Real Estate 100 - Chapter 1 - Real Estate License Requirements

Real Estate 100 - Chapter 1 - Real Estate License Requirements Flashcards True/False? Can a real estate salesperson and a broker form a real estate brokerage partnership?True, a real estate salesperson and a broker can form a real estate brokerage partnership.What is the primary focus of Realtists?The primary focus of Reatists is to work for better housing for the communities they serve on national and international bases.What are the current requirements to become a real estate salesperson?The requirements to become a real estate salesperson

are:a. Must be 18 years of age and provide proof of legal

presence.b. Must not have a conviction of a crime that is a felony or that involves moral turpitude (which may result in the denial of a license.)c. Must complete 3 college level courses prescribed by the California Bureau of Real Estate (CalBRE)d. Must be able to pass the state examination consisting of 150 multiple choice questions within a 3 hours and 15 minute time period with a passing score of 105 or more correct answers (70%)e. Upon completion of the examination, must submit the required license fee on an approved application form along with a set of classifiable fingerprints. (applicants who fail may apply immediately to re-take the exam.What are the requirements for someone to get their Real Estate Broker License?The requirements for someone hoping to get their Real

Estate Brokers License include the following:a. Must be 18

years of age and provide proof of legal presence.b. Must not have been convicted of a crime that is a felony or that involves moral turpitudec. Must complete 8 approved

courses of which five of the following must be taken:1. Real

Estate Practice2. Legal Aspects of Real Estate3. Real Estate Finance4. Real Estate Appraisal5. Real Estate Economics or Accountingd. Must complete three of the

following:1. Real Estate Office Administration2. Escrow3.

Mortgage Loan Brokering4. Real Estate Computer Applications5. Common Interest Developments6. Real Estate Principles7. Property Management8. Business Lawe. Must have two years full time experience (within the last five years) as a real estate salesperson or it's equivalent in an allied field such as title, escrow or finance, accredited college degree or a real estate major or minor.F.Must pass the state exam of 200 questions within 5 hours with a score of 150 or more or 75% or better.g. Must pay the required application fee

Can a broker, corporation or partnership operate under a fictitious name?A broker, corporation or partnership can operate under a fictitious name if the name is approved by the commissioner.What is turnover?Turnover is the number of times the inventory is sold per year.What is Net Worth?Net Worth is the Owner's Equity, the difference between the assets and the liabilities.Under what exceptions do you NOT need a real estate license?Those conditions where you don't need a real estate

license are:A. Principal handling his or her own affairsB.

Attorney in fact acting under a power of attorneyC.Appraiser (except needs an appraiser license issued by the Office of Real Estate Appraisers.D. Attorney at law while performing duties as an attorney. (If an attorney is action as a broker, a real estate license is required.E. Trustee selling under a deed of trustF. Residential on-site property manager (If the property manager is a full-service off-site property manager, then yes, must have a license What is the State Association of the NAR called? The state association of the NAR is called the California Association of Realtors or CAR.What kinds of other employment opportunities exist for someone with a real estate license?Other opportunities that could exists for someone with a

real estate license are:a. loan officerb. appraiserc. escrow

officerd. title officere. right of way agentsf. leasing negotiatorsg. plannersh. HUD program staff.Are commissions negotiable?Yes, commissions are negotiable.What could violations on codes of ethics set by the NAR, CAR or NAREB call for?If a member of any of the real estate boards violate the codes of ethics set up by each could lead to grounds for dismissal from the group and loss of membership benefits.What authority does the real estate commissioner have?The real estate commissioner administers the Real Estate Law and issues regulations that have the force of law and become part of the California Administrative Procedures Code.What is the NAR?The NAR is the National Association of Realtors and is a national organization and in order to be called a Realtor you must be a member.What is the Sales and Use Tax?The Sales and Use Tax is a tax on the sale of personal property.What happens if a real estate brokers license is suspended or revoked?If a real estate broker's license is suspended or revoked, any salesperson working under this brokers license must cease working for that broker. Any commissions earned by the salesperson prior to the suspension or revocation are allowed to be paid to the salesperson.What three classes must be taken that are acceptable to the CalBRE?

The classes acceptable to the CalBRE are:1. Real Estate

Principles2. Real Estate Practices3. A third class approved by the CalBRE such as Real Estate Finance, Real Estate Appraisal, Legal Aspects of Real Estate, Real Estate

Economics, Business Law, Accounting or other approved classes.What is the fine for persons not licensed who receives commissions?The fine for persons who are unlicensed who receive illegal commissions is up to $20,000 and a maximum of 6 months

in jail and up to $60,000 for a corporation.