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