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California Real Estate Principles; Unit 15
Terms in this set (50)
Real Estate Law
Another name for the Business and Professions Code, Part 1 entitled Licensing of Persons.
Another term for the Real Estate Law.
Real Estate Commissioner
Person appointed by the governor to enforce the provisions of the Real Estate Law and the Subdivided Lands Law.
Designation used by active member of NAR
real estate salesperson
Someone with real estate license who must be employed by a real estate broker in order to perform any of the activities that require a license
Hours needed for subsequent renewal of broker or salesperson license.
Type of probationary license issued when a license has been suspended, revoked, or denied after a hearing.
A person listed by Child Support Services as delinquent in paying child support.
two-year grace period
The period of time after a license that renewal is allowed, as long as all real estate activity has ceased during that time and a late fee is paid at the time of renewal.
Real Estate Recovery Fund
A separate account funded through collection of a fixed amount from each license fee.
A false statement of fact.
A false statement about what someone is going to do in the future.
Misappropriating and using principal's funds.
Undisclosed profit made by a broker at his or her principal's expense.
CalBRE enforcement program that handles simple disputes.
has recourse by means of a civil suit.
Broker Larwin held an open listing to sell a house that provided for Larwin to receive a 6% commission. Larwin orally agreed to split the commission with Broker Porter if Porter found the buyer. Porter did so, but at close of escrow Larwin kept the entire commission. Under these circumstances, Porter:
CalBRE regards a salesperson's relationship with a broker as a(n):
local district attorney.
Someone places an advertisement for real estate services without listing a real estate license number. In fact, the person does not have a real estate license. Such an individual could be liable for prosecution by the:
A mortgage loan broker
must have a current and valid California real estate license?
Brokers acting as salespeople who do not have their own office
A broker must have a written contract with which of the following employees?
Yes, the licensee may be issued a 150-day temporary license.
If a real estate licensee is listed as an obligor by the California Department of Child Support Services, can he or she renew his or her real estate license?
The broker returns the license to the salesperson and notifies the Real Estate Commissioner.
A licensed salesperson gave notice of leaving the real estate brokerage office to the salesperson's employing broker. What, if anything, must the broker do with the salesperson's license?
at least two years full-time experience as a real estate salesperson within the past five years
In the course of his or her duties, a real estate salesperson might prepare or sign documents or legal instruments that may have a material effect on the rights or obligations of those entering the transaction. The supervising broker must review, initial, and date these documents or instruments within five days or before the close of escrow. However, the broker may delegate these duties to a salesperson to review items prepared by other salespeople provided that the delegated salesperson has:
may hold a hearing but may not suspend or revoke the license until the hearing is concluded
A broker holding an unrestricted license negotiated the sale of real estate. The broker defrauded the buyer during the sales transaction. The defrauded buyer brought a civil suit against the broker on grounds of fraud and was awarded a final judgment. The Real Estate Commissioner
The broker acted illegally.
A broker assured a client that a loan could be found at 5% even though there were no such loans available. When it came time to sign the agreement, the rate offered was 7%. The buyer felt he had to accept the loan because he had already given notice at his apartment complex.
the closing of the transaction.
By law, a broker must keep a copy of the deposit receipt for at least three years from:
Taylor has no recourse against Davis.
Davis did not have a real estate license but negotiated a contract with Taylor to buy Taylor's 20-acre lot for $5,000/acre. Taylor accepted Davis' offer. During negotiations, Davis himself was offered $20,000/acre by a third party for the same 20 acres. Davis did not disclose this fact to Taylor and went ahead with the purchase. Davis later sold the 20 acres to the third party for $20,000/acre. Taylor subsequently learned that Davis resold the lot. Under these circumstances, an attorney will probably advise that:
Both the salesperson and broker can be disciplined.
A licensed real estate salesperson regularly accepted a fee for every client she referred to a lender who signed up for a new mortgage loan. When her employing broker discovered this arrangement, the broker took two steps: (1) The broker fired the salesperson. (2) The broker explicitly warned the rest of the office not to engage in such practices. Who, if anyone, is liable for disciplinary action?
must notify the Commissioner immediately by mailing a certified written statement of the facts.
If an employing broker discharges a salesperson for violating a provision of the Real Estate Law, the broker:
grounds for revocation or suspension of her real estate license.
Broker Kim, who is not a member of any trade organization, has been trying out a new advertising slogan: "A new breed of Realtor." This practice is:
Eight digit license identification number
What must a newly licensed salesperson include on his or her business cards?
It was unlawful because Pat knew structural work was required and the ad did not state this
Broker Pat has a property listed for nine months without success. He believes the property is 10% overpriced, and he knows that major structural repairs are required. Pat writes and pays for the following advertisement to run in a local newspaper: "Charming 2 BDRM Victorian. Move in right away! Wait `til you see the price! Ready for you! Call Pat at 555-1212." What, if anything, is wrong with the advertisement?
involving the Advocacy Program.
A complaint that involves simple disputes or minor issues between consumers and licensees is usually handled by:
Broker or "bro"
A broker who holds a valid listing on a property places the following classified advertisement in the local newspaper: "FOR SALE: 3 bedroom, 2 bath home, swimming pool. $129,000. Phone 555-1234." What needs to be included in the ad?
After close of escrow, the actual selling price of the property must be disclosed to both buyer and seller within
The Commissioner can issue citations and fines to both licensees and unlicensed persons for minor violations of the Real Estate Law. The Commissioner may assess an administrative fine not to exceed __________ per citation.
What is the grace period for the renewal of a salesperson's or broker's license?
Salesperson Smith only had 1 sale in the previous 6 months and did not have enough money to pay for his NAR membership. Since he still had a full box of business cards, he continued to use them even though the card indicated a REALTOR membership.
Which of the following activities violates Section 10177 of the Business and Professions Code?
Real Estate Principles and Real Estate Practice.
To qualify for the real estate salesperson license a person must complete:
As of January 1, 2011 a Mortgage Loan Originator License Endorsement must be obtained before a real estate licensee can solicit or originate a loan application, or negotiate or offer to negotiate any residential mortgage loans in accordance with the:
Settling commission disputes
Which of the following is not a job of the Real Estate Commissioner?
Consumer Recovery Account
Which fund assures the payment of otherwise non-collectable court judgments against licensees who have committed fraud, misrepresentation, deceit, or conversion of trust funds in a transaction?
licenses to partnerships.
The Bureau of Real Estate does not issue:
the licensing and conduct of real estate licensees.
The Real Estate Law is that law that governs:
fulfill education requirements and pass an examination
A prospective real estate licensee must __________ before getting a license.
His or her eight digit license identification number
When engaging in acts for which a license is required, what must a real estate licensee disclose on all solicitation materials, such as business cards?
Submit one set of classifiable fingerprints
When applying for the actual real estate license, what must a prospective licensee do after passing the examination?
receipt of a verified written complaint.
An investigation of a licensee's actions is typically initiated by:
Complaints involving minor disputes between consumers and licensees is handled by the:
If an agent misappropriates his or her principal's money, he or she is guilty of:
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