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Question:

Requirements for licensing as a real estate salesperson include all, except ____

A ownership of property.
explanation

Property ownership is not a requirement for obtaining a Department of Real Estate (DRE) license.

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Related Questions

In California, real estate licenses are issued for ____

four years.

In California, a real estate license needs to be renewed every four years by completing 45 hours of continuing education.

Ayana Dubois, a chef, rented property in order to run a restaurant in California. Dubois purchased and installed a commercial-grade range, oven, deep fryer, and grill. To comply with safety regulations and protect her staff, Dubois has securely fastened all of this commercial restaurant equipment to the kitchen. Which of the following is a correct statement related to the restaurant equipment Dubois installed?

(A)Dubois can remove this equipment from the property prior to the termination of the lease.

A fixture is an item of personal property that is so firmly attached to the land or the building that it is considered part of the real estate and transfers with the deed. An important exception to this rule is the "trade fixture." A trade fixture is something a tenant uses regularly in the course of the tenant's trade or business. Here, the commercial restaurant equipment that Dubois purchased and installed for her business is an example of a trade fixture that she will be able to remove--legally--prior to the end of the lease. B is incorrect. Typically, the tenant would need to remove a trade fixture prior to the end of the lease. After the end of the lease, the tenant would not have even have a legal right to be on the landlord's property. C is incorrect. Answer Choice "C" states the general rule for fixtures. But, because this restaurant equipment is used in the tenant's business, it will be considered a "trade fixture" that the tenant can remove before the end of the lease. D is incorrect. The lessor is the landlord. The rule related to trade fixtures is not dependent upon a decision by the landlord.

When purchasing a business, the buyer needs to be certain a certificate of clearance has been issued by the ____

State Board of Equalization (SBOE).

The certificate of clearance, issued by the State Board of Equalization (SBOE) , assures the buyer of a business opportunity that any taxes due have been paid.

Lori has agreed to transact real estate business on behalf of Alex with Alex’s authority. Lori is:

An agent

An agent is someone who transacts business or manages the tasks of another person (e.g., principal), pursuant to the principal’s authority. A principal is the party that the agent represents and acts on behalf of, such as Alex. Lori is not necessarily a licensed salesperson. She can be an agent and hold another position, such as a broker, that requires an agency relationship.

A metes-and -bounds legal description _____________.

must commence and finish at the same identifiable point

A metes and bounds legal description begins at a well-defined point (point of beginning or POB) and follows the boundaries of a parcel of land, using directions and distances around the tract, and ends at the point of beginning. When properly written, it is acceptable and enforceable in all court jurisdictions, and can be created for any parcel of property. Oftentimes, a deed will contain two types of land description. Generally, a metes and bounds description is accompanied by a rectangular survey (or government survey) description or lot, block and tract description.

The ____ prohibits an employer from discriminating against a person with a disability seeking employment based on their disability.

Americans with Disabilities Act (ADA)

The Americans with Disabilities Act (ADA) protects against discriminatory conduct against a person seeking employment.

The purpose of the Real Estate Law is to ____

protect the public.

Most laws and regulations are designed to protect the public. Preventing fraud may be part of the goal, but the total reach of the Real Estate Law is far broader than that.

The covenant of quiet enjoyment most directly relates to ____

tenant freedom from owner harassment.

Standard rental agreements contain a covenant obligating the lessor (landlord) to allow a tenant to live free of harassment and benefit from the quiet enjoyment of their property.

An agreement between two parties in which one party is granted the right to offer, sell, or distribute goods or services under a marketing plan described by the other party is commonly known as ____

a franchise agreement.

Franchise sales is an important part of business brokerage, such as fast food restaurants and convenience stores.

The total positive balances due to all beneficiaries of a broker’s trust account need to at all times equal the account’s ____

balance.

Just as with a personal checkbook, a trust account needs to balance.

An abandonment can be noticed and carried out when a tenant stops paying rent and ____

voluntarily vacates the leased premises with no intention to reoccupy.

The abandonment of real property requires having no intent to continue meeting the obligations of a lease or occupying the property.

An investor made a $40,000 down payment on a $400,000 condominium. One year later, the property increased 10% in value. This resulted in a $40,000 or 100% gain on the $40,000 equity. This is an example of ____

leverage.

Leverage is the use of debt financing of an investment to maximize the return per dollar of equity invested.

A sublease ____

transfers a portion of the leasehold interest.

A sublease is less than a complete transfer of a leasehold interest subject to the terms of the master lease. The original lessee retains certain obligations and acts in a capacity similar to the lessor in relation to the sublessee.

A newspaper advertisement is considered “blind” when it ____

fails to state the fact the advertiser is a broker or agent and does not include their Department of Real Estate (DRE) license number.

The lack of licensee identification creates the blind ad.