Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate Exam > Practice Of Real Estate And Disclosure > Flashcards

Practice Of Real Estate And Disclosure Flashcards

1
Q

Trust fund accounts are used to

A

Separate trust funds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Most important reason for trust fund accounts

A

Legal action against broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Trust fund accounts must reconcile

A

Monthly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

If there is an unexplained overage in a trust fund account

A

Keep separate record

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Example of commingling?

A

Broker deposits his own renter’s check in the trust account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Proper places for trust funds

A

Escrow, trust account, owner of funds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Offeree (seller) can hold trust funds if you have a

A

Written agreement between offeree and offeror

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Trust funds must be deposited within

A

3 business days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

If sales associate receives trust funds

A

Deliver to broker immediately, follow instructions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is the civil rights act of 1968

A

No discrimination or bias

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

When you encounter discrimination and unlawful eviction, what can you do?

A

Right to bring suit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Where are complaints for violations of federal fair housing laws filed to?

A

Dept of housing and urban development (HUD)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is an example of an acceptable rental ad?

A

No bicycles allowed. Can’t name actual buildings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What do you call directing a buyer to nonintegrated neighborhood of his own ethnicity?

A

Steering

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Agent tells homeowners an ethnic group is moving in and values will decrease

A

Blockbusting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Bank will not loan in a zip code because of ethnic composition

A

Redlining

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Americans with disabilities act (ADA) requires which type of properties to comply?

A

Mall, store, business office (all commercial)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

The unruh act prohibits discrimination by

A

By businesses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Who do you file complaint for discrimination and within

A

Dept of fair employment and housing, within 60 days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Discrimination can result in violation of

A

Federal, state, commissioner’s regulation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is and example of misleading advertising

A

Misleading map

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is a blind ad

A

Ad does not identify broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is puffing

A

Exaggerating features or benefits

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

License number must be in first contact materials on?

A

Everything

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What happens when you misuse of term realtor?

A

Revoke or suspend license

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

After close of escrow, record keeping requirements are?

A

Keep for 3 years, keep contracts and paperwork dating from close of escrow

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What is WORM

A

Write once, read many

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

What is an example of an unlicensed assistant’s cold calling activities?

A

Set appointment to meet broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

What’s an example where no license is required?

A

Meet termite inspector and show house

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

For an unlicensed assistant, what should you not do when getting documents signed?

A

Don’t discuss relevance of documents

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Commissioner has authority to

A

Promulgate rules and regulations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Who prosecutes for illegal activities

A

District attorney

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

What happens when you misrepresent a property to buyer

A

Discipline, civil, criminal charges

34
Q

What is the exact moment a salesperson is terminated

A

Broker gives license back to salesperson

35
Q

What happens when you obtain license by fraud

A

Revoke within 90 days without hearing

36
Q

How long is the real estate license term

A

4 years

37
Q

For a broker license, two years experience or

A

4 year college degree, major or minor in real estate

38
Q

What exception is there to depositing to the trust fund within 3 business days?

A

Hold check uncashed

39
Q

Continued education for real estate is

A

45 hours, 18 in consumer protection

40
Q

What happens when licensee does not renew before expiration?

A

Out of business, but 2 year grace period to avoid testing again

41
Q

What happens to a licensee who is a child support obligor

A

150 days temporary license

42
Q

The rumford act prohibits discrimination in housing except

A

Selling businesses (only for housing)

43
Q

Recovery account will cover up to a single transaction of

A

$50,000

44
Q

Recovery account will cover a lifetime limit up to

A

$250,000

45
Q

Suspended license from recovery account payout

A

Pay only recovery account, plus interest

46
Q

What are the general ethics

A

Honesty and fairness

47
Q

Property management is authorized to manage property for public

A

Broker

48
Q

Property management company is responsible for what measures

A

Safety measures

49
Q

What does the property management use security deposits at end of lease?

A

Clean, repair, unpaid rent

50
Q

Property management return or account for security deposits within

A

21 days

51
Q

Which document is used to evict

A

Unlawful detainer

52
Q

Maximum deposit for furnished apartment

A

3 months rent

53
Q

Maximum deposit for unfurnished apartment

A

2 months rent

54
Q

What was the Easton vs Strassburger with the TDS about?

A

Diligent visual inspection, disclose all defects

55
Q

What was the civil code 2079 about

A

Diligent visual inspection

56
Q

TDS is requires

A

As is, FSBO, 1-4, defects known and should be known

57
Q

What is not required to disclose in the TDS?

A

Repairs

58
Q

When can licensee fill out seller’s portion

A

Never

59
Q

What is an Amended TDS

A

Escrow is still open, can rescind contract but not sue

60
Q

What is a Defective TDS

A

Escrow is closed, can sue within 2 years

61
Q

What must you do for the natural hazard disclosure statement on lead based paint

A

Give EPA pamphlet, disclose reports, 10 days to inspect

62
Q

What is the Alquist priolo act

A

Disclose earthquake fault lines

63
Q

The alquist priolo act applies to

A

Specific types of structures in known earthquake fault zones

64
Q

Fault zones are defined as

A

1/4 mile wide

65
Q

If a salesperson took illegal referral fees and broker knows

A

Broker is also liable if guilty of knowledge

66
Q

Licensee must notify DRE of any illegal activity within how many days

A

Within 30 days

67
Q

If a buyer is related to the listing agent, what should they do

A

Must disclose to seller

68
Q

When a broker appoints a manger for a branch office, what happens

A

Broker relieved of direct supervision

69
Q

What does the HUD section 8 housing choice voucher program do

A

Assists with affordable housing in private market

70
Q

Why do brokers typically work with an independent contractor salesperson

A

Broker does not have to pay social security and Medicare

71
Q

What do brokers pay for employees and independent contractor salespersons

A

Broker pays workers comp

72
Q

Prepaid rental listing service (PRLS) license is issued for how long

A

2 years

73
Q

If seller paints over water spots on ceiling, the listing agent needs to

A

Listing agent discloses roof leaks

74
Q

If a salesperson is asked to lease house but doesn’t know how

A

Ask broker’s assistance

75
Q

What’s a reason in a busy market and house does not sell

A

It’s Overpriced

76
Q

With a 9 month listing, the broker’s license is revoked. What happens?

A

Listing terminates

77
Q

If a broker dies, leaves business to daughter, what do sellers do?

A

Sellers sign new listings

78
Q

Flood hazard is considered frequent when flooding happens

A

2 times in 10 years

79
Q

DRE does not issue licenses to

A

To partnership

80
Q

An example where the Licensee does not have to disclose

A

That he lives in neighborhood of property being sold

81
Q

Agent is liable for own actions even if

A

Whether principal is liable or not

82
Q

Agent is not liable for wrongful acts of principal

A

Unless agent acquiesces (gives in)

Real Estate Exam (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions