Real Estate Sales Exam Real Estate License Law and Regulations

Question 1

In most U.S. states, a real estate salesperson license applicant must work under the supervision of a:

Accepted Answer

Licensed real estate broker

Answer

Another salesperson

Answer

Any licensed contractor

Answer

A property manager

Question 2

Which federal law requires real estate licensees to disclose known material defects in a property?

Accepted Answer

State disclosure statutes

Answer

RESPA

Answer

FIRPTA

Answer

The Sherman Antitrust Act

Question 3

A real estate license is typically suspended or revoked for which of the following actions?

Accepted Answer

Commingling client funds with personal funds

Answer

Advertising aggressively

Answer

Negotiating a lower commission

Answer

Showing properties on weekends

Question 4

Continuing education (CE) requirements for real estate license renewal are primarily designed to:

Accepted Answer

Ensure licensees stay current with laws and practices

Answer

Generate revenue for the state

Answer

Eliminate part-time agents

Answer

Increase broker supervision hours

Question 5

Which document must a real estate licensee provide to a potential buyer at the first substantive contact?

Accepted Answer

Agency disclosure form

Answer

Purchase agreement

Answer

Property condition report

Answer

Title commitment

Question 6

A real estate salesperson who moves to a new broker must:

Accepted Answer

Notify the state real estate commission and transfer the license

Answer

Wait 90 days before transferring the license

Answer

Surrender the license and reapply

Answer

Obtain a broker's license first