A Career in Real Estate

1. 
An unlicensed secretary in a real estate office can:
2. 
As to a business, which of the following is false?
3. 
For a fee, Thomas offers to assist Sara in leasing and/or purchasing federal land.


4. 
Subtracting the cost of merchandise from gross sales gives:


5. 
The least desirable business in a shopping center would be a:


6. 
When a business is being sold, the term successor liability may become inportant. Real Estate brokers know that this term incolves certain obligations to the:
7. 
Notice of an intended sale of a business is recorded and published a day prior to sale. The sale is:


8. 
Balancing a bank statement with an account is known as:


9. 
Which of the following is true?
10. 
The goodwill value of a business can be computed by:
11. 
A prospective renter paid $300 for a list of rentals. Since a rental was not obtained, the prospective renter asked for the return of the fee seven days later. The agent must return:


12. 
All of the following terms have something in common except:


13. 
An alcoholic beverage license will be issued:


14. 
Advance-fee broker advertising must be submitted to the Real Estate Commissioner __ days prior to use.
15. 
A retailer can:


16. 
A licensee with a restricted license may be restricted by the Commissioner as to:
17. 
In considering a community shopping center, a developer would be most interested in:


18. 
A broker's salespeople are under contract as independent contractors rather than employees. By doing so the brokers will save out of pocket expenses relating to:


19. 
A use tax is:
20. 
Which of the following would be concerned with obtaining a clearance receipt in the sale of a business?


21. 
Notice of intent to engage in the sale of alcoholic beverages must be posted on the premises for at least:
22. 
A liquor license must be put in use within __ days of initial issuance.
23. 
General liquor licenses less than five years old cannot be resold for more than:
24. 
To be enforceable, listings of business opportunities:
25. 
Which of the following cannot obtain an alcoholic beverage license?
26. 
Robert, a developer who is unlicensed, hires Yvonne, a broker, to sell his property. While Yvonne is out of town, Robert shows property, quotes prices, and makes sales.


27. 
A large feed wholesaler wishes to sell 100,000 pounds of bulk feed to a dealer. He or she should comply with:


28. 
Sales taxes normally are required to be remitted to the state Board of Equalization:


29. 
The Bulk Sales Act is part of the:
30. 
You must have a sales tax permit if you are going to:
31. 
The least important element of goodwill is:
32. 
A business balance sheet might include all except:


33. 
The Franchise Investment Law requires:
34. 
One year ago, Judy received an on-sale general liquor license from the state. She wishes to sell to Greg. The most she can get for the license is:


35. 
The term short-rate describes an:


36. 
A liability of a business would be:


37. 
A salesperson leaves a broker. The broker must notify the Real Estate Commissioner:


38. 
The acid-test ratio for cash on hand (includes securities readily converted to cash) to current liabilities is:


39. 
A salesperson's commission is paid by:
40. 
A broker who uses a send-out slip:
41. 
To sell franchise opportunities, a person must be:
42. 
After publication has been made of a sale, the earliest the business can safety be sold is:


43. 
A right to use a marketing plan would be described as a(n):
44. 
The ABC will not issue an alcoholic beverage license to:


45. 
A business owner fails to remit $1,000 in collected sales tax in a timely manner. He is also guilty of fraud. The maximum penalty he can be assessed is:


46. 
A balance sheet would show:
47. 
Property sold in a bulk sale would be transferred by:


48. 
What a person pays to develop a property is known as:


49. 
George manages and leases five separate properties for an out-of-state owner, getting an apartment furnished at one of the locations as part payment for the work.


50. 
Which of the following properties is likely to have the highest degree of liquidity?


51. 
If you were planning a suburban shopping center, one of the first things you would consider is:
52. 
Goodwill costs for an on-sale or off-sale general alcoholic beverage license less than five years old cannot exceed:
53. 
The notice required under the Bulk Sales Act need not include:


54. 
The most reliable income figure for a grocery store that is for sale would be:


55. 
A $6,000 fee is:


56. 
Requirements for licensing as a real estate salesperson includes all except:
57. 
Which of the following needs a real estate license?


58. 
The term cash flow refers to:


59. 
The most important element of goodwill is:
60. 
As to the sale of a business in which the Bulk Sales Act Requirements have not been met, which of the following is true?


61. 
A three-month period for accounting applies to:
62. 
An auctioneer who sells at auction and fails to comply with the Bulk Sales Act:
63. 
Colonel Cluck wishes to open franchise stores in California. They have had 25 franchises operating for five years in Arizona. Their net worth is in excess of $5,000,000. They must:


64. 
Which of the following is true?
65. 
A real estate salesperson may not:


66. 
Accounts payable on a balance sheet would show up as:
67. 
Licensees for on-sale and off-sale alcoholic beverage licenses must be fingerprinted, with the exception of:


68. 
Accounts payable are in the same accounting category as:


69. 
Phil pays the Department of Alcoholic Beverage Control $6,000.


70. 
The successor liability of a business refers to:


71. 
A profit-and-loss statement would not include:


72. 
In choosing a location for an office a broker should be most interested in:
73. 
By checking a profit and loss statement, you would find:


74. 
To serve process on a nonresident California licensee who is not in California, a person would serve upon:
75. 
Real estate licenses are issued for:
76. 
An unlicensed assistant can properly:
77. 
A broker may not:


78. 
The California State Sales Tax is:


79. 
A certificate of resale is:


80. 
Which of the following incomes would be the highest?


81. 
Since there are county and state sales taxes:
82. 
The maximum sale price for resale of a general off-sale license originally issued in July 1, 1959, when the current owner has had the license for only one year, is:


83. 
State sales tax on the fixtures of a business being sold would never be:
84. 
Dividing office overhead by the number of salespersons give:
85. 
A real estate license was issued for only 150 days. The reason for this license period was that:


86. 
Roland, a broker, makes a sale. His license is later revoked. After a revocation, escrow is completed.
87. 
A fictitious name statement expires:
88. 
Jane purchases a car in Oregon and wishes to license it in California. She is going to be taxed. This tax based on value is:


89. 
The license of a salesperson working at a branch office is held:
90. 
Accounts payable of a business would be:
91. 
An on-sale liquor license may be transferred:
92. 
Which of the following would not be transferred by a bill of sale?


93. 
In a sale of a business, sales tax would not be paid on:


94. 

The state Board of Equalization:

95. 
A balance sheet shows:


96. 
Terri does not require a real estate license if:
97. 
To obtain a real estate broker's license under the law, which of the following is required?
98. 
A listing of buildings and outbuildings would most likely be required for a:
99. 
The capital turnover of a real estate investor is __ that of the average vendor.


100. 
Turnover refers to:
101. 
One year after his real estate license expired, Henry renewed the license. Which of the following is a true statement?


102. 
A person passing the real estate examination must apply for a license within:
103. 
Turn-key project refers to:
104. 
A balance sheet would not show:


105. 
Which of the following indicates an organization of brokers founded in 1947?


106. 
The Franchise Investment Law could best be described as:
107. 
An advance-fee rental agent must:
108. 
To have any effect, a bill of sale must:
109. 
The company dollar refers to the:
110. 
The term liabilities of a business refers to:


111. 
Liquidity of a firm would be best described as the ratio of:


112. 
A detailed listing of the physical assets of a business would be found in a(n):
113. 
A valid bill of sale does not require:
114. 
A real estate broker's ad must include:
115. 
An advance fee is:
116. 
Compliance with the Bulk Sales Act requires publication at least 12 days prior to the sale in:
117. 
An unlicensed assistant can:


118. 
Walter, a broker in California, pays a commission to Rita, a broker in Wisconsin who sent him a client.


119. 
Sales tax would not be collected on:
120. 
The financing statement for personal property in the sale of the business would most likely be filed with the:

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