Practice of Real Estate and Disclosures-Final
Exam Test Question with Correct Answers.
Requirements for licensing as a real estate salesperson include all, except:
ownership of property
being eighteen years or older
being honest and truthful
getting fingerprinted - Correct Answer-ownership of property.
Property ownership is not a requirement for obtaining a California Bureau of Real Estate
(CalBRE) license
A real estate broker's advertisements need to include:
the name of the broker and license number
that the advertiser is a broker or agent
the address of the broker
Either a. or b - Correct Answer-the name of the broker and license number.
Without the disclosure of the broker's name and license number, this type of
advertisement is considered a prohibited "blind ad."
An unlicensed assistant may:
show property to prospective buyers
encourage a prospective client to use the broker's services
discuss the terms or conditions of a possible sale
prepare a comparative market analysis (CMA) for a client - Correct Answer-prepare a
comparative market analysis (CMA) for a client.
,An unlicensed assistant may be employed to perform nondiscretionary administrative
activities, such as write up documents including contracts and comparative market
analyses (CMAs), as long as they are reviewed by the broker. However, most interactions
with the public are not allowed.
Roland, a broker, arranges a sale and opens escrow. Before escrow closes, his license is
revoked by the California Bureau of Real Estate (CalBRE). What happens to Roland's
commission?
Roland's commission goes to the Real Estate Education Research and Recovery Fund.
The seller does not have to pay any commission
The commission is split between the buyer and seller
Roland gets his commission - Correct Answer-Roland gets his commission.
The broker's commission is earned when a ready, willing, and able buyer is found. Thus,
since the broker was licensed at the time he procured a buyer as contracted for, he is able
to collect his fee.
Real estate licenses are issued for:
one year
two years
four years
life - Correct Answer-four years.
A real estate license needs to be renewed every four years by completing 45 hours of
continuing education.
Robert, a developer who is unlicensed, hires Yvonne, a broker, to sell his properties.
While Yvonne is out of town, Robert shows property, quotes prices and makes sales.
Have Robert or Yvonne violated the Real Estate Law?
Yvonne has violated the Real Estate Law and can be fined $500.
Robert has violated the Real Estate Law and can be fined $500.
Both Robert and Yvonne have violated the Real Estate Law
, Neither Robert nor Yvonne has done anything wrong - Correct Answer-Neither Robert nor
Yvonne has done anything wrong.
Robert is the owner of the property being sold. Thus, the sale is considered a for sale by
owner (FSBO) transaction which does not require a license, as the private seller is acting
for their own account, not as an agent of another.
Which of the following is true?
Every real estate broker needs to maintain a definite place of business in California.
An advertisement must include the licensee's name and license number.
Both a. and b
Neither a. nor b - Correct Answer-Both a. and b.
A licensee's name and license number is required on all promotional materials, including
business cards. Further, a broker needs to have a physical address on record with the
California Bureau of Real Estate (CalBRE) to receive mailings and be subject to state
audits.
A salesperson's commission is paid by:
the seller
the broker
escrow
the buyer - Correct Answer-the broker.
A salesperson is "an agent of the agent" and always works for the broker who represents
the principal. Thus, the commission is paid to the broker who then distributes the monies
according to the terms of the salesperson/broker agreement.
The __________ prohibits an employer from discriminating against a person with a
disability seeking employment based on their disability.
Civil Rights Act of 1964
Americans with Disabilities Act (ADA)
Exam Test Question with Correct Answers.
Requirements for licensing as a real estate salesperson include all, except:
ownership of property
being eighteen years or older
being honest and truthful
getting fingerprinted - Correct Answer-ownership of property.
Property ownership is not a requirement for obtaining a California Bureau of Real Estate
(CalBRE) license
A real estate broker's advertisements need to include:
the name of the broker and license number
that the advertiser is a broker or agent
the address of the broker
Either a. or b - Correct Answer-the name of the broker and license number.
Without the disclosure of the broker's name and license number, this type of
advertisement is considered a prohibited "blind ad."
An unlicensed assistant may:
show property to prospective buyers
encourage a prospective client to use the broker's services
discuss the terms or conditions of a possible sale
prepare a comparative market analysis (CMA) for a client - Correct Answer-prepare a
comparative market analysis (CMA) for a client.
,An unlicensed assistant may be employed to perform nondiscretionary administrative
activities, such as write up documents including contracts and comparative market
analyses (CMAs), as long as they are reviewed by the broker. However, most interactions
with the public are not allowed.
Roland, a broker, arranges a sale and opens escrow. Before escrow closes, his license is
revoked by the California Bureau of Real Estate (CalBRE). What happens to Roland's
commission?
Roland's commission goes to the Real Estate Education Research and Recovery Fund.
The seller does not have to pay any commission
The commission is split between the buyer and seller
Roland gets his commission - Correct Answer-Roland gets his commission.
The broker's commission is earned when a ready, willing, and able buyer is found. Thus,
since the broker was licensed at the time he procured a buyer as contracted for, he is able
to collect his fee.
Real estate licenses are issued for:
one year
two years
four years
life - Correct Answer-four years.
A real estate license needs to be renewed every four years by completing 45 hours of
continuing education.
Robert, a developer who is unlicensed, hires Yvonne, a broker, to sell his properties.
While Yvonne is out of town, Robert shows property, quotes prices and makes sales.
Have Robert or Yvonne violated the Real Estate Law?
Yvonne has violated the Real Estate Law and can be fined $500.
Robert has violated the Real Estate Law and can be fined $500.
Both Robert and Yvonne have violated the Real Estate Law
, Neither Robert nor Yvonne has done anything wrong - Correct Answer-Neither Robert nor
Yvonne has done anything wrong.
Robert is the owner of the property being sold. Thus, the sale is considered a for sale by
owner (FSBO) transaction which does not require a license, as the private seller is acting
for their own account, not as an agent of another.
Which of the following is true?
Every real estate broker needs to maintain a definite place of business in California.
An advertisement must include the licensee's name and license number.
Both a. and b
Neither a. nor b - Correct Answer-Both a. and b.
A licensee's name and license number is required on all promotional materials, including
business cards. Further, a broker needs to have a physical address on record with the
California Bureau of Real Estate (CalBRE) to receive mailings and be subject to state
audits.
A salesperson's commission is paid by:
the seller
the broker
escrow
the buyer - Correct Answer-the broker.
A salesperson is "an agent of the agent" and always works for the broker who represents
the principal. Thus, the commission is paid to the broker who then distributes the monies
according to the terms of the salesperson/broker agreement.
The __________ prohibits an employer from discriminating against a person with a
disability seeking employment based on their disability.
Civil Rights Act of 1964
Americans with Disabilities Act (ADA)
