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10 Questions

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16. California Real Estate License Law

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Questions and Answers

How long must a broker keep bank deposit slips according to documentation requirements?

2 years

3 years (correct)

4 years

1 year

What must be included in an advertisement published by a real estate agent?

Licensee's address

Licensee's designation (correct)

Licensee's educational background

Licensee's social security number

According to the DRE, what is the minimum duration a broker-salesperson agreement must be retained after the relationship is terminated?

4 years

3 years (correct)

1 year

2 years

What are the consequences of false advertising and other advertising law violations?

Grounds for disciplinary action under Real Estate Law Signup and view all the answers

What is required in an advertisement if it is published by a real estate agent?

'Some indication in ad that advertiser is licensee' Signup and view all the answers

When should trust funds be deposited in a trust account?

No later than the third business day after they are received Signup and view all the answers

What should a salesperson do when entrusted with trust funds?

Immediately deliver the funds to their broker or as directed by the broker Signup and view all the answers

In what situation can a good faith deposit check be held uncashed?

If buyer has given written instructions not to deposit or cash the check until acceptance Signup and view all the answers

What is required if a principal gives a check directly to a third party without it passing through the broker's hands?

Enter the check into the trust fund records Signup and view all the answers

How should trust accounts be opened?

Specially designated as trust accounts in the broker’s name Signup and view all the answers