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California Real Estate EXAM AND PRACTICE EXAM NEWEST ACTUAL EXAM COMPLETE 550 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A$25.49
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California Real Estate EXAM AND PRACTICE EXAM NEWEST ACTUAL EXAM COMPLETE 550 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A
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Course
California Real Estate
Institution
California Real Estate
California Real Estate EXAM AND PRACTICE EXAM
NEWEST ACTUAL EXAM COMPLETE 550 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+
Purpose of CalBRE - CORRECT ANSWER The California Bureau of Real Estate
(CalBRE) protects the public through the enforcement of laws an...
California Real Estate EXAM AND PRACTICE EXAM
NEWEST ACTUAL EXAM COMPLETE 550 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+
Purpose of CalBRE - CORRECT ANSWER The California Bureau of Real Estate
(CalBRE) protects the public through the enforcement of laws and requirements for
salespersons' and brokers' real estate licenses.
The California Real Estate Commissioner - CORRECT ANSWER The California Real
Estate Commissioner has the authority to investigate the actions of any person engaged
in the business of a licensee in California, and has the power to deny, suspend or
revoke the real estate license.
Original Real Estate Salesperson License Requirements - CORRECT ANSWER A
candidate for an original real estate salesperson license must be at least 18 years old;
pass a written examination; provide Proof of Legal Presence in the United States and
disclose any criminal violation or disciplinary action.
Applicants who seek to obtain a 4-year salesperson license must complete the college-
level Real Estate Principles course, the Real Estate Practice course, and one additional
required college-level course.
Real Estate Broker License Requirements - CORRECT ANSWER The applicant for an
original real estate broker license must be at least 18 years old; actively engaged as a
real estate salesperson for at least two years during the five years immediately
preceding the application; have completed eight courses (five mandatory and three
elective courses).
Can a corporation be licensed as a RE broker? - CORRECT ANSWER A corporation may
be licensed as a real estate broker, if one officer is a qualified real estate broker, who
must submit a Corporation License Application and its fee.
Can corporations do business as FBN's or DBAs? - CORRECT ANSWER Some
corporations may do business under several fictitious business names ("dba").
Applications for changes in name, salespersons and location must be officially
submitted.
Renewal Requirements - CORRECT ANSWER All renewal applicants, including
salespersons, must complete a total of 45 hours of approved offerings within the four-
year period immediately preceding license renewal.
,The license may be renewed within two years from expiration. Later than that, one
needs to re-qualify through the examination process.
Revoked license reinstatement - CORRECT ANSWER After a license is revoked, the
person affected may not apply for reinstatement of the license until one year has
passed.
Non-Working Status - CORRECT ANSWER Non-Working Status: a salesperson may hold
a license, but NOT perform acts requiring a license.
Brokers and Salesperson licenses must be displayed where? - CORRECT ANSWER For
main offices located in California, the broker's and salespersons licenses' must be
available for inspection and changes in the main office address must be forwarded in a
written notice (the change may be corrected in the certificate itself). For branch offices
in California, a license is required for each additional business location.
Mailing address with CalBRE - CORRECT ANSWER Both brokers and salespersons are
required to maintain their mailing address of record on file at all times while licensed.
Out of State Requirements - CORRECT ANSWER If a broker does NOT engage in
licensed activities in California, the broker must file an Out of State Broker
Acknowledgment (RE 235). Non-resident salespersons must be licensed with a
California broker.
Salesperson license transfer of employing broker - CORRECT ANSWER CalBRE
Licensing must be notified in writing regarding transfers. Within 5 days, the salesperson
and the new employing broker must complete RE 214 - Salesperson Change
Application-
Terminated Salesperson notification requirements - CORRECT ANSWER When a
salesperson is terminated, the employing broker must immediately file a certified written
statement of the facts with the CalBRE.
RE Broker license suspension & salesperson's licenses - CORRECT ANSWER If a real
estate broker license is revoked or suspended, the licenses of every real estate
salesperson in the broker's employ are automatically canceled. (They may transfer their
licenses to a new employing broker).
What is a Prepaid Rental Listing Service License - CORRECT ANSWER A Prepaid Rental
Listing Service License (PRLS) allows the licensee to collect for supplying a prospective
tenant with a list of prospective rentals
Sections 10176 and 10177 of the Business Professions Code - CORRECT ANSWER
Sections 10176 and 10177 of the Business Professions Code constitute the foundation
for most license suspensions or revocations.
,The most important topics under these sections, which constitute the grounds for
disciplinary action against a licensee:
>Misrepresentation; continued misrepresentation;
>False promise.
>Dual Agency, or Divided Agency.
Violations of Code Section 10176 - CORRECT ANSWER >Definite termination date.
>Secret profit.
>Listing-option.
>Dishonest dealing
>Signatures of prospective purchasers.
Violations under Section 10177 - CORRECT ANSWER >Obtaining a license by fraud.
>Convictions
>False advertising.
>Violations of other sections; Franchise Investment Law; Corporations Code; Securities
Law;
>Misuse of trade name.
>Conduct warranting denial.
>Negligence or incompetence.
>Supervision of salespersons.
>Violating government trust.
>Restricted license violation.
>Inducement of panic selling.
Definite Termination Date - CORRECT ANSWER A specified termination date is required
IN WRITING on all exclusive listings relating to transactions for which a real estate
license is required.
What is an estate in land? - CORRECT ANSWER An estate in land is the degree of
ownership one holds in the land.
Allodial System - CORRECT ANSWER Individuals are entitled to own property without
proprietary control of the king/government.
Freehold estate - CORRECT ANSWER A freehold estate means, "I own the property." It
is what we think of as "ownership." There is no definite ending date. The estate lasts at
least a lifetime, because the property can be willed to a person's heirs.
Leasehold estate - CORRECT ANSWER A leasehold estate means, "I rent the property."
It is what we think of as "renting" or "leasing." There is usually a definite ending date.
Sometimes, these are referred to as "less than freehold estates."
, Fee Simple (Fee Simple Absolute) - CORRECT ANSWER Fee Simple (Fee Simple
Absolute) - Owns the bundle of rights.
Highest degree of ownership.
Has unlimited duration.
Is inheritable.
Is subject to only the government powers.
Fee Simple Defeasible - CORRECT ANSWER Fee Simple Defeasible is based on an
occurrence or a non-occurrence of a specified event.
Fee simple conditional
An estate that dictates, "on the condition that..."
An estate that provides the "right to re-enter"
Pur Autre Vie - CORRECT ANSWER Pur Autre Vie: This is a life estate, based on the life
of another, rather than the life tenant. The life tenant can have the incomplete bundle of
rights until that third party dies. A pur autre vie life estate can be either an estate in
reversion or an estate in remainder.
How is property owned in California? - CORRECT ANSWER In California, property is
generally owned in one of six distinct forms of ownership: Severalty; Tenancy in
Common; Joint Tenancy; Tenancy in Partnership; Community Property; and Community
Property with the Right of Survivorship.
What is separate ownership? - CORRECT ANSWER Separate ownership is ownership by
one individual or by a corporation.
Severalty - CORRECT ANSWER The root of the word "severalty" is (to) SEVER, which
means to "cut off" everyone else's interests. This is sometimes referred to as "sole
ownership" or an "estate in severalty." Corporations always take title to real estate in
this manner (in Severalty). By definition, a corporation is a body of persons treated by
the law as a "single legal person" having a single personality and existence from those
of its shareholders.
Tenants in Common - CORRECT ANSWER Tenants in Common: Two or more people
holding ownership concurrently, with the right to individually possess, will, or sell. This is
undivided, but not necessarily equal interest.
Joint Tenancy - CORRECT ANSWER Joint Tenancy: This occurs when two or more
people have IDENTICAL interests in the whole property, with the SAME rights of
possession AND the right of survivorship.
In order to have a joint tenancy and the right of survivorship, the following four unities
must take place. This is known as "Unity of Ownership," or "fourfold unity." - CORRECT
ANSWER The unities are:
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