CALIFORNIA INTERACTIVE STUDY GROUP UNIT 7: BOBRA TAHAN HOWARD HARRIS PRACTICE OF REAL ESTATE

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1 CALIFORNIA INTERACTIVE STUDY GROUP 1 UNIT 7: BOBRA TAHAN HOWARD HARRIS PRACTICE OF REAL ESTATE

2 Study Group Information 2 Information regarding the Study Group may be found at: At this location you will find: Calendar of discussion topics Links to discussion questions

3 Notes for Tonight Chat has now been switched to a Moderated Mode. 3 Bobra Tahan and Howard Harris will both still see your Chat; however, the other students will no longer see Your chat unless either instructor sends your chat to the classroom. This will help preserve the anonymity of your answers. Even so, do not put anything into the chat that you would not want everyone to see.

4 Contact Information 4 Bobra Tahan and Howard Harris both have access to this account: releadinstructorca@brightwood.edu If you would like to discuss something on the phone, please send your phone number in the and the best times to reach you.

5 Unit 7: PRACTICE OF REAL ESTATE TOPICS TO BE DISCUSSED: California Real Estate Recovery Fund Licensing and continuing education Property Management CalBRE discipline 5

6 The real estate commissioner is allowed to: 6 A. Hold hearings to discipline licensees using it s own rule, and not the rules that govern courts B. Collect penalties from licensees for their victims C. Both A and B D. Neither A nor B

7 A seller tells a broker that the seller wishes to exclude certain races from purchasing the seller s home. After explaining that racial discrimination is unlawful, the broker takes the listing. Taking this listing is: 7 A. Proper B. Improper C. Recommended for all D. Part of an agent s fiduciary duties

8 8 The agreement between a licensee and their broker: A. Can be done orally as either an employment contract or an Independent contractor agreement B. Can be done in writing as either an employment contract or an Independent contractor agreement C. Must be done in writing as an employment contract D. Must be done in writing as an Independent contractor agreement

9 For income tax purposes, a salesperson could be considered an independent contractor of the salesperson s employing broker: 9 A. If there is an Independent contractor agreement between the broker and the licensee B. Only if the employment contract provides for it C. Always D. Never

10 10 If a licensee fails to complete the required continuing education during the term of the license: A. The licensee has a 2 year grace period to continue to work and complete their continuing education B. The licensee has a 1 year grace period to continue to work and complete their continuing education C. The licensee has a 2 year grace period to complete their continuing education, but cannot work D. Has no grace period of any nature

11 If a person has not paid child support, the state: 11 A. Will still issue a full four-year license B. May issue a 150-day conditional license C. Will always refuse to issue either a full or conditional license D. The license will be revoked

12 If a consumer receives payment from the state s real estate recovery account: A. All of the licensees liability to the consumer is switched to the CalBRE B. The licensee has the remaining term of their license to repay CalBRE or their license will then be suspended C. The licensee s license is suspended without a hearing D. The licensee s license may be suspended after a hearing 12

13 The maximum that could be paid out from the real estate recovery account is: 13 A. $50,000 per transaction B. $250,000 per licensee C. There are no limits D. Both A and B

14 An unlicensed assistant is permitted to: 14 A. Open a home for an inspector with the owner s permission B. Reply to an regarding a listing C. Explain a standard form D. Show a client though an open house so long as the licensee is in the home

15 If a property is to have a structural pest control inspection, an unlicensed assistant cannot: 15 A. Arrange for and order the inspection B. Let the inspector onto the property C. Order repairs D. Provide information about the property

16 16 An unlicensed assistant can: A. Prepare, design and approve advertising prior to its publication B. If an ad has already been used, place the ad again if an ad is ready to be placed C. Prepare and design an ad for a licensee D. None of the above

17 Property management fees generally are: 17 A. Generally a percentage of the net income B. Generally a percentage of the gross income C. Generally a flat fee negotiated in the contract D. Generally paid as a fee per unit managed

18 Who pays the property expenses in a net lease the: 18 A. Landlord B. Tenant C. Vendee D. Vendor

19 19 A California broker may pay: A. An out of state broker a commission B. A referral fee directly to a licensee working for another broker C. Split their commission with a non-licensee for a real estate referral D. Pay a referral fee to another licensee for a loan client referral

20 A purchaser of a business that is required to collect sales tax discovered after the close of escrow that the previous owner collected the sales tax but did not send it to the State Board of Equalization, may end up with a tax liability called: 20 A. Primary liability B. Successor liability C. Secondary liability D. Buyers remorse

21 Brokers must reconcile their trust accounts on a basis. 21 A. Daily B. Weekly C. Monthly D. Quarterly

22 Which of the following must be acknowledged in a broker s trust accounting: 22 A. A check the buyer gives directly to escrow B. A check that the licensee carries to escrow for the buyer C. Funds that are wired to escrow from the buyer D. A check given from the buyer to the seller

23 23 Inducing people to sell their homes because of entry into the neighborhood of members of protected classes is called: A. Blockbusting/panic selling B. Steering C. Redlining D. Stigmatizing property

24 CONCLUSION 24 Both Bobra Tahan and Howard Harris have access to this account: If you would like to discuss something on the phone, please send your phone number in the and the best times to reach you.

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