1: A Career in Real Estate

Question 1

Members of the National Association of Real Estate Brokers are called:

Answer 1

REALTISTS

Question 2

A real estate broker’s license enables a person to handle the sale of:

Answer 2

• Registered mobile homes
• Business opportunities
• Trust deeds

Question 3

A statement that shows the financial position of a business as of a certain date is called:

Answer 3

A balance sheet

Question 4

A candidate for the real estate broker’s examination must:

Answer 4

Have completed 8 college-level real estate courses

Question 5

Commission rates for real estate agents are established by

Answer 5

Negotiations

Question 6

A passing score on the real estate salesperson’s examination is:

Answer 6

70%

Question 7

The Real Estate Commissioner’s Regulations apply to:

Answer 7

All California real estate licencees

Question 8

The fine for an unlicensed person who receives an illegal commission is up to:

Answer 8

$20,000

Question 9

In California, the majority of the laws that regulate the real estate industry originate from:

Answer 9

The Business and Professions Code

Question 10

The trade name REALTISTS designates a member of the:

Answer 10

National Association of Real Estate Brokers

Question 11

The real estate commissioner has the right to issue regulations for the interpretation of Real Estate Law

Answer 11

• These regulations have the same force and effect as Real Estate Law
• These regulations become part of the California Administrative Code

Question 12

To obtain a real estate sales license, an applicant must pass approved college-level courses in:

Answer 12

Real Estate Principles, Practice, and one other CalBRE-approved course

Question 13

The California Association of REALTORS is a professional real estate organization. The major purposes of this association include:

Answer 13

• High Standards among members
• Safeguarding real estate buying public
• Fostering of legislation for the benefit and protection of California real estate

Question 14

The maximum time allowed an applicant to take the salesperson’s examination is:

Answer 14

3 hours and 15 minutes

Question 15

If an applicant fails an examination, he or she:

Answer 15

May apply for a re-examination immediately after notification of failure

Question 16

Which of the following is correct in regard to licensee continuing education after the first renewal period?

Answer 16

Both brokers and salespeople need 45 hours

Question 17

Required real estate courses may be taken at which of the following institutions?

Answer 17

• Accredited community colleges
• Accredited California universities
• Commission approved vocational schools

Question 18

To become licensed to sell real estate in California, an applicant must do all of the following:

Answer 18

• Be at least 18 years old
• Complete 3 college level real estate courses
• Pass the state exam

Question 19

Which of the following needs a real estate license?

Answer 19

A full-service property manager

Question 20

A passing score on the real estate broker’s examination is:

Answer 20

75%