California Real Estate Notes Questions with Correct Answers

California Real Estate Notes Questions with Correct Answers Section 10177 of the Business and Professions Code - Applies to situations in which the licensee involved was not necessarily acting in the capacity of an agent Misrepresentation - A false statement of fact False promise - A false statement about what the promisor is going to do Real Estate General Fund - An account that holds ALL the money collected from license and exam fees, and is used for the operating expenses of the CalBRE - 8% for the Real Estate Education and Research Fund - 12% for the Recovery Fund Recovery Fund - An account established as a last resort for a consumer who has obtained a final civil judgement or criminal restitution order against a real estate licensee based on fraud or certain other grounds. The California Real Estate Commissioner has the authority to investigate the actions of any person engaged in the business of a licensee in California, and has the power to ____, suspend or ____ the real estate license. - deny, revoke T/F: A person must be licensed to negotiate the sale, purchase or exchanges of real property; offer to lease or rent; solicit listings of real estate or prospective tenants; collect any sorts of payments regarding real property. - True The only unlicensed person who may solicit for the sale of real property is the ____ or his legal representatives. - owner