Chapter 1 Flashcards
Law
The system of rules that a particular country or community recognizes
as regulating the actions of its members and may enforce by the imposition
of penalties.
Ethics
Moral principles that govern a person’s or group’s behavior.
National Association of Realtors (NAR)
A national organization of real
estate brokers created to promote the real estate profession and foster
professional behavior in its members.
Civil Law
The system of law concerned with private relations between
members of a community rather than criminal, military, or religious affairs.
Criminal Law
A system of law concerned with the punishment of those
who commit crimes.
Licensee
The holder of a license, in particular a real estate license.
Power of Attorney
The authority to act for another person in specified or
all legal or financial matters.
Probate
The official proving of a will.
Testate
Having made a valid will before one dies.
Intestate
Not having made a will before one dies.
Executor
A person or institution appointed by a testator to carry out the
terms of their will.
Administrator
A person appointed by a court to administer the estate of a
one who has died intestate.
Real Estate Salesperson
A person performing any of the acts included in
the definition of real estate broker but while associated with and supervised
by a broker.
Real Estate Broker
A person or an organization acting as the agent for
others in negotiating the purchase and sale of real property or other
commodities for a fee.
Lease
A contract whereby, for a consideration, usually termed rent, one
who is entitled to the possession of real property transfers such rights to
another for life, for a term of years, or at will.
Lessor
One who rents property to another under a lease.
Lessee
A person to whom property is rented under a lease.
Independent Contractor
A person that provides services to another under
terms specified in a contract or within a verbal agreement.
License Suspension
The right of the DRE to deactivate a broker’s or
salesperson’s license for wrongdoing.
License Revocation
When the DRE cancels a salesperson or broker license.
Law
The system of rules that a particular country or community recognizes
as regulating the actions of its members and may enforce by the imposition
of penalties.
The minimum standards of human behavior are known as…?
Law
The rules of a profession created by a professional association are known as…?
Ethics
A person who has died leaving a will is known as…?
Testate
A person who has died without leaving a valid will is known as…?
Intestate
An individual named in a will who is given the legal responsibility to dispose of a deceased person’s property is known as…?
Executor
An individual appointed by the court to dispose of a deceased person’s property is known as…?
Administrator
An executor or administrator must have a real estate license to dispose of a deceased person’s real estate assets…?
False
Which of the following are already licensed and do not require their employees to get individual real estate licenses…?
Banks, Insurance companies, escrow companies
An attorney in the State of California is NOT required to get a real estate license…?
True
In order to get your real estate salesperson license in California, you must be at least what age…?
18
The education requirement for new real estate salespersons includes which of the following courses…?
One elective, RE Principles, RE Practice
How many multiple choice questions are on the California real estate salesperson exam…?
150
The law regulating the behavior of civilians among and between each other is known as…?
Civil law
What percentage of questions must you answer correctly on the California real estate salesperson exam…?
70%
How many mandatory courses must an individual complete in order to obtain their California broker’s license…?
8
How many years of experience as a real estate salesperson do you need in order to be eligible to obtain your broker’s license in California…?
2
A real estate salesperson must work under who…?
Broker
For tax purposes, a real estate salesperson is considered what…?
Independent Contractor
Who is liable for the actions of a real estate salesperson…?
The sponsoring broker
Who is responsible for paying the income taxes of a real estate salesperson…?
The real estate salesperson themselves
Prior to January 1, 2013, the California Bureau of Real Estate was known as the…?
California Department of Real Estate
Who is responsible for overseeing the California Bureau of Real Estate…?
Real Estate Commissioner for the State of California
It is possible for an agent to follow the law and still violate an ethical rule…?
True
The California Bureau of Real Estate is responsible for issuing real estate salesperson licenses…?
True
A licensee is a generic term that refers to all individuals that have a real estate salesperson or real estate broker’s license…?
True
California offers reciprocity with every other State in the country…?
False
When is a real estate license NOT required…?
When you represent yourself
A personal authorization, which authorizes a person to act on someone else’s behalf is known as…?
Power of Attorney
An individual acting as Power of Attorney is exempt from needing a license…?
True
All that one owns is known as their…?
Estate
