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48 Cards in this Set

  • Front
  • Back
Within three days funds must be
Given to the principal, deposit into escrow, place funds into brokers trust account
Trust funds must be balanced ______and reconciled ________
Balanced daily / Reconciled Monthly
No more than ______ of brokers funds are allowed in trust account
$200
Mixing of funds is called
Cummingling
A trust fund account must be in the same name as the
Broker
Using trust funds for personal use other than designated his called
Conversion
Trust fund account records must be kept for a minimum of
Three years
A broker can designate another person to withdraw funds from the trust account be in writing or if not licensed be bonded
.
Commissions in a trust fund account must be withdrawn within how many days
30 days
A broker is required by law to deposit all funds collected for client before
Dispersing
The Civil Rights Act of 1866 prohibits
Discrimination based on individuals race
Federal fair housing protects
Race, religion, color, national origin, sex, family status, handicap/disability
What are the three California fair housing laws
Unruh Civil Rights Act, Fair employment and housing act(Rumford Act) and the housing financial discrimination act(Holden Act)
The channeling of potential buyers to or away from particular areas as a means of discrimination
Steering
Also called "panic selling" inducing people to sell their homes because of the entry into the neighborhood of members of protected classes
Blockbusting
Refusing to offer or limited loans in certain areas
Redlining
Ensures equal enjoyment to public accommodations for disabled persons
Americans With Disabilities Act
Portions of license fees are placed into an account from which members of the public can be compensated for illegal acts of licensees
California real estate recovery fund
Recovery funds account limit
$20,000 per transaction/$100,000 against one licensee
Funds from the real estate recovery fund can be disbursed if a judgment has been obtained and the debt is uncollectible from the licensee
.
The license is suspended until the licensee makes payments back to the fund account plus interest
.
Advertisement that does not list the name of an agent where an agent is involved
Blind advertising
All advertising of an activity for which is license is required must indicate a licensee designation ("agent" would meet the requirement)
.
Who must sign the natural hazard disclosure form
Sellers and agents must sign
What is included in the natural hazard disclosure form
Earthquake disclosures, dam failure, very high fire hazard zone, wildfire risk areas, 100 year flood zones
What disclosure is required when the cell of a 1 to 4 unit dwelling must disclose if the property is subject to Mello-Roos lien
Mello-Roos disclosure
If there is seller financing, the seller financing addendum and disclosure is required
.
All purchase contracts must include a notice informing buyers or lessees of the public availability of information regarding registered sex offenders
Megan's law
What is required for property manager who rent, lease, solicit listings of places for rent, solicit for prospective tenants, and collect rents
A real estate license
Hey license is not required for a resident manager if
Management activities are confined to the complex in which the manager lives
The amount of security deposits that can be collected depends on
Specific facts
What is a detailed statement telling with the seller knows about the condition of the property
Transfer disclosure statement (TDS) (1-4 units)
The buyer may terminate the contract by written notice within how many days after receiving the disclosure statement
Three days
When a condominium is sold, the seller must, upon request, provide the buyer
CC&R, Bylaws, financial statements
All home with fossil fuel burning fireplaces or an attached garage must have
Installed carbon monoxide detectors
The law requires a seller to reveal any information that would be important to the buyer regarding the condition of the property in what document
Transfer disclosure statement
What must be disclose to purchasers under the Alquisr-Priolo special studies act
Location of earthquake faultlines
Special flood zone areas on the flood hazard boundary maps indicate that flooding occurs
Within 100 miles
The R-value in a rating that measures
How well insulation resist heat
Unlicensed assistant cannot make soliciting telephone calls to buyers and sellers
.
If the licensee does not conduct a reasonable competent and diligent inspection of property, or makes a misrepresentation the buyer has how many years from the date of possession to commence a legal action
Two years
The purchase agreement between the buyer and the seller is also referred to as
Deposit receipt
A licensee can accept a post dated check as an earnest money deposit along with a written offer, but this fact must be disclosed to the seller
.
Building inspectors are primary liable for the enforcement of
Building codes
Building inspectors are primary liable for the enforcement of
Building codes
The zoning code for multi family dwellings is
R3
The seller is responsible for ensuring the buyer is informed of Mello-Roos tax lien (not the listing or selling broker)
.
Complaint regarding fair housing violations can be filed with the state fair employment and housing commission within
60 days