How do you reduce 48 volts dc to 12 volts dc with resistors?

Yes. You can use a voltage divider. Say, for instance, one 1KOhm resistor in series with a 3KOhm resistor. Connect the 3k resistor to the 48 volts and connect the 1k resistor to ground. The 1k resistor will have 12 volts acress it. These resistors need to be at least 1 watt each as they are going to dissipate 0.576 watts and get warm. Now, if you attempt to pull power from the 1k resistor, note that regulation will be poor because the impedance of the load will go in parallel with the 1k resistor and change its value.