Student Name: Frazier , Tremaine L Status: Passed Grade: 92 ---------------------------------1.

Question Asked: With what type of commission plan does a broker not charge a fee, but a commission based on a percentage of the selling price? Choice 1: Straight commission plan.CORRECT CHOICE Choice 2: 100% commission plan. Choice 3: Negative commission plan. Choice 4: None of the above. Student Answer: Straight commission plan.

2. Question Asked: To earn the commission guaranteed by a safety clause, the original listing broker must provide the seller with a list of prospects who were shown or made offers on the property within ___________________. Choice 1: 24 hours of the expiration of the original listing Choice 2: 48 hours of the expiration of the original listing Choice 3: 3 calendar days of the expiration of the original listingCORRECT CHOICE Choice 4: 10 calendar days of the expiration of the original listing Student Answer: 3 calendar days of the expiration of the original listing

3. Question Asked: To earn a commission, a broker must produce a buyer who is ___________________. Choice 1: Ready Choice 2: Willing Choice 3: Able Choice 4: All of the aboveCORRECT CHOICE Student Answer: All of the above

4. Question Asked: All commissions are negotiable between a seller and listing broker, and determined _______________________. Choice 1: When an offer is presented Choice 2: When the listing agreement is signedCORRECT CHOICE Choice 3: At the close of escrow Choice 4: None of the above Student Answer: When the listing agreement is signed

5. Question Asked: Which of the following statements is NOT TRUE concerning listings in California? Choice 1: Listing agreements must be in writing. Choice 2: A listing is considered an employment contract between principal and agent/broker. Choice 3: Listing agreements are also referred to as purchase contracts.CORRECT CHOICE Choice 4: A listing agent is bound by the laws of agency. Student Answer: Listing agreements are also referred to as purchase contracts.

6. Question Asked: To earn a commission, a broker must produce a buyer who is _________________. Choice 1: Ready, willing, and ableCORRECT CHOICE Choice 2: Interested, sincere, and literate Choice 3: Realistic, reliable, and ready Choice 4: Flexible, cooperative, and genuine Student Answer: Ready, willing, and able

7. Question Asked: Which of the following (sellers) listing forms does the buyer also receive a copy of? Choice 1: Residential listing agreement Choice 2: Transfer Disclosure StatementCORRECT CHOICE

Choice 3: Estimated seller's proceeds Choice 4: All of the above Student Answer: Transfer Disclosure Statement

8. Question Asked: A Disclosure Regarding Real Estate Agency Relationships should be signed ___________________. Choice 1: After taking a listing, but before an offer is presented Choice 2: Only after an offer to purchase is presented Choice 3: Before any contract is entered intoCORRECT CHOICE Choice 4: Only if the seller is desperate to sell Student Answer: Before any contract is entered into

9. Question Asked: To earn a commission, a broker must produce a buyer who is _________________. Choice 1: Ready, willing, and ableCORRECT CHOICE Choice 2: Interested, sincere, and literate Choice 3: Realistic, reliable, and ready Choice 4: Flexible, cooperative, and genuine Student Answer: Ready, willing, and able

10. Question Asked: In a listing agreement, which instructions are given the most consideration? Choice 1: Handwritten instructionsCORRECT CHOICE Choice 2: Preprinted instructions Choice 3: Oral instructions Choice 4: None of the above Student Answer: Handwritten instructions

11. Question Asked: Copies of the listing agreement must be given to the signing parties ________________. Choice 1: At the time signatures are obtainedCORRECT CHOICE Choice 2: Within 3 days of signing Choice 3: Within 30 days of signing Choice 4: None of the above Student Answer: At the time signatures are obtained

12. Question Asked: The amount of commission payable to a real estate broker is ordinarily based on ______________________. Choice 1: Statutory limitations Choice 2: Rules and regulations of the DRE and the FBI Choice 3: A secret formula known only the Real Estate Commissioner Choice 4: Agreement of the partiesCORRECT CHOICE Student Answer: Agreement of the parties

13. Question Asked: The Disclosure Regarding Real Estate Agency Relationships must be provided __________________________________. Choice 1: By the buyers agent to the buyer before making an offer Choice 2: By the sellers agent to the seller before writing up a listing agreement Choice 3: By the agent representing both buyer and seller in a dual agency before any contract is entered into Choice 4: All of the aboveCORRECT CHOICE Student Answer: All of the above

14. Question Asked: The Disclosure Regarding Real Estate Agency Relationships ____________________.

Choice 1: Is only given to a seller Choice 2: Is only given to a buyer Choice 3: Must be given to buyers and sellers before entering into any contract with a brokerCORRECT CHOICE Choice 4: None of the above Student Answer: Must be given to buyers and sellers before entering into any contract with a broker

15. Question Asked: If an owner enters into an exclusive agency listing and thereafter sells the property through his or her own efforts ____________________. Choice 1: The broker is entitled to his or her full commission, plus damages Choice 2: No commission is payableCORRECT CHOICE Choice 3: The broker takes title to the property Choice 4: The broker must pay the owner a commission Student Answer: No commission is payable

16. Question Asked: Which of the following is NOT one of the three requirements for a valid escrow? Choice 1: Signed escrow instructions Choice 2: Legal adviceCORRECT CHOICE Choice 3: Neutral third party as an escrow company Choice 4: Conditional delivery of funds and documents Student Answer: Legal advice

17. Question Asked: The annual percentage rate (APR) is ____________________. Choice 1: The amount financed plus interest rate, points, and loan fees Choice 2: The actual cost of borrowing money Choice 3: Expressed as a percentage

Choice 4: All of the aboveCORRECT CHOICE Student Answer: All of the above

18. Question Asked: The three Cs of credit include character, capacity and __________________. Choice 1: CapitalCORRECT CHOICE Choice 2: Cooperation Choice 3: Collateral Choice 4: Citizenship Student Answer: Capital

19. Question Asked: An adjustable rate mortgage is also referred to as a(n) _____________________. Choice 1: Fully amortized fixed rate loan Choice 2: Variable rate mortgage Choice 3: ARM Choice 4: Both b and c are correctCORRECT CHOICE Student Answer: ARM

20. Question Asked: Escrow companies use a base month of ____________________. Choice 1: 28 days Choice 2: 30 daysCORRECT CHOICE Choice 3: 31 days Choice 4: Any of the above Student Answer: 30 days

21. Question Asked: The processing of the paperwork and money involved in a real estate transaction by a neutral third party is referred to as ____________________.

Choice 1: Usury Choice 2: EscrowCORRECT CHOICE Choice 3: Pre-qualifying Choice 4: None of the above Student Answer: Escrow

22. Question Asked: The term APR refers to ___________________. Choice 1: Annual percentage rateCORRECT CHOICE Choice 2: Average percentage rate Choice 3: Annual points required Choice 4: None of the above Student Answer: Annual percentage rate

23. Question Asked: The type of listing in which the owners would be obligated to pay a commission to the broker even if the owners sell the property themselves during the listed period is ________________________. Choice 1: Illegal in California Choice 2: A multiple listing Choice 3: An exclusive right to buy Choice 4: An exclusive right to sell listingCORRECT CHOICE Student Answer: An exclusive right to sell listing

24. Question Asked: The Real Estate Commissioner requires that all agreements prepared by salespeople ______________________. Choice 1: Be approved by the IRS Choice 2: Be approved by their designated broker or sales manager Choice 3: Be approved within a reasonable time

Choice 4: Both b and c are correctCORRECT CHOICE Student Answer: Both b and c are correct

25. Question Asked: When selling an older home, disclosure must be made to the buyer of any repairs made within the last _____________________. Choice 1: Three days Choice 2: Three months Choice 3: Three yearsCORRECT CHOICE Choice 4: None of the above Student Answer: None of the above

26. Question Asked: In a listing agreement, handwritten or typed-in instructions _________________. Choice 1: Are given precedence over preprinted instructionsCORRECT CHOICE Choice 2: Are superseded by preprinted instructions Choice 3: Are not permissible Choice 4: None of the above Student Answer: Are given precedence over preprinted instructions

27. Question Asked: A MLS and its cooperating brokers are denied access to a listing by the seller, and only the listing agent or member of his or her firm are given permission to show and present offers on a property. This is called a(n) ______________________. Choice 1: Proprietary listing Choice 2: Limited exclusive Choice 3: Office exclusiveCORRECT CHOICE Choice 4: None of the above Student Answer: Office exclusive

28. Question Asked: The type of listing that is most likely to give rise to charges of misrepresentation or fraud is the ____________________. Choice 1: Multiple listing Choice 2: Open listing Choice 3: Net listingCORRECT CHOICE Choice 4: None of the above Student Answer: Net listing

29. Question Asked: How many copies of a listing agreement must be provided to a couple who is considered one legal entity? Choice 1: None Choice 2: OneCORRECT CHOICE Choice 3: Two Choice 4: Three Student Answer: Two

30. Question Asked: The source of most long-term financing for regional malls is ____________________. Choice 1: Life insurance companiesCORRECT CHOICE Choice 2: Commercial banks Choice 3: Savings banks Choice 4: Private lenders Student Answer: Life insurance companies

31. Question Asked: In a trust deed, the party who is lending the money is called the _________________. Choice 1: Trustor

Choice 2: Trustee Choice 3: BeneficiaryCORRECT CHOICE Choice 4: None of the above Student Answer: Beneficiary

32. Question Asked: Which of the following is NOT an institutional lender? Choice 1: Savings bank Choice 2: Private lenderCORRECT CHOICE Choice 3: Commercial bank Choice 4: Life insurance company Student Answer: Private lender

33. Question Asked: In Northern California, the majority of escrows are handled by ___________________. Choice 1: Escrow departments of title insurance companiesCORRECT CHOICE Choice 2: Independent escrow companies Choice 3: The sellers Choice 4: None of the above Student Answer: Escrow departments of title insurance companies

34. Question Asked: The compensation for processing the loan and setting it up on the books, which is based on the loan amount, is __________________. Choice 1: Interest Choice 2: A loan origination feeCORRECT CHOICE Choice 3: The prevailing market rate Choice 4: Start up fee

Student Answer: A loan origination fee

35. Question Asked: A charge to the borrower for paying off all or part of a loan balance before the due date ______________________. Choice 1: Is illegal in California Choice 2: Is called a prepayment penaltyCORRECT CHOICE Choice 3: Is called an impound account Choice 4: All of the above Student Answer: Is called a prepayment penalty

36. Question Asked: An escrow holder can be ____________________. Choice 1: A corporation Choice 2: An attorney Choice 3: A real estate broker acting as the agent in a transaction Choice 4: All of the aboveCORRECT CHOICE Student Answer: All of the above

37. Question Asked: The two rules of proration in an escrow include ____________________. Choice 1: The date the item is paid Choice 2: The date escrow closes Choice 3: The condition of the property Choice 4: A and b are correctCORRECT CHOICE Student Answer: A and b are correct

38. Question Asked: Escrow is not officially closed until ____________________. Choice 1: All the conditions of escrow have been completed

Choice 2: The buyers remaining money is received Choice 3: The documents are recorded Choice 4: All of the aboveCORRECT CHOICE Student Answer: All of the above

39. Question Asked: In a trust deed, the party who is borrowing money is called the ___________________. Choice 1: TrustorCORRECT CHOICE Choice 2: Trustee Choice 3: Beneficiary Choice 4: None of the above Student Answer: Trustor

40. Question Asked: Brokers should examine the call log book regularly to determine _______________. Choice 1: The impact of any advertising campaignCORRECT CHOICE Choice 2: If agents are showing up for work on time Choice 3: What hours the office should stay open Choice 4: None of the above Student Answer: The impact of any advertising campaign

41. Question Asked: When a phone caller inquires about a property thats no longer available, a switch sheet allows an agent to _____________________. Choice 1: Quickly reference similar propertiesCORRECT CHOICE Choice 2: Confuse the caller with too many alternatives Choice 3: Legally use the bait and switch technique Choice 4: Pre-qualify the caller before showing other properties

Student Answer: Quickly reference similar properties

42. Question Asked: If any financing term is mentioned in an ad, the FTC requires the ad also mention the _______________________. Choice 1: Annual percentage rate (APR)CORRECT CHOICE Choice 2: Semi-annual percentage rate (APR) Choice 3: Phone number of the Real Estate Commissioner Choice 4: All of the above Student Answer: Annual percentage rate (APR)

43. Question Asked: The escrow holder is an agent for ______________________. Choice 1: The seller only Choice 2: The buyer only Choice 3: Both the seller and buyerCORRECT CHOICE Choice 4: None of the above Student Answer: Both the seller and buyer

44. Question Asked: When a listing agreement is signed, all commissions are ___________________. Choice 1: Non-negotiable Choice 2: Negotiable between seller and listing brokerCORRECT CHOICE Choice 3: Decided when a buyer makes a legitimate offer Choice 4: Paid in advance by the seller Student Answer: Negotiable between seller and listing broker

45. Question Asked: To earn the commission guaranteed by a safety clause, the original listing broker must provide the seller with a list of prospects who were shown or made offers on the property within __________________.

Choice 1: 24 hours of the expiration of the original listing Choice 2: 48 hours of the expiration of the original listing Choice 3: 3 calendar days of the expiration of the original listingCORRECT CHOICE Choice 4: 10 calendar days of the expiration of the original listing Student Answer: 3 calendar days of the expiration of the original listing

46. Question Asked: The Federal Home Mortgage Corporation (FHLMC) is commonly known as _________________________. Choice 1: Freddie MacCORRECT CHOICE Choice 2: Fannie Mae Choice 3: Frannie Mac Choice 4: None of the above Student Answer: Freddie Mac

47. Question Asked: In a purchase contract, which of the following is usually considered a financing contingency? Choice 1: Obtaining the deposit Choice 2: Obtaining the down payment Choice 3: Obtaining closing costs Choice 4: None of the above are financing contingenciesCORRECT CHOICE Student Answer: None of the above are financing contingencies

48. Question Asked: Lenders refer to a borrower with a low FICO score and a limited ability to cover family living expenses as a ____________________. Choice 1: Lost cause borrower Choice 2: Prime borrower Choice 3: Sub prime borrowerCORRECT CHOICE

Choice 4: Commercial borrower Student Answer: Sub prime borrower

49. Question Asked: The terms mortgagee and mortgagor refer to ____________________. Choice 1: Mortgages onlyCORRECT CHOICE Choice 2: Trust deeds only Choice 3: Mortgages and trust deeds Choice 4: None of the above Student Answer: Mortgages only

50. Question Asked: Which of the following government organizations makes direct loans? Choice 1: FHA Choice 2: VA Choice 3: Cal-VetCORRECT CHOICE Choice 4: None of the above Student Answer: Cal-Vet

51. Question Asked: Soliciting potential clients by telephoning people you don't know is called ________________. Choice 1: Cold callingCORRECT CHOICE Choice 2: Warm calling Choice 3: Previewing Choice 4: Blind advertising Student Answer: Cold calling

52. Question Asked: An incoming call register is a useful tool for ___________________.

Choice 1: Record keeping Choice 2: Controlling ad revenue and expenses Choice 3: Following up on inquiries Choice 4: All of the aboveCORRECT CHOICE Student Answer: Following up on inquiries

53. Question Asked: The time assigned to individual agents to answer the company telephone is called ______________________. Choice 1: Downtime Choice 2: Floor timeCORRECT CHOICE Choice 3: Private time Choice 4: Golden time Student Answer: Floor time

54. Question Asked: A company that agrees to purchase a property at a given price if it doesnt sell for more during the listing period is offering a ______________________. Choice 1: Pocket listing Choice 2: Guaranteed sales planCORRECT CHOICE Choice 3: Dual agency Choice 4: None of the above Student Answer: Guaranteed sales plan

55. Question Asked: A broker who falsely gives the impression that he or she is the owner of a property for sale is guilty of _____________________. Choice 1: Color blind advertising Choice 2: Blind advertisingCORRECT CHOICE Choice 3: Puffing

Choice 4: Keeping a pocket listing Student Answer: Blind advertising

56. Question Asked: A time-tested method used in writing real estate ads is a formula known by the acronym _____________________. Choice 1: ABBA Choice 2: AIDACORRECT CHOICE Choice 3: AWOL Choice 4: AKKA Student Answer: AIDA

57. Question Asked: A publication or website that lists telephone numbers by addresses rather than names is called a _____________________. Choice 1: Cold call directory Choice 2: Multiple listing directory Choice 3: Reverse directoryCORRECT CHOICE Choice 4: None of the above Student Answer: Reverse directory

58. Question Asked: The list of potential clients that an agent contacts on a regular basis ______________________. Choice 1: Is considered his or her "sphere of influence"CORRECT CHOICE Choice 2: Always belongs to his or her broker Choice 3: Is technically considered harassment Choice 4: Is a waste of time Student Answer: Is considered his or her "sphere of influence"

59. Question Asked: When selling real estate, the least effective form of communication is ______________. Choice 1: Direct contact (face-to-face)CORRECT CHOICE Choice 2: By letter (one way) Choice 3: By telephone (two way) Choice 4: None of the above Student Answer: By letter (one way)

60. Question Asked: An open house is a planned period of time during which a property for sale ____________________________. Choice 1: Is held open for public viewingCORRECT CHOICE Choice 2: Can be shown only to licensed brokers Choice 3: Is withheld from placement with a multiple listing service Choice 4: None of the above Student Answer: Is held open for public viewing

61. Question Asked: Under the buyer occupancy section of the purchase contract, the term CE+3 means _____________________________. Choice 1: The buyer will take possession 3 days after the close of escrowCORRECT CHOICE Choice 2: The buyer will take possession 3 weeks after the close of escrow Choice 3: The buyer will take possession 30 days after the close of escrow Choice 4: None of the above Student Answer: The buyer will take possession 3 days after the close of escrow

62. Question Asked: Which of the following is TRUE concerning the Buyers Request for Repairs? Choice 1: The buyers request is really a wish list Choice 2: The seller may choose to do all, some, or none of the repairs

Choice 3: The buyer may cancel the escrow if a dispute over repairs cannot be resolved Choice 4: All of the aboveCORRECT CHOICE Student Answer: All of the above

63. Question Asked: Which of the following is TRUE concerning wood destroying pest inspections? Choice 1: Section A1 indicates actual termite infestation Choice 2: Section A2 indicates existing conditions that may lead to termite infestation Choice 3: Termite clearance is usually a lenders requirement Choice 4: All of the aboveCORRECT CHOICE Student Answer: All of the above

64. Question Asked: The sum of money agreed to in advance and stated in the contract that will be paid for not fulfilling a clause or condition in the contract is a provision called ______________. Choice 1: Gross breach of contract provision Choice 2: Liquidated damage provisionCORRECT CHOICE Choice 3: Punitive retaliation provision Choice 4: None of the above Student Answer: Liquidated damage provision

65. Question Asked: If there is a contradiction in the purchase agreement form __________________. Choice 1: The handwritten or typed-in words supersede the printed wordsCORRECT CHOICE Choice 2: The printed words supersede the written or typed-in words Choice 3: The form is considered void Choice 4: The Real Estate Commissioner must decide which takes precedence Student Answer: The handwritten or typed-in words supersede the printed words

66. Question Asked: Failure of a buyer to fulfill the terms in the Notice to Buyer to Perform gives the seller the right to ___________________. Choice 1: Cancel the escrow within 24 hours if other terms are not specifiedCORRECT CHOICE Choice 2: Charge the buyer a daily fine until contingencies are removed Choice 3: Lower the listing agents commission Choice 4: All of the above Student Answer: Cancel the escrow within 24 hours if other terms are not specified

67. Question Asked: The Verification of Property Condition is filled out _____________________. Choice 1: When the buyer first visits the property Choice 2: During the final walk-throughCORRECT CHOICE Choice 3: By pest inspectors Choice 4: All of the above Student Answer: During the final walk-through

68. Question Asked: Which of the following is TRUE concerning the Buyers Affidavit? Choice 1: It involves the Foreign Investment in Real Property Tax Act (FIRPTA). Choice 2: It involves property for use as a residence. Choice 3: It involves property with a sales price that does not exceed 300,000. Choice 4: All of the aboveCORRECT CHOICE Student Answer: All of the above

69. Question Asked: The Cooperating Broker Compensation Agreement and Escrow Instructions form is an agreement between the listing broker and the selling broker, determining the commission split that will be paid to the _______________________. Choice 1: Selling brokerCORRECT CHOICE Choice 2: Listing broker

Choice 3: Escrow company Choice 4: None of the above Student Answer: Selling broker

70. Question Asked: The division and subsequent sale of real property is governed by the ___________________________. Choice 1: Subdivision Map Act Choice 2: Subdivided Lands Act Choice 3: Both a and b are correctCORRECT CHOICE Choice 4: Neither a nor b is correct Student Answer: Both a and b are correct

71. Question Asked: The seller must provide the buyer with a Lead-Based Paint Notice as an attachment to the purchase contract if the residential property was constructed _________________. Choice 1: Prior to 1998 Choice 2: Prior to 1988 Choice 3: Prior to 1978CORRECT CHOICE Choice 4: All of the above Student Answer: Prior to 1978

72. Question Asked: Liquidated damages are _____________________. Choice 1: The damages caused by flooding Choice 2: Paid for not fulfilling a clause or condition in the contract Choice 3: Agreed to in advance and stated in the contract Choice 4: Both b and c are correctCORRECT CHOICE Student Answer: Both b and c are correct

73. Question Asked: Which of the following forms details the total cost of the purchase, including monthly payments? Choice 1: Buyer's Inspection Advisory Choice 2: Estimated Buyer's CostsCORRECT CHOICE Choice 3: Notice to Seller to Perform Choice 4: None of the above Student Answer: Estimated Buyer's Costs

74. Question Asked: To be called a REALTOR a licensee must be _____________________. Choice 1: A member of the National Association of Realtors (NAR)CORRECT CHOICE Choice 2: A member of the State Bar of California Choice 3: A broker Choice 4: None of the above Student Answer: A member of the National Association of Realtors (NAR)

75. Question Asked: Police power provisions are laws created to benefit _____________________. Choice 1: Health Choice 2: Safety Choice 3: Morals Choice 4: All of the aboveCORRECT CHOICE Student Answer: All of the above

76. Question Asked: Real estate assistants who choose to become notary publics must __________________. Choice 1: Also have a brokers license

Choice 2: Maintain an official record called a notary journal Choice 3: Use an official seal of notary Choice 4: Both b and c are correctCORRECT CHOICE Student Answer: Both b and c are correct

77. Question Asked: The DRE salespersons exam ________________________. Choice 1: Takes three hours and fifteen minutes Choice 2: Has 150 questions Choice 3: Requires a score of 70% to pass Choice 4: All of the aboveCORRECT CHOICE Student Answer: All of the above

78. Question Asked: A Conditional Salespersons License expires after __________________. Choice 1: 6 months Choice 2: 18 monthsCORRECT CHOICE Choice 3: One year Choice 4: Four years Student Answer: 18 months

79. Question Asked: A real estate broker who wants to include negotiation of loans for prospective borrowers and the sale of trust deeds secured by real property will need ___________________. Choice 1: A real property security dealer's endorsementCORRECT CHOICE Choice 2: To speak several languages Choice 3: A law degree Choice 4: All of the above Student Answer: A real property security dealer's endorsement

80. Question Asked: The Real Estate Settlement Procedures Act (RESPA) covers the sale of _________________________. Choice 1: 16 or more units Choice 2: One-to-four residential unitsCORRECT CHOICE Choice 3: Income producing property Choice 4: None of the above Student Answer: None of the above

81. Question Asked: The state law that prohibits steering and blockbusting is _____________________. Choice 1: The Unruh Civil Rights ActCORRECT CHOICE Choice 2: The Redlining Prohibition Act Choice 3: The Federal Civil Rights Act Choice 4: None of the above Student Answer: None of the above

82. Question Asked: The form that is often referred to as FRPTA is the ______________________. Choice 1: Real Estate Transfer Disclosure Statement Choice 2: Natural Hazard Disclosure Statement Choice 3: Sellers Affidavit of Non-foreign Status and/or California Withholding ExemptionCORRECT CHOICE Choice 4: None of the above Student Answer: None of the above

83. Question Asked: If there are more than two counter offers, an agent/broker should ________________. Choice 1: Lower his or her commission

Choice 2: Ask the Real Estate Commissioner for advice Choice 3: Start from scratch and rewrite the contractCORRECT CHOICE Choice 4: Have the final counter offer notarized Student Answer: Start from scratch and rewrite the contract

84. Question Asked: Copies of the listing agreement must be given to the signing parties _________________. Choice 1: At the time signatures are obtainedCORRECT CHOICE Choice 2: Within 30 days of signing Choice 3: Within 90 days of signing Choice 4: None of the above Student Answer: At the time signatures are obtained

85. Question Asked: Death does not cancel escrow because ______________________. Choice 1: It is binding on the heirs (estate) Choice 2: Of the prior agreed-to contract Choice 3: Both a and b are correctCORRECT CHOICE Choice 4: Neither a nor b is correct Student Answer: Both a and b are correct

86. Question Asked: Character, capacity, and capital are called the three Cs of ________________. Choice 1: Salesmanship Choice 2: CreditCORRECT CHOICE Choice 3: Real estate Choice 4: Competition Student Answer: Credit

87. Question Asked: Which of the following is TRUE concerning real estate advertising? Choice 1: Maintaining a company website is rarely worth the time, effort or money. Choice 2: Yellow page directories are a not a cost effective method of advertising. Choice 3: The most favored advertising media is the newspaper.CORRECT CHOICE Choice 4: All of the above Student Answer: The most favored advertising media is the newspaper.

88. Question Asked: Which of the following is the best way to keep track of the ads that bring in phone inquiries? Choice 1: Ad call log bookCORRECT CHOICE Choice 2: Company phone bill Choice 3: Reverse directory Choice 4: Phone answering machine Student Answer: Ad call log book

89. Question Asked: The bulk of the typical residential broker's advertising budget is spent on ___________________. Choice 1: Novelty ads Choice 2: Classified adsCORRECT CHOICE Choice 3: Highway billboards Choice 4: Skywriting Student Answer: Classified ads

90. Question Asked: How a house looks to a passerby when compared to the rest of the neighborhood, is called _____________________. Choice 1: Curb appealCORRECT CHOICE

Choice 2: View ability Choice 3: Competitive factor Choice 4: All of the above Student Answer: Curb appeal

91. Question Asked: Sources of listings may include ___________________. Choice 1: Acquaintances Choice 2: "For sale by owner" ads Choice 3: Foreclosures Choice 4: All of the aboveCORRECT CHOICE Student Answer: All of the above

92. Question Asked: In order for agents to gain access to the house, keys are often kept _______________. Choice 1: Under a rock Choice 2: In a lock boxCORRECT CHOICE Choice 3: With a neighbor Choice 4: All of the above Student Answer: In a lock box

93. Question Asked: If the buyer and/or seller decline to have a professional inspection in order to reduce potential liability, its in the brokers best interest to ____________________. Choice 1: Pass the sale on to another broker Choice 2: Have the parties sign a waiver acknowledging their refusalCORRECT CHOICE Choice 3: Get the inspection secretly and pay for it out of the buyers trust account Choice 4: Forge the parties signatures on a waiver

Student Answer: Have the parties sign a waiver acknowledging their refusal

94. Question Asked: Which of the following listing forms does a buyer NOT receive a copy of? Choice 1: Residential listing agreement Choice 2: Sellers advisory Choice 3: Estimated sellers proceeds Choice 4: All of the aboveCORRECT CHOICE Student Answer: All of the above

95. Question Asked: The Contingency for Sale or Purchase of the Property form indicates whether a condition of the sale depends on _____________________. Choice 1: The sale of the buyers property Choice 2: The sellers purchase of a replacement property Choice 3: Both a and b are correctCORRECT CHOICE Choice 4: Either a nor b is correct Student Answer: Both a and b are correct

96. Question Asked: Before making an offer, which of the following forms should be provided to the buyer detailing the total cost of the purchase, including monthly payments? Choice 1: Buyers Inspection Advisory Choice 2: Estimated Buyers CostsCORRECT CHOICE Choice 3: Buyers Affidavit Choice 4: None of the above Student Answer: Estimated Buyers Costs

97. Question Asked: If a conflict arises between escrow instructions and the deposit receipt (purchase contract), which document will usually prevail?

Choice 1: The latest signed documentCORRECT CHOICE Choice 2: The earliest signed document Choice 3: The least complicated document Choice 4: None of the above Student Answer: The latest signed document

98. Question Asked: Rules for regulating real estate advertising under the Truth in Lending Act are covered by _____________________. Choice 1: Regulation Z.CORRECT CHOICE Choice 2: Regulation ABC. Choice 3: The X Files. Choice 4: All of the above. Student Answer: Regulation Z.

99. Question Asked: What agency regulates the issuance of liquor licenses in California? Choice 1: California Liquor Board (CLB) Choice 2: California Department of Real Estate (DRE) Choice 3: California Department of Alcoholic Beverage Control (ABC)CORRECT CHOICE Choice 4: All of the above Student Answer: California Department of Alcoholic Beverage Control (ABC)

100. Question Asked: A seller of a business agrees not to open another business establishment similar to that being sold for six months. Such an agreement is called a ______________________. Choice 1: Cease and desist order Choice 2: Covenant not to competeCORRECT CHOICE Choice 3: Covenant of allocation

Choice 4: Give and take agreement Student Answer: Covenant not to compete