Chapter 1 (Textbook) Quiz: A Career in Real Estate

Question 1

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

a. REALTORS®
b. REALTISTS®
c. MAI
d. RECI

Answer 1

b. REALTISTS®

Question 2

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

a. registered mobile homes
b. business opportunities
c. trust deeds
d. all of these

Answer 2

d. all of these

Question 3

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

a. a profit and loss statement
b. Schedule E
c. a balance sheet
d. Schedule C

Answer 3

c. a balance sheet

Question 4

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

a. be 21 years or older
b. have completed eight college-level real estate courses
c. have at least four years’ experience as a real estate salesperson
d. be a resident of California

Answer 4

b. have completed eight college-level real estate courses

Question 5

Commission rates for real estate agents are established by:

a. the real estate commissioner
b. local boards of real estate
c. multiple listing organizations
d. negotiations

Answer 5

d. negotiations

Question 6

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

a. 50 percent
b. 70 percent
c. 75 percent
d. 80 percent

Answer 6

b. 70 percent

Question 7

The Real Estate Commissioner’s Regulations apply to:

a. REALTORS® only
b. REALISTS® only
c. real estate brokers only
d. all California real estate licensees

Answer 7

d. all California real estate licensees

Question 8

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

a. $100
b. $1,000
c. $20,000
d. $50,000

Answer 8

c. $20,000

Question 9

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

a. Commissioner’s Code of Ethics
b. the property code
c. The Treaty of Guadalupe Hidalgo
d. The Business and Professions Code

Answer 9

a. Commissioner’s Code of Ethics

Question 10

The trade name REALTIST® designates a member of the:

a. National Association of REALTORS®
b. Consolidated Brokers of America
c. National Association of Real Estate Professionals
d. National Association of Real Estate Brokers

Answer 10

d. 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:

a. These regulations must be approved by the California Association of REALTORS®
b. These regulations have the same force and effect as Real Estate Law
c. These regulations become part of the California Administrative Code
d. Both a and b are correct

Answer 11

d. Both a and b are correct

Question 12

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

a. business ethics
b. psychology
c. real estate principles, practice, and one other CalBRE-approved course
d. sales skills

Answer 12

c. 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:

a. promotion of high standards among members
b. safeguarding the real estate-buying public
c. fostering of legislation for the benefit and protection of California real estate
d. all of the above

Answer 13

d. all of the above

Question 14

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

a. five hours
b. one and one-half hours
c. three hours and fifteen minutes
d. as long as the applicant wishes

Answer 14

c. three hours and fifteen minutes

Question 15

If an applicant fails an examination, he or she:

a. may not apply for a re-examination at any time
b. must wait a reasonable time after failure notice to apply
c. may apply for a re-examination immediately after notification of failure
d. is limited as to the number of times that an examination may be taken

Answer 15

c. may apply for a re-examination immediately after notification of failure

Question 16

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

a. brokers must take 45 hours and salespeople must take 18 hours
b. salespeople need 30 hours
c. salespeople must take 45 hours
d. both brokers and salespeople need 45 hours

Answer 16

d. both brokers and salespeople need 45 hours

Question 17

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

a. accredited community colleges
b. accredited California universities
c. commission approved vocational schools
d. all of the above

Answer 17

d. all of the above

Question 18

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

a. be at least 18 years old
b. complete 3 college level real estate courses
c. pass the state license exam
d. have at least 2 years full time experience in real estate

Answer 18

d. have at least 2 years full time experience in real estate

Question 19

Which of the following needs a real estate license?

a. a real person selling their own home
b. a person managing their own rental
c. a full-service property manager
d. none of the above

Answer 19

c. a full-service property manager

Question 20

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

a. 55 percent
b. 60 percent
c. 70 percent
d. 75 percent

Answer 20

d. 75 percent