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Practice/Disclosures

1. A broker wanted to operate a real estate office under the fictitious name MLB Realty. Before operating under a fictitious name, the broker must:

(a) publish the fictitious name in a newspaper of general circulation.

(b) file under the Secretary of State.

(d) file with the city as a fictitious business.

2. Which of the following is NOT included in the Natural Hazard Disclosure Statement?

(a) fire

(b) flood

(d) weather conditions

3. When the real estate commissioner stops a real estate licensee from performing any act in real estate which requires a license, he would issue a(n):

(a) desist and refrain order.

(b) revocation declaration.

(d) order of cloture.

4. The Real Estate Transfer Disclosure Statement (TDS) provides information regarding the:

(a) physical condition of the property.

(b) properties chain of title.

(d) commission split between real estate agents.

5. Mr. Wiseguy salesperson introduces himself to the seller as being employed by a large, successful real estate company because he knew that the seller would only list with a licensee who is employed by a "large company." If Mr. Wiseguy does not work for a large company, but he said it just to be able to sell the property, his conduct would be considered:

(a) lawful.

(b) unethical.

(d) fiduciary.

6. Buyer Frank sued broker Sam for a misrepresentation in the sale of a single family residence. He was awarded a judgment but Broker Sam was bankrupt and unable to pay the judgment. Buyer Frank appealed to the Real Estate Recovery Account. Assuming the Recovery account agrees to pay Frank, he will receive a maximum of ______ for this single transaction.

(a) $20,000

(b) $50,000

(d) $250,000

7. A landlord and a tenant entered into a two year lease on commercial retail space. Three months into the lease, the tenant realizes he is unable to continue paying the rent and asks the landlord to release him from the lease. The landlord agrees. This would be considered a(n):

(a) surrender.

(b) assignment.

(d) default.

8. A seller lists a property with an agent. The agent shows the property to a white prospect at one price, and the agent's broker shows the property to a minority couple at a higher price. The seller then sells the property to a neighbor because the neighbor does not want minorities next door. Who has NOT broken the law?

(a) The broker

(b) The seller

(d) The white prospect

9. The Commissioner paid from the Recovery Fund for settlement of a claim based upon a judgment against a licensed broker. If the broker is bankrupt, he/she would be required to:

(a) pay the fund back in full plus interest.

(b) make monthly payments.

(d) pay back nothing.

10. In what situation can the listing broker fill in the Natural Hazard Disclosure (NHD) for the seller?

(a) When the disclosure was verbally communicated to the listing agent by the seller.

(b) Never.

(d) When the property is being sold in foreclosure by a representative.

11. Who must sign and deliver a copy of the Real Estate Transfer Disclosure Statement to the buyer?

(a) seller's attorney

(b) escrow company

(d) buyer's agent

12. A real estate licensee sells a used mobilehome. How much time does the licensee have to submit a contract of sale to the Department of Housing and Community Development (HCD)?

(a) 10 business days

(b) 10 calendar days

(d) 7 calendar days

13. The Subdivision Lands Law is administered by:

(a) the Federal Government.

(b) the Real Estate Commissioner.

(d) state government.

14. The Subdivision Map Act requires:

(a) neutral exterior paint colors.

(b) two-bedroom floor plans.

(d) All of the above

15. The seller is required to deliver the "Homeowner's Guide to Earthquake Safety" to the buyer of any one-to-four unit property built prior to:

(a) 1953

(b) 1960

(d) 1975

16. If a landlord is going to increase the rent, how does he/she need to notify the current tenant?

(a) Deliver written notice in person or by regular mail

(b) Verbally

(d) No notification is required

17. A subdivider must give a copy of the Commissioner's public report to:

(a) anyone who intends to purchase one or more lots.

(b) any person, at any time on request.

(d) only their salespeople.

18. Which of the following qualifies as a "bulk transfer sale?"

(a) A judicial transfer of a business including all stock used for resale, fixtures, licenses and leases.

(b) A lumber company who transfers a substantial amount of lumber not in the ordinary course of business.

(d) All of the above

19. Agent Jones has an offer on a listing contingent on the buyer's uncle approving the property, since he will be financing the loan. Agent Jones hasn't discussed this with the buyers, but assures the seller that there will be no problems regarding the uncle. After the seller accepts the offer, the buyers tell the agent that the uncle is out of town and they don't know when he will return. With regard to the seller, the agent acted:

(a) illegally.

(b) unethically.

(d) properly.

20. An unlicensed assistant puts together information and assists in writing an advertisement for a broker. For this to be legal, the broker must:

(a) write it himself.

(b) approve it.

(d) proofread it.

21. When a "release schedule" is put into a blanket mortgage for a subdivision, the amount of the loan to be paid off for each lot would likely be proportionately larger for the first lots that are sold. The reason for this practice is:

(a) to increase the security value of the remaining lots.

(b) to compensate for the loss of security as the lots under the blanket encumbrances are removed.

(d) All of the above

22. Which of the following deals with public access to buildings?

(a) Fair Housing Act

(b) Americans With Disabilities Act

(d) None of the above

23. Commingling is one of the greatest single causes for loss of license. Which of the following would NOT be considered commingling?

(a) Holding an uncashed deposit check after acceptance of an offer when directed to do so by the seller.

(b) Cashing a deposit check (made out to the buyer) and placing the money in the broker's safe, properly identified as being the deposit received from the buyer.

(c) Depositing either cash or a check received as a deposit in the broker's personal account to be held until called for by the escrow officer.

(d) Depositing money received by his/her client in the broker's personal account to pay miscellaneous expenses.

24. The Alquist-Priolo Earthquake Fault Zone Act is concerned with:

(a) all buildings in the entire state of California.

(b) all residential buildings within an earthquake fault zone.

(d) commercial buildings within an earthquake fault zone.

25. In the event the commissioner has conducted an audit which reflects commingling or conversion of trust funds in excess of $10,000, the court may:

(a) imprison the licensee for not more than thirty (30) days.

(b) automatically revoke the violator's license without a formal hearing.

(d) confiscate any and all commissions earned by that licensee during the preceding calendar year.

26. A broker owns many rental properties. He is selling one of the properties and the buyer gives him a check as a deposit. He should:

(a) place the deposit check and all rents in his trust account.

(b) open a separate trust account for rents and put the deposit check in his old trust account.

(d) not deposit either the rents or the deposit check in his trust account.

27. When a broker has a trust account, the name on the account must:

(a) Name broker as trustee

(b) Name an independent trustee

(d) Name the broker's accountant as trustee

28. Which of the following would be advised to obtain a clearance receipt in the sale of a business?

(a) the vendee

(b) the vendor

(d) the Franchise Tax Board

29. A profit-and-loss statement would include all of the following EXCEPT:

(a) operating expenses.

(b) gross profit.

(d) value of inventory.

30. Broker Jones receives a 3% deposit from a buyer for the purchase of a house. He also receives appraisal and credit report fees for another client. In addition, he receives rent money on an apartment building which he manages for a client. With regard to these funds:

(a) he can put everything in one trust account.

(b) he must have a separate trust account for the 3% deposit.

(d) he must have three accounts - one for sales, one for rentals, and one for loans.

31. When broker Smith accepts a deposit check from a client, he forwards the check directly to escrow. According to trust fund record keeping requirements, which of the following is CORRECT?

(a) It is NOT necessary to keep a record of trust funds received and forwarded to escrow.

(b) It is NOT necessary to keep a record of trust funds not deposited into the trust account.

(d) Transaction folders maintained by a broker for each transaction showing the receipt and disposition of undeposited checks are acceptable alternatives to formal records.

32. When a licensee is employed as an independent contractor, the employing broker may still have to cover the licensee for:

(a) unemployment insurance.

(b) workers' compensation insurance.

(d) all of the above.

33. A mobilehome park is defined as:

(a) 5 motor homes for rent or sale.

(b) 5 scattered mobilehome sites for rent or sale.

(d) 2 contiguous mobilehome sites for rent or sale.

34. Regulation of proper sewage and sanitation construction practices are enforced by the:

(a) Department of Housing and Urban Development (HUD).

(b) Department of Sanitation and Disposal.

(d) Bureau of Real Estate.

35. You are a California real estate broker. A prospect is referred to you by an out-of-state broker and a sale is consummated by you. You want to split your commission with the cooperating broker. Under the California Real Estate Law:

(a) you may pay a commission to a broker of another state.

(b) you cannot divide a commission with a broker of another state.

(d) None of the above

36. A Master Plan would be concerned with all of the following EXCEPT:

(a) conservation.

(b) noise.

(d) deed restrictions.

37. A real estate licensee can list or sell:

(a) any mobilehome.

(b) a registered mobilehome.

(d) a mobilehome with a tax ID number.

38. After passing the real estate license examination, a person must apply for the license within:

(a) one year of the passing the examination.

(b) one year of notification of failing.

(d) six months of notification of passing.

39. When is it permissible for an unlicensed assistant to prepare a Comparative Market Analysis (CMA)?

(a) When the broker is unavailable.

(b) When an agent asks the assistant.

(d) When the client needs it in a hurry and the agent is unavailable.

40. If a business is sold without complying with the Bulk Sales Act:

(a) the assets still belong to the vendor as far as creditors are concerned.

(b) the transfer is unenforceable by all parties.

(d) the sale is considered illegal.

41. Dividing office overhead by the number of salespersons gives:

(a) broker dollar.

(b) desk costs.

(d) overhead.

42. In addition to the Subdivided Lands Law and Map Act, there is federal control of subdivisions under the:

(a) Unruh Act.

(b) Environmental Impact Act.

(d) None of the above

43. According to the case of Easton v. Strassburger, a real estate broker is required to reveal:

(a) all defects known and unknown.

(b) those defects which are known by the broker.

(d) only those defects which the seller has revealed.

44. The Subdivided Lands Law controls the sale or leasing of new subdivisions to California residents:

(a) only if the property is located in California.

(b) only if the property is unimproved.

(d) only if the property is unimproved and located outside of California.

45. Which of the following is NOT considered an operating expense?

(a) repairs

(b) profit flow

(d) electric bill

46. Complaints involving violations of discrimination should be reported to the:

(a) Real Estate Commissioner.

(b) Labor Commission.

(d) Department of Housing and Community Development.

47. Which of the following is provided by the purchaser upon resale of a business?

(a) resale certification

(b) clearance receipt

(d) All of the above

48. Which of the following is required to operate as an advance-fee rental agent?

(a) a real estate broker's license

(b) a written contract with prospective tenants

(d) access to the Multiple Listing Service

49. A broker advertises properties through the World Wide Web. Rules exist making it mandatory for the broker to do which of the following?

(a) Return all messages promptly and correctly within 24 hours.

(b) Employ only real estate licensees to respond to queries.

(d) Report all international queries to the BRE.

50. A retired farmer decides to subdivide the 1,000 acres he owns into five 200 acre parcels to be leased for agricultural purposes. These parcels would be exempt from the requirements of the Subdivision Map Act if they contain:

(a) more than 20 acres.

(b) more than 60 acres.

(d) Any of the above

51. What is the maximum amount that could be recovered from the Recovery Fund for one salesperson?

(a) $20,000

(b) $50,000

(d) $250,000

52. A real estate broker's ad must contain:

(a) the name of the broker.

(b) that the advertiser is a broker or agent.

(d) both (a) and (b) .

53. The transfer of privately owned land to the public under approval of the Map Act is called:

(a) gifting.

(b) condemnation.

(d) government taking.

54. The most common violation of the Commissioner's Regulations concern:

(a) fair housing violations.

(b) trust fund accounts and records.

(d) agency disclosure.

55. A broker communicates information given to him by the seller to the buyer in full faith that the seller's information is true. It is later proven that the information was false, and the buyer rescinds. The broker is subject to:

(a) discipline by the licensing authority.

(b) civil action.

(d) all of the above.

56. A salesperson tells his broker that he is quitting and plans to go to work for another broker. His present employing broker should:

(a) notify the real estate commissioner and hold the license until further notice from the commissioner.

(b) give the salesperson his license and notify the real estate commissioner immediately in writing.

(d) call the other broker to confirm the change.

57. The real estate commissioner's authority to administer and enforce the real estate law is called:

(a) the Commissioner

(b) state legislation.

(d) the Civil Code.

58. A "dedication" under the Map Act would happen:

(a) when the final public report is completed.

(b) when the approved subdivision map is recorded.

(d) when the first lot of a subdivision is under contract.

59. The maximum security deposit allowed by law for an unfurnished rental is:

(a) 1 times the rent

(b) twice the rent amount

(d) 1 1/2 times the rent

60. With regard to the public report, which of the following would be considered a material change in a subdivision?

(a) change in lot sizes

(b) changes in sales contracts

(d) All of the above

61. Jones, who does not have a real estate license, is the owner and president of an investment firm. He advertises and sells properties for his clients. Since these transactions involve real estate, who will prosecute him for violating the real estate law:

(a) The District Attorney

(b) The State Attorney General

(d) The local police

62. A subdivider sold five 1-acre lots to Mr. Dalton and optioned five lots to Mr. Bernstein. What course of action does the subdivider have to take as a result of this action?

(a) Notify the Real Estate Commissioner of a material change

(b) Nothing, but Mr. Dalton and Mr. Bernstein need to contact the Commissioner.

(d) Report the sale now and report the option when it is exercised by Mr. Bernstein.

63. When is the subdivider required to give the public report to prospective purchasers?

(a) prior to the sale of the last lot in a subdivision.

(b) prior to the sale of the first lot in a subdivision.

(d) prior to approval of the tentative map.

64. When an agent is accused of "puffing", the agent might be guilty of which of the following:

(a) Trying to convince a potential seller of his wide popularity among local people.

(b) Convincing the appraiser to assign a higher value to the property than is justified by the comparable recent sales in the area.

(d) Convincing a seller to offer a higher commission than is customary for that type of property.

65. A broker is selling an apartment complex and puts together a prospectus which shows a 12% yield. In the prospectus, the broker shows the correct gross scheduled income, but fails to show a vacancy and bad debt deduction. He also fails to include management, maintenance and several other operating expenses. The buyer buys the property based on the income analysis given to him by the broker. The broker is guilty of:

(a) fraud.

(b) misrepresentation.

(d) none of the above.

66. Copies of real estate transaction documents must be kept:

(a) by the broker for 4 years.

(b) by the broker only for 3 years.

(d) by the broker forever.

67. Which of the following statements is TRUE regarding public reports?

(a) A public report may be renewed under certain circumstances.

(b) A copy of the public report must be given to anyone on request.

(d) All of the above

68. A public report is required if a person is going to subdivide a lot for condominiums into:

(a) one or more units.

(b) two or more units.

(d) five or more units.

69. Seller Smith hires broker Jones to list his home. Neither have actual knowledge that the property is located in a hazardous earthquake, flood, or fire area, and for that reason they decide they will not make the Natural Hazard disclosure. After close of escrow the buyer checks with the county and finds out that a map exists that shows the property located within a particular hazard zone. Which of the following statements is correct?

(a) Since the seller and seller's agent had no actual knowledge that the property was located in a hazardous area, they cannot be held responsible.

(b) Since the buyer had the opportunity to hire a third-party professional to investigate this matter, the seller and seller's agent would be without fault.

(d) Since the map was available from the county where the property is located, the seller and his agent will be considered to have knowledge of the fact that the property is in a hazardous area.

70. When converting an existing residential property to a condominium, existing tenants must be given:

(a) 180 days written notice.

(b) 30 days written notice.

(d) None of the above

71. Which of the following defines the term "reconciliation?"

(a) comparing two or more sets of records to determine whether their balances agree

(b) periodically emptying an account to obtain a zero balance

(d) checking the chronological sequence of trust fund receipts and disbursements

72. A broker must have a written broker-salesperson agreement with each of his/her:

(a) office employees.

(b) licensees.

(d) affiliates.

73. Which of the following documents DOES NOT need to be stored for 3 years?

(a) unaccepted offers

(b) accepted offers

(d) listing agreements

74. What percent of home buyers search online before contacting a real estate agent?

(a) .60

(b) .70

(d) .90

75. Seller Jones hired broker Smith to list his property. Seller Jones excluded his washer and dryer. Buyer Dana makes an offer on the property and includes the washer and dryer in the offer. After reviewing the offer, seller Jones was still not willing to sell the appliances. Buyer Dana was out of town and unreachable. Broker Smith said he was sure that buyer Dana would not want to lose the house so he crossed out the appliances on the offer and initialed the change himself. To further induce seller Jones to accept the offer, broker Smith said he would find seller Jones another house immediately, which he never did. Which of the following is TRUE regarding broker Smith's actions?

(a) His behavior would subject him to criminal action.

(b) His behavior is considered unethical.

(d) Neither (a) nor (b)

76. When leasing a commercial property that is merely a "shell" space, the landlord often agrees to spend a specific amount for a qualified tenant. This amount is properly designated as:

(a) a rent abatement.

(b) a tenant improvement allowance.

(d) earnest money.

77. A broker takes a deposit check from a buyer and deposits it in his trust account. After the offer was accepted, the broker wrote a check from the trust account in the amount of the deposit and brought it to escrow. With regard to the broker's duty to maintain proper trust account records, the records must be retained for:

(a) three years from the date the broker deposited the buyer's check in the trust account.

(b) three years from the the date escrow closes.

(d) three years from the date of the offer to purchase.

78. Sellers of target housing must disclose to potential purchasers the presence of any known lead-based paint hazards that affect homes built prior to:

(a) 1948

(b) 1978

(d) 2000

79. A landlord CANNOT use a security deposit towards which of the following:

(a) Remodeling the property

(b) Repair damages caused by the tenant, other than normal wear and tear

(d) Replacing lost keys and garage door openers

80. All materials used in obtaining advance fee agreements must be submitted to the Real Estate Commissioner at least ____________ before they are used.

(a) 5 calendar days

(b) 10 calendar days

(d) 30 calendar days

81. To assure the accuracy of trust fund accounting records, they must be reconciled at least:

(a) once-a-month

(b) once every six months

(d) once every two years

82. A broker is representing a developer who has completed his project in a subdivision called "Ridgeway." The broker's advertisement states that people have "already won a free gift," but in reality, they must attend a sales seminar to receive the gift. This type of advertising is:

(a) Legal without disclosure of the sales seminar attendance requirement.

(b) Legal, because all the "winners" purchased units anyway.

(d) Always illegal.

83. In real estate transactions, the type of misrepresentation which occurs least often is:

(a) innocent misrepresentation.

(b) negligent misrepresentation.

(d) malicious misrepresentation.

84. A loan broker asks a person, applying through the broker's office for a new loan, to fill out a questionnaire which asks the borrower's race and marital status. The applicant can:

(a) refuse to disclose his race or marital status.

(b) file a complaint with the real estate commissioner.

(d) All of the above

85. When selling a business, real estate brokers need to know that the term successor's liability involves certain obligations to the:

(a) Internal Revenue Service.

(b) Bureau of Real Estate.

(d) Department of Corporations.

86. What does the Homeowner's Guide to Earthquake Safety discusses?

(a) Underground gas lines, electrical lines, and water pipes.

(b) Existing fault lines and there exact location.

(d) The various earthquake insurance policies.

87. City and County Planning Commission members:

(a) have the authority to make recommendations to the City Council or Board of Supervisors on subdivisions.

(b) must possess experience and background in real estate.

(d) are elected officials.

88. Which of the following allows a subdivider to enter into binding contracts with purchasers for lots but does not allow transactions to be completed?

(a) final public report

(b) conditional public report

(d) negative declaration

89. After reconciliation of the trust account, a broker finds funds in the account for which he cannot determine ownership. The broker should:

(a) Use these funds to offset account shortages

(b) Have a separate ledger for the unaccounted money and leave it in the trust account

(d) Send it to the Bureau of Real Estate

90. The supervising broker should review all documents prepared by their associate licensees:

(a) same day or end of next day.

(b) according to the broker's procedures manual.

(d) at close of escrow.

91. The installation of curbs, gutters, streets, and utilities in a new subdivision is the responsibility of:

(a) the homeowner's association.

(b) the developer.

(d) the city.

92. To enforce and administer the Map Act, the local planning commission would be interested in:

(a) streets.

(b) utilities.

(d) both (a) and (b)

93. If more than one licensed real estate broker is acting as an agent in a transaction, who is responsible to assure the delivery of the Real Estate Transfer Disclosure Statement (TDS) to the buyer?

(a) The broker who represents the seller.

(b) The broker who has obtained the offer made by the buyer.

(d) The seller is ultimately responsible no matter how many agents are involved.

94. A city's master plan would include:

(a) circulation, including distribution of transportation facilities and public utilities.

(b) land use in terms of population and building density.

(d) All of the above

95. A document which details the responsibilities of a property manager would be called a(n):

(a) Maintenance Agreement.

(b) Management Agreement.

(d) Option Agreement.

96. A buyer wants to know why the demographics have changed in an area causing home prices to decline. The buyer wants to know if it is due to a certain race moving in. What is the best way to answer?

(a) Disclose whatever information you have about the area.

(b) Tell the buyer to go online and do their own research.

(d) Tell the buyer you don't know anything about this area.

97. Someone that sells his findings, but is not accountable to another for the methods used is called an:

(a) independent contractor.

(b) general agent.

(d) attorney-in-fact.

98. When a real estate licensee accepts trust funds from his/her client in connection with the purchase of real property, the licensee must place these funds into the proper place:

(a) by the next working day following receipt.

(b) within three business days following receipt.

(d) by midnight of the third business day following receipt.

99. The Subdivision Map Act requires:

(a) delivery of a copy of the public report to purchasers.

(b) special financing terms for purchasers of subdivisions.

(d) All of the above

100. Under the Subdivision Map Act, subdivision reports must be filed with the:

(a) city or county where the land is located.

(b) Real Estate Commissioner.

(d) Division of State Lands.

101. According to California Real Estate Law an unlicensed person may be paid a finder's fee:

(a) as long as it is disclosed.

(b) at the conclusion of escrow.

(d) Never

102. A tract developer learns that a large national cosmetics manufacturer is moving one of his plants near an area in which he is building a large number of new homes and condominiums. Since a great number of the employees of the cosmetic firm will be women, he decides to gear his sales promotion towards this group. He tells his advertising agency to aim all of their ads to reflect a preference for female buyers. Realizing he can't discriminate against any one group, he advises his sales agent to be sure to set up a quota for Caucasian, Black, Chicano, and Asian buyers. Once the quota has been reached they should discourage any further sales to that racial group by adjusting the prices. If the developer follows this plan, he violates:

(a) no fair housing laws.

(b) the fair housing laws based on his ad campaign, but not the quota system.

(d) the fair housing laws in both his ad campaign and racial quota system.

103. What are the seller and broker disclosure requirements regarding Megan's law?

(a) The location of registered sex offenders in the area must be disclosed.

(b) The names and location of registered sex offenders in the area must be disclosed.

(d) There is no registry of convicted sex offenders so it does not need to be disclosed.

104. Funds may be withdrawn from a real estate broker's trust account by an unlicensed employee:

(a) for payment of miscellaneous expenses.

(b) for payment of general operation expenses provided proper accounting is made and money is returned.

(d) when the unlicensed employee has written authorization from the broker and has fidelity bond coverage.

105. Which of the following events would require the subdivider to notify the Real Estate Commissioner?

(a) The subdivider changes lot sizes.

(b) The subdivider changes provisions in the purchase contract.

(d) All of the above

106. Which of the following is TRUE regarding trust fund accounting records?

(a) Only manually produced accounting records are acceptable.

(b) Only computerized accounting records are acceptable.

(d) Only professionally produced accounting records are acceptable.

107. How long can a broker's commission remain in a trust account?

(a) 15 days

(b) 25 days

(d) 35 days

108. When a broker keeps records electronically, the program he would use for record retrieval is:

(a) RAM

(b) SCORE

(d) DOS

109. Each city or county appoints a Planning Commission because:

(a) they must do so to appropriate funds.

(b) the master plan requires it.

(d) the board of supervisors orders it.

110. A broker may store records in which of the following formats?

(a) paper

(b) electronic

(d) all of the above

111. Realtor Ken hired an unlicensed person named Jose to hand out his brochures, fliers, and door hangers in his farm neighborhood. Ken also instructed Jose to go to his health club and hand out printed information. Property owner Mary, who has already listed her home with another broker, received a phone call from Jose talking about a possible meeting with Ken. Jose was using dialogue which was a scripted pitch written by Ken. Mary happened to record the conversation. Which of the following statements is correct?

(a) This is perfectly acceptable for the unlicensed person and the broker.

(b) The unlicensed person is performing acts for which a real estate license is required.

(d) Realtors agree to work under the Realtor's Code of Ethics. It is unethical for a Realtor to solicit business from an owner who has a listing with another broker.

112. A broker has a management contract on an apartment building complex. He collects rents and deposits them in his trust fund bank account. He also acts as a broker on other transactions and puts buyer deposits in the same trust fund bank account. Which of the following is correct regarding this practice?

(a) It is legal as long as he keeps records of beneficiary transactions.

(b) It is legal as long as he is bonded for the maximum amount of the trust fund bank account.

(d) This is never legal.

113. A flood hazard exists when an area floods:

(a) Once a year

(b) Once in five years

(d) More than three times in ten years

114. The requirement of the seller to provide a "Natural Hazard Disclosure Statement" to the buyer covers:

(a) all commercial property.

(b) vacant land.

(d) agricultural property.

115. A broker convinces a white family to put their home up for sale after saying that minority families are moving into the neighborhood. The broker's actions are all of the following EXCEPT:

(a) blockbusting.

(b) panic selling.

(d) legal but unethical.

116. A prospective real estate licensee passes the state exam and applies for a license, but the DRE does a background check and finds out that he is delinquent on his child support payments. Which of the following is CORRECT?

(a) His license will be granted even if he is in arrears with his child support.

(b) He will be given a temporary 150-day license until a release is furnished to DRE from the District Attorney showing that he has met his child support obligation in full.

(c) His license will be denied and he will never be able to obtain a license even if he pays his child support obligation in full.

(d) His license will be denied and the DRE will turn his file over to the District Attorney.

117. A real estate licensee who accepts funds from others in connection with any transaction for which a license is required must place them in:

(a) A neutral escrow depository

(b) The hands of the offeree or owner

(d) All of the above

118. Who is required to provide the Natural Hazard Disclosure Statement to the buyer?

(a) the seller or seller's agent

(b) the buyer's agent

(d) the lender

119. In making adjustments to effective gross income for management expenses, on which of the following would an adjustment be made:

(a) An apartment which is occupied by an owner who is also the property manager.

(b) An apartment which is occupied by an on-site manager who receives no compensation.

(c) An apartment which is occupied by an on-site manager who lives in his apartment rent-free in return for his services.

(d) A manager from a neighboring building owned by the same owner.

120. Which of the following must be kept on file by the broker for three years?

(a) loan broker statement

(b) real property security statement

(d) All of the above

121. The Alquist-Priolo Earthquake Fault Zoning Act resulted in the establishment of Earthquake Fault Zones. How wide is the "typical" zone boundary?

(a) 1/4 mile

(b) 1/2 mile

(d) 1 mile

122. Which of the following would realize the greatest benefit from the Bulk Sales Law?

(a) creditors

(b) buyers

(d) patrons

123. A broker sells a house advertised "as-is". There are no obvious defects that would be evident to a prudent buyer upon inspection, but the seller and the broker know that the plumbing is very defective. The buyer moves in and discovers the defects. The buyer then sues the broker and the seller for misrepresentation. The suit will probably be:

(a) successful because the seller and the broker withheld material information that should have been disclosed.

(b) successful because an "as-is" clause does not relieve a seller or broker from liability for disclosing material facts which they knew of.

(d) unsuccessful because the defects would have been revealed if the purchase agreement had contained an inspection clause.

124. A buyer signs the purchase agreement and the seller accepts. The agent personally delivers acceptance of the offer to the buyer and also drops off the seller's Transfer Disclosure Statement. How long after receiving the TDS does the buyer have to rescind the contract?

(a) 2 days

(b) 3 days

(d) 7 days

125. Within how many days should a property manager send out the tenant's refund check with a receipt of deducted amount (if any)?

(a) 21 business days

(b) 21 calendar days

(d) 14 calendar days

126. For his/her own protection, the purchaser of a business should obtain a:

(a) resale certification.

(b) clearance receipt.

(d) use tax exemption form.

127. A real estate salesperson can sell:

(a) new mobile homes.

(b) only registered mobile homes.

(d) all mobile homes using a deed.

128. The fundamental basis for Fair Housing throughout the United States stems from:

(a) the First Amendment of the Constitution.

(b) the National Association of Fair Housing.

(d) the Rumford Fair Housing Act.

129. Each tenant of a proposed conversion of their building from residential property to a condominium has the right to:

(a) vacate the premises.

(b) cancel their lease.

(d) extend their lease.

130. Real estate licenses are issued for:

(a) 1 year.

(b) 2 years.

(d) life.

131. The notice of sale required by the Bulk Transfer Law must include all of the following EXCEPT:

(a) the name and address of the seller.

(b) the description and location of the property.

(d) the final sales price.

132. A broker communicates information given to him by the seller to the buyer in full faith that the seller's information is true. It is later proven that the information was false, and the buyer rescinds. The broker is subject to:

(a) discipline by the licensing authority

(b) civil action

(d) all of the above

133. What is the purpose of the Equal Credit Opportunity Act?

(a) To standardize the minimum requirements for loan eligibility

(b) To standardize the down payment amounts to prevent discrimination

(c) To prohibit lenders from discriminating on the basis of race, color, religion, national origin, age, sex, family size, handicap, or marital status

(d) All of the above

134. What happens if you fail to renew your license on-time?

(a) You must reapply and retake the state examination.

(b) You have two years to submit your renewal application and late fees.

(d) You must complete a 3-hour course in Ethics but may continue doing business.

135. A statement issued by the authorizing government agency that there will be no impact on the environment significant enough to warrant preparation of an EIR is called a:

(a) negative declaration.

(b) positive declaration.

(d) go-ahead declaration.

136. A subdivider may use the public report in their advertising as long as:

(a) they only use a picture of the report and not its verbiage.

(b) they only reference certain applicable parts of the report.

(d) they receive permission to use specific parts of the report.

137. Neither the seller nor any listing or selling agent shall be liable for any error, inaccuracy, or omission of any information delivered to the buyer if:

(a) the seller or agent(s) did not know of the mistake.

(b) that item of information containing a mistake was provided by a public agency or third-person professional.

(c) the item of information containing the mistake was provided by a third-person expert but the mistake was known by the seller and seller's agent.

(d) Both (a) and (b) are correct.

138. Which of the following is considered trust funds?

(a) Cash

(b) A check used as a deposit

(d) All of the above

139. California real estate law originated from:

(a) DRE regulations.

(b) Spanish law.

(d) European law.

140. A licensed real estate broker who owned a large real estate firm operating under the name ABC Realty Company, listed a property for a total price of $40,000. The broker and many of his salespersons were all principals in an investment company operating under the name of Realty Income Investment Company. The investment company decided to purchase the property so the broker presented an all cash offer to the owner for the full price, but did not disclose to the seller who the purchasers were. The seller accepted the offer and opened escrow. Under these circumstances:

(a) the broker's actions were perfectly legal since he offered the full cash price.

(b) the broker's offer would be legal provided he added to the escrow instructions the fact that the purchasing firm was composed of brokers and salespersons.

(d) the broker's action was improper because he did not reveal the true identity of the purchaser.

141. All of the following are transferred by a bill of sale EXCEPT:

(a) fixtures.

(b) goodwill.

(d) lease.

142. When the property of the borrower is not adequate security for the loan, the instrument the lender will most likely employ is a(n):

(a) open-end mortgage.

(b) closed-end mortgage.

(d) all-inclusive mortgage.

143. A licensee was farming a non-integrated neighborhood which was next to an integrated neighborhood by telling the owners that if minority people moved into their neighborhood, their property values would do down. This is an example of:

(a) steering.

(b) panic peddling.

(d) both (b) and (c)

144. What is the difference between the Real Estate Transfer Disclosure Statement and the Natural Hazard Disclosure Statement?

(a) Only the seller is responsible for the TDS but the buyer is responsible for the Natural Hazard Disclosure Statement.

(b) Only the buyer is responsible for the Natural Hazard Disclosure Statement but the seller is responsible for the TDS.

(d) The seller is responsible to check the map and make the natural hazard disclosure if necessary; on the other hand, the seller is responsible to disclose known facts only on the TDS.

145. The Unruh Civil Rights Act prohibits discrimination in:

(a) all business establishments of every kind.

(b) public establishments only.

(d) for profit enterprises only.

146. When budgeting for a real estate office, the phrase "company dollar" means:

(a) the money required to establish an office and run it for a given period of time.

(b) the income of an office after all expenses are subtracted.

(d) None of the above

147. The potential penalties for a licensee's violation of the laws concerning the handling of trust funds include:

(a) injunctions.

(b) suspension of license.

(d) All of the above

148. The term "Housing Accommodation" refers to real property of how many units when occupied by the owner?

(a) No more than 2

(b) No more than 3

(d) No more than 5

149. What is required of a pre-paid rental service when they plan to move offices?

(a) The company must inform clients of the new address before the move.

(b) The company must inform the clients of the new address within 10 days of the move.

(d) They must inform the clients within a month.

150. A public report is good for five years from the:

(a) date of issuance.

(b) date the first lot is sold.

(d) date of delivery to the buyer.

151. The fees charged for property management are usually:

(a) a flat fee and a percentage of gross rents.

(b) a percentage of net rents.

(d) flat rate.

152. A seller asks a broker about the race of an offeror. Which of the following is true?

(a) The broker may not answer the question.

(b) The broker may answer the question, but must advise the seller that he is not allowed to discriminate based on that information.

(d) The broker must answer the question because he is an employee of the seller.

153. It is important for a landlord to obtain all the necessary information on a rental application to allow the landlord to make a decision about renting to a particular person or to more than one person. A landlord thinks it is important to know whether or not a couple is married. Is it legal for the landlord to inquire whether or not a couple is married on the rental application?

(a) Yes, as it may affect the couple

(b) Yes, because this is a moral issue.

(d) No, this would be considered discrimination.

154. How long does a buyer have to sue the seller of a single family dwelling for something that was not disclosed but should have been disclosed after the buyer moves into the home?

(a) 1 year

(b) 5 years

(d) 7 years

155. A buyer makes an offer on a property but does not have available cash for the down payment. He executes a promissory note in the amount of $1,000 at 12% interest to be repaid in 10 days. The broker:

(a) may accept it as long as the broker guarantees its repayment.

(b) may only accept cash or personal check.

(d) this method of deposit is immaterial.

156. A broker is showing property to a person who is an ethnic minority. The broker decided to show property in a certain area because of his customer's race. This is an example of:

(a) redlining.

(b) blockbusting.

(d) steering.

157. A deed has a provision regarding racial and religious discrimination. The deed may be changed:

(a) if the restrictions are discriminatory or offensive.

(b) if the restrictions are pre-1978.

(d) by court action.

158. In order for a licensed salesperson of a broker to legally manage the office, initial contracts, and constitute proper supervision, which of the following is required:

(a) 2 years full-time experience during the (immediate) preceding 5 years.

(b) 2 years full-time experience during the (immediate) preceding 5 years plus 16 college units.

(d) Experience is not required as long as they are licensed.

159. If a subdivision project will have a significant effect on the environment, the government agency that approves the project may be required to prepare a(n):

(a) Alquist-Priolo report.

(b) Earthquake fault zone report.

(d) Environmental Impact Report.

160. An unlicensed person could receive a finder's fee from a broker:

(a) if the action constituted no more than an introduction of a potential buyer to the broker.

(b) as long as the fee is disclosed.

(d) for any reason.

161. Recommendations made by the city planning commission are:

(a) opinions only.

(b) advisory only.

(d) None of the above

162. What should sellers do when they are uncertain whether the property is located within one of the designated natural hazard areas?

(a) Claim (in writing) that you have no actual knowledge that the property is located in a hazardous area.

(b) Hire a third-party professional who specializes in natural hazard disclosures to find out if in fact the property is located within one of the specified hazard zones.

(c) Make a notation in the Real Estate Transfer Disclosure Statement that you have no actual knowledge that the property is located in a hazardous area.

(d) None of the above Your answer: (a) is not correct.

163. The Financial Discrimination Act of 1977, also known as the Holden Act, has to do with which of the following?

(a) redlining.

(b) rentals.

(d) subdivisions.

164. A real estate salesperson shows their own income property to a prospective buyer. The buyer seems interested and salesperson says, "you should submit a full price offer" but never tells the buyer it is his own property. This behavior is:

(a) legal.

(b) unethical.

(d) criminal.

165. Broker A meets the Brown family and the Browns make an offer on a house on Elm Street which is owned by Jones. The offer is contingent on the sale of the Brown's house on Main Street which is several counties away. Seller Jones accepted the offer. Broker A refers the Browns to Broker R for the sale of their Main Street home. A written compensation referral form is executed. According to Article 7 of the Code of Ethics, Broker A must disclose:

(a) The compensation on Elm St. To both Brown and Jones

(b) The compensation on Main St. to Brown only

(d) Both the compensation on Elm Street and Main Street to Brown and Jones

166. Properties built before which year DO NOT need a geological report?

(a) 1963

(b) 1968

(d) 1960

167. A landlord is trying to evict a tenant and serves an eviction notice. Under what circumstances could a tenant remain in the property?

(a) The tenant has not had hot water for months.

(b) Unlawful entry by the landlord.

(d) All of the above

168. As to running a business, which of the following is FALSE?

(a) Assets - liabilities = net worth

(b) Income - expenses = profit

(d) Gross income - profit = net income

169. A blanket encumbrance exists on a large subdivision. The owner negotiates to pay off the loans on certain lots as they are sold. To accomplish this the beneficiary would execute a:

(a) partial deed transfer.

(b) deed of partial reconveyance.

(d) subordination agreement.

170. The stock of a business sold under the bulk sales law is transferred by:

(a) trust deed.

(b) grant deed.

(d) quitclaim deed.

171. It is important for a landlord to obtain all of the information on a rental application in order for the landlord to make a decision about renting to a particular person or to more than one person. A landlord thinks it is important to know whether or not a couple is married. Is it legal for the landlord to inquire whether or not a couple is married on the rental application?

(a) Yes, as it may affect the couple's ability to pay rent.

(b) Yes, because this is a moral issue.

(d) No, this would be considered discrimination.

172. An unlicensed secretary in a real estate office can:

(a) quote prices over the phone.

(b) type listings and sales contracts for salespeople.

(d) All of the above

173. In an effort to enforce trust fund handling requirements, the Real Estate Commissioner continuously:

(a) sponsors lectures on trust fund handling throughout the state.

(b) audits and examines broker's trust fund records on a state-wide basis.

(d) changes the trust fund handling laws to keep brokers on their toes.

174. Which of the following is NOT included in Phase I of an Environmental Report?

(a) Soil analysis

(b) Interview neighbors

(d) Drainage patterns

175. Regarding environment standards, Federal law requires the seller of a new home to disclose which of the following to the buyer?

(a) Type of windows

(b) Thickness of the walls

(d) Type of foundation

176. The maximum security deposit allowed by law for a furnished rental is:

(a) $100

(b) 1 times the rent

(d) 3 times the rent

177. A seller (or seller's agent) must give the buyer a separate "Natural Hazard Disclosure Statement" if the property lies within which of the following specified areas?

(a) A special flood hazard area

(b) A very high fire hazard severity zone

(d) All of the above

178. How much of a broker's personal funds may be contributed to a client's trust fund bank account to offset any bank service charges?

(a) $25.00 or the amount of charges by the bank

(b) $100.00

(d) Nothing

179. In July, Easton bought Rothchild's home through the listing broker, McGrew. In November when the first rain came, the tile roof leaked badly in many places. Easton sued Rothchild and McGrew for the cost of the new roof. Testimony in court showed that Rothchild mentioned the need for a new roof to McGrew, but McGrew did not mention it to Easton because "he had not asked about it." What would most likely occur?

(a) Easton would be successful in his suit against Rothchild who would be entitled to recover damages from McGrew.

(b) Easton could recover from Rothchild, but McGrew is not liable to Rothchild.

(d) Easton is not entitled to recover from either Rothchild or McGrew on the basis of caveat emptor.

180. Which of the following would be considered a violation of the Fair Employment and Housing Act?

(a) An owner of a single family residence who refuses to rent a room in his home for religious reasons.

(b) Failure to include accommodations for handicapped people when constructing a new building.

(d) All of the above.

181. A real estate licensee did not use diligence in researching problems with a home he had listed and failed to disclose these problems to the buyer. How long does the buyer have to bring a lawsuit against the agent?

(a) 1 year

(b) 2 years

(d) 7 years

182. In the sale of a business, bulk transfer laws pertain to:

(a) fixtures.

(b) goodwill.

(d) All of the above

183. A real estate licensee's business card must include which of the following?

(a) DRE license ID number

(b) The abbreviations bro. Or agt.

(d) All of the above

184. The Real Estate Transfer Disclosure Statement (TDS) is NOT required when the transfer involves:

(a) transfer of a unit in a subdivision when the buyer has been given a public report.

(b) a transfer ordered by a probate court in administration of an estate.

(d) All of the above

185. A real estate broker can store records electronically as long as:

(a) electronic records are backed up on a monthly basis.

(b) the broker is able to provide a paper copy of any document or record requested by the DRE.

(c) the electronic image storage media is an erasable, "read-write" file that allow changes to the stored document or record.

(d) records copied and stored in electronic format are retained for one year.

186. Brokerage A and Brokerage B agreed to charge all their clients the same percentage commission on all listings. This is a violation of the:

(a) Sherman Act

(b) Clayton Act

(d) Federal Trade Commission Act

187. Accounts payable of a business would be a(n):

(a) asset.

(b) liability.

187. Accounts payable of a business would be a(n):

(a) asset.

(b) liability.

(d) None of the above

188. An advance fee is:

(a) a listing agents commission.

(b) a bonus paid to the seller by an agent to obtain a listing.

(d) a gift to the listing broker.

189. When a deed contains discriminatory language or clauses:

(a) the deed must be rewritten by the owner before the property may be sold.

(b) the title company must re-write the deed.

189. When a deed contains discriminatory language or clauses:

(a) the deed must be rewritten by the owner before the property may be sold.

(b) the title company must re-write the deed.

(d) the clauses may be enforced, since they would be considered "grandfathered" into law.

190. A salesperson asked the listing broker, who was not his employing broker, to advance him $600 against the commission the listing broker had agreed to pay to the selling agent. This listing broker paid the selling agent the $600 even though the deal had not yet closed escrow. In this situation:

(a) The listing broker had violated the Real Estate Law.

(b) This is permissible if it is in writing.

(a) The listing broker had violated the Real Estate Law.

(b) This is permissible if it is in writing.

(d) None of the above

191. A property owner breaks one parcel of land into two parcels. This would fall under regulation of the:

(a) Subdivided Lands Act.

(b) Subdivision Map Act.

191. A property owner breaks one parcel of land into two parcels. This would fall under regulation of the:

(a) Subdivided Lands Act.

(b) Subdivision Map Act.

(d) neither (a) nor (b) .

192. The Bulk Transfer Law may be found in the:

(a) Real Estate Law.

(b) Commissioner's Regulations.

192. The Bulk Transfer Law may be found in the:

(a) Real Estate Law.

(b) Commissioner's Regulations.

(d) Code of Corporations.

193. What is the minimum square feet for a master bedroom?

(a) 9 x 10

(b) 10 x 10

193. What is the minimum square feet for a master bedroom?

(a) 9 x 10

(b) 10 x 10

(d) 10 x 12

194. The Subdivided Lands Act applies to:

(a) the owner of the subdivided property.

(b) any subdivider engaged by the owner of the property.

194. The Subdivided Lands Act applies to:

(a) the owner of the subdivided property.

(b) any subdivider engaged by the owner of the property.

(d) All of the above

195. A material fact that must be disclosed to a purchaser would include all of the following EXCEPT:

(a) a leaky roof.

(b) a septic tank.

(d) plans for a nearby freeway.

196. To engage in retail sales you must have a:

(a) sales tax impound account.

(b) wholesale exemption certificate.

(d) property tax permit.

197. To comply with the Bulk Sales Act, publications of the sale must be made at least _________ prior to the sale in a paper of general circulation where the property is located.

(a) 5 days

(b) 10 days

197. To comply with the Bulk Sales Act, publications of the sale must be made at least _________ prior to the sale in a paper of general circulation where the property is located.

(a) 5 days

(b) 10 days

(d) 30 days

198. Which of the following must comply with the Subdivision Map Act?

(a) noncontiguous units.

(b) parcels of 160 acres or more.

198. Which of the following must comply with the Subdivision Map Act?

(a) noncontiguous units.

(b) parcels of 160 acres or more.

(d) None of the above

199. Who regulates electronic signature requirements?

(a) Real Estate Commissioner

(b) The Secretary of State

199. Who regulates electronic signature requirements?

(a) Real Estate Commissioner

(b) The Secretary of State

(d) Attorney General

200. When enforcing the Subdivision Lands Law, the Real Estate Commissioner is protecting purchasers from:

(a) the design of entrance and exit driveways.

(b) energy consumption discrepancies that may cause outages.

200. When enforcing the Subdivision Lands Law, the Real Estate Commissioner is protecting purchasers from:

(a) the design of entrance and exit driveways.

(b) energy consumption discrepancies that may cause outages.

(d) All of the above

201. In addition to the licensee's duty to disclose matters known to the licensee, he/she also has the duty to:

(a) provide legal advice in situations where there is not time to consult an expert.

(b) make minor repairs to a property when absolutely necessary.

201. In addition to the licensee's duty to disclose matters known to the licensee, he/she also has the duty to:

(a) provide legal advice in situations where there is not time to consult an expert.

(b) make minor repairs to a property when absolutely necessary.

(d) provide tax advice regarding the transfer of real property.

202. Generally, a fact concerning a transaction is considered "material" if:

(a) the seller elects to disclose the fact prior to consummation of the transacation.

(b) prior knowledge of the fact would have prevented the other party from entering into the contract.

(d) the seller's agent determines that the fact warrants disclosure.

203. A Brownfield property that has been left vacant or is underutilized is most likely:

(a) toxic and contaminated.

(b) taken for a freeway.

(d) overpriced.

203. A Brownfield property that has been left vacant or is underutilized is most likely:

(a) toxic and contaminated.

(b) taken for a freeway.

(d) overpriced.

204. An advertisement is placed in a newspaper. According to the guidelines establised by the Department of Housing and Urban Development, which of the following phrases would be considered discriminatory?

(a) "Good neighborhood"

(b) "Retiree's Dream House"

(d) "Chapel on site"

(a) "Good neighborhood"

(b) "Retiree's Dream House"

(d) "Chapel on site"

205. A broker is representing a subdivider selling a new large subdivision of single family dwellings. The broker knows that conformity is the key to maintaining optimum value in the new subdivision. The broker and his salesperson decide that in order to achieve this goal they will quote higher prices to minorities than to other buyers. This would be:

(a) illegal for the broker and the salesperson.

(b) illegal for the seller.

(d) acceptable practice for all parties involved as this behavior is in the best interest of both the seller and buyers.

(a) illegal for the broker and the salesperson.

(b) illegal for the seller.

(d) acceptable practice for all parties involved as this behavior is in the best interest of both the seller and buyers.

206. Which of the following need NOT comply with the requirements of the Map Act?

(a) California subdivisions sold in Nevada

(b) Nevada subdivision sold in California

(d) Neither (a) nor (b)

206. Which of the following need NOT comply with the requirements of the Map Act?

(a) California subdivisions sold in Nevada

(b) Nevada subdivision sold in California

(d) Neither (a) nor (b)

207. The seller must disclose any material change in the condition of the property or the title that occurs or is discovered by the seller:

(a) after close of escrow and within one year of ownership by the new buyer.

(b) after close of escrow and within a reasonable amount of time, thereafter.

(d) None of the preceding

207. The seller must disclose any material change in the condition of the property or the title that occurs or is discovered by the seller:

(a) after close of escrow and within one year of ownership by the new buyer.

(b) after close of escrow and within a reasonable amount of time, thereafter.

(d) None of the preceding

208. A broker is handling the sale of a house for a seller. The broker gave the buyer the required disclosures. The disclosures failed to disclose something which was recorded with the county recorder. What kind of notice did the buyer receive?

(a) Actual notice

(b) Constructive notice

(d) Title insurance notice

(a) Actual notice

(b) Constructive notice

(d) Title insurance notice

209. The basic regulation of the housing and construction industries is accomplished by:

(a) State Housing Law.

(b) Local Building Codes.

209. The basic regulation of the housing and construction industries is accomplished by:

(a) State Housing Law.

(b) Local Building Codes.

(d) All of the above

210. Salesperson Kim has several listings and is an agent of Broker Ling. These listings are:

(a) Void if Salesperson Kim changes brokers

(b) The property of Salesperson Kim

210. Salesperson Kim has several listings and is an agent of Broker Ling. These listings are:

(a) Void if Salesperson Kim changes brokers

(b) The property of Salesperson Kim

(d) The property of Salesperson Kim and Broker Ling

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