Ch. 15

The fine for an unlicensed person who receives an illegal commission is:

$20,000

A real estate broker's license is issued for:

4 years

After first obtaining a real estate sales license, said licensee must take how many DRE core three-hour approved continuing education courses in order to renew their license?

5

A passing score on the real estate salesperson's examination is:

70%

A passing score on the real estate broker's examination is

75%

Required real estate courses may be taken at which of the following institutions?

ALL

A salesperson who wishes to become a real estate broker must have which of the following?

ALL: eight required real estate courses, two years' full-time experience as a real estate salesperson, or its equivalent, and pass 200 question exam

Once an individual has been licensed by the Department of Real Estate, which of the following is considered a violation of law and/or regulation and may result in suspension or revocation of the license?

ALL: false promise, commingling of funds, and secret profits

Which of the following is correct?

ALL: there are no continuing education requirements for the salesperson's license, examination prep courses satisfy continuing education requirements for license renewal, no transcripts, approval numbers or certificates are required to verify course requirements for license renewal

A statement that shows the financial position of a business as of a certain date is called

Balance Sheet

A candidate for the real estate broker's examination must

Complete 8 college-level real estate courses

To obtain a broker's license, a person must:

Hold a salesperson's license for two years

The trade name Realtist designates a member of the

National Association of Real Estate Brokers

Commission rates for real estate agents are established by:

Negotiations

Members of the National Association of Real Estate Brokers ?

Realtists

A real estate broker's license enables a person to handle the sale of....

Trust Deeds, Business Opportunities, and registered mobile homes

Which of the following needs a real estate license?

a full service property manager

Under certain conditions, a corporation can be licensed as a real estate broker. Which of the following is one of those conditions?

a principal officer of the corporation must be licensed as a broker

Which of the following is correct?

a real estate salesperson and a broker may form a partnership to run a real estate brokerage business

The Real Estate Commissioner's Regulations apply to:

all California real estate licensees

The Real Estate Law exempts some people from needing a real estate license. Which of the following are not exempt?

any person who receives compensation (commission) for performance of an act defined within the realm of a salesperson's licensing

In order to get a real estate broker's license, an applicant must fulfill which of the following requirements?

complete 8 statutory courses designated by law

Which of the following is a license issued by the California Real Estate Commissioner?

corporate real estate license

In a business opportunity sale, the payment for continued patronage is called

goodwill

The Real Estate Commissioner has the right to issue regulations for the interpretation of Real Estate Law. These regulations:

have the same force and effect as Real Estate Law AND become part of the California Administrative Code

In California, the majority of the laws that regulate the real estate industry originate from

legislation passed by the California Legislature

If an applicant fails an examination, he or she:

may apply for a re-examination immediately after notification of failure

The California Association of Realtors is a professional real estate organization. The major purposes of this association include:

promotion of high standards among members AND safeguarding the real estate-buying public AND fostering of legislation for the benefit and protection of California real estate

To obtain a real estate sales license, an applicant must pass approved college-level courses in:

real estate principles, practice, and one other DRE approved course

The maximum time allowed an applicant to take the salesperson's examination is:

three hours and 15 minutes