Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
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.
|