Real Estate Principles Unit 15 multiple choice 1

Another name for the business and professions code, part one, entitled Licensing of Persons

• Statutory framework

• Codification of regulations

• Legislative Foundation for Licensing and Oversight of Professional Activities

• Real Estate Law

Another term for Real Estate Law

• Licensing framework

• License Law

• Statutory Framework for Licensure-SFL

• Licensing Jurisprudence

Hours needed for subsequent renewal of broker or sales person license

• 24 hours

• 36 hours

• 45 hours

• 60 hours

Type of probationary license issued when a licensee has been suspended, revoked or denied after hearing

• Constrained license

• Limited license

• Restricted license

• Probationary license

A person listed by Child Support Services as delinquent in paying child support

• Debtor

• Obligor

• Probationer

• Recalcitrant

Period of time when the renewal of a license is allowed as long as all Real Estate activity has ceased during that time, and a late fee is paid at the time of renewal

• 6-month grace period

• 1-year grace period

• 2-year grace period

• 4-year grace period

A separate account funded through collection of a fixed amount from each license fee

• Real Estate Recovery Fund

• Rainy day fund

• Reserve fund

• Allocation fund

Misappropriating and using principles funds

• Embezzlement

• Theft by fiduciary

• Conversion

• Defalcation

Undisclosed profit made by a broker at their principles expense

• Concealed gain

• Secret profit

• Illicit profit

• Embezzled income

DRE enforced program that handles disputes

• Resolution process

• Advocacy program

• Resolution hearing

• Arbitration advocacy