Real Estate LAW

Question 0

IN THE UNITED STATES WE FOLLOW WHICH SYSTEM OF CIVIL LAW?

Answer 0

Roman Law

Question 1

THE SYSTEM OF LAWS BASED ON ENACTED STATUES IS CALLED?

Answer 1

STATUTORY LAW

Question 2

ADMINISTRATIVE AGENCIES MAKE RULES AND REGULATIONS TO IMPLEMENT OUR?

Answer 2

FEDERAL LAWS

Question 3

THE REAL ESTATE COMMISSIONER CAN’T…

Answer 3

SETTLE COMMISSION DISPUTES BETWEEN LICENSEES

Question 4

WHAT ACT AUTHORIZES THE COMMISSIONER TO HOLD FORMAL HEARINGS TO DETERMINE DISCIPLINARY ACTIONS AGAINST A LICENSEE?

Answer 4

ADMINISTRATIVE PROCEDURE ACT

Question 5

SMALL CLAIM COURT CASES ARE LIMITED TO HOW MUCH?

Answer 5

$10,000 OR LESS FOR INDIVIDUALS.

$5,000 OR LESS FOR BUSINESSES.

Question 6

WHAT IS NOT ALLOWED IN SMALL CLAIMS COURT?

Answer 6

ATTORNEY REPRESENTATION

Question 7

MOST REAL ESTATE DISPUTES ARE HANDLED BY WHAT COURT?

Answer 7

SUPERIOR COURT

Question 8

THE PLAINTIFFS EXAMINATION OF A WITNESS IS CALLED?

Answer 8

DIRECT EXAMINATION

Question 9

DAMAGES THAT GO BEYOND ACTUAL COMPENSATION FOR INJURY ARE KNOWN AS?

Answer 9

PUNITIVE DAMAGES

Question 10

A LEGAL ACTION TO DETERMINE THE OWNERSHIP OR RIGHTS IN REAL PROPERTY IS CALLED?

Answer 10

QUIET TITLE ACTION

Question 11

A WRITTEN AGREEMENT WHEREBY A PRINCIPAL APPOINTS AN AGENT TO ACT ON HIS OR HER BEHALF AS AN ATTORNEY IN FACT IS KNOWN AS?

Answer 11

POWER OF ATTORNEY

Question 12

LISTINGS NORMALLY CREATE WHAT KIND OF AGENCY?

Answer 12

EXPRESS AGENCY

Question 13

A PRINCIPAL WHO BY WORD OR ACTION LED ANOTHER TO BELIEVE AN AGENCY EXISTS COULD HAVE CREATED?

Answer 13

AGENCY BY ESTOPPEL

Question 14

A DUEL AGENCY HAS AN INHERENT PROBLEM OF?

Answer 14

CONFLICTING INTERESTS

Question 15

A PERSON WHO CLAIMS TO BE AN AGENT WITHOUT HAVING AUTHORITY IS?

Answer 15

LIABLE FOR THEIR ACTS

Question 16

THE DOCTRINE OF RESPONDEAT SUPERIOR STATES THAT?

Answer 16

A MASTER IS LIABLE FOR THE ACTIONS OF HIS OR HER SERVANTS OR EMPLOYEES

Question 17

IF THE PRINCIPAL WRONGFULLY TERMINATES THE AGENCY AGREEMENT THE AGENT IS ENTITLED TO?

Answer 17

DAMAGES

Question 18

IN AN AGENCY COUPLED WITH AN INTEREST THE AGENT HAS?

Answer 18

AN INTEREST IN THE SUBJECT MATTER OF THE AGENCY.

Question 19

WHAT DOES ETHICS DETERMINE ABOUT ACTIONS?

Answer 19

IF THE ACTIONS ARE RIGHT OR JUST

Question 20

TO AVOID WITHHOLDING INCOME TAXES AND CONTRIBUTING TO SOCIAL SECURITY MOST REAL ESTATE BROKERS SPECIFY THAT THEIR SALES PEOPLE ARE?

Answer 20

INDEPENDENT CONTRACTORS

Question 21

NET LISTING ARE THREE THINGS:

Answer 21

ILLEGAL IN MOST STATES
LEGAL IN CALIFORNIA
ABSOLUTELY BAD NEVER TAKE ONE.

Question 22

AN OPTION COMBINED WITH A LISTING ALLOWS THE BROKER TO WHAT?

Answer 22

THE OPPORTUNITY TO PURCHASE THE PROPERTY IF A BUYER CAN NOT BE FOUND

Question 23

A REFERRAL FEE OR FINDERS FEE TO A NON LICENSEE IS LEGAL FOR?

Answer 23

AN INTRODUCTION

Question 24

THE PRIMARY RESPONSIBILITY OF THE REAL ESTATE COMMISSIONER IS TO?

Answer 24

PROTECT THE PUBLIC

Question 25

THE DOCUMENT THAT INITIATES DISCIPLINARY ACTION AGAINST A LICENSEE IS THE?

Answer 25

ACCUSATION

Question 26

NOT EXEMPT FROM REAL ESTATE LICENSING WOULD BE?

Answer 26

PARTIES SELLING SHARES IN REAL ESTATE SYNDICATES

Question 27

A BANK LOAN ON AN OWNER-OCCUPIED DWELLING MAY NOT HAVE A PREPAYMENT PENALTY AFTER?

Answer 27

3 YEARS

Question 28

THE PURPOSE OF SAFE IS TO?

Answer 28

REDUCE FRAUD

Question 29

A PREPAID RENTAL LISTING SERVICE CHARGED $500 FOR A LIST OF PROPERTIES. IF THE CLIENT FAILED TO FIND A RENTAL AND REQUESTED RETURN OF THE FEE, THE LISTING SERVICE SHOULD RETURN?

Answer 29

$450

Question 30

A VALID REAL ESTATE CONTRACT REQUIRES FOUR ELEMENTS, THEY ARE?

Answer 30

COMPETENT PARTIES MUTUAL CONSENT LEGAL PURPOSE CONSIDERATION

Question 31

A RIGHT THAT CAN ONLY BE EXERCISED IF THE OTHER PARTY IS WILLING IS A?

Answer 31

RIGHT OF FIRST REFUSAL

Question 32

AN OWNER SOLD HIS HOME AND DIDN'T PAY A COMMISSION. THE LISTING IN FORCE WAS EITHER?

Answer 32

AN OPEN LISTING OR AN EXCLIUSIVE AGENCY LISTING

Question 33

A TRANSLATION OF A PURCHASE OFFER WAS REQUIRED BECAUSE THE OFFER WAS NEGOTIATED IN WHAT LANGUAGE?

Answer 33

SPANISH

Question 34

THE PARCEL EVIDENCE RULE DEALS WITH?

Answer 34

PROHIBITION ON USING ORAL STATEMENTS TO MODIFY A COMPLETE WRITTEN AGREEMENT

Question 35

WHAT IS AN ASSIGNMENT?

Answer 35

TRANSFER OF ALL INTEREST IN A CONTRACT OR A LEASE

Question 36

A SELLER MISTAKENLY INCLUDED A LARGER PARCEL IN THE DEED THAN BARGAINED FOR. THE SELLER WOULD SEEK WHAT?

Answer 36

REFORMATION

Question 37

A PARTY SUFFERED $100,000 IN DAMAGES BUT THE COURT AWARDED $500,000. THE ADDITIONAL AMOUNT WOULD BE CONSIDERED?

Answer 37

PUNITIVE DAMAGES

Question 38

A BUYER'S LISTING AUTHORIZES AN AGENT TO?

Answer 38

LOCATE PROPERTIES FOR BUYERS CONSIDERATION

Question 39

AN AGENT NEGLECTED TO FILL IN ANY COMMISSION AMOUNT IN A LISTING. AFTER A SUCCESSFUL SALE, THE AGENT WOULD BE ENTITLED TO?

Answer 39

NOTHING

Question 40

PROCURING CAUSE NEED NOT BE SHOWN FOR?

Answer 40

AN EXCLUSIVE AUTHORIZATION AND RIGHT TO SELL LISTING

Question 41

A CONTRACT TO MAKE A CONTRACT IS?

Answer 41

AN OPTION

Question 42

RECORDS OF REAL ESTATE BROKER MUST BE RETAINED FOR?

Answer 42

3 YEARS

Question 43

AN EXCLUSIVE LISTING IS A BILATERAL CONTRACT BECAUSE?

Answer 43

THE PRINCIPAL AGREES TO PAY A FEE AND THE AGENT AGREES TO USE DUE DILIGENCE

Question 44

THE SAFETY CLAUSE IN A LISTING PROTECTS AN AGENT AS TO?

Answer 44

A SALE AFTER THE LISTING EXPIRES