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WorksheetsReal Estate Principles I
Total questions: 20
Worksheet time: 15mins
The California Legislature created the __________ to oversee, regulate, administer and enforce the real estate law.
Department of Home Finance
California Bureau of Veterans
California Bureau of Real Estate (CalBRE)
Department of Agriculture and Property
The chief officer of the California Bureau of Real Estate (CalBRE) is the
Real Estate Commissioner
President of the United States
Governor of California
Real Estate Solicitor
To be eligible for a broker or agent license, the applicant needs to be honest and truthful, complete mandatory education and:
provide proof of legal presence in the U.S.
be at least 21 years of age.
have previously worked as an unlicensed assistant.
pass the qualifying exam.
All real estate brokers and agents need to complete at least __________ of continuing education (CE) every four years to renew a license issued by the California Bureau of Real Estate (CalBRE).
15 hours
30 hours
45 Hours
55 Hours
The __________ is available to individuals who have obtained a judgment against a licensee and are unable to recover the judgment from the licensee for losses caused while acting as an agent.
Real Estate Recovery Fund
Broker Protection Fund
Homeowner Relief Fund
Borrower Education Fund
A residential mortgage primarily for personal, family or household use and secured by a deed of trust on a dwelling is known as a:
consumer purpose mortgage.
public project loan.
adjustable rate mortgage (ARM).
Zero Ability to Pay (ZAP) loan.
Agency in real estate related transactions includes relationships between brokers and their:
principals.
agents
both a & b
A real estate broker is never an agent.
A broker’s representation of a client, such as a buyer or seller, is best undertaken:
with an oral agreement only.
through coercion.
on a written employment agreement signed by both the client and the broker.
through ratification after acts requiring a license have been performed.
The Agency Law Disclosure needs to be attached to which of the following documents and signed by all parties in targeted transactions?
A purchase agreement.
A seller’s listing agreement.
A counteroffer.
All of the above.
Failure of the seller’s agent to provide the seller with the Agency Law Disclosure prior to entering into the listing agreement may result in:
payment of a $1,000 fine.
the loss of their fee.
jail time.
the forfeiture of all funds in their trust account.
A(n) _________ arises when a broker or their agent, acting on behalf of a client, has a competing professional or personal bias which hinders their ability to fulfill the fiduciary duties they have undertaken on behalf of their client.
affiliated business arrangement (ABA)
subagency
conflict of interest
implied agency
A(n) __________ is a broker who simultaneously represents the best interest of opposing parties in a transaction, e.g., both the buyer and the seller.
Dual Agent
Secret Agent
Subagent
Finder
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.
communicate to one of the parties without the express consent of the other.
collect their fee when the sale closes.
disclose materials facts about the property which might dissuade the buyer from submitting an offer to purchase the property.
Funds belonging to others which a broker and their agents handle when acting in a transaction are called:
Broker fees
Trust Funds
Bonds
Security Deposits
A broker is required to regularly account to an owner on the status, expenditure and location of negotiable trust funds, called a(n):
balance sheet
deposit receipt
owner’s statement
amortization schedule
Regardless of race, all citizens of the United States have the right to rent residential and commercial real estate under the federal:
Civil Rights Act
Freedom of Information Act
Unruh Civil Rights Act
Proposition 13
_________ involves the restriction of a person seeking to buy or rent a dwelling in a community in a manner that perpetuates segregated housing patterns.
Blockbusting
Redeveloping
Redlining
Steering
A residential landlord may not induce or attempt to induce an individual to offer, or abstain from offering, a dwelling to prevent the entry of certain classes of people into the neighborhood, known as:
blockbusting
condemnation
redlining
dual agency
A(n) ___________ is housing intended for and solely occupied by persons 62 years of age or older, or intended and operated for occupancy by persons of 55 years of age or older.
senior citizen housing project
Section 8 housing project
common interest development (CID)
cooperative housing project
California’s Unruh Civil Rights Act specifically prohibits discrimination on behalf of:
educational institutions
government institutions
individuals
businesses
