California Real Estate Principles 11th Edition UPDATED Actual Exam Questions and CORRECT Answers
7 views 0 purchase
Course
California real estate principles
Institution
California Real Estate Principles
California Real Estate Principles 11th
Edition UPDATED Actual Exam Questions
and CORRECT Answers
The Real Estate Law is Found In: - CORRECT ANSWER- The Business and Professions
Code
The Real Estate Commissioner Reports to the: - CORRECT ANSWER- Governor
A salesperson owns 25% of the outsta...
California Real Estate Principles 11th
Edition UPDATED Actual Exam Questions
and CORRECT Answers
The Real Estate Law is Found In: - CORRECT ANSWER✔✔- The Business and Professions
Code
The Real Estate Commissioner Reports to the: - CORRECT ANSWER✔✔- Governor
A salesperson owns 25% of the outstanding shares of Rollo Realty, and the broker owns the
remaining shares. This division of ownership is: - CORRECT ANSWER✔✔- Acceptable
A salesperson is part of Rollo Realty. In the broker's absence the salesperson frequently
reviews the work of agents. This is: - CORRECT ANSWER✔✔- Prohibited
A real estate business that is a partnership can have more than one office location, provided: -
CORRECT ANSWER✔✔- A broker-partner obtains an additional license for each location.
The sale of transfer of goods ordinarily held for sale in the course of business is governed in
California by: - CORRECT ANSWER✔✔- the Uniform Commercial Code
An officer of Ajax Corporation, who is not a real estate licensee, successfully negotiated the
purchase of the Smith Plant on behalf of Ajax. The officer received a commission in addition
to his salary. The officer of Ajax Corporation: - CORRECT ANSWER✔✔- Should have had
a Real Estate License
If a Real Estate License is NOT renewed before it expires the licensee: - CORRECT
ANSWER✔✔- Must cease all real estate activities.
A real estate licensee can offer a mobile home for sale that is: - CORRECT ANSWER✔✔- In
a location where it can legally remain for a year.
,A couple wants to move to Pine Bend and they like the seller's house which is listed with a
broker. The couple sends an expensive food basket to the broker as a sign of good faith and
the broker fails to mention it to the seller. This practice is: - CORRECT ANSWER✔✔-
Prohibited
A broker routinely places earnest money deposits in his personal account for overnight
safekeeping. This practice is: - CORRECT ANSWER✔✔- Prohibited
A broker has an exclusive listing agreement with a property owner. The listing will terminate
"when the parties agree." This practice is: - CORRECT ANSWER✔✔- Prohibited
When a broker exercised his option to buy White Acre he presented the owner a written
statement of his expected profit in the transaction. The seller agreed in writing to proceed
with the sale. This conduct is: - CORRECT ANSWER✔✔- Mandated
The broker-officer of XYZ Realty Inc. does not like the overly aggressive salespeople but has
not reprimanded them because business is so good. The broker's conduct is: - CORRECT
ANSWER✔✔- Discouraged
A broker hires a B.A. Graduate to show property to perspective buyers. Because the graduate
has no real estate license, the broker handles all the of the negotiating. This practice is: -
CORRECT ANSWER✔✔- Prohibited
A salesperson is selling the Green Acre Estate. An offer 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 sales-person agrees on behalf of the owners, for she is sure
they will not object. The salesperson's conduct is: - CORRECT ANSWER✔✔- Prohibited
A house is for sale following a murder in the house six months earlier. A salesperson decides
to keep the information to himself. The salesperson's conduct is: - CORRECT ANSWER✔✔-
Prohibited
A broker is so busy that he never has the time to return phone calls of his principals. He
prefers to spend time in the field making sales and acquiring listings. This practice is: -
CORRECT ANSWER✔✔- Discouraged
, A prospective purchaser makes an offer through the listing broker of $50,000 with seller
financing and no down payment on a house with an asking price of $125,000. The broker
presents the offer with one of his own for $85,000, telling the owners their asking price is
unrealistic. His conduct is: - CORRECT ANSWER✔✔- Prohibited
A new broker places an ad: "List Your House with Me, and I Will Pay You $500 at Closing."
This practice is: - CORRECT ANSWER✔✔- Acceptable
A rancher gives a 1000 acre parcel of land to the church "on the condition that" there is no
sale or manufacture of alcoholic beverages on the property. Years later the rancher is
surprised to find drinks are being purchased on the property. What can the rancher do? -
CORRECT ANSWER✔✔- The fellowship has broken the CONDITION SUBSEQUENT to
its FEE SIMPLE RIGHT OF OWNERSHIP. The rancher can file intent to claim possession
of the property or take legal action in civil court.
A widower died, leaving a LIFE ESTATE in his home to his sister, and the REMAINDER to
his son. The sister is taking use of the house. The son is upset that the sister will not allow
him to live in the house, does he have that right? - CORRECT ANSWER✔✔- No. The sister,
the life tenant, has the sole right and possession of the property where she lives. When she
dies the son will have sole right and possession of said property.
Identify the ownership type:
The resident of Blackacre has sole possession of the property until death. - CORRECT
ANSWER✔✔- Life Estate
Identify the ownership type:
The Middle Falls School has sole possession of Whiteacre on the condition that it is used for
educational purposes. - CORRECT ANSWER✔✔- Fee Simple Estate with Condition
Subsequent
Identify the ownership type:
The town of Merry Meadows has a library that is a former mansion that was donated to the
down with the stipulation that it be used only as a library. What kind of estate does the town
have? - CORRECT ANSWER✔✔- Fee Simple Estate with Condition Subsequent
Identify the ownership type:
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
