UNIT 15 - GETTING AND KEEPING YOUR REAL ESTATE LICENSE

Question 1

real estate law

Answer 1

protection of the public in real estate transactions where a licensee is involved.

Question 2

real estate commissioner

Answer 2

appointed by the governor, determines administrative policy, and enforces the provisions of the real estate law and SLL to ensure that the public is protected when dealing with licensees and when purchasing subdivided real property

Question 3

real estate fund

Answer 3

all fees charged and collected from the licensing of persons or from regulation of transactions are placed in the real estate fund

Question 4

education and research account

Answer 4

commissioner may credit up to 8% of all fees collected into a separate account, which pays for the advancement of real estate education at california unis

Question 5

consumer recovery account

Answer 5

up to 12%, this fund assures the payment of otherwise non-collectable court judgments against licensees who have committed fraud, misrepresentation, deceit, or conversion of trust funds in a transaction.

Question 6

designated broker-officer

Answer 6

a corporation may be licensed as a real estate broker as long as one officer of the corporation is a qualified real estate broker and acts as the coporation’s responsible designated broker-officer.

Question 7

obligors

Answer 7

people who owe child support payments

Question 8

advocacy program

Answer 8

an alternative to setting up formal investigations. resolves simple disputes or minor issues between consumers and licensees