California Real Estate Practice Exam

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Study for the California Real Estate Exam with confidence. Engage with interactive questions designed to enhance your understanding of real estate principles, laws, and practices. Prepare thoroughly for your licensing test and ensure you have the knowledge to succeed in your real estate career!

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How long must records be kept when a broker is involved in arranging mortgage loans?

  1. Two years

  2. Three years

  3. Four years

  4. Five years

The correct answer is: Four years

When a report is issued by a broker about a mortgage loan, the records must be kept for a minimum of four years. This is because the broker is involved in a complex process that involves many people, documents, and transactions, and it is important to have a record of this information for a significant period of time. Options A, B, and D are incorrect because they do not meet the minimum requirement of four years. Option A only covers half of the required time, while options B and D exceed the minimum requirement by two and one year, respectively. Therefore, option C is the most accurate and suitable answer in this case.

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