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Real Estate Principles > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Law

A

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.

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2
Q

Ethics

A

Moral principles that govern a person’s or group’s behavior.

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3
Q

National Association of Realtors (NAR)

A

A national organization of real
estate brokers created to promote the real estate profession and foster
professional behavior in its members.

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4
Q

Civil Law

A

The system of law concerned with private relations between
members of a community rather than criminal, military, or religious affairs.

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5
Q

Criminal Law

A

A system of law concerned with the punishment of those
who commit crimes.

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6
Q

Licensee

A

The holder of a license, in particular a real estate license.

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7
Q

Power of Attorney

A

The authority to act for another person in specified or
all legal or financial matters.

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8
Q

Probate

A

The official proving of a will.

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9
Q

Testate

A

Having made a valid will before one dies.

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10
Q

Intestate

A

Not having made a will before one dies.

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11
Q

Executor

A

A person or institution appointed by a testator to carry out the
terms of their will.

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12
Q

Administrator

A

A person appointed by a court to administer the estate of a
one who has died intestate.

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13
Q

Real Estate Salesperson

A

A person performing any of the acts included in
the definition of real estate broker but while associated with and supervised
by a broker.

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14
Q

Real Estate Broker

A

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.

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15
Q

Lease

A

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.

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16
Q

Lessor

A

One who rents property to another under a lease.

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17
Q

Lessee

A

A person to whom property is rented under a lease.

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18
Q

Independent Contractor

A

A person that provides services to another under
terms specified in a contract or within a verbal agreement.

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19
Q

License Suspension

A

The right of the DRE to deactivate a broker’s or
salesperson’s license for wrongdoing.

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20
Q

License Revocation

A

When the DRE cancels a salesperson or broker license.

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21
Q

Law

A

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.

22
Q

The minimum standards of human behavior are known as…?

A

Law

23
Q

The rules of a profession created by a professional association are known as…?

A

Ethics

24
Q

A person who has died leaving a will is known as…?

A

Testate

25
Q

A person who has died without leaving a valid will is known as…?

A

Intestate

26
Q

An individual named in a will who is given the legal responsibility to dispose of a deceased person’s property is known as…?

A

Executor

27
Q

An individual appointed by the court to dispose of a deceased person’s property is known as…?

A

Administrator

28
Q

An executor or administrator must have a real estate license to dispose of a deceased person’s real estate assets…?

A

False

29
Q

Which of the following are already licensed and do not require their employees to get individual real estate licenses…?

A

Banks, Insurance companies, escrow companies

30
Q

An attorney in the State of California is NOT required to get a real estate license…?

A

True

31
Q

In order to get your real estate salesperson license in California, you must be at least what age…?

A

18

32
Q

The education requirement for new real estate salespersons includes which of the following courses…?

A

One elective, RE Principles, RE Practice

33
Q

How many multiple choice questions are on the California real estate salesperson exam…?

A

150

34
Q

The law regulating the behavior of civilians among and between each other is known as…?

A

Civil law

35
Q

What percentage of questions must you answer correctly on the California real estate salesperson exam…?

A

70%

36
Q

How many mandatory courses must an individual complete in order to obtain their California broker’s license…?

A

8

37
Q

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…?

A

2

38
Q

A real estate salesperson must work under who…?

A

Broker

39
Q

For tax purposes, a real estate salesperson is considered what…?

A

Independent Contractor

40
Q

Who is liable for the actions of a real estate salesperson…?

A

The sponsoring broker

41
Q

Who is responsible for paying the income taxes of a real estate salesperson…?

A

The real estate salesperson themselves

42
Q

Prior to January 1, 2013, the California Bureau of Real Estate was known as the…?

A

California Department of Real Estate

43
Q

Who is responsible for overseeing the California Bureau of Real Estate…?

A

Real Estate Commissioner for the State of California

44
Q

It is possible for an agent to follow the law and still violate an ethical rule…?

A

True

45
Q

The California Bureau of Real Estate is responsible for issuing real estate salesperson licenses…?

A

True

46
Q

A licensee is a generic term that refers to all individuals that have a real estate salesperson or real estate broker’s license…?

A

True

47
Q

California offers reciprocity with every other State in the country…?

A

False

48
Q

When is a real estate license NOT required…?

A

When you represent yourself

49
Q

A personal authorization, which authorizes a person to act on someone else’s behalf is known as…?

A

Power of Attorney

50
Q

An individual acting as Power of Attorney is exempt from needing a license…?

A

True

51
Q

All that one owns is known as their…?

A

Estate

Real Estate Principles (14 decks)

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