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