California Real Estate Principles Chapter 15

The maximum fine for an unlicensed individual who receives an illegal commission is:

$20,000

The California Real Estate Commissioner is

Appointed by the governor

The financial statement that shows the position of a business on a given day is called a

Balance sheet

In addition to real property, a real estate licensee is allowed to act as an agent for the sale of

Business opportunites

In a typical real estate sale, which of the following does not need a real estate license to handle his or her portion of the transaction?

Buyer's attorney

A Real Estate Salesperson is usually employed on a commission basis and receives payment directly from the:

Seller

After being a California Real Estate Salesperson for five years, you acquire your California Real Estate Broker License. What are the continuing education requirements during the first four years of your brokers license?

You must complete fourty five hours of Cal BRE approved continuing education, including one six hour survey course updating ethics, agency, fair housing , and trust fund handling. After July 1, 2007 the survey course must be eight hours and include risk management.

The real estate business is:

competitive

The expectation of continued patronage is called

goodwill

A business opportunity is defined as a sale of all of the following, except

real estate

All of the following continuing education courses are required to renew a salesperson's license except:

real estate practice

To sit for the real estate broker's examination, an applicant must first do all of the following except

take 45 hours of approved continuing education

Under bulk sale rules, the buyer must give public notice at least

12 days before transfer takes place

After the first renewal of the salesperson's license, subsequent renewal of the license every four years requires

45 hours of approved continuing education

What is meant by the term BULK SALE?

A bulk sale occurs when a business that has inventory is sold. When the bulk sale rules are not as followed, a buyer of a business may find that he or she paid twice for the same inventory: once to the seller who did not own the inventory outright and again to the creditor who has a claim on the inventory. All purchasers of businesses should seek the advice of an attorney to be sure that all bulk sales are followed.

Which of the following best describes the real estate business?

Competitive business

As a new California Real Estate Salesperson Licensee, what are the educational requirements during the first four years of your license?

If not previously completed, during the first 18 months of your license, you must complete two college or private vocational school (approved Cal BRE) college-level real estate courses consisting or real estate practice and finance or appraisal or legal aspects or economics or accounting or business law or property management or escrows or office administration or computer applications or other advanced real estate courses approved by the Cal BRE. Then within the first four years, you must complete four three-hour Cal BRE approved courses in ethics, agency, fair housing and trust fund handling. After July 1, 2007, you must also take a three-hour course in risk management.

The term REALTOR can only be used by a member of the:

National Association of REALTORS

REALTIST are members of the :

National Association of Real Estate Brokers

Real Estate Appraisers are licensed by the

Office of Real Estate Appraisers

Before being allowed to sit for the state real estate sales examination, an applicant must take a course in Real Estate Principles, Real Estate Practice, and

One other broker level course

The financial statement that shows the operations of a business over a period of time, usually one year, is called a

Profit and loss statement

After a proper hearing, if a licensee has violated a law or regulation, the real estate commissioner can restrict, suspend, or revoke a real estate license. If a licensee is allowed to continue to work under limited outlined conditions, the real estate license is called a:

restricted license