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Question 1 of 10
1. Question
Which of the following statements about records of transaction is true?
Correct
It is statutory for a broker to maintain transaction records for three years starting from the date of closing.
Incorrect
It is statutory for a broker to maintain transaction records for three years starting from the date of closing.
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Question 2 of 10
2. Question
A broker who hires salespeople rather than workers as independent contractors has?
Correct
Regardless of the salesperson’s job status, a broker has the same supervisory obligation.
Incorrect
Regardless of the salesperson’s job status, a broker has the same supervisory obligation.
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Question 3 of 10
3. Question
Which of the following statements about a salesperson receiving a commission fee after selling her house directly from a homeowner is true?
Correct
Commissions are paid to the broker, who then shares the agreed-to amount with the salesperson.
Incorrect
Commissions are paid to the broker, who then shares the agreed-to amount with the salesperson.
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Question 4 of 10
4. Question
Which of the following tasks would an unlicensed assistant be able to perform?
Correct
Regardless of the salesperson’s job status, a broker has the same supervisory obligation.
Incorrect
Regardless of the salesperson’s job status, a broker has the same supervisory obligation.
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Question 5 of 10
5. Question
In California, real estate law is governed by who?
Correct
The group which advises the commissioner of the real estate is Committee for Real Estate Advisory.
Incorrect
The group which advises the commissioner of the real estate is Committee for Real Estate Advisory.
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Question 6 of 10
6. Question
All of the following penalties could result in a breach of the Real Estate Law, except for?
Correct
If such offenses were committed beyond breach of the Real Estate Act, imprisonment will not be a punishment.
Incorrect
If such offenses were committed beyond breach of the Real Estate Act, imprisonment will not be a punishment.
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Question 7 of 10
7. Question
What form of license would be given to a real estate salesperson applicant because of an unpaid child support obligation?
Correct
If the child support requirement is met, the 150-day license will not be converted into a permanent license.
Incorrect
If the child support requirement is met, the 150-day license will not be converted into a permanent license.
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Question 8 of 10
8. Question
Which of these are not excluded from the real estate license requirement?
Correct
A real estate brokerage firm must be approved by a corporation.
Incorrect
A real estate brokerage firm must be approved by a corporation.
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Question 9 of 10
9. Question
Which of the following statements about the role California Real Estate Recovery Fund is true?
Correct
That is a legislative one. Payments for a financial injury suffered by a person as a result of a real estate broker’s fraudulent activities will be made from the California Real Estate Recovery Fund.
Incorrect
That is a legislative one. Payments for a financial injury suffered by a person as a result of a real estate broker’s fraudulent activities will be made from the California Real Estate Recovery Fund.
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Question 10 of 10
10. Question
Which of the statements below is true?
Correct
Realtors and realtists licensees require membership of such private organizations and are not compulsory for such membership. For real estate licensees, the state has no official code of ethics.
Incorrect
Realtors and realtists licensees require membership of such private organizations and are not compulsory for such membership. For real estate licensees, the state has no official code of ethics.