Chapter 13 quiz
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
A gift tax can be applied to both personal and real property...? (t/f)
true
Building codes are an example of police power...? (t/f)
true
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
This is an enforced charge extracted of persons, corporations and organizations by the government to be used to support government services and programs....?
tax
The Housing and Community Development do which of the following...?
Develop housing policy and building codes Regulate manufactured homes Regulate mobile home parks
All new licensees are required to take which of the following continuing education courses...?
Ethics Fair Housing Consumer Protection
Specialty contractors work under a general contractor on a project...? (t/f)
true
Real estate brokers must maintain records of all transactions for how many years from the date of the closing...?
3
An area of limited height under a floor or roof, giving access to wiring and plumbing is referred to as a...?
crawl space
A plumber is an example of a general contractor...? (t/f)
false
For new licensees, continuing education is required how many years after getting their license...?
4 years
Who are exempt from the real estate licensing education requirements in California...?
anyone licensed to practice law in California
Contractors in the State of California are governed by the...?
contractors state licensing board
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
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
Mobile homes are NOT subject to a sales and use tax...? (t/f)
false
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
A roof which is almost level is referred to as a...?
flat roof
A systematic regulation of construction of buildings within a municipality established by ordinance or law are known as...?
building codes
This law is intended to prevent a business owner from selling the items in which they run their business...?
bulk sales law
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
It is a misdemeanor for a licensed contractor to perform asbestos related work without prior certification...? (t/f)
true
What is the job of a building inspector...?
to enforce the building codes
A gift is subject to tax liability...? (t/f)
true
A bill of sale is required if the items being sold are valued over...?
500
A written instrument given to pass title of personal property from vendor to the vendee is known as a...?
bill of sale
A floor plan drawn to scale showing the location and size of the foundation walls of a building is known as a...?
foundation plan
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