on behalf of a client is known as...?
commingling