Real Estate LAW Flashcards
IN THE UNITED STATES WE FOLLOW WHICH SYSTEM OF CIVIL LAW?
Roman Law
THE SYSTEM OF LAWS BASED ON ENACTED STATUES IS CALLED?
STATUTORY LAW
ADMINISTRATIVE AGENCIES MAKE RULES AND REGULATIONS TO IMPLEMENT OUR?
FEDERAL LAWS
THE REAL ESTATE COMMISSIONER CAN’T…
SETTLE COMMISSION DISPUTES BETWEEN LICENSEES
WHAT ACT AUTHORIZES THE COMMISSIONER TO HOLD FORMAL HEARINGS TO DETERMINE DISCIPLINARY ACTIONS AGAINST A LICENSEE?
ADMINISTRATIVE PROCEDURE ACT
SMALL CLAIM COURT CASES ARE LIMITED TO HOW MUCH?
$10,000 OR LESS FOR INDIVIDUALS.
$5,000 OR LESS FOR BUSINESSES.
WHAT IS NOT ALLOWED IN SMALL CLAIMS COURT?
ATTORNEY REPRESENTATION
MOST REAL ESTATE DISPUTES ARE HANDLED BY WHAT COURT?
SUPERIOR COURT
THE PLAINTIFFS EXAMINATION OF A WITNESS IS CALLED?
DIRECT EXAMINATION
DAMAGES THAT GO BEYOND ACTUAL COMPENSATION FOR INJURY ARE KNOWN AS?
PUNITIVE DAMAGES
A LEGAL ACTION TO DETERMINE THE OWNERSHIP OR RIGHTS IN REAL PROPERTY IS CALLED?
QUIET TITLE ACTION
A WRITTEN AGREEMENT WHEREBY A PRINCIPAL APPOINTS AN AGENT TO ACT ON HIS OR HER BEHALF AS AN ATTORNEY IN FACT IS KNOWN AS?
POWER OF ATTORNEY
LISTINGS NORMALLY CREATE WHAT KIND OF AGENCY?
EXPRESS AGENCY
A PRINCIPAL WHO BY WORD OR ACTION LED ANOTHER TO BELIEVE AN AGENCY EXISTS COULD HAVE CREATED?
AGENCY BY ESTOPPEL
A DUEL AGENCY HAS AN INHERENT PROBLEM OF?
CONFLICTING INTERESTS
A PERSON WHO CLAIMS TO BE AN AGENT WITHOUT HAVING AUTHORITY IS?
LIABLE FOR THEIR ACTS
THE DOCTRINE OF RESPONDEAT SUPERIOR STATES THAT?
A MASTER IS LIABLE FOR THE ACTIONS OF HIS OR HER SERVANTS OR EMPLOYEES
IF THE PRINCIPAL WRONGFULLY TERMINATES THE AGENCY AGREEMENT THE AGENT IS ENTITLED TO?
DAMAGES
IN AN AGENCY COUPLED WITH AN INTEREST THE AGENT HAS?
AN INTEREST IN THE SUBJECT MATTER OF THE AGENCY.
WHAT DOES ETHICS DETERMINE ABOUT ACTIONS?
IF THE ACTIONS ARE RIGHT OR JUST
TO AVOID WITHHOLDING INCOME TAXES AND CONTRIBUTING TO SOCIAL SECURITY MOST REAL ESTATE BROKERS SPECIFY THAT THEIR SALES PEOPLE ARE?
INDEPENDENT CONTRACTORS
NET LISTING ARE THREE THINGS:
ILLEGAL IN MOST STATES
LEGAL IN CALIFORNIA
ABSOLUTELY BAD NEVER TAKE ONE.
AN OPTION COMBINED WITH A LISTING ALLOWS THE BROKER TO WHAT?
THE OPPORTUNITY TO PURCHASE THE PROPERTY IF A BUYER CAN NOT BE FOUND
A REFERRAL FEE OR FINDERS FEE TO A NON LICENSEE IS LEGAL FOR?
AN INTRODUCTION
THE PRIMARY RESPONSIBILITY OF THE REAL ESTATE COMMISSIONER IS TO?
PROTECT THE PUBLIC
THE DOCUMENT THAT INITIATES DISCIPLINARY ACTION AGAINST A LICENSEE IS THE?
ACCUSATION
NOT EXEMPT FROM REAL ESTATE LICENSING WOULD BE?
PARTIES SELLING SHARES IN REAL ESTATE SYNDICATES
A BANK LOAN ON AN OWNER-OCCUPIED DWELLING MAY NOT HAVE A PREPAYMENT PENALTY AFTER?
3 YEARS
THE PURPOSE OF SAFE IS TO?
REDUCE FRAUD
A PREPAID RENTAL LISTING SERVICE CHARGED $500 FOR A LIST OF PROPERTIES. IF THE CLIENT FAILED TO FIND A RENTAL AND REQUESTED RETURN OF THE FEE, THE LISTING SERVICE SHOULD RETURN?
$450
A VALID REAL ESTATE CONTRACT REQUIRES FOUR ELEMENTS, THEY ARE?
COMPETENT PARTIES
MUTUAL CONSENT
LEGAL PURPOSE
CONSIDERATION
A RIGHT THAT CAN ONLY BE EXERCISED IF THE OTHER PARTY IS WILLING IS A?
RIGHT OF FIRST REFUSAL
AN OWNER SOLD HIS HOME AND DIDN’T PAY A COMMISSION. THE LISTING IN FORCE WAS EITHER?
AN OPEN LISTING
OR
AN EXCLIUSIVE AGENCY LISTING
A TRANSLATION OF A PURCHASE OFFER WAS REQUIRED BECAUSE THE OFFER WAS NEGOTIATED IN WHAT LANGUAGE?
SPANISH
THE PARCEL EVIDENCE RULE DEALS WITH?
PROHIBITION ON USING ORAL STATEMENTS TO MODIFY A COMPLETE WRITTEN AGREEMENT
WHAT IS AN ASSIGNMENT?
TRANSFER OF ALL INTEREST IN A CONTRACT OR A LEASE
A SELLER MISTAKENLY INCLUDED A LARGER PARCEL IN THE DEED THAN BARGAINED FOR. THE SELLER WOULD SEEK WHAT?
REFORMATION
A PARTY SUFFERED $100,000 IN DAMAGES BUT THE COURT AWARDED $500,000. THE ADDITIONAL AMOUNT WOULD BE CONSIDERED?
PUNITIVE DAMAGES
A BUYER’S LISTING AUTHORIZES AN AGENT TO?
LOCATE PROPERTIES FOR BUYERS CONSIDERATION
AN AGENT NEGLECTED TO FILL IN ANY COMMISSION AMOUNT IN A LISTING. AFTER A SUCCESSFUL SALE, THE AGENT WOULD BE ENTITLED TO?
NOTHING
PROCURING CAUSE NEED NOT BE SHOWN FOR?
AN EXCLUSIVE AUTHORIZATION AND RIGHT TO SELL LISTING
A CONTRACT TO MAKE A CONTRACT IS?
AN OPTION
RECORDS OF REAL ESTATE BROKER MUST BE RETAINED FOR?
3 YEARS
AN EXCLUSIVE LISTING IS A BILATERAL CONTRACT BECAUSE?
THE PRINCIPAL AGREES TO PAY A FEE AND THE AGENT AGREES TO USE DUE DILIGENCE
THE SAFETY CLAUSE IN A LISTING PROTECTS AN AGENT AS TO?
A SALE AFTER THE LISTING EXPIRES
