SALESPERSON 2025/2026 QUESTIONS AND SOLUTIONS
GRADED A+ TIP
✔✔executory vs. executed - ✔✔executory-to be performed at later date, executed-
document has been signed
✔✔statute of limitations on a judgement - ✔✔10 years
✔✔exclusive listings - ✔✔must have termination date
✔✔open listing - ✔✔only procuring cause earns the commission
✔✔net listing - ✔✔commission is net of sale, most litigious ,legal but not recommended
✔✔expansion and contraction of available spaces - ✔✔influenced by mainly elasticity of
demand
✔✔kiosk - ✔✔small freestanding building used for information purposes, usually found
in shopping centers
✔✔demography - ✔✔study of population
✔✔megapolis - ✔✔very large city
✔✔septic tank installation - ✔✔must be at least five feet away from improvements
✔✔setback - ✔✔distance between street and front of the improvements that must
remain unimproved to comply with ordinance. There are front, side and rear yard
setbacks.
✔✔Franchise investment law - ✔✔protect the franchisee
✔✔discretionary funds - ✔✔used to purchase a franchise
✔✔Uniform commercial code - ✔✔bulk sales notice published by transferee (buyer), at
least 12 business days before the sale. Only has to appear once and designed to alert
creditors
✔✔clearance receipt - ✔✔obtained by buyer from state board of equalization to avoid
successor's liability
✔✔bill of sale - ✔✔transfers title to personal property
✔✔Department of alcoholic beverage control - ✔✔regulates liquor licensing
, ✔✔net worth of $5 million and 25 franchises and must be operating continuously in the
five years preceding the offering - ✔✔to be exempt from permit aspect of franchise
investment law
✔✔common test for water pressure - ✔✔turn all faucets and flush the toilets
✔✔value of property near gasoline station - ✔✔affected by toxic wastes
✔✔Title VII of civil rights act of 1968 - ✔✔prohibits discrimination in membership of real
estate boards and multiple listing service. Also called fair housing act
✔✔"As is" - ✔✔refers to observable defects
✔✔California fair housing law - ✔✔owner of single family residence may take in one
boarder to live in the home and exempt from this act
✔✔Unruh civil rights act - ✔✔controls businesses and prohibits discrimination, both
actual and punitive damages are possible
✔✔steering, panic selling, blockbusting - ✔✔illegal and unethical practices by real
estate licensee
✔✔redlining - ✔✔discrimination by a financial institution
✔✔federal fair housing laws - ✔✔provide fair housing for all persons in U.S.
✔✔U.S. Supreme Court case Jones v.Mayer 1968 - ✔✔barred racial discrimination in
property matters in US
✔✔Easton v. Strassburger - ✔✔requires real property disclosure statement from seller
or transferors of 1 to 4 unit dwellings, even if selling "as-is". Broker cannot fill in seller
portion.
✔✔Agency disclosure statement - ✔✔required to be given by agents to sellers and
buyers of 1 to 4 dwelling units
✔✔fiduciary relationship - ✔✔loyalty, integrity, utmost care
✔✔three base and meridian lines - ✔✔Humboldt, Mt. Diablo, San Bernardino
✔✔township - ✔✔6 mile square = 36 square miles = 36 sections
✔✔section - ✔✔1 mile square = 640 acres
GRADED A+ TIP
✔✔executory vs. executed - ✔✔executory-to be performed at later date, executed-
document has been signed
✔✔statute of limitations on a judgement - ✔✔10 years
✔✔exclusive listings - ✔✔must have termination date
✔✔open listing - ✔✔only procuring cause earns the commission
✔✔net listing - ✔✔commission is net of sale, most litigious ,legal but not recommended
✔✔expansion and contraction of available spaces - ✔✔influenced by mainly elasticity of
demand
✔✔kiosk - ✔✔small freestanding building used for information purposes, usually found
in shopping centers
✔✔demography - ✔✔study of population
✔✔megapolis - ✔✔very large city
✔✔septic tank installation - ✔✔must be at least five feet away from improvements
✔✔setback - ✔✔distance between street and front of the improvements that must
remain unimproved to comply with ordinance. There are front, side and rear yard
setbacks.
✔✔Franchise investment law - ✔✔protect the franchisee
✔✔discretionary funds - ✔✔used to purchase a franchise
✔✔Uniform commercial code - ✔✔bulk sales notice published by transferee (buyer), at
least 12 business days before the sale. Only has to appear once and designed to alert
creditors
✔✔clearance receipt - ✔✔obtained by buyer from state board of equalization to avoid
successor's liability
✔✔bill of sale - ✔✔transfers title to personal property
✔✔Department of alcoholic beverage control - ✔✔regulates liquor licensing
, ✔✔net worth of $5 million and 25 franchises and must be operating continuously in the
five years preceding the offering - ✔✔to be exempt from permit aspect of franchise
investment law
✔✔common test for water pressure - ✔✔turn all faucets and flush the toilets
✔✔value of property near gasoline station - ✔✔affected by toxic wastes
✔✔Title VII of civil rights act of 1968 - ✔✔prohibits discrimination in membership of real
estate boards and multiple listing service. Also called fair housing act
✔✔"As is" - ✔✔refers to observable defects
✔✔California fair housing law - ✔✔owner of single family residence may take in one
boarder to live in the home and exempt from this act
✔✔Unruh civil rights act - ✔✔controls businesses and prohibits discrimination, both
actual and punitive damages are possible
✔✔steering, panic selling, blockbusting - ✔✔illegal and unethical practices by real
estate licensee
✔✔redlining - ✔✔discrimination by a financial institution
✔✔federal fair housing laws - ✔✔provide fair housing for all persons in U.S.
✔✔U.S. Supreme Court case Jones v.Mayer 1968 - ✔✔barred racial discrimination in
property matters in US
✔✔Easton v. Strassburger - ✔✔requires real property disclosure statement from seller
or transferors of 1 to 4 unit dwellings, even if selling "as-is". Broker cannot fill in seller
portion.
✔✔Agency disclosure statement - ✔✔required to be given by agents to sellers and
buyers of 1 to 4 dwelling units
✔✔fiduciary relationship - ✔✔loyalty, integrity, utmost care
✔✔three base and meridian lines - ✔✔Humboldt, Mt. Diablo, San Bernardino
✔✔township - ✔✔6 mile square = 36 square miles = 36 sections
✔✔section - ✔✔1 mile square = 640 acres
