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38 Cards in this Set

  • Front
  • Back
Who is head of the Department of Real Estate?
THE REAL ESTATE COMMISSIONER
What branch of government is the RE Commissioner?
EXECUTIVE BRANCH
The main job of the Commissioner is to regulate what?
LICENCES OF REAL ESTATE
The Real Estate Commissioner has full control over what three areas of licencing?
1) ISSUANCE
2) SUSPENSION
3) REVOCATION
The _____ _____ is the advisor to the Real Estate Commissioner.
ATTORNEY GENERAL
The commissioner must hold a _____ before revoking a licence.
HEARING
What are some geneal areas that REQUIRE a RE Licence?
1)Buying/Selling property on behalf of a client.
2) Lease or Rental Agreements
3) Loan Negoiation
4) Mobile Home Sales
5) Securities in association w.property
A broker for a corporation, who wants to conduct separate transactions must what?
OBTAIN A SEPARATE BROKERS LICENSE
A Non-California resident who wishes to obtain a licence in CA must agree to what?
THAT THEY CAN BE SUED IN CA COURTS
When must the three hour class in ethics be taken?
PRIOR TO THE FIRST LICENCE RENEWAL
The maximum award for a claim paid from the DRE fund is?
20,000
A brokers loan statement is prepared for the benefit of the ______.
BORROWER
In rental AGENCY, how much of the fee is due returned if the client does not obtain a rental property?
ANYTHING OVER 50$
The Bulk Sales Act protects the _____ of the seller.
CREDITORS
What must be included in the notice of a Bulk Sale according to the Bulk Sales Act?
1) NAME/ADDRESS OR TRANSFEROR AND ALL KNOWN BUSINESS NAMES
2) LOCATION/DESCRIPTION OF THE PROPERTY
3) PLACE/DATE OF TRANSFER
4) NAME/ADDRESS OF CLAIM PERSON
Who would be most affected by the noncompliance of a transfer with the Bulk Sales Act?
THE PURCHASER
The case that upheld fair housing was:
JONES VS. MAYER
What states that you may not discriminate based on race, color, sex, religion or orgin?
CIVIL RIGHTS ACT OF 1968
What act protects discrimination based on being handicapped?
FAIR HOUSING AMENDMENT ACT OF 1988
What act prohibits discrimination based on race, sex, religion, color, orgin in HOUSING-public and private
RUMFORD ACT
What protects people with disibilities in public access situations?
AMERICAN WITH DISIBILITY ACT
Guiding a person "to" or "from" a specific area for racial reasons is called ________
STEERING
Refusing to make a loan in a specific area is called _________.
REDLINING
What is the first violation fine for violating the ADA?
50,000
A option is a _______ contract.
UNILATERAL
Another term used for "mutual consent" may be the ______________.
MEETING OF THE MINDS
A damage clause that states a person may only recover up to 3% of the sales price is called _________ _________.
LIQUIDATED DAMAGES
Failure to perform on a contract that has been agreed on is a ____________.
BREECH OF CONTRACT
A act that is meant to deceive a person, is called _________
FRAUD
__________ is when a person did not intend to deceive or provide wrong information.
MISREPRESENTATION
____________ is the forgiving or release of debt. Commonly used by mortgage companies.
FORBEARANCE
What clause in a contract ensures that only the written agreement of the contract will be valid?
INCORPORATION
What are the three remedies for Breach of Contract?
1) Rescission
2) Law Suit for Money Damages
3) Specific Performance
In a _________Listing, the Agent must disclose the amount of commission to be earned.
NET
A ________ listing gives any agent the opportunity to procure a buyer in a property.
OPEN
A __________ listing, is where a listing agent is entitled to a commission if ANY other broker sells the property, but not if the owner does.
EXCLUSIVE
a _____________ listing is the exclusive listing that provides a commission as time line determines in the contract. MOST DESIRABLE
EXCLUSIVE RIGHT TO SELL
In a exclusive right to sell listing, a full offer of all the terms is brought to the seller, the seller rejects the offer, what is the entitlement to the agent?
The agent is entitled to the commission because he brought a capable "mirror image" offer to the seller.