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Real Estate Principles > Real Estate Licensing and endorsement > Flashcards

Real Estate Licensing and endorsement Flashcards

1
Q

DRE stands for

A

Department of real estate

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2
Q

RE stands for

A

Real estate

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3
Q

Purpose of real estate law

A

oversee, regulate, administer and enforce RE law

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4
Q

DRE enforces what

A

the real estate licensing and subdivided land act

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5
Q

Purpose of DRE

A

protect the public

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6
Q

Regulations fall under what category

A

Title 10

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7
Q

A Real Estate Broker is someone who

A

rents, negotiates,leases properties & homes

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8
Q

A Agent is someone who

A

acts on behalf of the broker

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9
Q

What is an agent authorized for

A

preparing listings, sales documents, disclosure agreements on behalf of broker

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10
Q

Qualifying for brokers license(BL)

A

have a real estate license and worked full time for 2 years(within 5 years), Filled out employment verification form

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11
Q

Define Principle/ entity

A

A person(s) dealing with their own business/property

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12
Q

People exempt from license

A

attorney providing legal service, principle/entities/a trustee, a resident manager, transient renters

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13
Q

License renewal terms

A

renewed every 4 years, 45 hrs continuing education. First timers need 18 hours consumer protection course and 15 other

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14
Q

Define Designated Officer(DO)

A

Corporation licensed individual

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15
Q

Define Fictitious Business Name

A

“doing business as” name

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16
Q

child support importance

A

can be suspended or barred until CS is paid(also 95 fee if added to list)

17
Q

Define business opportunity

A

The assets for a business enterprise (including goodwill/fame)

18
Q

Documents for sale include

A
  1. Bill of Sale 2. Uniform Commercial Code (UCC) Financing statement 3. deed
19
Q

Form number for UCC

A

RPI form 436-1

20
Q

Form number for deed

A

RPI form 404

21
Q

Define bill of sale

A

sale of company inventory <50% to purchaser

22
Q

Define bulk sale

A

sale of company inventory <50% not to business customer

23
Q

Mobile Home classifications

A

Real estate or personal property

24
Q

Mobile home is personal property when

A
  1. 8ft wide, 40ft length 2. built on permanent CHASSIS
25
Q

Mobile home is real estate when

A

built on permanent FOUNDATION

26
Q

Mobile home registration entity

A

California Department of Housing and Community Development (HCD)

27
Q

What is Real Estate Recovery Fund(REFR)

A

Fund for individuals winning against licensed RB

28
Q

REFR limits

A

50,000 - 250,000

29
Q

Define mortgage loan originator (MLO)

A

Licensee who arranges residential mortgages

30
Q

define consumer purpose mortgage

A

loan for residence 1-4 units, mobile home or trailer/boathouse

31
Q

How to become MLO

A

complete mortgage broker exam, mlo agreement submited, 20 hour education, credit report

32
Q

NMLS stand for

A

nationwide mortgage licensing system and registry

Real Estate Principles (4 decks)

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