Questions and Answers
Members of the National Association of Real Estate Brokers are called:
What does a real estate broker's license enable a person to handle?
Registered mobile homes, business opportunities, and trust deeds.
What is a statement that shows the financial position of a business as of a certain date called?
A balance sheet
What must a candidate for the real estate broker's examination have completed?
Signup and view all the answers
How are commission rates for real estate agents established?
Signup and view all the answers
What is a passing score on the real estate salesperson's examination?
Signup and view all the answers
Who do the real estate commissioner's regulations apply to?
Signup and view all the answers
What is the fine for an unlicensed person who receives illegal commissions?
Signup and view all the answers
In California, where do the majority of the laws that regulate the real estate industry originate from?
Signup and view all the answers
What does the trade name REALTIST designate?
Signup and view all the answers
Do the regulations issued by the real estate commissioner have the same force as real estate law?
Signup and view all the answers
What must an applicant do to obtain a real estate sales license?
Signup and view all the answers
What are the major purposes of the California Association of REALTORS?
Signup and view all the answers
What is the maximum time allowed for an applicant to take the salesperson's examination?
Signup and view all the answers
What happens if an applicant fails an examination?
Signup and view all the answers
Required real estate courses may be taken at which of the following institutions?
Signup and view all the answers
Once licensed by the Bureau of Real Estate, which of the following is considered a violation of law and/or regulation?
Signup and view all the answers
Which of the following needs a real estate license?
Signup and view all the answers
What is a passing score on the real estate broker's examination?
Signup and view all the answers
Study Notes
Real Estate Careers & License Requirements
- Members of the National Association of Real Estate Brokers are known as REALTORS.
- A broker's license allows handling the sale of registered mobile homes, business opportunities, and trust deeds.
- A balance sheet is a financial statement summarizing a business's financial position at a specific date.
- To qualify for the real estate broker’s examination, candidates must complete eight college-level real estate courses.
- Commission rates for real estate agents are determined through negotiations between parties involved.
- A passing score for the real estate salesperson's examination is set at 70%.
- The real estate commissioner's regulations are applicable to all licensed real estate professionals in California.
- An unlicensed individual receiving illegal commissions can face a fine of up to $20,000.
- Most laws regulating the California real estate industry are derived from the business and professions code.
- The trade name REALTIST indicates membership in the National Association of Real Estate Professionals.
- The real estate commissioner has the authority to issue regulations that carry the same weight as laws in real estate.
- To secure a real estate sales license, applicants must pass courses in real estate principles, practice, and an additional CalBRE-approved course.
- The California Association of REALTORS promotes high standards, protects the buying public, and supports beneficial legislation in real estate.
- Applicants have a maximum of three hours and 15 minutes to complete the salesperson's examination.
- After failing an examination, applicants may immediately apply for re-examination.
- Required real estate courses can be taken at accredited community colleges, California universities, or approved private vocational schools.
- Violations that may lead to license suspension or revocation include false promises, commingling of funds, and secret profits.
- Full-service property managers must possess a real estate license to operate legally.
- A passing score for the real estate broker's examination is also established at 70%.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on careers and license requirements in the real estate industry with these flashcards. Each card provides key terms and their definitions, helping you prepare for a successful career in real estate.
