Real Estate Principles Chapter 1 Review Questions AND ANSWERS 100% CORRECT!

The real estate law is found in the - ANSWER Business and Professional Code The Real Estate Commissioner reports to the - ANSWER governor Salesperson Sam owns 25% of the outstanding shares of Rollo Realty, Inc., and broker Barbara Rollo owns the remaining shares. This division of ownership is - ANSWER acceptable Salesperson Sam is part owner of Rollo Realty, Inc. In the broker's absence, Sam frequently reviews the work of sales associates. This is - ANSWER prohibited A real estate business that is a partnership can have more than one office location, provided - ANSWER 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 the - ANSWER Uniform Commercial Code. Todd, an officer of Ajax Corporation and not a real estate licensee, successfully negotiated the purchase of the Smith Widget Plant ion behalf of Ajax. Todd received a commission on the sale in addition to his normal salary. Todd - ANSWER should have had a real estate license. If a real estate license is NOT renewed before it expires, the licensee - ANSWER must cease all real estate activities A real estate licensee can offer a mobile home for sale that is - ANSWER in a location where it can legally remain for one year. The Browns desperately want to move to Pine Bend, and they like the Smith house, which is listed with broker Bob. The Browns tell Bob they will make it worth his while if he can persuade the Smiths to accept the Brown offer on their house, and the Browns send an expensive food basket to Bob as a sign of their good faith. Bob neglects to mention this to the Smiths. This practice is - ANSWER Prohibited Maya is broker-officer of XYZ Realty, Inc. She does not like the overly aggressive sales tactics of XYZ's salespeople but has not reprimanded them because business is so g