Quiz_1 Chapter1-2

Quiz_1 Chapter1-2 - Quiz#1 Chapter 1 and 2 Student You have...

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Quiz#1: Chapter 1 and 2 Student: ___________________________________________________________________________ You have 20 minutes. Good luck. BE SURE TO WRITE YOUR NAME CLEARLY AND MARK YOUR ANSWER WITHOUT CONFUSION. 1. The California Real Estate Commissioner is: A.elected by the voters B.appointed by the California Association of Realtors. C.appointed by the governor. D.elected by the California legislature. 2. Which of the following does not require a real estate license? A.negotiating a lease B.presenting an offer C.selling your own property D.taking a listing 3. In addition to real property, a real estate licensee is allowed to act as an agent for the sale of A.automobiles B.new unregistered mobile homes C.travel trailers D.business opportunity 4. The Real Estate Advisory Commission consists of A.six members. C.ten members. B.seven members. D.eleven members. 5. Correct the format. When a real estate license expires, it may be renewed up to A.one year later. C.three years later. B.two years later. D.four years later. 1
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6. A real estate salesperson is supervised by A.employing broker only. B.any licensed broker. C.the seller. D.the buyer or seller. 7. Every real estate broker must be licensed by the Department of A.Corporations. C.Real Estate. B.State. D.Housing. 8. A business opportunity is defined as the sale of all of the following, except: A.operating business C.goodwill B.inventory D.real estate 9. Under the Real Estate Law, a real estate salesperson works for a broker as a/an A.independent contractor. C.agent. B.employee. D.associate broker. 10. The Real Estate Law allows a business opportunity to be sold A.by a real estate licensee. B.by a financial planner. C.by a PRLS licensee. D.with a special endorsement. 11. Rudy opens his brokerage office and immediately places an ad in the local newspaper: List Your House with Me and I Will Pay You $500 at Closing .This practice is A.acceptable. C.discouraged. B.mandated. D.prohibited. 2
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12. The Browns desperately want to move to Pine Bend and they like the Smith house, which is listed with Broker Bob. The Browns tell Broker Bob they will "make it worth his while" if he can persuade the Smiths to accept the Brown offer on their house, and the Browns send an expensive food basket to Broker Bob as a sign of their good faith. Bob neglects to mention this to the Smiths. This practice is A.acceptable. C.discouraged. B.mandated. D.prohibited. 13. Salesperson Ruth owns 25 percent of the outstanding shares of Rollo Reality, Inc., and Broker Richard Rollo owns the remaining shares. This division of ownership is A.acceptable. C.discouraged. B.mandated. D.prohibited. 14. After attending a get-rich-quick real estate seminar, Kim wants to buy a house "cheap". She tells Broker
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Quiz_1 Chapter1-2 - Quiz#1 Chapter 1 and 2 Student You have...

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