CALIFORNIA REAL ESTATE EXAM MULTIPLE CHOICE EXAM 500 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES|

CALIFORNIA REAL ESTATE EXAM MULTIPLE CHOICE EXAM 500 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES| Practice questions for this set Learn 1 / 7 Study with Learn Dismiss the findings if the charges are not sustained at the hearing, as well as to reduce the proposed penalty and make an official decision. Choose matching term 1 The judge has just issued a decision for ethical violations of a real estate salesperson. What is the role of the California Real Estate Commissioner in the proceeding? 2 Which proposition limited the maximum amount of tax on real property? 12/15/24, 12:04 PM CALIFORNIA REAL ESTATE EXAM MULTIPLE CHOICE EXAM 500 QUESTIONS AND CORRECT DETAILED ANS… Terms in this set (243) The judge has just issued a decision for ethical violations of a real estate salesperson. What is the role of the California Real Estate Commissioner in the proceeding? Dismiss the findings if the charges are not sustained at the hearing, as well as to reduce the proposed penalty and make an official decision. Bill the broker received a very high offer on a piece of property from a buyer. Bill makes a low offer through a dummy purchase, or an accomplice who is not a buyer at all. Bill sells the property for the higher price. What's the violation? Secret Profit 3 What is the largest area of Standards and Practices? 4 A corporation is found guilty of charging purchasers advanced fees for securing mortgage loans on homes they have listed. What is the punishment for the violation? Don't know? 12/15/24, 12:04 PM CALIFORNIA REAL ESTATE EXAM MULTIPLE CHOICE EXAM 500 QUESTIONS AND CORRECT DETAILED ANS… Katrina had her license suspended for making false promises to clients. She could never follow through with her statements and several complaints were filed. Which guidelines constitute most suspensions? Sections 10176 and 10177 of Business and Professions Code California licensing laws define which of the following: Real Estate Brokerage, Handling Trust Funds, Managing Escrow Account Which portion of the California Business and Professions Code consists of the subdivided lands law? Part 2, Sections 11000 to 11200 of the Business and Professions Code A Nevada real estate licensee has been advertising his services online to California citizens. Is this permissible? It is not permissible to solicit California residents if you don't have a California real estate license. A California licensee has been advertising on the Internet. She has been violating the Business and Professions Code, Sections 10235.5 and 10140.6. What has she done? She failed to indicate her license status in the ad. 12/15/24, 12:04 PM CALIFORNIA REAL ESTATE EXAM MULTIPLE CHOICE EXAM 500 QUESTIONS AND CORRECT DETAILED ANS… Upon completion of this course, you should understand: The facts regarding disclosure of commissions earned to all parties in a transaction, real estate taxes and special assessments, encumbrances (a claim against a property by another party. Encumbrance usually impacts the transferability of the property and can restrict its free use until the encumberance is removed), liens, easements (non-possessory right to use and/or enter onto the real property of another without possessing it), and encroachments (property owner violates the property rights of his neighbor by building something on the neighbor's land) Which regulation apply to the use of the internet for advertising in California? Commission's Regulation 2770 Where can Mike find the exam's purpose and requirements? California Business and Professions Code Section 10153 John is trying to learn about "Professional Code". What sources have input on this topic? General and state legislation, industry self- regulation through trade associations and institutes, state real estate licensing regulation Where does a person go with a complaint regarding discrimination? The Office of Fair Housing and Equal Opportunity (OFHEO) A couple with excellent credit and good careers are denied a loan. What's the violation? The couple has been denied the full protection of the Equal Credit Opportunity Act (ECOA). The ECOA is a part of the Fair Financing Laws. 12/15/24, 12:04 PM CALIFORNIA REAL ESTATE EXAM MULTIPLE CHOICE EXAM 500 QUESTIONS AND CORRECT DETAILED ANS… Jane has filed her complaint of discrimination. She also wants to seek punitive damages. What are her options? Jane may file suit within two years of the violation. She may seek a restraining order, actual damages, and punitive damages of up to $1,000. What is the largest area of Standards and Practices? Article 16 - Ethics and Agency Relationships There are shutters installed throughout the home, and the owner wants to take them with him to his new home. Which of the five tests for real and personal property applies? Method of attachment, adaptability (built-in vs. not), and intent (agents should write into the offer items that may lead to misunderstandings, such as a ceiling fan). A family is clearing many trees to build a guest house. They plan on selling the wood to the neighbors. What process applies? Severance- Changes real property to personal property. Jonathan decides to sell his home and transfer all of his property ownership rights to the new buyer. This bundling and selling of rights is known as: Livery of Seisin- when you sell the entire bundle of rights. 12/15/24, 12:04 PM CALIFORNIA REAL ESTATE EXAM MULTIPLE CHOICE EXAM 500 QUESTIONS AND CORRECT DETAILED ANS… Which are water rights? Littoral Right (beaches), Doctrine of Prior Appropriation (irrigation), and Riparian Right (River). The beach has disappeared from John's property after a violent storm. Which term describes the damage? Avulsion- The sudden loss of land by an act of nature. John pays rent for his apartment and is also considered a stockholder in his building and owns property. In what type of apartment does John live? Cooperative- the cooperative owns property and owns stock. They have long-term leases (proprietary leases)