Exam (elaborations)
Aceable Agent Real Estate Principles Review Questions and Answers-2024
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Aceable Agent Real Estate Principles Review Questions and Answers
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Aceable Agent: Real Estate Principles: Review Questions and AnswersThe Real Estate Law is found in
A. The Licensing Code B. The Business and Professions Code C. The Health and Safety Code D. The Corporations Code - Answer- B. Business and Professions Code
The Real Estate Commissioner reports to
a. the California Bureau of Real Estate.
b. the governor.
c. the Department of Housing and Urban Development. d. the legislature. - Answer- B. the governor
A salesperson owns 25% of the outstanding shares of Rollo Reality Inc and the broker owns the remaining shares. The division of ownership is
a. acceptable. b. mandated. c. discouraged. d. prohibited. - Answer- A. Acceptable
A salesperson is part owner of Rollo Realty Inc. In the broker's absence, the salesperson frequently reviews the work of sales associates. This is
a. acceptable. b. mandated. c. discouraged. d. prohibited. - Answer- D. Prohibited
A real estate business that is a partnership can have more than one office location, provided
a. a broker partner obtains an additional license for each location.
b. all partners are real estate licensees.
c. there is a designated broker-officer.
d. there is at least one partner at each location. - Answer- A. A broker partner obtains an additional license for each location.
The sale or transfer of goods ordinarily held for sale in the course of business is governed in California by
a. the Business Opportunity Code.
b. the Commercial Transfer Law. c. the Uniform Commercial Code. d. the Real Estate Law. - Answer- C. The Uniform Commercial Code
An officer of Ajax Corporation, who is not a real estate license, successfully negotiated the purchase of the Smith Widget Plant on behalf of Ajax. The officer received a commission on the sale in addition to his normal salary. The officer of Ajax Corporation.
a. did not need a real estate license for the deal.
b. should have had a real estate license.
c. is exempt from licensing requirements.
d. None of these - Answer- B. Should have had a real estate license.
If a real estate license is NOT renewed before it expires, the licensee
a. is allowed to complete transactions in progress.
b. is allowed to finish transactions that are substantially complete.
c. must cease all real estate activities.
d. may act under authority of another agent's license for a period not to exceed 60 days.
- Answer- C. Must cease all real estate activities
A real estate licensee can offer a mobile home for sale that is
a. in a manufacturing plant, ready for delivery.
b. transportable under an exemption from the Vehicle Code.
c. presold.
d. in a location where it can legally remain for one year. - Answer- D. In a location where
it can legally remain for one year.
A couple desperately wants to move to Pine Bend, and they like the seller's house, which is listed with a broker. The couple tells the broker they will "make it worth his while" if he can persuade the sellers to accept their offer, and they send an expensive food basket to the broker as a sign of their good faith. The broker neglects to mention this to the sellers. This practice is
a. acceptable. b. mandated. c. discouraged. d. prohibited. - Answer- D. Prohibited.
A broker routinely places earnest money deposits in his personal account for overnight safekeeping. This practice is
a. acceptable.
b. mandated.
c. discouraged. d. prohibited. - Answer- D. Prohibited
A broker has an exclusive listing agreement with a property owner. The listing will terminate "when the parties agree." This practice is
A. acceptable
B. mandated C. Discouraged D. Prohibited - Answer- D. Prohibited
When a broker exercised his option to buy Whiteacre, he presented to the owner of Whiteacre a written statement of his expected profit in the transaction. The seller agreed
in writing to proceed with the sale. This conduct is
A. Acceptable B. Mandated C. Discouraged D. Prohibited - Answer- B. Mandated
The broker-office of XYZ Realty, Inc., does not like the overly aggressive sales tactics of
XYZ's salespeople but has not reprimanded them because business is so good. The broker's conduct is
A. Acceptable B. Mandated C. Discouraged D. Prohibited - Answer- C. Discouraged
A broker wants to help out his neighbor's son, who recently acquired a B.A. in history from Back East University. The broker hires the graduate to show property to prospective buyers. Because the new employee has no real estate license, the broker handles all of the negotiating. This practice is
A. acceptable B. mandated C. discouraged D. prohibited - Answer- D. Prohibited
A salesperson is selling the Greenacre Estate. An officer has been accepted, and the closing will take place in two weeks. While the owners are out of town, the buyer asks if the closing can be put off for one day. The salesperson agrees on behalf of the owners, for she is sure they will not object. The salesperson's conduct is
A. Acceptable B. Mandated C. Discouraged D. Prohibited - Answer- D. Prohibited
A house is for sale following a murder in the house six months earlier. A salesperson, showing an out-of-town prospect through the house, decides to keep information about the murder to himself. The salesperson's conduct is
A. Acceptable B. Mandated C. Discouraged D. Prohibited - Answer- D. Prohibited A broker is so busy that he never has the time to return the phone calls of his principals.
He prefers to spend his time in the field making sales and acquiring new listings. This practice is
A. Acceptable B. Mandated C. Discouraged D. Prohibited - Answer- C. Discouraged
After attending a get-rich-quick real estate seminar, an attendee wants to buy a house "cheap." She tells a broker that she will offer $50,000, with seller financing and no down
payment, on the Monroe Street house, which has an asking price of $125,000. The broker presents the offer with one of his own for $85,000, telling the owners that unexpected market conditions make their asking price unrealistic. His conduct is
A. Acceptable B. Mandated C. Discouraged D. Prohibited - Answer- D. Prohibited
A new broker opens a brokerage office and immediately places an ad in the local newspaper: List Your House with Me and I Will Pay You $500 at Closing. This practice is
A. Acceptable B. Mandated C. Discouraged D. Prohibited - Answer- A. Acceptable
During the days of Spanish rule, all land was owned by
a. the missions.
b. the government.
c. the crown.
d. the conquistadores. - Answer- C. The Crown
The Treaty of Guadalupe Hidalgo ended
a. the gold rush.
b. Spanish rule.
c. the war with Mexico. d. the missions. - Answer- C. The war with Mexico
Real Estate Law, which relies on court decisions as well as legislation, is based on
a. Spanish civil law.
b. French civil law.
c. the right of appropriation. d. English common law. - Answer- D. English common law
Land disputes over the Spanish and Mexican land grants were settled by
a. the Board of Land Commissioners.
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