CA DRE Real Estate Practices Exam Answered 100% Correct

There are three main areas within this subject: Listing of real property Sales contracts Marketing - ANSWER-There are three main areas within this subject: Listing of real property Sales contracts Marketing Real Estate Practices describes government regulation of brokerage transactions, the operations of the Department of Real Estate, types of real estate licenses, requirements for obtaining broker and salesperson licenses, continuing education requirements, and, violations of real estate law and professional organizations. - ANSWER-Real Estate Practices describes government regulation of brokerage transactions, the operations of the Department of Real Estate, types of real estate licenses, requirements for obtaining broker and salesperson licenses, continuing education requirements, and, violations of real estate law and professional organizations. Also in this section will be a review of contracts in general, basic elements of a contract, Statute of Frauds, performance of contracts, discharge of contracts, Statue of Limitations, remedies for breach of contract, liquidated damages, and real estate contracts. - ANSWER-Also in this section will be a review of contracts in general, basic elements of a contract, Statute of Frauds, performance of contracts, discharge of contracts, Statue of Limitations, remedies for breach of contract, liquidated damages, and real estate contracts. Additionally what agency is, special distinctions of a general agency, creation of an agency relationship, disclosure and confirmation of agency, ostensible agency, dual agency, cooperating agents and subagent, agent's authority, the duties of an agent towards a principle, real estate transfer disclosure, duties and liabilities of the agent, rights of the agent, termination of agency and the overview of the MLS (multiple listing service) are discussed. - ANSWER-Additionally what agency is, special distinctions of a general agency, creation of an agency relationship, disclosure and confirmation of agency, ostensible agency, dual agency, cooperating agents and subagent, agent's authority, the duties of an agent towards a principle, real estate transfer disclosure, duties and liabilities of the agent, rights of the agent, termination of agency and the overview of the MLS (multiple listing service) are discussed. Real Estate Law is the law that regulates the licensing and conduct of real estate agents. It is designed for the protection of the p_________ in real estate transactions where an agent is involved. The Law also protects the good standing of ethical a__________. - ANSWER-Real Estate Law is the law that regulates the licensing and conduct of real estate agents. It is designed for the protection of the public in real estate transactions where an agent is involved. The Law also protects the good standing of ethical agents. The Real Estate Commissioner, appointed by the g________ of California, determines administrative policy and enforces the provisions of Real Estate Law. To be appointed, the designee must have been a real estate broker for ____ years, and be actively engaged in real estate business in California - ANSWER-The Real Estate Commissioner, appointed by the governor of California, determines administrative policy and enforces the provisions of Real Estate Law. To be appointed, the designee must have been a real estate broker for five years, and be actively engaged in real estate business in California Responsibilities of the Real Estate Commissioner include: Examine c_________ against licensees R___________ specific aspects of the sale of s_____________ Monitor real property s____________transactions Manage p________ rental listing services Screen and qualify applicants for l________ Investigate ________-licensees alleged to be performing acts for which a license is required. - ANSWER-Responsibilities of the Real Estate Commissioner include: Examine complaints against licensees Regulate specific aspects of the sale of subdivisions Monitor real property securities transactions Manage prepaid rental listing services Screen and qualify applicants for license Investigate non-licensees alleged to be performing acts for which a license is required. The Commissioner is not responsible for settling c________________ disputes. Those issues fall under the power of a court and must be handled by an attorney, if the parties cannot agree - ANSWER-The Commissioner is not responsible for settling commission disputes. Those issues fall under the power of a court and must be handled by an attorney, if the parties cannot agree The Real Estate Advisory Commission is made up of ____ members: six licensed real estate brokers and four public members. - ANSWER-The Real Estate Advisory Commission is made up of ten members: six licensed real estate brokers and four public members. The two main real estate licenses are the b_______'s license and the s____________ license. The Real Estate Law requires a salesperson to be supervised by a broker. A real estate salesperson must be employed by a real estate broker in order to receive commissions. A salesperson must never accept a commission payment directly from the buyer or seller, or through escrow. The escrow company pays a b________ when the escrow c_______ who then pays the salesperson. - ANSWER-The two main real estate licenses are the broker's license and the salesperson's license. The Real Estate Law requires a salesperson to be supervised by a broker. A real estate salesperson must be employed by a real estate broker in order to receive commissions. A salesperson must never accept a commission payment directly from the buyer or seller, or through escrow. The escrow company pays a broker when the escrow closes who then pays the salesperson. Types of agents include: Real estate agent - someone with a b_________ or s__________ license; negotiates sales for clients. Real estate broker - someone with a broker license; negotiates sales for clients; able to e________ a person with a salesperson license. Real estate salesperson or real estate sales associate - someone with a salesperson l________; must work under a real estate broker to perform any real estate transactions. Licensee - a salesperson or broker. - ANSWER-Types of agents include: Real estate agent - someone with a broker or salesperson license; negotiates sales for clients. Real estate broker - someone with a broker license; negotiates sales for clients; able to employ a person with a salesperson license. Real estate salesperson or real estate sales associate - someone with a salesperson license; must work under a real estate broker to perform any real estate transactions. Licensee - a salesperson or broker. Real estate license is required for the following acts: Soliciting b_______ Soliciting s_________ Negotiating s_______ Negotiating e________ Negotiating l_________ Negotiating sales c________ Negotiating a p________ note secured by r_______ property Soliciting for t_______ or r_______ Negotiating l_______ - ANSWER-Real estate license is required for the following acts: Soliciting buyers Soliciting sellers Negotiating sales Negotiating exchanges Negotiating leases Negotiating sales contracts Negotiating a promissory note secured by real property Soliciting for tenants or rentals Negotiating loans A real estate license is not needed by: A person dealing with his or her ____ property