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Real Estate

Quiz 15

admin 2019.05.17 21:50 Views : 12831

1 of 25 - What is the main purpose of the DRE?
To collect license and exam fees
 
To protect the public
To protect licensees
To protect brokers
You answered correctly
2 of 25 - Within how long of an alleged violation does a person have to file a complaint with the Commissioner regarding the actions of a real estate licensee in California?
1 year
 
3 years
6 months
18 months
You answered correctly
3 of 25 - What describes the right of the state to enact and enforce laws for the order, safety, health, morals, and general welfare of the public?
Law of the land
Eminent domain
 
Police power
Right of rescission
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4 of 25 - What is an account that holds all the money collected from license and exam fees and is used for the operating expense of the CalDRE?
 
The Real Estate General Fund
The Real Estate License Fund
The Real Estate Escrow Fund
The Real Estate Exam Fund
You answered correctly
5 of 25 - How old must a candidate be in order to obtain a real estate license?
21
 
18
16
23
You answered correctly
6 of 25 - What is an account established as a last resort for a consumer who has obtained a final civil judgment or criminal restitution order against a real estate licensee based on fraud or certain other grounds?
The Real Estate Education Fund
The Real Estate Research Fund
 
The Recovery Fund
The Real Estate Restitution Fund
You answered correctly
7 of 25 - Which one of these parties do not need to be licensed as real estate sales persons or brokers?
A buyer's agent
A person who solicits real estate listings
 
A short term vacation rental agent
A seller's agent
You answered correctly
8 of 25 - If the Commissioner revokes a license, the person affected may not apply for reinstatement of the license until
2 years has passed.
6 months has passed.
 
1 year has passed.
3 months has passed.
You answered correctly
9 of 25 - If an unlicensed person does act as a real estate salesperson or broker, he or she will be
 
guilty of fraud.
 
penalized under the law.
required to compensate the injured party.
fined $1,000.
You answered incorrectly
If an unlicensed person does act as a real estate salesperson or broker, he or she will be penalized under the law.
10 of 25 - What describes money or other things of value that are received by the broker on the part of another person?
Endowment
Investment capital
Escrow
 
Trust funds
You answered correctly
11 of 25 - What is a tax on the retail sale of tangible personal property in California called?
The California Public Use Tax
An assessment
 
The California Sales and Use Tax
Real Property Tax
You answered correctly
12 of 25 - What is the continuing education requirement to renew a real estate license in California?
12 hours every 2 years
15 hours every year
 
45 hours every 4 years
60 hours every 4 years
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13 of 25 - California law has held that a post-dated check may be considered the equivalent of a
certificate of deposit.
cash deposit.
 
promissory note.
cashier's check.
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14 of 25 - What do we call the practice of mixing a client's money with the agent's personal funds?
Conversion
Disengagement
Dispersement
 
Commingling
You answered correctly
15 of 25 - Who enforces the collection of sales and use taxes in California?
The California Board of Realtors
 
The California State Board of Equalization
 
The California Bureau of Real Estate
The California Real Estate Commission
You answered incorrectly
The California State Board of Equalization enforces the collection of sales and use taxes.
16 of 25 - The maximum liability of the Recovery Account in any one transaction is how much?
$40,000.00
$10,000.00
$15,000.00
 
$50,000.00
You answered correctly
17 of 25 - What is described as the written instrument that passes the title to the personal property?
A title receipt
 
A bill of sale
A balance sheet
A transaction record
You answered correctly
18 of 25 - What type of licensing does a person need who is acting on his or her own behalf with respect to his or her own property?
A real estate license
A broker license
An independent contractor license
 
No license required
You answered correctly
19 of 25 - All California real estate licenses are issued for a period of
2 years.
6 years.
8 years.
 
4 years.
You answered correctly
20 of 25 - What gives a person the chance to channel his or her private savings into real estate investments for which other financing cannot be obtained or is not available because of the large amount of money involved?
A Money Market Account
Private investment
Economic reinvestment
 
Real estate syndication
You answered correctly
21 of 25 - A candidate for an original real estate salesperson license must qualify for and pass a written examination with a score of
60% or greater.
65% or greater.
 
70% or greater.
50% or greater.
You answered correctly
22 of 25 - 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
25 years.
 
30 years.
15 years.
20 years.
You answered correctly
23 of 25 - What does DRE stand for?
California Buyer Representation
California Board of Realtors
California Business Enterprises
 
California Department of Real Estate
You answered correctly
24 of 25 - The rules of the Bulk Sales Act apply when a business is sold that involves
creditors.
appurtenances.
assets.
 
inventory.
You answered correctly
25 of 25 - A broker who receives a buyer's money deposit, that is not in the form of a check, must deposit it in the appropriate account within how many days following receipt of the funds?
10 business days
 
3 business days
7 business days
5 business days
You answered correctly
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