California Real Estate Quiz

What can the Real Estate Commissioner in California do?

• Be active as a real estate broker while serving as commissioner.

• Be overruled by a majority vote of the NAR.

• Adopt regulations to enforce the real estate law.

• Bring action against a licensee within ten years of any wrongful action.

What is the first step in a disciplinary action against a licensee?

• Statement of issues.

• Accusation.

• Judgment.

• Judicial review.

How much surety bond must a residential mortgage lender or servicer maintain in California?

• $25,000.

• $50,000.

• $75,000.

• $100,000.

What is required for a broker to earn a commission?

• Have been licensed at close of escrow.

• Have been licensed when the commission was earned.

• Both a and b.

• Neither a nor b.

Under what circumstances can an application for a mortgage loan originator license in California be denied?

• Had an MLO license revoked in Texas five years ago.

• Pled guilty to a felony 8 years ago.

• Has had a drivers license revoked for having too many accidents.

• Does not have a high school diploma or GED certificate.

Which of the following acts for compensation does NOT require a license?

• An owner selling four homes in one year for a profit

• Offering to exchange a business opportunity to another

• Soliciting lenders for loans

• Offering to exchange a promissory note secured by real estate property

Which of the following acts for compensation require a real estate license?

• Soliciting listings of places for rent.

• Offering to assist other applying for leases to government-owned land

• Soliciting borrowers for real estate secured loans

• All the above.

What is required to receive an MLO license and/or endorsement through the NMLS in all states?

• Be fingerprinted.

• Pass a criminal background check.

• Pass a state and national exam.

• All the above.

Which course is NOT required to take the real estate broker's examination in California?

• Mortgage Loan Brokerage and Lending.

• Real Estate Finance.

• Legal Aspects of Real Estate.

• Real Estate Appraisal.

How much experience as a salesperson must an applicant without a high school diploma have in order to take the real estate broker's examination in California?

• None.

• One year.

• Two years.

• Four years.