Principles 1

Question 1

Responsibilities of the real estate commissioner

Answer 1

• Screens candidates for licensing
• Prepares subdivision public
  reports
• Conducts licensee disciplinary action
• Investigates nonlicensees performing activities for which a license is required
• Regulates nonexempt franchises and real property securities

Question 2

Small business administration (SBA)

Answer 2

• No more than 1 million dollar in sales annually

- No more than 250 employees

Question 3

Uniform commercial Code governs what?

Answer 3

• the sale or transfer of goods ordinarily held for sale in the course of business.

Question 4

Bum transfer of goods

Answer 4

• Any transfer of a substantial part of the materials, supplies, merchandise, equipment, or other inventory that is not in the ordinary course of the transferor’s business.

Question 5

Prepaid Rental Listing Service (PRLS)

Answer 5

• Is a business that supplies prospective tenants with listings of residential real property on payment of a fee collected at the same time or in advance of when the listings are supplied.