Legal Aspects of Real Estate Ch. 15 Licensing
and Regulations UPDATED ACTUAL
Exam Questions and CORRECT Answers
What do we call the practice of mixing a client's money with the agent's personal funds? -
CORRECT ANSWER - Commingling
What is the continuing education requirement to renew a real estate license in California? -
CORRECT ANSWER - 45 hours every 4 years
Which one of these parties do not need to be licensed as real estate sales persons or brokers? -
CORRECT ANSWER - A short term vacation rental agent
The rules of the Bulk Sales Act apply when a business is sold that involves - CORRECT
ANSWER - inventory
California law has held that a post-dated check may be considered the equivalent of a -
CORRECT ANSWER - promissory note.
The maximum liability of the Recovery Account in any one transaction is how much? -
CORRECT ANSWER - $50,000.00
A licensee who is 70 years old or older is exempt from the continuing education requirements if
that person has been a licensee in good standing in California for at least - CORRECT
ANSWER - 30 years.
What does DRE stand for? - CORRECT ANSWER - California Department of Real Estate
What is a tax on the retail sale of tangible personal property in California called? - CORRECT
ANSWER - The California Sales and Use Tax
and Regulations UPDATED ACTUAL
Exam Questions and CORRECT Answers
What do we call the practice of mixing a client's money with the agent's personal funds? -
CORRECT ANSWER - Commingling
What is the continuing education requirement to renew a real estate license in California? -
CORRECT ANSWER - 45 hours every 4 years
Which one of these parties do not need to be licensed as real estate sales persons or brokers? -
CORRECT ANSWER - A short term vacation rental agent
The rules of the Bulk Sales Act apply when a business is sold that involves - CORRECT
ANSWER - inventory
California law has held that a post-dated check may be considered the equivalent of a -
CORRECT ANSWER - promissory note.
The maximum liability of the Recovery Account in any one transaction is how much? -
CORRECT ANSWER - $50,000.00
A licensee who is 70 years old or older is exempt from the continuing education requirements if
that person has been a licensee in good standing in California for at least - CORRECT
ANSWER - 30 years.
What does DRE stand for? - CORRECT ANSWER - California Department of Real Estate
What is a tax on the retail sale of tangible personal property in California called? - CORRECT
ANSWER - The California Sales and Use Tax
