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26 Cards in this Set
- Front
- Back
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The National Association of REALTORS® is broken down
into state associations, each of which provides services to their state members. The California Association of REALTORS® (__) is the state-affiliated group that provides services for California members. |
CAR
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CAR's constitution:
1. To unite its members 2. To promote high __ 3. To safeguard the land-buying public 4. To foster legislation for the benefit and __ of real estate 5. To cooperate in the __ growth and development of the state |
standards
protection economic |
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CAR is divided into numerous local groups called the Association of REALTORS® or __ of REALTORS
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Boards
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The California Real Estate Commissioner is appointed by the
governor and serves as the chief executive of the __. |
DRE
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The commissioner administers the Real Estate Law and issues
regulations that have the force of law and become a part of the California Administrative __ Code. |
Procedures
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The commissioner can give a Restricted license: allows licensee to continue to work, but under __ conditions
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limited
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Once a real estate broker’s license is suspended or revoked, any
salesperson working under said broker’s license must __ working for that broker. Commissions earned prior to the trouble can be kept. |
cease
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Who doesn't need a license to do real estate?
-Attorneys -Principals -Appraisers -Trustee selling under a deed of trust -Residential __ property manager |
on-site
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The fine for taking a commission while working without a licensee is $__ for a person, or $__ for a company.
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20,000
60,000 |
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A partnership real estate license requires one partner to be licensed as a __.
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broker
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Prepaid rental-listing license: A special license that allows a licensee to collect a fee for supplying a prospective tenant with a list of available __. Can't negotiate rent. Real estate brokers can do this but only at their __.
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rentals
office |
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National Association of Real Estate Brokers is mostly for blacks. Members are called __.
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REALTISTS
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The basic requirements to become a real estate salesperson:
-18 years of age or older -legal U.S. resident, -completing approved courses in principles, practice, and one other DRE broker-level course -passing the 150-question examination with a score of 70 percent or better, -completing an application along with a set of classifiable __, and -paying all fees. -must work for a __ |
fingerprints
broker |
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To become a real estate broker:
-18 years of age or older, being a legal U.S. resident, -completing __ approved courses, -having two years’ experience as a real estate salesperson -passing a 200-question state examination with a score of __ percent or better, -completing an application, and paying all fees -License is good for four years. |
eight
75 |
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To renew a real estate sales or broker’s license, a person must complete 45 hours of DRE-approved continuing education classes.
Within the first 45-hour renewal period, a licensee must take __ separate three-hour courses in ethics, agency, fair housing, and trust fund handling. |
four
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During the first 18 months of your license, you must complete two DRE college-level real estate courses consisting of real estate practice and finance, appraisal, legal aspects, economics,accounting, business law, property management, escrows, office administration, mortgage loan brokering, real estate computer applications, other advanced real estate courses approved by the __.
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DRE
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Within the first __ years, you must complete four 3-hour
DRE-approved courses in ethics, agency, fair housing, and trust fund handling. After July 1, 2007, you must also take a 3-hour course in __ management. |
4; risk
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A bulk sale occurs when a(n) __ that has inventory is sold.
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business
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When the bulk sale rules are not followed, a buyer of a business
may find that he paid twice for the same inventory: once to the seller who did not own the inventory outright and again to the __ who has a claim on the inventory. |
creditor
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California broker licensee continuing educational
requirements: During the first four years, you must complete __ hours of DRE-approved continuing education, including one 6-hour survey course updating ethics, agency, fair housing, and trust fund handling. After July 1, 2007 the survey course must be 8 hours and include risk management. |
45
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Real estate appraisers are licensed by the: ______________
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Office of Real Estate Appraisers
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After the first renewal of the salesperson’s license, subsequent
renewal of the license every four years requires __ years of full-time real estate experience or its equivalent. (this seems to say you must work at least half-time in real estate) |
two
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A real estate license allows an agent to sell business __, defined as the sale or lease of a business, including stock, trade fixtures, trade name, and goodwill, and involves the sale of personal property.
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opportunities
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The financial statement that shows the operations of a business over a period of time, usually one year, is called a: ______________.
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profit and loss statement
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Under bulk sales rules, the buyer must give public notice at least __ days before transfer takes place.
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12
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The expectation of continued patronage is called __.
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goodwill
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