Squad 1
If a licensee violates the license law, teh commissioner has the power to
A. suspend or revoke the licensee's license
B. ban the licensee from any profession that requires a license
C. freeze the licensee's financial assets
D. sentence the licensee to the county jail
A. suspend or revoke the licensee's license
A transaction broker should disclose his or her agency relationship to prospective buyers and sellers
A. upon first substantive communication
B. upon completion of the listing agreement
C. immediately following completion of any offer
D. immediately prior to closing
A. upon first substantive communication
Seller's delivery of its documents (e.g., disclosures, TDS, SPQ) must occur ____ days after Acceptance?
7
*if not negotiated or otherwise modified.
A farmer temporarily installs produce coolers in a leased farm stand in order to prevent spoilage. The coolers would be considered which of the following?
A. trade fixtures that are real property
B. trade fixtures that are personal property
C. temporary real property
D. emblements
B. trade fixtures that are personal property
If a contract is invalid,
A. it cannot be enforced in a court of law
B. it is illegal for the parties to perform any of the contract terms
C. it becomes valid when it is recorded
D. the parties must make a new contract
A. it cannot be enforced in a court of law
Which of the following contracts must be in writing?
A. a parol contract
B. a six-month lease
C. a two-year lease
D. an executory contract
C. a two-year lease
A property owner has an easement appurtenant on her property. One day the property is soled to another party who is opposed to the easement. Following the closing, this particular form of easement
A. terminates
B. transfers with the property
C. transfers with the owner to a new property
D. becomes a license on the property
B. transfers with the property
Dual agency is illegal in CA if
A. the agent has not had special training for dual agency
B. the transaction parties are related by blood or marriage
C. buyer and seller have not given their informed consent to the dual agency
D. the agent has initially represented only one of the parties
C. buyer and seller have not given their informed consent to the dual agency
A real estate agent owes the client the fiduciary duty of
A. providing all parties with an opinion of value
B. concealing facts that could have a negative effect on property value
C. advising the principal to refuse an offer that is less than the listing price
D. operating in the best interests of the principal
D. operating in the best interests of the principal
Which of the following are examples of closing items not prorated between buyer and seller?
A. taxes
B. inspection fees
C. utilities
D. condominium assessments
B. inspection fees
When a property owner dies leaving a will, the first claim on the estate is that of
A. the heirs by will
B. the creditors
C. the state
D. the heirs by laws of descent
A. the heirs by will
An unlicensed assistant of an associate broker will be violating license law if she
A. serves coffee to prosective buyers at an open house
B. asks a potential buyer to enter into a listing agreement with her employer
C. places a for-sale sign on one of her employer's listings
D. writes a letter to one of her employer's clients on behalf of the employer
B. asks a potential buyer to enter into a listing agreement with her employer
In the event of a buyer's default, a provision for liquidated damages in a sale contract enables a seller to:
A. sue the buyer for specific performance
B. force the buyer to quitclaim equitable title
C. sue the buyer for the broker's marketing expenses
D. claim the deposit as compensated damages for buyer's failure to perform
D. claim the deposit as compensated damages for buyer's failure to perform
The requirement to disclose dual agency applies to
A. single-family residential transactions
B. residential transactions involving 1-4 residential units only
C. all transactions involving borrowed funds
D. all transactions secured by real property
D. all transactions secured by real property
A seller dies while his agent is still working to sell his house. What happens to the agency Agreement?
A. it continues in effect
B. it is automatically assigned to the seller's heirs
C. it becomes part of the seller's estate
D. it terminates
B. it is automatically assigned to the seller's heirs
What is "As-is" condition?