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?
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How are commission rates for real estate agents established?
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What is a passing score on the real estate salesperson's examination?
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Who do the real estate commissioner's regulations apply to?
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What is the fine for an unlicensed person who receives illegal commissions?
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In California, where do the majority of the laws that regulate the real estate industry originate from?
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What does the trade name REALTIST designate?
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Do the regulations issued by the real estate commissioner have the same force as real estate law?
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What must an applicant do to obtain a real estate sales license?
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What are the major purposes of the California Association of REALTORS?
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What is the maximum time allowed for an applicant to take the salesperson's examination?
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What happens if an applicant fails an examination?
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Required real estate courses may be taken at which of the following institutions?
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Once licensed by the Bureau of Real Estate, which of the following is considered a violation of law and/or regulation?
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Which of the following needs a real estate license?
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What is a passing score on the real estate broker's examination?
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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%.
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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.