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California Real Estate Law Questions And Answers With Verified Solutions Already Passed!!!
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California Real Estate Law Questions And Answers With Verified Solutions Already Passed!!!
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California Real Estate Law QuestionsAnd Answers With Verified Solutions
Already Passed!!!
CALBRE is part of what department - ANSWER✔✔The Department of Consumer
Affairs
Presides over the Real Estate Advisory Commission - ANSWER✔✔Real Estate
Commissioner
Enforces the Real Estate Law - ANSWER✔✔Real Estate Commissioner
Issues (promulgates) rules and regulations which have the force and effort of the
law and become a part of the California Code of Regulations - ANSWER✔✔Real
Estate Commissioner
Does not settle commission disputes. They are settled by civil action in court -
ANSWER✔✔Settled by Civil Action In Court
If the person has broken the law - ANSWER✔✔The District Attorney would
prosecute.
If buyer wins a civil judgement against a broker for fraud -
ANSWER✔✔Commissioner can suspend or revoke the broker's license only after
a hearing
False statements of facts. License listed income property showing 12% return but
did not include all expense - ANSWER✔✔Misrepresentation
Licensees do not often make malicious misrepresentations.
Withholding negative information on the transfer disclosure statement is illegal
(negative fraud).
Misleading a potential lender is unlawful conduct - ANSWER✔✔Types of
Misrepresentation
Acting for more than one party in a transaction without the knowledge and consent
of all parties - ANSWER✔✔Divided Agency
, He may be disciplined, may provide grounds for either party to rescind, and may
be denied all commissions - ANSWER✔✔If agent does not disclose his dual
agency to both parties.
Where a broker sells his own listing often rise to dual agency - ANSWER✔✔In
House Sales
Mixing his own money or property with property of others -
ANSWER✔✔Commingling
Would not put rent from that property for the deposit on a purchase offer for it.
Into a trust account - ANSWER✔✔A licensee who owns rental property
Failure of a licensee to disclose to his principal the full amount of commission or
profit. - ANSWER✔✔Secret Profit
Corporation, and syndicate buys property, broker must reveal his membership in
the syndicate. If undisclosed, either party can rescind. - ANSWER✔✔What if a
license is a member of a syndicate?
Broker must reveal fact to seller - Example Brother in law - ANSWER✔✔What if
a buyer is a close relative?
The buyer does not need to reveal any profit that he will make in any future sale of
the property - ANSWER✔✔What if a buyer and seller have a transaction and
neither one is licensee?
If a licensee, takes a listing and an option on the same property, there is a conflict
of interest, and licensee must reveal his profit and obtain written permission from
the owner before exercising his option - ANSWER✔✔Listing with an option
Broker must review, oversee, inspect, and manage all contracts affecting a
transaction. - ANSWER✔✔What must a broker Supervise?
Review and initial all contracts if the salesperson has at least two years full-time
experience within the last five years. (working for the same broker is not
necessary) - ANSWER✔✔Broker can designate a salesperson to
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