Legal Question in Real Estate Law in California

The short answer is "probably," although there isn't enough information here to really tell what is going on. Does the Complaint, for example, ask for any relief other than a TRO? For example, does it request a permanent injunction? Money damages? Declaratory relief? The real question is whether denial of an ex-parte motion for a TRO disposes of the Complaint in its entirety or not. Usually, it won't. Also, the denial of a TRO does not mean the court won't hear a request for a preliminary injunction.

Yes. The fact that the ex parte was denied means that there is no temporary restraining order in place until the hearing. The scheduled hearing means that the court will determine whether to issue an order after hearing after hearing from both sides.