Học Thi Real Estate License ở California: Real Estate Agency 1. The court decision that requires the agent to make a reasonable visual inspection of the premises is: Charley v. Vogel Brown v. Board of Education Shelley v. Kraemer Easton v. Strassburger 2. The Real Estate Commission conducts hearings in accordance with the: Administrative Procedures Act Commissioner's regulations Real Estate Law Public Procedures Act 3. California allows which type of agency? transaction brokers facilitators none of the above designated agency 4. A salesperson, in selling listings of another broker, would be directly responsible to: the multiple listing service his or her broker the listing broker the owner Hint 5. Which of the following does not need any special knowledge of law? a real estate broker an attorney-in-fact a real estate salesperson none of these Hint 6. A principal would not be liable for torts of: an independent contractor outside the scope of the contract any of these an agent outside the scope of the contract an independent contractor within the scope of the contract Hint 7. A real estate broker can be discliplined for: violating the Franchise Investment Law failure to supervise salespeople any of these making a secret profit 8. A Real Estate Transfer Disclosure Statement is NOT required for the sale of: a non-owner occupied duplex a residence sold "as is" a home where the sale price is less than $300,000 a commercial property Hint 9. Penny sues a licensee for damages resulting from dishonest conduct in a real estate dealing. The maximum she can collect is: $7,500 $5,000 none of these $20,000 Hint 10. Upon acceptance of an offer, a broker may never: turn earnest money over to the seller deposit earnest money into a trust account deposit earnest money into escrow none of these 11. The agency between a real estate broker and an owner would not be: an executed agreement a formal document an implied angency an express agency Hint 12. A valid agency requires a(n): express agreement written agreement none of these attorney-in-fact Hint 13. When may a broker accept a commission from both a buyer and a seller? if he or she provided service to both parties if both parties consent never if the total commission received does not exceed $500 14. A selling agent can be : seller's agent only a dual agent any of the above buyer's agent only Hint 15. An agency agreement does not require: consideration mutual consent any of these a competent principal Hint 16. A person may give a power of attorney to: list real estate sign a grant deed any of these accept an offer on real estate Hint 17. If a principal allows his or her agent to appear to have authority, the principal may not later deny an act of the agent, because of: the Unruh Act ratification estoppel subrogation Hint 18. As to money held in trust, which of the following is true? trust accounts must be reconciled monthly records must be kept of checks held uncashed all of these trust funds for taxes and insurance may bear interest 19. A buyer of a duplex did not receive a transfer disclosure statement. The buyer can: cancel the contract sue for specific performance cancel only if the title has not transferred sue for punitive damages 20. Under the Business and Professions Code, which of the following is not grounds for revocation of license? none of these commingling one's own funds with money of others held by him or her acting for more than one party to a transaction with the consent of all parties making a single false promise of a character likely to induce a buyer Hint 21. A real estate broker is guilty of conversion. He or she most likely: commingled funds acted for both parties to a transaction without their approval split his or her commission with an unlicensed party used trust funds for personal use Hint 22. A seller sold property "as is". The broker knew the plumbing was in bad repair but did not inform the buyer. The buyer can sue: no one, as the sale was "as is" the broker no one, as "as is" is really notice of problem none of these Hint 23. A property owner tells the broker that the house is connected to the sewer. The broker relays this information to the buyer, who later finds that the house has septic system in need of repair. The buyer would probably sue: the broker and the owner no one, as he or she should have checked the owner the broker Hint 24. The agency formed by an exclusive listing is: an implied agency an express agency an ostensible agency none of these Hint 25. A broker acts as an undisclosed agent for both the buyer and seller in a transaction. The buyer does not want to go through with the purchase although the price she agreed to pay is fair. either a or b is true the buyer could be subject to liquidated damages the buyer may withdrawn without penalty the buyer could be subject to actual damages Hint 26. A selling agent can elect to be: seller's agent buyer's agent any of these dual agent 27. A real estate salesperson is to his or her broker as: an employee is to an employer an independent contractor is to a principal an agent is to a principal a principal is to a principal Hint 28. A country real estate broker's office is in his home. His sign reads "John Jones-REALTOR". He lives 25 miles from a bank and makes trips twice a month to deposit funds in his trust account. He keeps deposits in his office safe until then. He does not belong to any profeessional organizations, but he pays a 17-year-old boy $5 for each listing. Jones is guilty of all but which of the following? commingling funds paying an unlicensed person to solicit listings an illegal sign zoning violation Hint 29. A broker sells an apartment building to a syndicate of which the broker is a member without informing the seller of this interest. Before closing, the owner discovers the broker's interest and refuses to sell. In a suit to collect a commission, the result would probably be: revocation of the broker's license that no commission would be paid that the buyer would obtain specific performance that the broker would get the commission Hint 30. In a sale transaction, a broker represents only the buyer. This would be an example of: general agency designated agency dual agency single agency Hint 31. A hazardous, colorness, odorness gas found in homes describes: lead PCBs asbestos radon 32. A property owner suffers a loss because of the fraudulent misrepresentation of a broker. The owner should: immediately file a claim with the Real Estate Commisioner none of these sue the broker for damages immediately file a claim with the Real Estate Education Research and Recovery Fund Hint 33. An agency relationship would not be created by: subornation ratification implication a verbal agreement Hint 34. An attorney-in-fact cannot: sell real estate of his or her principal take a mortgage on his or her principal's property record a notarized power of attorney any of these 35. A buyer claims that a seller and a broker failed to reveal many defects known to them that made the property unsuitable for the purpose stated. the buyer does not have a case the broker should have stated "as is condition" in the deposit receipt the broker could be subject to discipline the broker should have stated "as is" in the deposit receipt Hint 36. An agent may disobey instructions of the agent's principal: if disobedience will not jeopardize the principal's interest in an emergency situation when the agent feels it is in the principal's best interests never Hint 37. XYZ Inc. listed a warehouse for sale. After giving the listing, all the officers and directos are killed in a plan crash. What happens to the listing? it is suspended until new officers and directors take over it is automatically terminated it becomes a listing coupled with an interest it remains in full force and effect Hint 38. The three steps of agency disclosure, in the proper chronological order, are: confirm-elect-disclose disclose-confirm-disclose disclose-elect-confirm elect-confirm-disclose 39. The Commissioner's regulations: are part of the Corporation Code must be approved by the governor have the effect of law are the Real Estate Law Hint 40. A broker who is on the city planning commission tells some friends about an advantageous deal based on confidential plans to change the zoning. The broker does not personally benefit in any way. The broker's action: places his license in jeopardy neither a nor b is unethical both a and b 41. Use of term REALTOR by a licensee not authorized to do so could result in: revocation of license suit by the National Association of REALTORS any of these suspension of license Hint 42. The Real Estate Law is part of: none of these the Business and Professions Code the Corporation Code the Statute of Limitations 43. A listing broker can have any of the following agencies except: seller's agent both b and c dual agent buyer's agent Hint 44. When may a broker refuse to submit a low offer to purchase to the owner? when the broker has clear instructions as to not submit offer below a set price neither a nor b when the offer is clearly frivolous both a and b 45. The first action of the Real Estate Commissioner, prior to disciplinary action against a licensee, would be: notification to the attorney general an injunction suspension of license activity an accusation 46. Balancing a bank statement with a trust account is known as: reconciliation trial balance auditing none of these 47. A salesperson's business card must include: the salesperson's name as it is on his or her license the broker's name all of the above the salesperson's license number 48. The primary purpose of the Real Estate Law is to: protect commissions limit competition none of these protect the public 49. IRS Form 1099 would be used by a broker to report: suspected fraud foreign sellers a salesperson's earnings receipt of $10,000 in cash Hint 50. An owner unilaterally cancelled a six-month sale listing with three months to go. Which of the following is a true statement? all of the above the owner could be liable for damages the listing has been cancelled the agent no longer has a duty to seek buyers Hint 51. A broker is selling his own rental unit. He collects the rent on the first day of the month, which is the same day he receives a deposit with an offer to purchase giving him three days to accept. He should: put the rent and purchase deposit in his usual trust account put the rent in a new trust account and the deposit in the usual trust account none of these open two new trust accounts, one for the rent and one for the deposit Hint 52. The Business and Professions Code comes from: the state legislature the National Association of Realtors the California Association of Real Estate Brokers the Real Estate Commission Hint 53. Which of the following woulf most likely be a general agent? a leasing agent a broker acting as agent for both a buyer and a seller a property manager a transaction broker Hint 54. A listing broker may not be: the sole agent of the owner none of these the sole agent of the buyer a dual agent Hint 55. Commingling is the opposite of: subordination subrogation separation mixing 56. A salesperson's relationships to an ownerclient of the broker would be most nearly that of: subagent independent contractor principal employee Hint 57. The Sherman Act prohibits all except agreements to: divide a market geographically split commission set minimum commission refrain from cooperation with another broker 58. The maximum amount that a person can recover from the Real Estate Education Research and Recovery Fund after he or she has obtained a judgment against a licensee is: $20,000 no limit-the amount of his or her loss $50,000 $500 Hint 59. An example of a red flag would be: a floor that is not level Chinese ownership A home overbuilt fo the neighborhood an older home Hint 60. A broker offered subagency to another agent. Which of the following is a true statement? if accepted, the other agent would have all the agency duties to the owner the owner must have authorized it the other agent would likely decline all of the above Hint 61. An agent failed to reveal to the seller that she was acting in a dual agency capacity. Therefore, the agent: could be subject to disciplinary action has placed the seller in a position where he can rescind the contract all of the above cannot enforce the collection of a commission from the seller 62. A contract for the sale of residential property includes a general "as is" provision. This provision: applies only to matters of record is valid on caveat emptor theory applies only to visible and observable conditions can be ignored, as it takes away the right to a habitable dwelling 63. When is a broker engaged in dual agency? when the broker buys a property he or she listed when the broker lists a property he or she previously sold when the broker represents the seller and the buyer when the broker represents the seller and another broker represents the buyer 64. Both an owner and a buyer ask to have the trust funds deposited by the buyer. The broker should: commence an interpleader action split the funds with 1/2 to each ask the real estate commissioner for advice turn the funds over to the recovery fund Hint 65. Disciplinary hearing for real estate licensees would be conducted by: the real estate advisory commission the superior court the real estate commissioner an administrative law judge 66. The Real Estate Law comes from: the National Association of Real Estate Brokers the federal government the Real Estate Commissioner the state legislature 67. A broker may never: sell his or her own property to a customer accept commissions from the buyer and the seller act as an escrow none of these Hint 68. A transfer disclosure statement is required for: foreclosure sales sale of 1-4 residential units subdivision sales involving a public report sale between spouses 69. A broker exceeds his authority and without the owner's knowledge tells the buyer that the house will be repainted. the broker is liable the owner alone is liable as the broker was her agent none of these is true neither the owner nor the broker is liable if it wasn't in writing 70. As to a broker's trust accounts, which of the following is true? none of these every broker must have one a record must be kept of funds received that are deposited directly into escrow it must be audited yearly 71. A broker buys a property he has listed: he has violated the Real Estate Law he must inform the owner that the offer is his he violated his agency all of these 72. How long does a broker have to deposit a check received made out to the broker's trust account? one business day two business days 24 hours three business days 73. The written contract between an employing broker and an employed salesperson is required by: Real Estate Commission regulations none of these the Real Estate Board the Business and Professions Code 74. If an agent is guilty of a tort, the: agent is liable, even if the tort is committed at the principal's direction agent is liable only if the tort is outside the scope of the agency principal is liable only if the tort is outside the scope of the agency principal is liable for all torts of an agent Hint 75. Commingling is the reason more licenses are revoked than any other. Which of the following is an example of commingling? holding a deposit check uncashed at your own discretion all of these holding a deposit check uncashed prior to acceptance at the direction of the buyer holding a deposit check uncashed after acceptance at the direction of the seller