Real Estate Principals lesson 4
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | Jail
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| What happens when a Regulation is broken? | show 🗑
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| What is the basic purpose of real estate law? | show 🗑
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| show | In the Business and Professions Code
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| show | $10,000 fine and/or six months in jail
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| show | Real estate Advisory Commission
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| who is the real estate commissioner appointed by? | show 🗑
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| show | The Real Estate Law
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| show | Rules and Regulations
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| show | subdivisions and business opportunities
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| Does the commission settle commission disputes? | show 🗑
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| Who settles commission disputes? | show 🗑
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| What does the Commissioner investigate? | show 🗑
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| how does the commissioner investigate complaints? | show 🗑
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| show | The District Attorney would Prosecute
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| show | License gets Revoked
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| show | 10 without commissioner and 11 with commissioner
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| show | False statements of facts (fraud)
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| show | making a promise likely to influence or persuade
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| show | illegal
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| show | Acting for more than one party in a transaction without the knowledge and consent of both parties
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| show | Yes with both parties knowledge and consent
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| "In house" sales give rise to? | show 🗑
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| what does "in house" mean? | show 🗑
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| show | Mixing his own money or property with clients
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| show | with written consent
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| show | spending someons money
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| show | claiming a commission on an exclusive listing witch doesn't contain a definite termination date
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| Copies should be given? | show 🗑
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| Secret Profit? | show 🗑
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| show | whenever involved in a real estate transaction even if personal
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| if a buyer is a close relative, does the agent have to disclose that they have a license? | show 🗑
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| If a buyer and seller have a transaction and neither one has a license, does either have disclose future profit potential? | show 🗑
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| show | only members National Association of Realtor (NAR) may use term
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| show | Broker must have reasonable supervision over salespeople
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| Who must review sales persons transactions? | show 🗑
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| What is the fine for employing or paying an unlicensed person? | show 🗑
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| Blind advertising? | show 🗑
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| Deceptive Advertising? | show 🗑
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| Can a broker offer a gift to anyone buying a listed property? | show 🗑
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| what is a requirement for an advertisement offering prizes? | show 🗑
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| How long must a broker keep records? | show 🗑
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| Accepting kickbacks is? | show 🗑
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| show | cannot act if his principal is dead or judged incompetent
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| Broker? | show 🗑
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| What is the fine for acting as a broker without a license? | show 🗑
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| show | 4 years with a 2 years grace period to renew
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| show | 45 hours of continuing education
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| What must a broker do to work as a nonresident? | show 🗑
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| show | a subpoena would be delivered to the California Secretary of State
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| Can a Corporation have a Broker license? | show 🗑
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| show | natural person employed by a broker
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| How long is salespersons term? | show 🗑
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| show | yes with contract with broker they are under
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| show | from his employing broker ONLY
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| Who must be notified of a transfer of license? | show 🗑
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| show | commisioner
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| how long does a former broker have to surrender license for transfer to new broker? | show 🗑
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| Suspended license? | show 🗑
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| show | Loss of license
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| Cancelled license? | show 🗑
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| show | must be registered and greater than 8x40
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| How do you transfer a title to a mobile home? | show 🗑
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| show | 48 hours
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| Is a broker required to keep a trust fund? | show 🗑
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| who can withdrawal from a trust fund? | show 🗑
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| show | $200
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| what is the main purpose of a trust fund? | show 🗑
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| Reconciliation? | show 🗑
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| show | yes
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| operating divided by #salespersons = | show 🗑
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| show | company dollar
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| what is NAR? | show 🗑
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| Realtor? | show 🗑
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| Code of ethics? | show 🗑
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| Ethics? | show 🗑
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| show | Appraisal institute
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| show | Certified property manager
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| show | individuals only
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| show | trust deeds and real property sales contracts
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| show | 7
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| Article 7? | show 🗑
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| show | the borrower receives cash using a new note secured by a trust deed
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| show | 5% < 3 yrs. > or equal to 10%
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| show | 55 < 2 yrs. > or equal to 10% (less than 3yrs.)
15% > 3yrs.
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| Mortgage Loan disclosure statement? | show 🗑
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| show | when signed
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| how long should a document be kept? | show 🗑
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| Balloon Payments? | show 🗑
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