Real Estate License
Comprehensive Questions and
Solutions Graded A+
When is a real estate license required? - Answer: every activity in connection with a real estate
transaction, when the activity is performed for another or others and for compensation, a
commission, or fee, or in exception thereof
What is a real estate broker? - Answer: a person who, for a compensation or in expectation of a
compensation, does or negotiates to do one of the following
- sells or offers to sell, buys or offers to buy, solicits prospective sellers or purchasers, solicits or
obtains listings, or negotiates the purchase, sale, or exchange of real property or a business
opportunity
- leases or rents, or offers to lease or rent, or places for rent, or solicits listings of places to rent,
or solicits for prospective tenants, or negotiates the sale, purchase, or exchange of leases on
real property or on a business opportunity, or collects rent from real property, or improvements
thereon, or from business opportunities, or shows and quotes prices.
- assists or offers to assist in filling an application for the purchase or lease of, or in locating or
entering upon lands owned by the federal state or government
- solicits borrowers or lenders for or negotiates loans or collects payments or performs services
for borrowers or lenders or note owners in connection with loans secured directly or collaterally
by liens on real property or on a business opportunity
- sells or offers to sell, buys or offers to buy, or exchanges or offers to exchange a real property
sales contract, or a promissory note secured directly or collaterally by a lien on a real property
or business opportunity, and performs services for the holders thereof
,Real Estate Salesperson - Answer: a person who, for compensation or in expectation of
compensation, is employed by a licensed real estate broker
Real estate Salesperson Requirements - Answer: - may only work for his or her broker
- may only be paid by his/her broker
- is considered to be an employee in California
- an independent contractor for other purposes
- cannot act as an independent agent
- all legal actions must be filed through the broker
- must have a written agreement with the broker
- licensed broker may work as a salesman but must have written agreement with employing
broker
how old does one have to be get their broker's license - Answer: 18 years old
is residency in California a requirement to get your broker's license? - Answer: no
Does a conviction of a crime inhibit one's ability to get their broker's license? - Answer: yes. a
conviction of a crime which is either a felony or involves moral turpitude may result in denial of
a license
education requirements for brokers license - Answer: - must have successfully completed eight
statutory three-semester-unit (or equivalent) college level courses in Real estate
principles/finance/appraisal/etc
experience required for broker's license - Answer: a minimum of 2 years full-time licensed
salesperson experience within the last 5 years or the equivalent is required
- you cannot just have your salesperson license for two years. you have to show proof of
employment with a licensed broker (RE 226 form) and letter of recommendation doesn't suffice
, - if you have a major or minor in real estate, you do not need two years of employed experience
educational substitute - Answer: members of the CA state bar will generally qualify on the basis
of their education and experience and are statutorily exempt from the college-level course
requirement
- they HAVE to satisfy the two years of full-time licensed salesperson experience requirement or
have two years of real estate related experience while practicing law
what alternative experience qualifies someone for their broker's license? - Answer: 1.
experience as an escrow or title officer or as a loan officer or loan underwriter in a capacity
directly related to the financing or conveying of real property
2. experience as a subdivider, contractor, or speculative builder, during which time applicant
performed comprehensive duties relating to the purchase, finance, development, and sales or
lease of real property
3. experience as a real property appraiser
how old must someone be to get their salesperson license? - Answer: 18
education - what courses are needed for salesperson license? - Answer: - Real estate principles
- real estate practices
- one of the following:
> real estate appraisal
> property management
> real estate finance
> real estate economics
> legal aspects of RE
> Office administration
> general accounting
Comprehensive Questions and
Solutions Graded A+
When is a real estate license required? - Answer: every activity in connection with a real estate
transaction, when the activity is performed for another or others and for compensation, a
commission, or fee, or in exception thereof
What is a real estate broker? - Answer: a person who, for a compensation or in expectation of a
compensation, does or negotiates to do one of the following
- sells or offers to sell, buys or offers to buy, solicits prospective sellers or purchasers, solicits or
obtains listings, or negotiates the purchase, sale, or exchange of real property or a business
opportunity
- leases or rents, or offers to lease or rent, or places for rent, or solicits listings of places to rent,
or solicits for prospective tenants, or negotiates the sale, purchase, or exchange of leases on
real property or on a business opportunity, or collects rent from real property, or improvements
thereon, or from business opportunities, or shows and quotes prices.
- assists or offers to assist in filling an application for the purchase or lease of, or in locating or
entering upon lands owned by the federal state or government
- solicits borrowers or lenders for or negotiates loans or collects payments or performs services
for borrowers or lenders or note owners in connection with loans secured directly or collaterally
by liens on real property or on a business opportunity
- sells or offers to sell, buys or offers to buy, or exchanges or offers to exchange a real property
sales contract, or a promissory note secured directly or collaterally by a lien on a real property
or business opportunity, and performs services for the holders thereof
,Real Estate Salesperson - Answer: a person who, for compensation or in expectation of
compensation, is employed by a licensed real estate broker
Real estate Salesperson Requirements - Answer: - may only work for his or her broker
- may only be paid by his/her broker
- is considered to be an employee in California
- an independent contractor for other purposes
- cannot act as an independent agent
- all legal actions must be filed through the broker
- must have a written agreement with the broker
- licensed broker may work as a salesman but must have written agreement with employing
broker
how old does one have to be get their broker's license - Answer: 18 years old
is residency in California a requirement to get your broker's license? - Answer: no
Does a conviction of a crime inhibit one's ability to get their broker's license? - Answer: yes. a
conviction of a crime which is either a felony or involves moral turpitude may result in denial of
a license
education requirements for brokers license - Answer: - must have successfully completed eight
statutory three-semester-unit (or equivalent) college level courses in Real estate
principles/finance/appraisal/etc
experience required for broker's license - Answer: a minimum of 2 years full-time licensed
salesperson experience within the last 5 years or the equivalent is required
- you cannot just have your salesperson license for two years. you have to show proof of
employment with a licensed broker (RE 226 form) and letter of recommendation doesn't suffice
, - if you have a major or minor in real estate, you do not need two years of employed experience
educational substitute - Answer: members of the CA state bar will generally qualify on the basis
of their education and experience and are statutorily exempt from the college-level course
requirement
- they HAVE to satisfy the two years of full-time licensed salesperson experience requirement or
have two years of real estate related experience while practicing law
what alternative experience qualifies someone for their broker's license? - Answer: 1.
experience as an escrow or title officer or as a loan officer or loan underwriter in a capacity
directly related to the financing or conveying of real property
2. experience as a subdivider, contractor, or speculative builder, during which time applicant
performed comprehensive duties relating to the purchase, finance, development, and sales or
lease of real property
3. experience as a real property appraiser
how old must someone be to get their salesperson license? - Answer: 18
education - what courses are needed for salesperson license? - Answer: - Real estate principles
- real estate practices
- one of the following:
> real estate appraisal
> property management
> real estate finance
> real estate economics
> legal aspects of RE
> Office administration
> general accounting
