1: A Career in Real Estate Flashcards
Members of the National Association of Real Estate Brokers are called:
REALTISTS
A real estate broker’s license enables a person to handle the sale of:
- Registered mobile homes
- Business opportunities
- Trust deeds
A statement that shows the financial position of a business as of a certain date is called:
A balance sheet
A candidate for the real estate broker’s examination must:
Have completed 8 college-level real estate courses
Commission rates for real estate agents are established by
Negotiations
A passing score on the real estate salesperson’s examination is:
70%
The Real Estate Commissioner’s Regulations apply to:
All California real estate licencees
The fine for an unlicensed person who receives an illegal commission is up to:
$20,000
In California, the majority of the laws that regulate the real estate industry originate from:
The Business and Professions Code
The trade name REALTISTS designates a member of the:
National Association of Real Estate Brokers
The real estate commissioner has the right to issue regulations for the interpretation of Real Estate Law
- These regulations have the same force and effect as Real Estate Law
- These regulations become part of the California Administrative Code
To obtain a real estate sales license, an applicant must pass approved college-level courses in:
Real Estate Principles, Practice, and one other CalBRE-approved course
The California Association of REALTORS is a professional real estate organization. The major purposes of this association include:
- High Standards among members
- Safeguarding real estate buying public
- Fostering of legislation for the benefit and protection of California real estate
The maximum time allowed an applicant to take the salesperson’s examination is:
3 hours and 15 minutes
If an applicant fails an examination, he or she:
May apply for a re-examination immediately after notification of failure
Which of the following is correct in regard to licensee continuing education after the first renewal period?
Both brokers and salespeople need 45 hours
Required real estate courses may be taken at which of the following institutions?
- Accredited community colleges
- Accredited California universities
- Commission approved vocational schools
To become licensed to sell real estate in California, an applicant must do all of the following:
- Be at least 18 years old
- Complete 3 college level real estate courses
- Pass the state exam
Which of the following needs a real estate license?
A full-service property manager
A passing score on the real estate broker’s examination is:
75%
