Question 1

The fine for an unlicensed individual who receives an illegal commission is:

Accepted Answer

A)  $100 
B)  $1,000 
C)  $20,000 
D)  $100,000

Question 2

The right to a reasonable use of the surface waters upon which a property owner's land borders is called:

Accepted Answer

A)  riparian rights 
B)  the right of correlative user 
C)  the right of appropriation 
D)  the right of emblements

Question 3

Effective January 1, 2005, a California Law called the Domestic Partnership Act was created to give ________ many new rights and responsibilities.

Accepted Answer

A)  real estate agents 
B)  joint tenants 
C)  registered domestic partners 
D)  community property laws

Question 4

An investor leases a building to a tenant who then opens a retail store. The tenant installs a cash register. The cash register is best described as:

Accepted Answer

A)  personal property 
B)  trade fixture 
C)  real property 
D)  leased property

Question 5

A real estate broker is most frequently the agent of the:

Accepted Answer

A)  seller 
B)  buyer 
C)  lender 
D)  escrow company

Exam 1: Introduction to Real Estate

The fine for an unlicensed individual who receives an illegal commission is: