Quizzes Flashcards
The California legislature created the - - - to oversee, regulate, administer and enforce the real estate law.
California Bureau of real estate CALBRE
The chief officer of the California Bureau of real estate is the…
Real estate commissioner
To be eligible for a broker or agent license, the applicant needs to be honest and truthful, complete mandatory education and…
Pass the qualifying exam
All real estate brokers and agents need to complete at least - - - of continuing education every four years to renew a license issued by the California Bureau of real estate.
45 hours
The - - - is available to individuals who have Obtained a judgment against a licensee and are unable to recover the judgment from the licensee for losses Caused while acting as an agent
Real estate recovery fund
A residential mortgage primarily for personal, family or household use and secured by a deed of trust on a dwelling is known as a…
Consumer purpose mortgage
Agency in real estate related transactions includes relationships between brokers and their:
Principals and agents
Hey brokers representation of a client, such as a buyer or seller, is best undertaken:
On a written employment agreement signed by both the client and the broker
The agency law disclosure needs to be attached to which of the following documents and signed by all parties in targeted transactions?
A purchase agreement, a sellers listing agreement, and a lease agreement for a term exceeding one year.
Failure of the sellers agent to provide the seller with the agency law disclosure prior to entering into the listing agreement may result in…
The Loss of their fee
A - - - arises when a broker or their agent, acting on behalf of a client, has a competing professional or personal bias which hinders their ability to for fill the fiduciary duties they have undertaken on behalf of their client.
Conflict of interest
A - - - is a broker who simultaneously represents the best interest of opposing parties in a transaction example both the buyer and the seller.
Dual agent
When a dual agency is established in a 1 to 4 unit residential sales transaction, the broker may not…
Pass on confidential pricing information to the opposing parties.
Funs belonging to others which a broker and their agents handle one acting in a transaction are called…
Trust funds
A broker is required to regularly account to an owner on the status, expenditure and location of negotiable trust funds, called an…
Owners statement
Regardless of race, all citizens of the United States have the right to rent residential and commercial real estate under the federal…
Civil rights act
- Involves the restriction of a person seeking to buy or rent a dwelling in a community and a manner That perpetuates segregated housing patterns.
Steering
a - - - is housing intended for in Soli occupied by persons 62 years of age or older, or intended and operated for occupancy by persons of 55 years of age or older.
Senior citizen housing project
California’s Unruh civil rights act specifically prohibits discrimination on behalf of…
Businesses
California anti-discrimination law is in forced to buy the Department of fair employment and housing and the…
Fair employment and housing commission
Until - - - was added to the anti-discrimination laws in 1992, it was illegal to exclude minors under the age of 18 from housing accommodations.
Familial status
- Practices are those which are not openly discriminatory, but result in discriminatory effects.
Implicit discriminatory
Failing to provide financing in certain communities is called…
Redlining
The - - - is a 1974 federal enactment prohibiting lenders from discriminating against borrowers from a protected class.
Equal credit opportunity act
A lender may lawfully consider blank when determining the applicants credit worthiness.
A mortgage applicants age
Consumers may request a free copy of their credit report - - to review it for errors
Once every year
The - - requires lenders to compile and submit their home loan origination data to their respective supervisory agencies.
Home mortgage disclosure act HMDA
The printing our publishing of an advertisement for this sale or rental of residential property that indicates a wrongful discriminatory preference is a violation of the…
Federal fair housing act FFHA
The department of housing and urban development HUD issues guidelines that require real estate brokers selling or renting single-family residences SFRS display a…
Fair housing poster
A property defect which would likely affect the price a buyer would be willing to pay is referred to as…
A material fact
The broker analyzes the suitability of an income property which is for sale by preparing a – – and reviewing it with the buyer.
Annual property operating data sheet APOD
Hey sellers broker and their agents have a - - -, owed solely to the seller who has employed the broker, to diligently market the listing property for sale.
Fiduciary agency duty
A seller of a one –to –four Unit residential property needs to complete and delivered to a prospective buyer a statutory form called a…
Transfer disclosure statement TDS
Radon gas Concentrations in enclosed, unventilated space is located within a building where the underlying rock contains uranium is an example of a…
Environmental hazard located on a property
Environmental hazards not itemized on the TDS include…
A) hazard is construction materials and waste.
B) window security bars and inoperable release mechanisms
C) environmental noises
D) Whether the property is located in the special flood hazard area
D) Whether the property is located in a special flood hazard area
Natural hazards such as – – come with the location of a parcel of real estate, not with the man – made aspects of the property.
Very high fire hazard severity zone
To unify and streamline the disclosure made by a seller and their agent about natural hazards affecting a property, the California legislature created a statutory form called The…
Natural hazard disclosure statement NHD
The natural hazard disclosure statement NHD handed to a prospective buyer does not disclose…
A) weather there property is located in area of potential flooding
B) Whether their property is situated in a very high fire hazard severity zone
C) environmental hazards in physical deficiencies in the soil or property improvements
D). The fact the property was built in a seismic hazard zone
C) Environmental hazards and physical deficiencies in the soil or property improvements.
The natural hazard disclosure statement NHD requires the seller’s agent to disclose a prospective buyer weather they have knowledge the property…
A) has a roof greater than three years old
B) is located in the fault zone
C) is located in an area with a high crime rate
D) Has an outdoor pool
B) Is located on a fault zone
The federal lead based paint LBP disclosure is required on all – – residential construction.
Pre-1978
Hey – – is any condition that causes exposure to lead from lead contaminated dust, soil or pain which has deteriorated to the point of causing adverse human health effects.
Lead based paint hazard
– – Are exempt from the federal lead based paint LBP disclosure requirements:
A. Residential properties built prior to 1968
B. Single-family residences built after 1970
C. Foreclosure sales of residential property
D. Pre-sales of housing previously acquired by the lender at a foreclosure sale
C. Foreclosure sales of residential property
The real estate agent has no affirmative duty to voluntarily disclose information to a potential buyer regarding a prior occupant his death occurred on the real estate more than - – years prior to the purchase offer.
Three years
Ownership of the unit in a condominium project includes compulsory membership in:
The homeowners association HOA
– – Levied by a homeowners association find the operating budget to pay for the cost of maintaining the common areas.
Regular assessments
Any individual who holds them selves out as being in the business of preparing a home inspection report on a 1 to 4 unit residential property is referred to as in…
Home inspector
A statement by a structural pest control company indicating the property is free of infestation in the visible and accessible areas is referred to as a…
Pest control certification
Brokers or a fiduciary duty to the client to use – – in a continuous effort to meet the objectives of the employment.
Due diligence
All records of an agency activities on behalf of the buyer or seller during the listing. Are to be retained by the agents broker for how many years?
Three years
A – – is a written employment contract between the client and license real estate broker.
Listing agreement
Under a dash dash, the client can enter into listings with as many brokers as they want without becoming obligated to pay more than one fee.
Open listing
The function of a – – is limited to soliciting, identifying, and referring potential real estate clients to brokers, agents, or principles in exchange for a fee.
Finder
The primary document used to negotiate the transaction between a buyer and a seller is a…
Purchase agreement
The dash dash, contained in all purchase agreements, states existence or nonexistence of each burgers fiduciary agency with the various parties to the transaction.
Agency confirmation provision
And agency law disclosure is provided each time any broker prepares a purchase agreement or…
Lease for more than one year
A(n) – – is an individual’s opinion or estimate of properties value on a specific date.
Appraisal
The dash dash of a property is the highest price on the date of valuation a willing seller and buyer would agree to, both having full knowledge of the properties various uses.
Fair market value
A process in playing an independent agent to manage the closing of a real estate transaction through the exchange of documents and money between two parties is referred to as…
Escrow
The specific duties of the escrow officer in a particular transaction or documented in…
Escrow instructions
