Chapter 14 - Licensing, Ethics, and Associations

Question 1

every state government regulates its own real estate brokerage activities by staff members who are collectively referred to as

Answer 1

regulators

Question 2

police power deals with

Answer 2

safety, Health, morals

Question 3

any person who is actively involved in a real estate transaction at the service of another, in the expectation of receiving a commission, must be

Answer 3

licensed

Question 4

any person who works regular hours set by an employer and is paid a regular hourly wage is a

Answer 4

employee

Question 5

a person who works with a minimum of supervision, pays his or her own taxes, and in general says his or her schedule is

Answer 5

an independent contractor

Question 6

which of the following individuals is not allowed to solicit for the sale of real property

Answer 6

an unlicensed person in exchange for compensation

Question 7

the candidate must be how old to obtain a real estate license

Answer 7

18 years old

Question 8

the California real estate salesperson licensing exam takes

Answer 8

3 hours and 15 minutes

Question 9

to pass the California state salesperson exam you must get

Answer 9

70% correct

Question 10

in order to be permitted to take the state real estate exam an examinee must

Answer 10

pass the exam within two years of filing an application, present and acceptable picture ID, and present a printed test date notice

Question 11

if you take an electronic exam, your results will be

Answer 11

provided to you upon completion of the exam

Question 12

which of the following is required to obtain a California real estate broker’s license? a candidate must

Answer 12

complete the required a broker courses, be 18 years of age or older, have two years real work experience in The Last 5 Years or a bachelor’s degree with a major or minor in real estate

Question 13

which of the following is true concerning a mortgage loan originator (MLO) license

Answer 13

mortgage loan originator requirements are determined under the mortgage loan originator NMLS/SAFE Act
A salesperson or broker must obtain a DRE mortgage loan originator license endorsement from the Department of Real Estate
a person acting as in MLO in California without a proper DRE MLO license endorsement is guilty of a crime punishable by six months in prison plus a $20,000 fine

Question 14

the portion of the business and professions code that refers to licensing and subdivisions is called

Answer 14

the California real estate law

Question 15

the real estate commissioner is

Answer 15

appointed by the governor

Question 16

the real estate commissioner is defended by

Answer 16

the State Attorney General

Question 17

in response to an agent’s misconduct, the real estate commissioner can

Answer 17

• suspend (takeaway use for a period of time) his or her license
• revoke his or her license
• restrict his or her license

Question 18

a real estate brokerages ethical and professional expectations and requirements, including a mission statement, personal policies, and general procedures, is called

Answer 18

the office policy manual

Question 19

the National Association of Realtors mandates that every member must take a course studying the NAR code of ethics or risk the loss of membership

Answer 19

every two years

Question 20

a licensee who does not belong to a trade or professional association is referred to as

Answer 20

salesperson or broker