Unit 3: Obtaining and Keeping a License in CA

Brokers understand the risk they take on when sponsoring other licensees. Good sponsoring brokers will take actions to ensure they appropriately manage their risk. Which of the following are some actions a sponsoring broker may take? Select all that apply. Establish a standardized set of policies and procedures.Ensure policies and procedures are written and available to all members of the team.Conduct training on the procedures.

All of the above. When you start interviewing brokers to determine who will be your sponsor, ask about these items and other actions the broker has in place that will help you succeed in a real estate career.

Which is these statements about convictions and license issuance is most accurate? An applicant convicted of any misdemeanor or felony will be denied a license.An applicant convicted of a crime of moral turpitude may be denied a license.An applicant convicted of a felony must perform community service before obtaining a license.

An applicant convicted of a crime of moral turpitude may be denied a license. Remember, this type of conviction MAY result in license denial, but it's not a guarantee. Either way, don't lie about it. That may result in a denial, as well.

Janine is a real estate licensee in Nevada. She'd also like to practice real estate in California. What does she need to do to accomplish this? California has a reciprocity agreement with Nevada, so Janine can practice real estate in California without obtaining a California license.Janine must complete the same requirements (education, examination, etc.) as a new California license applicant.Janine only needs to complete the California licensing exam to obtain a California real estate license.

Janine must complete the same requirements (education, examination, etc.) as a new California license applicant California does not have a reciprocity agreement with any other states. So licensees in other states must go through the same licensing process as a new salesperson applicant.

Karla is a sponsoring broker who owns her own brokerage. She has two associate brokers and two salespersons, who all work as independent contractors. She also has an unlicensed assistant on payroll as an employee. Which of the following is true of Karla's liability? Karla is liable for the actions of all members of her firm, both the independent contractors and the employee. Karla is only liable for the actions of her associate brokers. Karla is only liable for the actions of her associate brokers and salespersons. Karla is only liable for the actions of her salespersons.

Karla is liable for the actions of all members of her firm, both the independent contractors and the employee.

John is an honest and truthful 28-year-old. He's successfully completed courses on Real Estate Practice, Real Estate Finance, Real Estate Appraisal, Legal Aspects of Real Estate, Accounting, Property Management, Escrows, and Business Law. He has an individual taxpayer identification number (ITIN), and doesn't have any convictions or child support obligations. Is he qualified to obtain a real estate broker license?

No. The broker license has an experience requirement. He must have two years' experience as a real estate salesperson (or equivalent). In some situations, a four-year degree with a major or minor in real estate from an accredited college or university may be substituted for the experience.

LuAnn is an honest and truthful 21-year-old. She's successfully completed courses on Real Estate Principles, Real Estate Practice, and Real Estate Finance. She has a Social Security number, doesn't have any convictions or child support obligations, and passed the California salesperson license exam with flying colors. Is she qualified to obtain a real estate salesperson license?

Yes

When a real estate license is issued in California, how long is that license valid? One yearTwo yearsThree yearsFour years

efore that four-year period is up, you must complete your continuing education hours.

Which agency must real estate licensees go through to gain the MLO endorsement? Nationwide Mortgage Licensing System and Registry

California DRE handles real estate licensing, but has no role in the MLO endorsement.

Sponsoring brokers are liable for the activities of employees only. True

False