WorksheetsEXIT REALTY EXAM
Total questions: 25
Worksheet time: 13mins
The __________ oversees, regulates, administers and enforces the real estate law
Department of Motor Vehicles(DMV)
Department of Real Estate(DRE)
National Real Estate Alliance
California Bureau of Veterans
To be eligible for an agent license, the applicant needs to complete mandatory education, pass the qualifying exam and:T
be at least 16 years of age.
provide proof of legal presence in the U.S.
have previously worked as an unlicensed assistant.
make the application on the proper from prescribed by the DRE
Brokers and agents are required to complete a minimum of __________ of continuing education (CE) every four years to renew a license issued by the California Bureau of Real Estate (CalBRE).
50 hours
45 hours
30 hours
15 hours
A fictitious business name license, also known as a __________, will be granted to a broker who has complied with the filing requirements.
MIA(missing in action)
DBA(doing business as)
DOA(dead on arrival)
None of the above
A __________ is the sale or lease of the operations and goodwill of an existing business enterprise or opportunity.
business opportunity
business proposition
bulk sale
short sale
The __________ compensates individuals who have obtained a judgment against a licensee and are unable to recover the judgment from the licensee.
Homeowner Bailout Fund
Broker Relief Account
Bail Bond Account
Real Estate Recovery Fund
Agency in real estate related transactions includes relationships between brokers and their:
principals
agents
both A and B
Neither A nor B
The Agency Law Disclosure needs to be attached to which of the following documents and signed by all parties in
targeted transactions?
Leases for one year or less
Month-to-month rental agreements
Financing arrangements
A purchase agreement
A(n) __________ exists when an agent has a positive or negative bias toward an opposing party in a transaction which might hinder their ability to fully represent the needs of their client.
conflict of interest
business opportunity
Both A and B
Neither A nor B
A broker who simultaneously represents the best interests of opposing parties in a transaction is known as a:
finder
dual agent
subagent
None of the above
When a dual agency is established in a one-to-four unit residential sales transaction, the broker may not:
pass on confidential pricing information to the opposing parties.
collect their fee when the sale closes
communicate to one of the parties without the express consent of the other.
disclose materials facts about the property which might dissuade the buyer from submitting an offer to purchase the property.
__________ are funds belonging to others which a broker and their agents handle when acting in a transaction.
cash advances
retainer fees
trust funds
Bonds
While the federal Civil Rights Act provides general protection against all prohibited discriminatory activity, the __________
protections are specifically limited to dwellings, including rental housing.
Freedom of Information Act
Unruh Civil Rights Act
Federal Securities Act
Federal Fair Housing Act (FFHA)
The restriction of a person seeking to buy or rent housing in a manner that perpetuates segregated housing patterns is referred to as:
gentrification
redeveloping
steering
blockage
___________ refers to the failure of lenders to provide financing in certain targeted communities.
Redlining
Panic Selling
Eminent domain
All of the above
Under the __________, lenders are required to compile and submit home loan origination data to supervisory agencies.
Home Affordable Modification Plan (HAMP).
Home Mortgage Disclosure Act (HMDA)
Both A and B
Neither A nor B
A broker prudently refuses to use phrases that indicate a preference in advertising, such as:
"black home
"adult building"
"Jewish home"
All of the above
A property defect which affects the price a buyer would be wiling to pay for a property is referred to as:
discharge of indebtedness
a material fact
incriminating evidence
All of the above
A seller’s broker and their agents have a ___________, owed solely to the seller who has employed the broker, to
diligently market the listed property for sale.
fiduciary agency duty
non-fiduciary general duty
limited general duty
implied agency duty
A seller of a one-to-four unit residential property delivers a mandatory statutory form to prospective buyers called a(n):
agency law disclosure
counteroffer
Transfer Disclosure Statement
Condition of Title Statement
__________ are noxious or annoying conditions which are man-made hazards that are injurious to health or interfere
with an individual’s sensitivities.
Fire hazards
Seismic hazards
Natural hazards
Environmental hazards
The use of a(n) __________ to prepare a Natural Hazard Disclosure Statement (NHD) relieves the seller’s agent of any liability for errors not known to the agent to exist.
accountant
escrow officer
natural hazard expert
All of the above
The Natural Hazard Disclosure Statement (NHD) discloses whether the seller has knowledge the property:
is located in a fault zone
is located in an area with a high crime rate
has an indoor pool
has a roof greater than seven years old.
The federal lead-based paint (LBP) disclosure must be delivered by the seller of residential property constructed:
before 1978
after 1978
before 1998
after 2008
A real estate agent has no duty to voluntarily disclose information regarding a prior occupant whose death occurred on the real estate more than __________ years before.
three
two
one
All of the above
