Which of the following does California law require a real estate agent to do in a residential transaction?
A. Inspect the common areas of a condominium
B. Inspect physically inaccessible areas of a property
C. Pay for maintenance to correct defects found in his inspection
D. Visually inspect the property and inform all parties of any latent defects found
Answer: D. Visually inspect the property and inform all parties of any latent defects found
Explanation: In residential transactions, real estate agents must perform a competent and diligent visual inspection of the property and inform the parties of any latent defects and other material facts found. The law does not require inspection of condominium common areas or physically inaccessible areas, however.
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The difference between the face amount of a life insurance policy and the legal reserve is the cash value.
a. true b. false
Which is NOT grounds for disciplinary action by the real estate commissioner?
A. Failure of an agent to disclose an ownership interest in property being sold B. Failure to exercise reasonable supervision over the acts of salespeople C. Violation of the Franchise Investment Law D. Revealing to a buyer problems that make the property unsuited to his purpose