Real Estate Sales Exam CA Real Estate Sales 1

Question 1

In California, how long does a buyer typically have to conduct inspections and remove contingencies under a standard CAR residential purchase agreement?

Accepted Answer

17 days

Answer

7 days

Answer

10 days

Answer

30 days

Question 2

A California real estate broker receives an earnest money deposit from a buyer. Within how many business days must the broker deposit the funds into a trust account?

Accepted Answer

3 business days

Answer

1 business day

Answer

5 business days

Answer

10 business days

Question 3

Under California's Agency Disclosure Law, at what point in a transaction must a licensee provide the mandatory agency disclosure form (AD) to a buyer?

Accepted Answer

As soon as practicable before the buyer signs an offer to purchase

Answer

At the time the offer is presented

Answer

At the close of escrow

Answer

Only after the seller accepts the offer

Question 4

Which California law requires sellers of one-to-four unit residential properties to disclose whether the property is located in a special flood hazard area?

Accepted Answer

The Natural Hazard Disclosure (NHD) Law

Answer

The Alquist-Priolo Earthquake Fault Zone Act

Answer

The Transfer Disclosure Statement (TDS) statute

Answer

The Megan's Law database requirement

Question 5

In California, a real estate salesperson's license is issued in whose name?

Accepted Answer

The employing broker's name

Answer

The salesperson's own name only

Answer

The California Department of Real Estate

Answer

The California Association of Realtors

Question 6

When a California listing agreement expires and the property sells within the protection period to a buyer the broker introduced during the listing term, what clause entitles the broker to a commission?

Accepted Answer

Safety clause (extender clause)

Answer

Acceleration clause

Answer

Exclusion clause

Answer

Subordination clause