ACEABLE Agent: Real Estate Principles exam
2023 with 100% correct answers
The Real Estate Law is found in
A. The Licensing Code
B. The Business and Professions Code
C. The Health and Safety Code
D. The Corporations Code - correct answer -B. Business and Professions Code
The Real Estate Commissioner reports to
a. the California Bureau of Real Estate.
b. the governor.
c. the Department of Housing and Urban Development.
d. the legislature. - correct answer -B. the governor
A salesperson owns 25% of the outstanding shares of Rollo Reality Inc and the broker owns the
remaining shares. The division of ownership is
a. acceptable.
b. mandated.
c. discouraged.
d. prohibited. - correct answer -A. Acceptable
A salesperson is part owner of Rollo Realty Inc. In the broker's absence, the salesperson frequently
reviews the work of sales associates. This is
a. acceptable.
b. mandated.
c. discouraged.
d. prohibited. - correct answer -D. Prohibited
,A real estate business that is a partnership can have more than one office location, provided
a. a broker partner obtains an additional license for each location.
b. all partners are real estate licensees.
c. there is a designated broker-officer.
d. there is at least one partner at each location. - correct answer -A. A broker partner obtains an
additional license for each location.
The sale or transfer of goods ordinarily held for sale in the course of business is governed in California by
a. the Business Opportunity Code.
b. the Commercial Transfer Law.
c. the Uniform Commercial Code.
d. the Real Estate Law. - correct answer -C. The Uniform Commercial Code
An officer of Ajax Corporation, who is not a real estate license, successfully negotiated the purchase of
the Smith Widget Plant on behalf of Ajax. The officer received a commission on the sale in addition to
his normal salary. The officer of Ajax Corporation.
a. did not need a real estate license for the deal.
b. should have had a real estate license.
c. is exempt from licensing requirements.
d. None of these - correct answer -B. Should have had a real estate license.
If a real estate license is NOT renewed before it expires, the licensee
a. is allowed to complete transactions in progress.
b. is allowed to finish transactions that are substantially complete.
c. must cease all real estate activities.
d. may act under authority of another agent's license for a period not to exceed 60 days. - correct
answer -C. Must cease all real estate activities
A real estate licensee can offer a mobile home for sale that is
,a. in a manufacturing plant, ready for delivery.
b. transportable under an exemption from the Vehicle Code.
c. presold.
d. in a location where it can legally remain for one year. - correct answer -D. In a location where it can
legally remain for one year.
A couple desperately wants to move to Pine Bend, and they like the seller's house, which is listed with a
broker. The couple tells the broker they will "make it worth his while" if he can persuade the sellers to
accept their offer, and they send an expensive food basket to the broker as a sign of their good faith.
The broker neglects to mention this to the sellers. This practice is
a. acceptable.
b. mandated.
c. discouraged.
d. prohibited. - correct answer -D. Prohibited.
A broker routinely places earnest money deposits in his personal account for overnight safekeeping. This
practice is
a. acceptable.
b. mandated.
c. discouraged.
d. prohibited. - correct answer -D. Prohibited
A broker has an exclusive listing agreement with a property owner. The listing will terminate "when the
parties agree." This practice is
A. acceptable
B. mandated
C. Discouraged
D. Prohibited - correct answer -D. Prohibited
When a broker exercised his option to buy Whiteacre, he presented to the owner of Whiteacre a written
statement of his expected profit in the transaction. The seller agreed in writing to proceed with the sale.
This conduct is
, A. Acceptable
B. Mandated
C. Discouraged
D. Prohibited - correct answer -B. Mandated
The broker-office of XYZ Realty, Inc., does not like the overly aggressive sales tactics of XYZ's salespeople
but has not reprimanded them because business is so good. The broker's conduct is
A. Acceptable
B. Mandated
C. Discouraged
D. Prohibited - correct answer -C. Discouraged
A broker wants to help out his neighbor's son, who recently acquired a B.A. in history from Back East
University. The broker hires the graduate to show property to prospective buyers. Because the new
employee has no real estate license, the broker handles all of the negotiating. This practice is
A. acceptable
B. mandated
C. discouraged
D. prohibited - correct answer -D. Prohibited
A salesperson is selling the Greenacre Estate. An officer has been accepted, and the closing will take
place in two weeks. While the owners are out of town, the buyer asks if the closing can be put off for
one day. The salesperson agrees on behalf of the owners, for she is sure they will not object. The
salesperson's conduct is
A. Acceptable
B. Mandated
C. Discouraged
D. Prohibited - correct answer -D. Prohibited
A house is for sale following a murder in the house six months earlier. A salesperson, showing an out-of-
town prospect through the house, decides to keep information about the murder to himself. The
salesperson's conduct is
2023 with 100% correct answers
The Real Estate Law is found in
A. The Licensing Code
B. The Business and Professions Code
C. The Health and Safety Code
D. The Corporations Code - correct answer -B. Business and Professions Code
The Real Estate Commissioner reports to
a. the California Bureau of Real Estate.
b. the governor.
c. the Department of Housing and Urban Development.
d. the legislature. - correct answer -B. the governor
A salesperson owns 25% of the outstanding shares of Rollo Reality Inc and the broker owns the
remaining shares. The division of ownership is
a. acceptable.
b. mandated.
c. discouraged.
d. prohibited. - correct answer -A. Acceptable
A salesperson is part owner of Rollo Realty Inc. In the broker's absence, the salesperson frequently
reviews the work of sales associates. This is
a. acceptable.
b. mandated.
c. discouraged.
d. prohibited. - correct answer -D. Prohibited
,A real estate business that is a partnership can have more than one office location, provided
a. a broker partner obtains an additional license for each location.
b. all partners are real estate licensees.
c. there is a designated broker-officer.
d. there is at least one partner at each location. - correct answer -A. A broker partner obtains an
additional license for each location.
The sale or transfer of goods ordinarily held for sale in the course of business is governed in California by
a. the Business Opportunity Code.
b. the Commercial Transfer Law.
c. the Uniform Commercial Code.
d. the Real Estate Law. - correct answer -C. The Uniform Commercial Code
An officer of Ajax Corporation, who is not a real estate license, successfully negotiated the purchase of
the Smith Widget Plant on behalf of Ajax. The officer received a commission on the sale in addition to
his normal salary. The officer of Ajax Corporation.
a. did not need a real estate license for the deal.
b. should have had a real estate license.
c. is exempt from licensing requirements.
d. None of these - correct answer -B. Should have had a real estate license.
If a real estate license is NOT renewed before it expires, the licensee
a. is allowed to complete transactions in progress.
b. is allowed to finish transactions that are substantially complete.
c. must cease all real estate activities.
d. may act under authority of another agent's license for a period not to exceed 60 days. - correct
answer -C. Must cease all real estate activities
A real estate licensee can offer a mobile home for sale that is
,a. in a manufacturing plant, ready for delivery.
b. transportable under an exemption from the Vehicle Code.
c. presold.
d. in a location where it can legally remain for one year. - correct answer -D. In a location where it can
legally remain for one year.
A couple desperately wants to move to Pine Bend, and they like the seller's house, which is listed with a
broker. The couple tells the broker they will "make it worth his while" if he can persuade the sellers to
accept their offer, and they send an expensive food basket to the broker as a sign of their good faith.
The broker neglects to mention this to the sellers. This practice is
a. acceptable.
b. mandated.
c. discouraged.
d. prohibited. - correct answer -D. Prohibited.
A broker routinely places earnest money deposits in his personal account for overnight safekeeping. This
practice is
a. acceptable.
b. mandated.
c. discouraged.
d. prohibited. - correct answer -D. Prohibited
A broker has an exclusive listing agreement with a property owner. The listing will terminate "when the
parties agree." This practice is
A. acceptable
B. mandated
C. Discouraged
D. Prohibited - correct answer -D. Prohibited
When a broker exercised his option to buy Whiteacre, he presented to the owner of Whiteacre a written
statement of his expected profit in the transaction. The seller agreed in writing to proceed with the sale.
This conduct is
, A. Acceptable
B. Mandated
C. Discouraged
D. Prohibited - correct answer -B. Mandated
The broker-office of XYZ Realty, Inc., does not like the overly aggressive sales tactics of XYZ's salespeople
but has not reprimanded them because business is so good. The broker's conduct is
A. Acceptable
B. Mandated
C. Discouraged
D. Prohibited - correct answer -C. Discouraged
A broker wants to help out his neighbor's son, who recently acquired a B.A. in history from Back East
University. The broker hires the graduate to show property to prospective buyers. Because the new
employee has no real estate license, the broker handles all of the negotiating. This practice is
A. acceptable
B. mandated
C. discouraged
D. prohibited - correct answer -D. Prohibited
A salesperson is selling the Greenacre Estate. An officer has been accepted, and the closing will take
place in two weeks. While the owners are out of town, the buyer asks if the closing can be put off for
one day. The salesperson agrees on behalf of the owners, for she is sure they will not object. The
salesperson's conduct is
A. Acceptable
B. Mandated
C. Discouraged
D. Prohibited - correct answer -D. Prohibited
A house is for sale following a murder in the house six months earlier. A salesperson, showing an out-of-
town prospect through the house, decides to keep information about the murder to himself. The
salesperson's conduct is
