california real estate practice

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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

16000

what is the maximum fine per violation of the CAN-SPAM act

16000

Properties built prior to ........... require a lead based paint disclosure?

1968

TILA was enacted in

1968

familial status became a protected class under the

1988 fair housing amendment 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 percent

in order to be considered a senior living residence, at least 80% of the units must be occupied by persons... years or older?

55

public accommodations for handicapped individuals is required under the

Americans disabilities act

a federal law protecting the rights of individuals with physical or mental impairments is known as the

Americans with disabilities act

which of the following issues a real estate license in California?

California bureau of Real estate

Dual agency is illegal in California...?

False

A seller who must sell is known as a...?

Motivated seller

Broker commissions are typically stated as a...?

Percentage of the sale price

TILA is also known as

Regulation Z

Ethics tends to preceed law...?

True

your geographic farm can be which of the following

a neighborhood a community a building complex

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

Steering is commonly associated with...?

buyers

This federal law prohibits all discrimination on the basis of race only...?

civil rights act of 1866

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

the illegal mixing of personal funds with money held in trust on behalf of a client is known as

commingling

An agent's compensation for performing the duties of the agency is known as a...?

commission

what is the final step in disclosing an agency relationship

confirm

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

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 represents 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

This federal law prohibits discrimination in 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

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

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

the fair employment housing act is also known as the rumford fair housing act

false

the seller's broker is responsible for completing the transfer disclosure statement

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...?

fiduciary duty

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

According to the IRS, real estate agents are ...?

independent contractors

the California Bureau of real estate has the power to do which of the following

issue a license suspend a license revoke a license

this court cased determined it was unconstitutional to refuse to sell a house on the basis of race

jones v mayer

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

Blockbusting is also known as...?

panic selling

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

which of the following carries workers compensation insurance

real estate brokers

what should an agent include in their mailings to their geographical farm

recently listed properties recently sold properties market updates

the refusal to lend money within a specific area for various reasons is known as

redlining

Any home that is not newly constructed is considered a...?

resale home

the natural hazards disclosure is required for

residential properties

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 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

any agent who works only for the buyer or the seller is known as a

single agent

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

which of the following are illegal under the fair housing laws

steering block busting redlining

a ..... property is a property that may be perceived to be undesirable for other than physical or environmental reasons

stigmatized

the real estate marketplace is a/an ...... marketplace?

stratified

Who owns any listings obtained by a real estate salesperson...?

the salesperson's sponsoring broker only

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

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

Commissions are always negotiable...?

true

Most home purchases are now started online...?

true

New agents typically work better in an office environment...?

true

Purchasers of residential real estate are entitled to a Real Estate Transfer Disclosure Statement...?

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

a landlord is not allowed to charge an increased security deposit for a tenant with a service animal

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

a real estate salesperson operates as a sub-agent to their broker

true

discrimination in advertising is covered under the Civil rights act of 1968

true

high performing agents may demand a higher commission split with their sponsoring broker?

true

in the buyer's market there is an excess of inventory

true

real estate is cyclical

true

real estate salesperson must have good time management skills?

true

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

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

which of the following must be double braced in California

water heaters


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