Quiz 14 Licensing, Education, and Associations

In addition to the commissioner, the Real Estate Advisory Commission has how many members?

10

A real estate brokers license is issued for:

4 years

Members of the National Association of Real Estate Brokers are called:

Realtists

Which of the following is correct?

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

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

a. complete 8 statutory courses designated by law

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

a. corporate real estate license

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

b. 70%

A candidate for the real estate broker's examination must:

b. have completed 8 college-level real estate courses

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

b. legislation passed by the California Legislature

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

c. $20,000

After obtaining a real estate salesperson license for the first time, a person renew their license within:

c. 48 months

The primary purpose of the Real Estate Advisory Commission is to:

c. advise the real estate commissioner on matters important to the real estate industry and the public

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

c. any person who receives compensation for performance of an act defined within the realm of a salesperson's licensing

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

c. balance sheet

If an applicant fails an examination, he or she:

c. may apply for re-examination immediately after notification of failure

Which of the following real estate licensees are not required to take continuing education courses?

c. persons who have been licensed in good standing for a total of 30 continuous years in California and who have attained the age of 70 years or older

To sit for the real estate sales examination, an applicant must first pass an approved college level course in:

c. real estate principles, practice and a real estate elective

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

c. three hours and 15 minutes

The trade name Realtist designates a member of the:

d. National Association of Real Estate Brokers

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

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

The Real Estate Commissioner's Regulations applies to:

d. all California real estate licensees

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?

d. all of the above

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

d. all of the above

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

d. all of the above

Which of the following is correct?

d. all of the above are incorrect

A real estate brokers license enables a person to handle the sale of:

d. all of these

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

d. any of the above

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

d. both (b) and (c) are correct

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

goodwill

Commission rates for real estate agents are established by:

negotiations