CA Real Estate Finance Course » 2021 » Sec 16 Unit 1 Exam

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Question #1
Amos is a new licensee who has just earned his first commission check. What should he do with it?
A.   Frame it and hang it on the wall
B.   Deposit it into his personal account until he starts earning on a regular basis
C.   Ask the brokerage to hold it in his name until he starts earning on a regular basis
D.   Deposit it into a business account separate from his personal account
Question #2
Veronica is an independent contractor, so in addition to setting aside money for an emergency fund in case there is a lapse in her income, she knows that she must save money to pay for ______.
A.   Her income taxes
B.   Installation of a pool in her backyard
C.   A second home
D.   A diamond ring
Question #3
How should you analyze data obtained from tracking your personal spending?
A.   Sort the items alphabetically and identify the number of times Starbucks appears.
B.   Sort the items by amount spent and compare high and low expenses.
C.   Count the number of items purchased each day and look for days of most frequent spending.
D.   Assign categories to all items and look for trends.
Question #4
George has a lot of outstanding debt on three different credit cards. As he considers his financial goals, what should be at the top of his list?
A.   Paying off his credit cards and keeping them paid off each month
B.   Finding ways to borrow money that don't involve credit cards
C.   Saving for a down payment on a house
D.   Applying for an additional card so he doesn't run out of credit

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