Practice Of Real Estate And Mandated Disclosures

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Within three days funds must be

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Given to the principal, deposit into escrow, place funds into brokers trust account

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Trust funds must be balanced ______and reconciled ________

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Balanced daily / Reconciled Monthly

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No more than ______ of brokers funds are allowed in trust account

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$200

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Mixing of funds is called

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Cummingling

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A trust fund account must be in the same name as the

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Broker

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Using trust funds for personal use other than designated his called

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Conversion

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Trust fund account records must be kept for a minimum of

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Three years

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A broker can designate another person to withdraw funds from the trust account be in writing or if not licensed be bonded

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.

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Commissions in a trust fund account must be withdrawn within how many days

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30 days

Front 10

A broker is required by law to deposit all funds collected for client before

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Dispersing

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The Civil Rights Act of 1866 prohibits

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Discrimination based on individuals race

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Federal fair housing protects

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Race, religion, color, national origin, sex, family status, handicap/disability

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What are the three California fair housing laws

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Unruh Civil Rights Act, Fair employment and housing act(Rumford Act) and the housing financial discrimination act(Holden Act)

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The channeling of potential buyers to or away from particular areas as a means of discrimination

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Steering

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Also called "panic selling" inducing people to sell their homes because of the entry into the neighborhood of members of protected classes

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Blockbusting

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Refusing to offer or limited loans in certain areas

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Redlining

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Ensures equal enjoyment to public accommodations for disabled persons

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Americans With Disabilities Act

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Portions of license fees are placed into an account from which members of the public can be compensated for illegal acts of licensees

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California real estate recovery fund

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Recovery funds account limit

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$20,000 per transaction/$100,000 against one licensee

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Funds from the real estate recovery fund can be disbursed if a judgment has been obtained and the debt is uncollectible from the licensee

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.

Front 21

The license is suspended until the licensee makes payments back to the fund account plus interest

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.

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Advertisement that does not list the name of an agent where an agent is involved

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Blind advertising

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All advertising of an activity for which is license is required must indicate a licensee designation ("agent" would meet the requirement)

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.

Front 24

Who must sign the natural hazard disclosure form

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Sellers and agents must sign

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What is included in the natural hazard disclosure form

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Earthquake disclosures, dam failure, very high fire hazard zone, wildfire risk areas, 100 year flood zones

Front 26

What disclosure is required when the cell of a 1 to 4 unit dwelling must disclose if the property is subject to Mello-Roos lien

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Mello-Roos disclosure

Front 27

If there is seller financing, the seller financing addendum and disclosure is required

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.

Front 28

All purchase contracts must include a notice informing buyers or lessees of the public availability of information regarding registered sex offenders

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Megan's law

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What is required for property manager who rent, lease, solicit listings of places for rent, solicit for prospective tenants, and collect rents

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A real estate license

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Hey license is not required for a resident manager if

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Management activities are confined to the complex in which the manager lives

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The amount of security deposits that can be collected depends on

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Specific facts

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What is a detailed statement telling with the seller knows about the condition of the property

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Transfer disclosure statement (TDS) (1-4 units)

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The buyer may terminate the contract by written notice within how many days after receiving the disclosure statement

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Three days

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When a condominium is sold, the seller must, upon request, provide the buyer

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CC&R, Bylaws, financial statements

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All home with fossil fuel burning fireplaces or an attached garage must have

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Installed carbon monoxide detectors

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The law requires a seller to reveal any information that would be important to the buyer regarding the condition of the property in what document

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Transfer disclosure statement

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What must be disclose to purchasers under the Alquisr-Priolo special studies act

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Location of earthquake faultlines

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Special flood zone areas on the flood hazard boundary maps indicate that flooding occurs

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Within 100 miles

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The R-value in a rating that measures

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How well insulation resist heat

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Unlicensed assistant cannot make soliciting telephone calls to buyers and sellers

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.

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If the licensee does not conduct a reasonable competent and diligent inspection of property, or makes a misrepresentation the buyer has how many years from the date of possession to commence a legal action

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Two years

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The purchase agreement between the buyer and the seller is also referred to as

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Deposit receipt

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A licensee can accept a post dated check as an earnest money deposit along with a written offer, but this fact must be disclosed to the seller

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.

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Building inspectors are primary liable for the enforcement of

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Building codes

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Building inspectors are primary liable for the enforcement of

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Building codes

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The zoning code for multi family dwellings is

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R3

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The seller is responsible for ensuring the buyer is informed of Mello-Roos tax lien (not the listing or selling broker)

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.

Front 48

Complaint regarding fair housing violations can be filed with the state fair employment and housing commission within

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60 days