Real Estate Principles |62 Questions| With Correct Answers.

Which of the following parties are not exempt from the real estate licensing requirements in California? {Ans: Off-Site Property Managers}Missy, a licensee, desperately wants to be appointed the next California Real Estate Commissioner. For the three years she has held her California real estate license, she has been ranked in the top five in new home sales in her office. Missy has never had her license suspended or revoked, and prides herself on being ethical in every transaction and interaction. Does Missy have a chance? {Ans: No, not at this point in her career. In order to be appointed to the post by the governor, she must have a minimum of five years' experience as a real estate broker.}Which of the following is not a requirement for an FHA loan? {Ans: - The mortgaged real estate must be appraised by an approved FHA appraiser. - Prepayment penalties are optional.}Ted and Lisa are selling their home and have signed a listing agreement. Client or customer? Steven visits Ted and Lisa's open house, and he is interested in purchasing their home. What happens next? Is Steven a client or customer? {Ans: Ted and Lisa are clients, and Steven