Unit 15 Quiz Flashcards

Unit 15 Quiz Flashcards Who enforces the provisions of the Real Estate Law?The Real Estate Commissioner.As of January 1, 2011 a Mortgage Loan Originator License Endorsement must be obtained before a real estate licensee can solicit or originate a loan application, or negotiate or offer to negotiate any residential mortgage

loans in accordance with the:

SAFE Act.The Real Estate Law is that law that governs: The licensing and conduct of real estate licensees.Which of the following violates Section 10177 of the Business and Professions Code?Onlyy active members of the National Association of REALTORS may use the term REALTOR.How many times can a person retake a real estate license examination?An unlimited amount.A prospective real estate licensee must_____before getting a license.Fulfill education requirements and pass an examination.When engaging in acts for which a license is required, what must a real estate licensee disclose on all solicitation materials, such as business cards?His or her eight digit license identification number.The Commissioner can issue citations and fines to both licensees and unlicensed persons for minor violations of the Real Estate Law. The Commissioner may assess an administrative fine not to exceed_____per citation.$2500 The Real Estate Law is upheld and enforced by: The Real Estate Commissioner at special hearings.When applying for the actual real estate license, what must a prospective licensee do after passing the examination?Submit one set of classifiable fingerprints.An employing broker who discharges a salesperson for

violating the Real Estate Law must provide:

A credited written statement of the facts to the Commissioner.If an agent misappropriated his or her principal's money, he

or she is guilty of:

Conversion An investigation of a licensee's actions is typically initiated

by:

Receipt of a verified written complaint.What type of license is issued when a license has been suspended, revoked or denied after a hearing?Restricted license.To qualify for the real estate salesperson license a person

must complete:

Real Estate Principles and Real Estate Practice.What is the grace period for the renewal of a salesperon's or broker's license?Two years.Which of the following is not a job of the Real Estate Commissioner?Settling commission disputes.

The Bureau of Real Estate does not issue: Licenses to partnerships.

Complaints involving minor disputes between consumers

and licensees is handled by the:

Advocacy Program.

Which fund assures the payment of otherwise non-collectable court judgments against licensees who have committed fraud, misrepresentation, deceit, or conversion of trust funds in a transaction?Consumer Recovery Account.The Bureau of Real Estate issues real estate licenses for a_____-year period.Four