California Real Estate Flashcard

Front

What can the Real Estate Commissioner in California do?

Back

Adopt regulations to enforce the real estate law.

Front

What is the first step in a disciplinary action against a licensee?

Back

Statement of issues.

Front

How much surety bond must a residential mortgage lender or servicer maintain in California?

Back

$50,000.

Front

What is required for a broker to earn a commission?

Back

Have been licensed when the commission was earned.

Front

Which of the following acts for compensation does NOT require a license? An owner selling four homes in one year for a profit, Offering to exchange a business opportunity to another, Soliciting lenders for loans, Offering to exchange a promissory note secured by real estate property

Back

An owner selling four homes in one year for a profit

Front

Which of the following acts for compensation require a real estate license?
Soliciting listings of places for rent.
Offering to assist others applying for leases to government-owned land.
Soliciting borrowers for real estate secured loans.

Back

All the above.

Front

What is required to receive an MLO license and/or endorsement through the NMLS in all states? Options: Be fingerprinted. Pass a criminal background check. Pass a state and national exam. All the above.

Back

All the above.

Front

Which course is NOT required to take the real estate broker's examination in California? Mortgage Loan Brokerage and Lending, Real Estate Finance, Legal Aspects of Real Estate, Real Estate Appraisal.

Back

Mortgage Loan Brokerage and Lending.

Front

How much experience as a salesperson must an applicant without a high school diploma have in order to take the real estate broker's examination in California?

Back

None.

Front

Who is responsible for the real estate activities of a corporation?

Back

The designated broker-officer