Học Thi Real Estate License ở California: Real Estate Agency Dat Hoang March 14, 2020 No Comments 1. IRS Form 1099 would be used by a broker to report: a salesperson's earnings receipt of $10,000 in cash suspected fraud foreign sellers HintFor income tax. (Form 8300 is used to show receipt of $10,000 or more in cash.) 2. A transfer disclosure statement is required for: subdivision sales involving a public report sale between spouses foreclosure sales sale of 1-4 residential units 3. As to a broker's trust accounts, which of the following is true? every broker must have one it must be audited yearly none of these a record must be kept of funds received that are deposited directly into escrow 4. Which of the following woulf most likely be a general agent? a transaction broker a property manager a broker acting as agent for both a buyer and a seller a leasing agent HintBroad authority. 5. A broker exceeds his authority and without the owner's knowledge tells the buyer that the house will be repainted. none of these is true the broker is liable neither the owner nor the broker is liable if it wasn't in writing the owner alone is liable as the broker was her agent 6. If an agent is guilty of a tort, the: principal is liable for all torts of an agent 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 HintAnd the principal is liable if the tort is within the scope of the agency or directed by the principal. 7. 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" in the deposit receipt the broker could be subject to discipline the broker should have stated "as is condition" in the deposit receipt HintThe broker failed to reveal a material defect. 8. A valid agency requires a(n): attorney-in-fact express agreement none of these written agreement HintIt may be verbal or implied. 9. The Real Estate Law comes from: the federal government the state legislature the National Association of Real Estate Brokers the Real Estate Commissioner 10. The Commissioner's regulations: are the Real Estate Law are part of the Corporation Code have the effect of law must be approved by the governor HintTheir purpose is to carry out the law. 11. Balancing a bank statement with a trust account is known as: reconciliation auditing trial balance none of these 12. A real estate salesperson is to his or her broker as: a principal is to a principal an agent is to a principal an independent contractor is to a principal an employee is to an employer HintAccording to the DRE. 13. 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: both a and b neither a nor b is unethical places his license in jeopardy 14. A broker buys a property he has listed: he must inform the owner that the offer is his he violated his agency he has violated the Real Estate Law all of these 15. A real estate broker is guilty of conversion. He or she most likely: acted for both parties to a transaction without their approval split his or her commission with an unlicensed party commingled funds used trust funds for personal use HintConversion is theft. 16. A Real Estate Transfer Disclosure Statement is NOT required for the sale of: a commercial property a home where the sale price is less than $300,000 a non-owner occupied duplex a residence sold "as is" HintFor one to four residential units only. 17. The Real Estate Law is part of: the Statute of Limitations none of these the Corporation Code the Business and Professions Code 18. A real estate broker can be discliplined for: making a secret profit any of these failure to supervise salespeople violating the Franchise Investment Law 19. An agency agreement does not require: mutual consent a competent principal any of these consideration HintThe agreement may be gratuitous. 20. An agency relationship would not be created by: a verbal agreement subornation ratification implication HintMeans inducing perjury. 21. Upon acceptance of an offer, a broker may never: none of these deposit earnest money into a trust account deposit earnest money into escrow turn earnest money over to the seller 22. The Real Estate Commission conducts hearings in accordance with the: Administrative Procedures Act Real Estate Law Commissioner's regulations Public Procedures Act 23. A buyer of a duplex did not receive a transfer disclosure statement. The buyer can: cancel the contract sue for specific performance sue for punitive damages cancel only if the title has not transferred 24. 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 in a new trust account and the deposit in the usual trust account put the rent and purchase deposit in his usual trust account open two new trust accounts, one for the rent and one for the deposit none of these HintAs the broker is a principal, not an agent. 25. 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 cannot enforce the collection of a commission from the seller has placed the seller in a position where he can rescind the contract all of the above 26. 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: that the broker would get the commission that the buyer would obtain specific performance that no commission would be paid revocation of the broker's license HintThe broker violated fiduciary duty. 27. 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: $50,000 $500 $20,000 no limit-the amount of his or her loss Hint$50,000 for a single transaction. 28. A principal would not be liable for torts of: an agent outside the scope of the contract an independent contractor outside the scope of the contract an independent contractor within the scope of the contract any of these HintThe principal is liable for the agent's torts within the scope of the agency. 29. In a sale transaction, a broker represents only the buyer. This would be an example of: general agency single agency dual agency designated agency HintRepresenting just one party. 30. Which of the following does not need any special knowledge of law? none of these a real estate salesperson an attorney-in-fact a real estate broker HintPerson acting under power of attorney. 31. When may a broker accept a commission from both a buyer and a seller? if both parties consent never if he or she provided service to both parties if the total commission received does not exceed $500 32. A hazardous, colorness, odorness gas found in homes describes: radon PCBs lead asbestos 33. An attorney-in-fact cannot: record a notarized power of attorney any of these sell real estate of his or her principal take a mortgage on his or her principal's property 34. A selling agent can be : a dual agent buyer's agent only any of the above seller's agent only HintBut listing agent cannot be only buyer's agent. 35. A broker may never: none of these accept commissions from the buyer and the seller act as an escrow sell his or her own property to a customer HintAll are proper with disclosure. 36. 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" no one, as "as is" is really notice of problem none of these the broker Hint"As is" applies to observable defects. 37. 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 agent no longer has a duty to seek buyers the owner could be liable for damages the listing has been cancelled Hinti can unilaterally cancel, but if without cause, it can be liable for damages. 38. The primary purpose of the Real Estate Law is to: limit competition protect commissions none of these protect the public 39. 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 owner the broker and the owner the broker no one, as he or she should have checked HintAlthough the broker may not be liable. 40. A selling agent can elect to be: dual agent any of these seller's agent buyer's agent 41. The agency between a real estate broker and an owner would not be: an executed agreement a formal document an express agency an implied angency HintListings must be in writing. 42. 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? zoning violation commingling funds an illegal sign paying an unlicensed person to solicit listings HintThe other violations are clear. 43. When may a broker refuse to submit a low offer to purchase to the owner? both a and b neither a nor b when the broker has clear instructions as to not submit offer below a set price when the offer is clearly frivolous 44. Commingling is the reason more licenses are revoked than any other. Which of the following is an example of commingling? all of these holding a deposit check uncashed prior to acceptance at the direction of the buyer holding a deposit check uncashed at your own discretion holding a deposit check uncashed after acceptance at the direction of the seller 45. A person may give a power of attorney to: accept an offer on real estate any of these sign a grant deed list real estate HintA person may give power of attorney for any legal purpose. 46. 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. the buyer may withdrawn without penalty either a or b is true the buyer could be subject to actual damages the buyer could be subject to liquidated damages HintAs there is an undisclosed dual agency. 47. An agent may disobey instructions of the agent's principal: in an emergency situation if disobedience will not jeopardize the principal's interest when the agent feels it is in the principal's best interests never HintAnd clearly in principal's best interests 48. Penny sues a licensee for damages resulting from dishonest conduct in a real estate dealing. The maximum she can collect is: none of these $20,000 $5,000 $7,500 HintThere is no limit as to what she can obtain from the licensee - the limit is the liability of fund. 49. California allows which type of agency? transaction brokers none of the above designated agency facilitators 50. How long does a broker have to deposit a check received made out to the broker's trust account? 24 hours one business day three business days two business days 51. Both an owner and a buyer ask to have the trust funds deposited by the buyer. The broker should: split the funds with 1/2 to each turn the funds over to the recovery fund commence an interpleader action ask the real estate commissioner for advice HintSo the courts can decide who is entitled to the honies. 52. A salesperson's relationships to an ownerclient of the broker would be most nearly that of: independent contractor subagent principal employee Hintof broker. 53. A contract for the sale of residential property includes a general "as is" provision. This provision: applies only to visible and observable conditions is valid on caveat emptor theory can be ignored, as it takes away the right to a habitable dwelling applies only to matters of record 54. 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 55. 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 subrogation ratification estoppel HintThe principal is estopped from denial. 56. A broker offered subagency to another agent. Which of the following is a true statement? the other agent would likely decline the owner must have authorized it if accepted, the other agent would have all the agency duties to the owner all of the above HintAnd be a buyer's agent. 57. A listing broker can have any of the following agencies except: dual agent both b and c seller's agent buyer's agent HintSeller's agent or dual agent. 58. The first action of the Real Estate Commissioner, prior to disciplinary action against a licensee, would be: notification to the attorney general suspension of license activity an injunction an accusation 59. The Sherman Act prohibits all except agreements to: refrain from cooperation with another broker split commission divide a market geographically set minimum commission 60. A salesperson, in selling listings of another broker, would be directly responsible to: the multiple listing service the owner the listing broker his or her broker HintTo the employing broker. 61. The Business and Professions Code comes from: the California Association of Real Estate Brokers the National Association of Realtors the Real Estate Commission the state legislature HintState Law. 62. Commingling is the opposite of: mixing separation subordination subrogation 63. The court decision that requires the agent to make a reasonable visual inspection of the premises is: Brown v. Board of Education Easton v. Strassburger Shelley v. Kraemer Charley v. Vogel 64. 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 65. The written contract between an employing broker and an employed salesperson is required by: the Business and Professions Code Real Estate Commission regulations none of these the Real Estate Board 66. An example of a red flag would be: Chinese ownership a floor that is not level A home overbuilt fo the neighborhood an older home HintShould alert agent as to likely structural problem. 67. The agency formed by an exclusive listing is: none of these an ostensible agency an express agency an implied agency HintAs it is stated. 68. 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 Education Research and Recovery Fund sue the broker for damages immediately file a claim with the Real Estate Commisioner none of these HintIf a judgment is entered into and it is uncollectible, then the owner can go to the Recovery Fund. 69. The three steps of agency disclosure, in the proper chronological order, are: confirm-elect-disclose disclose-confirm-disclose elect-confirm-disclose disclose-elect-confirm 70. 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 remains in full force and effect it becomes a listing coupled with an interest HintCorporations have a perpetual life separate from officers and directors. 71. As to money held in trust, which of the following is true? trust accounts must be reconciled monthly all of these records must be kept of checks held uncashed trust funds for taxes and insurance may bear interest 72. A listing broker may not be: the sole agent of the buyer the sole agent of the owner a dual agent none of these HintThe broker may be the seller's agent or a dual agent. 73. Disciplinary hearing for real estate licensees would be conducted by: an administrative law judge the real estate commissioner the superior court the real estate advisory commission 74. Use of term REALTOR by a licensee not authorized to do so could result in: suspension of license any of these revocation of license suit by the National Association of REALTORS HintIt is a trade name. 75. Under the Business and Professions Code, which of the following is not grounds for revocation of license? commingling one's own funds with money of others held by him or her making a single false promise of a character likely to induce a buyer acting for more than one party to a transaction with the consent of all parties none of these HintWith consent is dual agency.