Exam (elaborations)
CALIFORNIA REAL ESTATE PRINCIPLES - QUESTIONS AND ANSWERS
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CALIFORNIA REAL ESTATE PRINCIPLES - QUESTIONS AND ANSWERS
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CALIFORNIA REAL ESTATE PRINCIPLES -QUESTIONS AND ANSWERS
(1) 1. The Real Estate Law is found in the
a. Licensing Code
b. Business and Professions Code
c. Health and Safety Code
d. Corporations Code - Answers -Business and Professions Code
(1) 2. The Real Estate Commissioner reports to the
a. California Bureau of Real Estate
b. governor
c. Real Estate Advisory Commission
d. legislature - Answers -governor
(1) 3. Salesperson Sam owns 25% of the outstanding shares of Rollo Realty, Inc., and
broker Barbara Rollo owns the remaining shares. This division of ownership is?
a. acceptable
b. mandated
c. discouraged
d. prohibited - Answers -acceptable
(1) 4. Salesperson Sam is part owner of Rollo Realty, Inc. In the broker's absence, Sam
frequently reviews the work of sales associates. This is?
a. acceptable
b. mandated
c. discouraged
d. prohibited - Answers -prohibited
(1) 5. 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 - Answers -a broker partner obtains an
additional license for each location
(1) 6. The sale or transfer of goods ordinarily held for sale in the course of business is
governed in California by the?
,a. Business Opportunity Code
b. Commercial Transfer Law
c. Uniform Commercial Code
d. Real Estate Law - Answers -Uniform Commercial Code
(1) 7. Todd, an officer of Ajax Corporation and not a real estate licensee, successfully
negotiated the purchase of the Smith Widget Plant on behalf of Ajax. Todd received a
commission on the sale in addition to his normal salary. Todd
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 - Answers -should have had a real estate license
(1) 8. 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
- Answers -must cease all real estate activities
(1) 9. 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 - Answers -in a location where it
can legally remain for one year
(1) 10. The Browns desperately want to move to Pine Bend, and they like the Smith
House, which is listed by broker Bob. The Browns tell Bob they will make it worth his
while if he can persuade the Smith's to accept the Brown offer on their house, and the
Browns send an expensive food basket to Bob as a sign of their good faith. Bob
neglects to mention this to the Smiths. This practice is
a. acceptable
b. mandated
c. discouraged
d. prohibited - Answers -prohibited
(1) 11. Broker Bob routinely places earnest money deposits in his personal account for
overnight safekeeping. This practice is
a. acceptable
b. mandated
,c. discouraged
d. prohibited - Answers -prohibited
(1) 12. Broker Luis has an exclusive listing agreement with the Pierces. The listing will
terminate "when the parties agree". This practice is
a. acceptable
b. mandated
c. discouraged
d. prohibited - Answers -prohibited
(1) 13. When broker Bob 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 to proceed with the sale. This conduct is
a. acceptable
b. mandated
c. discouraged
d. prohibited - Answers -mandated
(2) 15. A township consists of how many sections
a. 12
b. 18
c. 4
d. 36 - Answers -36
(2) 16. A section is
a. 640 acres
b. six square miles
c. 5,000 feet by 5,000 feet
d. three leagues - Answers -640 acres
(2) 17. Section 6 lies in what direction from section 1 of a township
a. North
b. South
c. East
d. West - Answers -West
(2) 18. Section 22 lies in what direction from section 17 of a township
a. Northeast
b. Northwest
, c. Southeast
d. Southwest - Answers -Southeast
(2) 19. Land described as the South 1/2 of the N 1/2 of Section 18 contains how many
acres?
a. 80
b. 120
c. 160
d. 320 - Answers -160
(2) 20. The point of beginning is used in
a. the rectangular survey system
b. the metes and bounds system
c. the lot and block system
d. all legal descriptions - Answers -the metes and bounds system
(3) 1. A fee simple estate and life estate are
a. freehold estates
b. fee simple estates
c. leasehold estates
d. estates of tenancy - Answers -freehold estates
(3) 2. The highest form of ownership is the
a. life estate
b. real estate syndicate
c. fee simple absolute
d. estate at will - Answers -fee simple absolute
(3) 3. Victor and Karen are not married but together own community property because
they are
a. brother and sister
b. joint tenants
c. registered domestic partners
d. holders of a life estate - Answers -registered domestic partners
(3) 4. A fee simple estate that may be lost when some act is performed is a
a. life estate
b. fees simple absolute
c. remainder
d. fee simple on condition subsequent - Answers -fee simple on condition subsequent
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