Chapter 14 - Licensing, Education, and Associations

Question 1

Personal property is transferred by?

Answer 1

Bill of sale

Question 2

This is a sale or lease of a business, including the goodwill of an existing business.

Answer 2

Business Opportunity

Question 3

What are the three documents in a personal property security transaction?

Answer 3

1. a promissory note
2. a security agreement
3. compliance with the UCC-1 financing statement.

Question 4

A _____ _______ is any sale of a substantial part of the:
1. inventory, items purchased for resale
2 . Other supplies and equipment associated with a business.

Answer 4

Bulk transfer

Question 5

Division _ of the Uniform Commercial Code (UCC) requires the purchaser (transferee) in a bulk transfer to give the seller’s (transferor’s) creditors fair warning that a sale of all or a major par tot the inventory is about to take place.

Answer 5

Division 6

Question 6

Section _______ of the Business and Professions Code is the legal guideline for the licensee engaged in the practice and performance of any of the acts within the scope of the Real Estate Law.

Answer 6

Section 10176

Question 7

Section ________ of the Business and Professions Code applies to situations where the licensee involved was not necessarily acting as an agent or as a licensee.

Answer 7

Section 10177

Question 8

The CAR is the state division of the ______ Association of REALTORS.

Answer 8

National

Question 9

“_______” is the name for a member of the NAREB. They have a social networking presence on Facebook, YouTube, and Twitter, and LinkedIn.

Answer 9

Realist

Question 10

NAHREP

Answer 10

National Association of Hispanic Real Estate Professionals

Question 11

AREAA

Answer 11

Asian Real Estate Association of America