California Law Quiz Explanations
1.†† A real estate broker in California must retain copies of all listings, deposit slips, canceled checks, trust records, and other documents executed by him or her or obtained by him or her in connection with any transactions requiring a real estate license, for a period of 3 years. Brokers may be audited to insure compliance with this requirement.
2.†† Fees for credit reports, as well as appraisal fees, are considered trust funds.† No trust money may be deposited into the brokerís general account.† Mixing ANY trust funds with business or personal funds would be commingling.
3.†† The license certificate of a real estate salesperson licensee must be retained at the main business office of the salespersonís broker.
4.†† A real estate agent in California may not use marital status as a basis for soliciting business.† If the agent tried to get listings or tried to get homeowners to sell their houses by using scare tactics based on race, color, sex, religion, ancestry, national origin or marital status, they would be guilty of panic selling.† Also, an agent may not try to discourage anyone from moving into an area based on the same groups of people, including marital status.
5.†† Physical handicap is a protected category in California, but Tammy would not have to show ALL houses that a handicapped individual requests seeing.† If hazardous conditions or architectural barriers to the handicapped individual are present, which conform to applicable state and local building codes and regulations, Tammy would not be considered to be discriminating if she failed to show, or even refused to show those properties to the handicapped individual.† An agent should be certain, however, that they understand what constitutes a hazardous condition or architectural barrier in the area they are working in.† Tammy may NOT use the physical handicap as a criterion for selecting a neighborhood.
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