Học Thi Real Estate License ở California: Real Estate Agency 1. The three steps of agency disclosure, in the proper chronological order, are: disclose-confirm-disclose disclose-elect-confirm confirm-elect-disclose elect-confirm-disclose None 2. An agency agreement does not require: mutual consent consideration any of these a competent principal None Hint 3. Upon acceptance of an offer, a broker may never: deposit earnest money into a trust account none of these turn earnest money over to the seller deposit earnest money into escrow None 4. As to a broker's trust accounts, which of the following is true? it must be audited yearly a record must be kept of funds received that are deposited directly into escrow every broker must have one none of these None 5. Both an owner and a buyer ask to have the trust funds deposited by the buyer. The broker should: split the funds with 1/2 to each turn the funds over to the recovery fund ask the real estate commissioner for advice commence an interpleader action None Hint 6. A property owner tells the broker that the house is connected to the sewer. The broker relays this information to the buyer, who later finds that the house has septic system in need of repair. The buyer would probably sue: the broker the owner no one, as he or she should have checked the broker and the owner None Hint 7. When may a broker refuse to submit a low offer to purchase to the owner? when the broker has clear instructions as to not submit offer below a set price when the offer is clearly frivolous both a and b neither a nor b None 8. If an agent is guilty of a tort, the: agent is liable only if the tort is outside the scope of the agency agent is liable, even if the tort is committed at the principal's direction principal is liable only if the tort is outside the scope of the agency principal is liable for all torts of an agent None Hint 9. A real estate salesperson is to his or her broker as: an employee is to an employer a principal is to a principal an independent contractor is to a principal an agent is to a principal None Hint 10. Commingling is the opposite of: subordination subrogation mixing separation None 11. A selling agent can be : any of the above seller's agent only a dual agent buyer's agent only None Hint 12. An attorney-in-fact cannot: record a notarized power of attorney any of these sell real estate of his or her principal take a mortgage on his or her principal's property None 13. A Real Estate Transfer Disclosure Statement is NOT required for the sale of: a commercial property a home where the sale price is less than $300,000 a residence sold "as is" a non-owner occupied duplex None Hint 14. The maximum amount that a person can recover from the Real Estate Education Research and Recovery Fund after he or she has obtained a judgment against a licensee is: no limit-the amount of his or her loss $20,000 $50,000 $500 None Hint 15. A person may give a power of attorney to: accept an offer on real estate any of these list real estate sign a grant deed None Hint 16. An agency relationship would not be created by: ratification a verbal agreement subornation implication None Hint 17. A broker is selling his own rental unit. He collects the rent on the first day of the month, which is the same day he receives a deposit with an offer to purchase giving him three days to accept. He should: none of these put the rent and purchase deposit in his usual trust account put the rent in a new trust account and the deposit in the usual trust account open two new trust accounts, one for the rent and one for the deposit None Hint 18. The agency formed by an exclusive listing is: an express agency an ostensible agency an implied agency none of these None Hint 19. IRS Form 1099 would be used by a broker to report: a salesperson's earnings foreign sellers receipt of $10,000 in cash suspected fraud None Hint 20. The primary purpose of the Real Estate Law is to: protect the public limit competition none of these protect commissions None 21. A broker acts as an undisclosed agent for both the buyer and seller in a transaction. The buyer does not want to go through with the purchase although the price she agreed to pay is fair. the buyer could be subject to liquidated damages the buyer could be subject to actual damages the buyer may withdrawn without penalty either a or b is true None Hint 22. A listing broker may not be: a dual agent the sole agent of the buyer none of these the sole agent of the owner None Hint 23. A broker offered subagency to another agent. Which of the following is a true statement? if accepted, the other agent would have all the agency duties to the owner all of the above the owner must have authorized it the other agent would likely decline None Hint 24. A real estate broker can be discliplined for: making a secret profit any of these violating the Franchise Investment Law failure to supervise salespeople None 25. An example of a red flag would be: Chinese ownership A home overbuilt fo the neighborhood a floor that is not level an older home None Hint 26. California allows which type of agency? designated agency transaction brokers facilitators none of the above None 27. A broker sells an apartment building to a syndicate of which the broker is a member without informing the seller of this interest. Before closing, the owner discovers the broker's interest and refuses to sell. In a suit to collect a commission, the result would probably be: that the buyer would obtain specific performance that the broker would get the commission revocation of the broker's license that no commission would be paid None Hint 28. The Real Estate Commission conducts hearings in accordance with the: Commissioner's regulations Public Procedures Act Real Estate Law Administrative Procedures Act None 29. Under the Business and Professions Code, which of the following is not grounds for revocation of license? none of these commingling one's own funds with money of others held by him or her acting for more than one party to a transaction with the consent of all parties making a single false promise of a character likely to induce a buyer None Hint 30. Commingling is the reason more licenses are revoked than any other. Which of the following is an example of commingling? holding a deposit check uncashed at your own discretion holding a deposit check uncashed prior to acceptance at the direction of the buyer holding a deposit check uncashed after acceptance at the direction of the seller all of these None 31. A broker buys a property he has listed: he has violated the Real Estate Law he must inform the owner that the offer is his he violated his agency all of these None 32. A country real estate broker's office is in his home. His sign reads "John Jones-REALTOR". He lives 25 miles from a bank and makes trips twice a month to deposit funds in his trust account. He keeps deposits in his office safe until then. He does not belong to any profeessional organizations, but he pays a 17-year-old boy $5 for each listing. Jones is guilty of all but which of the following? zoning violation paying an unlicensed person to solicit listings commingling funds an illegal sign None Hint 33. The written contract between an employing broker and an employed salesperson is required by: the Business and Professions Code none of these Real Estate Commission regulations the Real Estate Board None 34. An agent failed to reveal to the seller that she was acting in a dual agency capacity. Therefore, the agent: has placed the seller in a position where he can rescind the contract could be subject to disciplinary action all of the above cannot enforce the collection of a commission from the seller None 35. A buyer claims that a seller and a broker failed to reveal many defects known to them that made the property unsuitable for the purpose stated. the broker should have stated "as is" in the deposit receipt the broker could be subject to discipline the broker should have stated "as is condition" in the deposit receipt the buyer does not have a case None Hint 36. The court decision that requires the agent to make a reasonable visual inspection of the premises is: Charley v. Vogel Easton v. Strassburger Shelley v. Kraemer Brown v. Board of Education None 37. If a principal allows his or her agent to appear to have authority, the principal may not later deny an act of the agent, because of: ratification subrogation estoppel the Unruh Act None Hint 38. Which of the following woulf most likely be a general agent? a property manager a broker acting as agent for both a buyer and a seller a transaction broker a leasing agent None Hint 39. The agency between a real estate broker and an owner would not be: an implied angency an executed agreement a formal document an express agency None Hint 40. In a sale transaction, a broker represents only the buyer. This would be an example of: single agency dual agency designated agency general agency None Hint 41. When is a broker engaged in dual agency? when the broker lists a property he or she previously sold when the broker represents the seller and another broker represents the buyer when the broker represents the seller and the buyer when the broker buys a property he or she listed None 42. A selling agent can elect to be: buyer's agent any of these seller's agent dual agent None 43. As to money held in trust, which of the following is true? all of these records must be kept of checks held uncashed trust funds for taxes and insurance may bear interest trust accounts must be reconciled monthly None 44. A salesperson's business card must include: the broker's name the salesperson's license number all of the above the salesperson's name as it is on his or her license None 45. A seller sold property "as is". The broker knew the plumbing was in bad repair but did not inform the buyer. The buyer can sue: the broker none of these no one, as "as is" is really notice of problem no one, as the sale was "as is" None Hint 46. The Sherman Act prohibits all except agreements to: divide a market geographically split commission refrain from cooperation with another broker set minimum commission None 47. How long does a broker have to deposit a check received made out to the broker's trust account? 24 hours two business days three business days one business day None 48. A buyer of a duplex did not receive a transfer disclosure statement. The buyer can: sue for punitive damages sue for specific performance cancel the contract cancel only if the title has not transferred None 49. A real estate broker is guilty of conversion. He or she most likely: split his or her commission with an unlicensed party acted for both parties to a transaction without their approval commingled funds used trust funds for personal use None Hint 50. A broker exceeds his authority and without the owner's knowledge tells the buyer that the house will be repainted. the owner alone is liable as the broker was her agent the broker is liable neither the owner nor the broker is liable if it wasn't in writing none of these is true None 51. Disciplinary hearing for real estate licensees would be conducted by: the real estate commissioner an administrative law judge the real estate advisory commission the superior court None 52. The Real Estate Law is part of: none of these the Corporation Code the Statute of Limitations the Business and Professions Code None 53. A broker who is on the city planning commission tells some friends about an advantageous deal based on confidential plans to change the zoning. The broker does not personally benefit in any way. The broker's action: is unethical places his license in jeopardy neither a nor b both a and b None 54. Penny sues a licensee for damages resulting from dishonest conduct in a real estate dealing. The maximum she can collect is: $20,000 $5,000 none of these $7,500 None Hint 55. XYZ Inc. listed a warehouse for sale. After giving the listing, all the officers and directos are killed in a plan crash. What happens to the listing? it is automatically terminated it is suspended until new officers and directors take over it remains in full force and effect it becomes a listing coupled with an interest None Hint 56. The first action of the Real Estate Commissioner, prior to disciplinary action against a licensee, would be: notification to the attorney general suspension of license activity an accusation an injunction None 57. When may a broker accept a commission from both a buyer and a seller? never if the total commission received does not exceed $500 if both parties consent if he or she provided service to both parties None 58. A salesperson's relationships to an ownerclient of the broker would be most nearly that of: independent contractor employee subagent principal None Hint 59. A hazardous, colorness, odorness gas found in homes describes: lead radon asbestos PCBs None 60. A valid agency requires a(n): written agreement attorney-in-fact none of these express agreement None Hint 61. A transfer disclosure statement is required for: subdivision sales involving a public report sale of 1-4 residential units sale between spouses foreclosure sales None 62. A contract for the sale of residential property includes a general "as is" provision. This provision: applies only to visible and observable conditions is valid on caveat emptor theory applies only to matters of record can be ignored, as it takes away the right to a habitable dwelling None 63. A broker may never: accept commissions from the buyer and the seller sell his or her own property to a customer act as an escrow none of these None Hint 64. Balancing a bank statement with a trust account is known as: auditing none of these trial balance reconciliation None 65. A listing broker can have any of the following agencies except: seller's agent dual agent both b and c buyer's agent None Hint 66. The Business and Professions Code comes from: the Real Estate Commission the California Association of Real Estate Brokers the National Association of Realtors the state legislature None Hint 67. The Real Estate Law comes from: the Real Estate Commissioner the National Association of Real Estate Brokers the state legislature the federal government None 68. A principal would not be liable for torts of: an agent outside the scope of the contract any of these an independent contractor within the scope of the contract an independent contractor outside the scope of the contract None Hint 69. An owner unilaterally cancelled a six-month sale listing with three months to go. Which of the following is a true statement? the listing has been cancelled the agent no longer has a duty to seek buyers the owner could be liable for damages all of the above None Hint 70. Use of term REALTOR by a licensee not authorized to do so could result in: suit by the National Association of REALTORS any of these suspension of license revocation of license None Hint 71. Which of the following does not need any special knowledge of law? none of these a real estate salesperson an attorney-in-fact a real estate broker None Hint 72. A salesperson, in selling listings of another broker, would be directly responsible to: the multiple listing service his or her broker the owner the listing broker None Hint 73. An agent may disobey instructions of the agent's principal: in an emergency situation when the agent feels it is in the principal's best interests never if disobedience will not jeopardize the principal's interest None Hint 74. The Commissioner's regulations: have the effect of law are the Real Estate Law must be approved by the governor are part of the Corporation Code None Hint 75. A property owner suffers a loss because of the fraudulent misrepresentation of a broker. The owner should: none of these immediately file a claim with the Real Estate Commisioner immediately file a claim with the Real Estate Education Research and Recovery Fund sue the broker for damages None Hint
