30.Random Salesperson

Question 1 of 191

1. Question

A broker does not need to prove which of the below in order to collect their commission when under an exclusive right to sell listing?

That the listing was signed by the seller

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That the listing itself was valid

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That the broker is licensed and was licensed at the time of the sale

Correct Incorrect Correct answer

That the procuring cause of the sale was the broker

Correct Incorrect Correct answer

Question 2 of 191

2. Question

A broker offers to prepare documents for a real estate transaction at a fee of $350. Which of the following is true?

He may charge for this service of both parties agree

Correct Incorrect Correct answer

He may charge for this service if the fee is negotiable

Correct Incorrect Correct answer

He may charge for this service if it is considered an escrow fee

Correct Incorrect Correct answer

He can not charge for this fee

Correct Incorrect Correct answer

Question 3 of 191

3. Question

A first time home buyer sees a model home and loves it. The builder is an Arizona local builder. He later enters into a contract to build a home just like the existing model home. After multiple delays, he wants to cancel the contract. Can he do this?

If it is within the grace period, he can

Correct Incorrect Correct answer

The buyer can do this within 3 days

Correct Incorrect Correct answer

If construction hasn’t started, the buyer will be able to cancel

Correct Incorrect Correct answer

The buyer is not able to rescind the contract

Correct Incorrect Correct answer

Question 4 of 191

4. Question

A commercial property was in foreclosure and after the sale, the mortgagee did not receive enough money to satisfy the note. Which of the following statements is true?

The lender’s only recourse is to file a lien with the new owner

Correct Incorrect Correct answer

The lender would not be able to sue for a deficiency judgment

Correct Incorrect Correct answer

The lender can sue for a deficiency judgment against the original borrower

Correct Incorrect Correct answer

The lender could only sue for the equity amounts over $250,000

Correct Incorrect Correct answer

Question 5 of 191

5. Question

A designated broker is responsible for the actions of which person?

Hired landscaper at a clients house

Correct Incorrect Correct answer

A co-operating designated broker

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Salesperson

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Marketing technician

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Question 6 of 191

6. Question

A designated brokers license is revoked, what happens to the salespeople working for the broker?

The salespeople must take a Brokers exam

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The salespeople will continue as normal

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The salespeople will also have their licenses revoked

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The salespeople must stop all of their transactions

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Question 7 of 191

7. Question

A graduated lease would be the most desirable for which of the following?

A new business

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An old business

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A suffering estate

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A tenant at will of the landlord

Correct Incorrect Correct answer

Question 8 of 191

8. Question

A hazardous waste site is commonly known as what?

Redlining Area

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Asbestos Ground Area

Correct Incorrect Correct answer

ADEQ Soiled Site

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Superfund site

Correct Incorrect Correct answer

Question 9 of 191

9. Question

Which of the following can a homestead exemption protect a person against?

Unforeseen personal judgments

Correct Incorrect Correct answer

Secured loans

Correct Incorrect Correct answer

Mechanic’s liens

Correct Incorrect Correct answer

Subsequent liens

Correct Incorrect Correct answer

Question 10 of 191

10. Question

A lease is most likely unenforceable in which one of the following scenarios?

The tenant signed the contract for 12 months and wants to move out early

Correct Incorrect Correct answer

A tenant and landlord agree orally on a lease for 3 years

Correct Incorrect Correct answer

A tenant and landlord agree on a 3 year lease in writing

Correct Incorrect Correct answer

A tenant and landlord agree on a 2 month lease in writing

Correct Incorrect Correct answer

Question 11 of 191

11. Question

A licensee may do all of the following except?

Find buyers

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Sell in any area of the state

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Act in all business matters for the broker

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Be named on the broker trust account

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Question 12 of 191

12. Question

When may a Licensee use the term “REALTOR”?

The licensee has been licensed for three years

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The licensee is a member of the National Association of Realtors

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The licensee passes their real estate exams

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The licensee finishes their first year of continued education courses

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Question 13 of 191

13. Question

A listing agreement addresses the payment of a ___ ?

Retainer fee

Correct Incorrect Correct answer

Underground inspection

Correct Incorrect Correct answer

Home appraisal

Correct Incorrect Correct answer

Overage fee

Correct Incorrect Correct answer

Question 14 of 191

14. Question

A Lot split or bulk land sales do not require which of the following?

Disclosure of Land Development

Correct Incorrect Correct answer

Property Disclosures

Correct Incorrect Correct answer

Affidavit of Affixture

Correct Incorrect Correct answer

Public Report

Correct Incorrect Correct answer

Question 15 of 191

15. Question

Which of the following does a lot split or bulk land sales not require?

Disclosure of Land Development

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Property Disclosures

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Affidavit of Affixture

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Public Report

Correct Incorrect Correct answer

Question 16 of 191

16. Question

Which of the following is a mechanics lien’s priority?

On the date that the work was officially requested and booked

Correct Incorrect Correct answer

Only the date that the work was completed

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The date that the work began

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When the property owner was given notice

Correct Incorrect Correct answer

Question 17 of 191

17. Question

A mortgagor has what type of title in a property?

Equitable title

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No title

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Lenders title

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Bank title

Correct Incorrect Correct answer

Question 18 of 191

18. Question

A newly licensed agent recently listed their friends house for sale. However, the agent knows of an ongoing problem with the sewer lines. A buyer makes an offer on the home and waives the inspections. Which statement is correct in this case?

The agent should refuse to present the offer to the sellers of the property

Correct Incorrect Correct answer

Buyer has caveat emptor

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The agent should advise the buyer of the known issue

Correct Incorrect Correct answer

Insist that the buyer obtain a home warranty

Correct Incorrect Correct answer

Question 19 of 191

19. Question

A property has been abandoned by a tenant. How long does the landlord have to hold the property for?

Fifteen Days

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Ten Days

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Twenty-one days

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One full month from the time of abandonment

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Question 20 of 191

20. Question

A real estate license is considered inactive for a grace period up to how long?

Two years

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Ninety days

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One year

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Six months

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Question 21 of 191

21. Question

A real estate license is required for?

An attorney-at-law in the performance of his duties

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A trustee selling real estate under a deed of trust

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Person employed by developer to respond questions concerning home sales.

Correct Incorrect Correct answer

A receiver in bankruptcy or a person acting under a court order

Correct Incorrect Correct answer

Question 22 of 191

22. Question

A real estate license would be required for which of the following people?

A Contractor building six or more homes

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A Power of Attorney acting on behalf of a principal

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An Employee handing out flyers

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Taking a listing as a referral from another broker

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Question 23 of 191

23. Question

A real estate purchase transaction closes on February 15. The buyer does not record the deed until April 24. A judgment for $12,000 against the grantor is filed and recorded on April 21. The judgment?

Is a judgment in reversion

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Is a lien against the property

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Is invalid relative to the subject property

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Constitutes a judgment inchoate

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Question 24 of 191

24. Question

A retail tenant in a mall would be LEAST likely to have which of the below lease agreements?

Ground Lease

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A Gross Lease Agreement

Correct Incorrect Correct answer

Lean Lease

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A proprietary rights lease

Correct Incorrect Correct answer

Question 25 of 191

25. Question

A reverse annuity mortgage is designed for who?

Veteran buyers

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First-time buyers

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Elderly homeowners

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Pre-qualified student buyers

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Question 26 of 191

26. Question

A sales contract is only enforceable in court if it has what?

Required inspections completed

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Competent parties

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Two witnesses

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A deposit of earnest money

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Question 27 of 191

27. Question

A salesperson is the representative of the?

Corporation

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Seller

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Buyer

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Broker

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Question 28 of 191

28. Question

A salesperson receives an offer on a property listed by another company. The salesperson is unable to contact anyone in the listing office for over 24 hours. The salesperson MUST?

Request written permission from the seller to submit the offer to the seller

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Return the offer to the potential buyer (offeror)

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Send the offer to the listing company by registered mail

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Hold the offer until the listing company can be contacted

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Question 29 of 191

29. Question

A seller accepts an offer that is accompanied by an earnest money check. How should the broker handle the check?

Deposit it in the operating account

Correct Incorrect Correct answer

Hold it until the buyer’s loan is approved

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Deposit it in the escrow account

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Hold it until the day of closing

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Question 30 of 191

30. Question

A seller is unable to convey a marketable, unencumbered title to a buyer. What action should the listing broker take with any earnest money held in escrow?

Return it in full to the buyer

Correct Incorrect Correct answer

Deduct any commissions and expenses due and return the balance to the buyer.

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Pay it all out to the seller

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Deduct any commissions and expenses due and pay the balance to the seller

Correct Incorrect Correct answer

Question 31 of 191

31. Question

A shopping center was recently rezoned to residential. Which of the following would take place if a fire burnt down the building?

With consent of the surrounding residents, the shopping center may be rebuilt

Correct Incorrect Correct answer

After a fire, there cannot be any new buildings on that land due to insurance purposes

Correct Incorrect Correct answer

The shopping center is not eligible to be rebuilt

Correct Incorrect Correct answer

As long as it is the same size, the shopping center can be rebuilt

Correct Incorrect Correct answer

Question 32 of 191

32. Question

A subdivider hires a broker to sell his property. When the broker is out of town, the subdivider shows the property, quotes prices and takes deposits. The subdivider’s actions?

Could make him subject to disciplinary action by the department of real estate

Correct Incorrect Correct answer

Were entirely proper

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Place the broker in jeopardy, since he is acting as an unlicensed salesperson

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Can be compensated by the broker

Correct Incorrect Correct answer

Question 33 of 191

33. Question

A tenant calls the property owner several times asking that a leaking roof be repaired. If the property owner refuses to fix it because of unreasonable delay, the tenant may move out on the legal grounds based on what?

Hypothecation

Correct Incorrect Correct answer

Non-conforming use

Correct Incorrect Correct answer

Constructive eviction

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Inverse condemnation

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Question 34 of 191

34. Question

A two story house that does not have a bathroom downstairs would be an example of which of the following?

Builder neglect

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Value variance

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Functional obsolescence

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Special assessment

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Question 35 of 191

35. Question

A valid contract that has all required elements could be unenforceable because of?

The absence of consideration

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An illegal purpose

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The Statute of Limitations

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Lack of contractual capacity

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Question 36 of 191

36. Question

A vendor is which of the following?

A buyer of a land contract

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A seller of a home

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A seller in a land contract

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A broker in a contract

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Question 37 of 191

37. Question

A woman owned forty acres of land and sold one of those acres to her nephew. She reserved an appurtenant right to go over her nephews property. What option appropriately describes the land sold to her nephew?

There are no easements

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It is an easement in gross

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It is the dominant tenement

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A servient tenement

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Question 38 of 191

38. Question

Age is not a class that is covered under which of the following?

The Department of Real Estate

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The Department of Housing

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The Department of Commissioner Standards

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The Federal Fair Housing Laws

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Question 39 of 191

39. Question

Alice and Chloe purchased a townhome and took title to the property as joint tenants. Alice passed away with a will whereby she bequeathed her assets to her brother Marcus. Which of the following explains Chloe’s ownership?

Due to Alice’s death, the property would convey to Chloe

Correct Incorrect Correct answer

Chloe owns the property as tenants in common with Alice’s heirs

Correct Incorrect Correct answer

Chloe owns the property as joint tenants with Alice’s heirs

Correct Incorrect Correct answer

The townhome must be sold upon Alice’s death

Correct Incorrect Correct answer

Question 40 of 191

40. Question

All of the following are required of property managers, EXCEPT?

Collecting rents

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Determining the owner’s objectives

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Providing for the protection of the tenants

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Showing and leasing property units

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Question 41 of 191

41. Question

All of the following can be used in a developer’s public advertisement but which one?

The public report is an endorsement of the project

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Future plans of the general area

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Specific prices

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Names and past history of the owners

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Question 42 of 191

42. Question

All of the following methods for terminating equity protection under the Homestead Law are available, except?

Move to another state

Correct Incorrect Correct answer

File a declaration of abandonment

Correct Incorrect Correct answer

Acquire more property

Correct Incorrect Correct answer

Sell the homestead property

Correct Incorrect Correct answer

Question 43 of 191

43. Question

If an agent with active listings decides to leave their current brokerage and move to another brokerage in the same city, what will happen to the agent’s active listings?

The agents original broker may legally keep the active listings

Correct Incorrect Correct answer

It is up for negotiation as to whom gets the listings

Correct Incorrect Correct answer

The agent can take the listings to the new brokerage

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The active listings will automatically terminate

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Question 44 of 191

44. Question

An individual who owns a fee simple property has decided to deed it to a church organization as long as they run an abused animal shelter on the premises. What is the type of ownership interest held by the church organization?

A Defeasible fee interest

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A good-will interest

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A life interest

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A lawful interest

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Question 45 of 191

45. Question

An owner receives shares of stock in which of the following?

Bargain and Sale Deed

Correct Incorrect Correct answer

Trustees Sale

Correct Incorrect Correct answer

Cooperative

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Vendor Sale

Correct Incorrect Correct answer

Question 46 of 191

46. Question

An owner refused to give up his property to the state to build a new highway. If they cannot come to an agreement, which of the following will the state acquire the property through?

The state may not take the property if an agreement is not met

Correct Incorrect Correct answer

Consideration

Correct Incorrect Correct answer

Adverse Posession

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Eminent Domain

Correct Incorrect Correct answer

Question 47 of 191

47. Question

Angie, a licensed agent was the procuring cause for her clients sale. Before the Close of Escrow, Angie was reported for fraud and had her license revoked. To whom is the commission owed to after the Close of Escrow?

Angie is owed the full commission

Correct Incorrect Correct answer

Angie is owed half of the commission

Correct Incorrect Correct answer

The designated broker of the firm Angie was working with

Correct Incorrect Correct answer

The commission is void

Correct Incorrect Correct answer

Question 48 of 191

48. Question

Any person who passes the examination for broker or salesperson MUST activate their license within how many months after the examination date to avoid retaking the examination?

6

Correct Incorrect Correct answer

9

Correct Incorrect Correct answer

3

Correct Incorrect Correct answer

12

Correct Incorrect Correct answer

Question 49 of 191

49. Question

Arizona property taxes are based on?

Assessed value

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Transfer value

Correct Incorrect Correct answer

Front footage

Correct Incorrect Correct answer

Prorate share

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Question 50 of 191

50. Question

As a designated broker, which of the following are they responsible for?

Every agent working for the brokerage

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The manager of the brokerage

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Every agent and employee within the brokerage

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The associate broker

Correct Incorrect Correct answer

Question 51 of 191

51. Question

As agents, what are you liable to disclose in a real estate transaction?

The buyers ability to increase their bid at an auction

Correct Incorrect Correct answer

Any known defect that can not be observed

Correct Incorrect Correct answer

Client might be going to jail

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Both A and B

Correct Incorrect Correct answer

Question 52 of 191

52. Question

As an agent, what is owed to a client?

Fiduciary duties

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Disclosure of relationships

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Fairness to all customers

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Advice as an agent

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Question 53 of 191

53. Question

Before which of the following dates must real estate be built in accordance to the Lead Based Paint Reduction Act?

1980

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1976

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1969

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1978

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Question 54 of 191

54. Question

Betsy lets her neighbors park their RV on her driveway for a few weeks and doesn’t charge them any rent for it. What has Betsy given her neighbors?

A license

Correct Incorrect Correct answer

An easement by necessity

Correct Incorrect Correct answer

A fee simple estate

Correct Incorrect Correct answer

An estate by leasehold

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Question 55 of 191

55. Question

Arizona has a statutory redemption period for ____________________.

Expired agents

Correct Incorrect Correct answer

Mortgage foreclosures

Correct Incorrect Correct answer

Property Tax

Correct Incorrect Correct answer

Deed of Trust Foreclosures

Correct Incorrect Correct answer

Question 56 of 191

56. Question

Between the buyer and seller at closing, which of the following is usually prorated?

HOA fines

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Commissions

Correct Incorrect Correct answer

Property Taxes

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Earnest Money Deposit

Correct Incorrect Correct answer

Question 57 of 191

57. Question

Chloe has been searching for the perfect home. Upon finding a home that has all of the features she desires, she soon realizes that the location is very important to her and this location will not suffice. Which of the following best describes Chloe’s importance with the location?

Situs

Correct Incorrect Correct answer

Taxes

Correct Incorrect Correct answer

Constructability

Correct Incorrect Correct answer

Escheat

Correct Incorrect Correct answer

Question 58 of 191

58. Question

Condominium ownership is MOST commonly represented by a?

Short Sale

Correct Incorrect Correct answer

Bill of sale

Correct Incorrect Correct answer

Proprietary Lease

Correct Incorrect Correct answer

Deed

Correct Incorrect Correct answer

Question 59 of 191

59. Question

Craig and Laura are in a binding written contract for the sale of Craig’s house. There is a lawsuit over the terms of agreement. The court will not allow any oral evidence that contradicts what is in the written agreement. Why?

The parol of evidence rule

Correct Incorrect Correct answer

Due to the Statute of limitations

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Because their agreement is under Statue of frauds

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Due to the doctrine of relation

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Question 60 of 191

60. Question

Describe a Grantee.

A person who is overseeing real estate

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A person who is conveying real estate

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A person to whom real estate is conveyed

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A person who is assisting in a real estate transaction

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Question 61 of 191

61. Question

Dick’s listing sells and is scheduled to close in two weeks. Dick’s broker, Harold receives disciplinary action from the Real Estate Commissioner for a prior act and his license is suspended. Which of the following statements is true?

Harold and Dick are not entitled to a commission

Correct Incorrect Correct answer

Harold is not entitled to a commission but Dick is entitled to a commission

Correct Incorrect Correct answer

Harold and Dick are both entitled to a full commission

Correct Incorrect Correct answer

Harold and Dick will be entitled to a commission, if Harold’s license is reinstate

Correct Incorrect Correct answer

Question 62 of 191

62. Question

Earnest money deposits can be different amounts. In a real estate sales contract, what determines the amount?

The seller and the broker agreeing via a listing agreement

Correct Incorrect Correct answer

The policy determined by the listing brokerage

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The standards set forth by the national association of Realtors

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The buyer and seller agreeing via a purchase contract

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Question 63 of 191

63. Question

Encapsulating is the process when ______ is sealed within paint to stop fibers escaping:

Radon

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Asbestos

Correct Incorrect Correct answer

Mold

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Carbon Dioxide

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Question 64 of 191

64. Question

Every salesperson licensee in Arizona has two years to complete twenty four hours of continued education. If that licensee does not complete the continued education in time, their license is considered?

Active

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Pending

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Expired

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Canceled

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Question 65 of 191

65. Question

Expiration of a lease term without renewal would do what to the lease?

Terminate it

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Make it void

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Cause the landlord to go into debt

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Cause the tenant to abandon the property

Correct Incorrect Correct answer

Question 66 of 191

66. Question

If a broker received both verbal and written offers on a home that they have listed, which ones must they present to the seller?

All offers must be presented to the seller

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Only offers in writing must be presented to the seller

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Unless otherwise instructed by the seller, only the highest offer must be presented

Correct Incorrect Correct answer

None of the offers

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Question 67 of 191

67. Question

If an appraiser is using the cost approach to determine that approximate value of a property, what would they calculate?

What the average price per square foot is within a 1 mile radius

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Any new builds in the area

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The buildings replacement cost

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The cost to the original owners

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Question 68 of 191

68. Question

If more than one offer on a property is received, the listing broker MUST present?

The last offer

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All offers

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The best offer

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The first offer

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Question 69 of 191

69. Question

If the borrower defaults, what is the clause in a mortgage that allows the lender to declare the entire unpaid portion of the loan due immediately?

The Acceleration clause

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The escalation clause

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The clause of termination

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The default clause

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Question 70 of 191

70. Question

In a homestead protection, which of the following does not apply?

A Co-op

Correct Incorrect Correct answer

Affixed home

Correct Incorrect Correct answer

A Lot

Correct Incorrect Correct answer

A condo

Correct Incorrect Correct answer

Question 71 of 191

71. Question

In a real estate loan, what is the note used in connection with?

To prove funds

Correct Incorrect Correct answer

To convey title

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To create the debt

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To guarantee the loan

Correct Incorrect Correct answer

Question 72 of 191

72. Question

In Arizona, if a purchaser under a contract for deed is in default for failing to pay monies due, the?

Vendor may immediately declare the vendee’s interest in the property forfeit

Correct Incorrect Correct answer

Vendor may declare the vendee’s interest forfeit only after allowing an agreed upon amount of time for the vendee to reinstate

Correct Incorrect Correct answer

Buyer may file a declaration of homestead which will keep him from losing any equity

Correct Incorrect Correct answer

Seller may declare the interest of the buyer forfeit only after the expiration of a reinstatement period prescribed by law

Correct Incorrect Correct answer

Question 73 of 191

73. Question

In Arizona, prior to obtaining a Public Report, a subdivider may accept only?

A purchase contract

Correct Incorrect Correct answer

A lot reservation

Correct Incorrect Correct answer

A ground lease

Correct Incorrect Correct answer

A building contract

Correct Incorrect Correct answer

Question 74 of 191

74. Question

In Arizona, the charges for the day of closing are customarily?

Split between the seller and buyer

Correct Incorrect Correct answer

Charges to the buyer

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Paid by the escrow company

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Charged to the seller

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Question 75 of 191

75. Question

In Arizona, the required document preparation fees on new VA loans are to be paid by the?

Broker

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Seller

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Buyer

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Lender

Correct Incorrect Correct answer

Question 76 of 191

76. Question

In Arizona, the statutory redemption period after a judicial foreclosure is?

Three months

Correct Incorrect Correct answer

One year

Correct Incorrect Correct answer

One month

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Six months

Correct Incorrect Correct answer

Question 77 of 191

77. Question

In Arizona, the use of surface water is governed by all the following, except?

Prior appropriation

Correct Incorrect Correct answer

Recorded permit issued by the Department of Water Resources

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Reasonable use

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Riparian rights

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Question 78 of 191

78. Question

In Arizona, which of the following is a salesperson entitled to before a real estate license is suspended or revoked?

Hearing

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Probation

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A federal court hearing

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A salesperson is not entitled to anything before a license is revoked

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Question 79 of 191

79. Question

In Arizona, which of the following is NOT a requirement to obtain a brokers license?

Complete ninety hours of Arizona approved real estate schooling

Correct Incorrect Correct answer

Eighteen years of age

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As a salesperson, having three of the past five years active in real estate

Correct Incorrect Correct answer

Must be at a minimum, twenty one years of age

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Question 80 of 191

80. Question

In Arizona, which of the following legal descriptions measures the smallest unit of property?

Government survey

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Monument survey

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Lot and block

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Government check

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Question 81 of 191

81. Question

In certain loans, what punishes a borrower who pays off their loan sooner than agreed upon?

The payment alienation clause

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The Prepayment Penalty

Correct Incorrect Correct answer

Private mortgage insurance

Correct Incorrect Correct answer

The statute of frauds

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Question 82 of 191

82. Question

In determining the full cash value of real property for taxation purposes, the county assessor utilizes all of the following data EXCEPT?

Affidavits of property value filed for comparable property

Correct Incorrect Correct answer

Building permits issued for renovation purposes

Correct Incorrect Correct answer

Comments from the local zoning authority

Correct Incorrect Correct answer

Reports from the assessor’s field appraisers

Correct Incorrect Correct answer

Question 83 of 191

83. Question

In order to file a valid claim against the Arizona Real Estate Recovery Fund, all of the following conditions must exist EXCEPT?

The claimant must obtain a civil judgment that is uncollectible

Correct Incorrect Correct answer

The claimant must file suit within five years

Correct Incorrect Correct answer

The commissioner must be notified at the time civil action begins

Correct Incorrect Correct answer

The claimant must be an Arizona resident

Correct Incorrect Correct answer

Question 84 of 191

84. Question

In real estate financing, a trust deed is an instrument with three parties. Which of the following is true?

The trustor is the Borrower

Correct Incorrect Correct answer

The trustor is the Lender

Correct Incorrect Correct answer

The trustor is the Seller

Correct Incorrect Correct answer

The trustor is the Grantor

Correct Incorrect Correct answer

Question 85 of 191

85. Question

In real estate, metes-and-bounds does which of the following?

It is only used in state that do not need land surveys

Correct Incorrect Correct answer

Only the western region uses this method

Correct Incorrect Correct answer

Always begins and ends at the same point

Correct Incorrect Correct answer

It is the easiest method

Correct Incorrect Correct answer

Question 86 of 191

86. Question

In regards to land contracts, which of the following is correct?

Possession is transferred to the buyer

Correct Incorrect Correct answer

The seller is given equitable title

Correct Incorrect Correct answer

A nine month redemption period must be given

Correct Incorrect Correct answer

Equitable title is provided to the buyer

Correct Incorrect Correct answer

Question 87 of 191

87. Question

In Tucson, a house was financed using a deed of trust. The borrower fell on hard times and was behind 2 months on the payments. When is the soonest the bank can foreclose?

6 months

Correct Incorrect Correct answer

180 days

Correct Incorrect Correct answer

90 days

Correct Incorrect Correct answer

6 months and 1 day

Correct Incorrect Correct answer

Question 88 of 191

88. Question

In what listing agreement is a broker owed a commission even if the owner sells the property without the help of the broker or anyone in the brokerage?

An exclusive right to sell listing agreement

Correct Incorrect Correct answer

A net listing agreement

Correct Incorrect Correct answer

An open agency agreement

Correct Incorrect Correct answer

An authorized right to sell agreement

Correct Incorrect Correct answer

Question 89 of 191

89. Question

In whose best interest does the property manager work for?

Themselves

Correct Incorrect Correct answer

The financial institution that holds the mortgage

Correct Incorrect Correct answer

The owner of the property

Correct Incorrect Correct answer

All of the tenants

Correct Incorrect Correct answer

Question 90 of 191

90. Question

Is it possible for a licensee to collect a commission from both parties to a transaction?

It is unethical

Correct Incorrect Correct answer

This creates a dual agency, which is illegal

Correct Incorrect Correct answer

The rules and regulations prohibit this

Correct Incorrect Correct answer

This can be done with full disclosure and the written consent of both parties

Correct Incorrect Correct answer

Question 91 of 191

91. Question

It is 5PM on the 90th day. What is the significance of this day for a trustor?

It is the first day the trustor can redeem the property

Correct Incorrect Correct answer

It is the last day the trustor can reinstate the property

Correct Incorrect Correct answer

It is when the trustor is allowed to give the property to the trustee

Correct Incorrect Correct answer

It is when the trustor can get a loan for the property

Correct Incorrect Correct answer

Question 92 of 191

92. Question

Jacob and Jill are selling their home to Tyler and Hannah. Out of the four people, who is required sign the deed?

Both Jacob and Jill

Correct Incorrect Correct answer

All four parties are responsible for signing the deed

Correct Incorrect Correct answer

Either Jacob or Jill

Correct Incorrect Correct answer

Tyler and Hannah

Correct Incorrect Correct answer

Question 93 of 191

93. Question

John is selling his property. He is in a listing agreement where he can sell the property himself and not pay a commission. He can also list the property with as many brokers as he wants. What type of listing allows this?

Exclusive right to sell listing

Correct Incorrect Correct answer

An open listing

Correct Incorrect Correct answer

A net net listing

Correct Incorrect Correct answer

A pocket sale listing

Correct Incorrect Correct answer

Question 94 of 191

94. Question

John successfully passed his real estate exam on May 13th, 2020. Which of the following is the last day John can apply to obtain a real estate license without having to retake the exam?

December 30th, 2021

Correct Incorrect Correct answer

January 31st, 2021

Correct Incorrect Correct answer

May 30th, 2020

Correct Incorrect Correct answer

May 12th, 2021

Correct Incorrect Correct answer

Question 95 of 191

95. Question

Lacey, a salesperson, has prepared a written listing agreement with seller, Ron. She is creating a relationship between who?

Lacey and Ron

Correct Incorrect Correct answer

Laceys broker and Ron

Correct Incorrect Correct answer

Laceys broker and potential buyers

Correct Incorrect Correct answer

Rob and potential buyers

Correct Incorrect Correct answer

Question 96 of 191

96. Question

Larry, the owner of a property, gives Bob, a potential buyer, the right to buy the property for a certain amount of time and at a specific price point. What is this called?

An Option

Correct Incorrect Correct answer

An installment contract

Correct Incorrect Correct answer

An owner-bridge contract

Correct Incorrect Correct answer

A graduated contract

Correct Incorrect Correct answer

Question 97 of 191

97. Question

Most homes in Arizona are sold with legal descriptions that state?

Metes and bounds

Correct Incorrect Correct answer

Latitude and longitude

Correct Incorrect Correct answer

Lot and block

Correct Incorrect Correct answer

Township and range

Correct Incorrect Correct answer

Question 98 of 191

98. Question

On a closing statement ______ is usually a debit to the buyer:

Commissions

Correct Incorrect Correct answer

Appraisal

Correct Incorrect Correct answer

Last years taxes

Correct Incorrect Correct answer

HOA fines

Correct Incorrect Correct answer

Question 99 of 191

99. Question

On a closing statement, the ______________ would typically be a debit to the buyer:

Special Assessments

Correct Incorrect Correct answer

Sellers Concessions

Correct Incorrect Correct answer

Commissions

Correct Incorrect Correct answer

Lenders Title Insurance Policy

Correct Incorrect Correct answer

Question 100 of 191

100. Question

Out of the following, select the deed that has no warranties.

A special claim deed

Correct Incorrect Correct answer

A warranty deed

Correct Incorrect Correct answer

A Quit claim deed

Correct Incorrect Correct answer

Sale and Bargain Deed

Correct Incorrect Correct answer

Question 101 of 191

101. Question

Radon is an environmental hazard. Which of the following best explains what radon is?

A rocky substance that creates mold

Correct Incorrect Correct answer

Natural decay of radioactive substances found in the ground

Correct Incorrect Correct answer

A gas that is not harmful

Correct Incorrect Correct answer

A substances that creates a chemical reaction that will eat away at wood

Correct Incorrect Correct answer

Question 102 of 191

102. Question

Rank the following liens in the order of their priority for payment from highest to lowest: IRS tax lien; real property taxes; special assessments?

IRS tax lien, special assessments, real property taxes

Correct Incorrect Correct answer

IRS tax lien, real property taxes, special assessments

Correct Incorrect Correct answer

Real Property taxes, special assessments, IRS tax lien

Correct Incorrect Correct answer

Real property taxes, IRS tax lien, special assessments

Correct Incorrect Correct answer

Question 103 of 191

103. Question

Read the following scenarios and choose which one would describe when the lender would not be in violation of the Federal Equal Credit Opportunity Act?

A lender refused their applicant because of her race

Correct Incorrect Correct answer

A lender refused their applicant because a portion of her income came from public assistance

Correct Incorrect Correct answer

A lender refused an applicant because they did not qualify

Correct Incorrect Correct answer

A lender used their applicant due to their religious beliefs

Correct Incorrect Correct answer

Question 104 of 191

104. Question

Real estate loan that pays down the principal balance as payments are made and is payable in periodic installments:

An amortized loan

Correct Incorrect Correct answer

A bank-owned loan

Correct Incorrect Correct answer

A conventional loan

Correct Incorrect Correct answer

A reverse annuity mortgage

Correct Incorrect Correct answer

Question 105 of 191

105. Question

Ross, Bill, and Steven own a property and hold title as joint tenants. Steven decided to sell his portion to Emily. Which of the following best describes the situation at hand?

Ross and Bill remain joint tenants owning two thirds interest

Correct Incorrect Correct answer

Ross, Bill, and Emily are now joint tenants owning one third interest

Correct Incorrect Correct answer

Ownership is now held by tenants in common

Correct Incorrect Correct answer

Because a portion was sold to a different party, the tenancy terminates and they must all sell the property together

Correct Incorrect Correct answer

Question 106 of 191

106. Question

Sally purchase a new home and started renting out her existing one. Which of the following statements is true?

Sally will have homestead protection on her new home, but not on the one she is renting out

Correct Incorrect Correct answer

Sally will not have homestead protection at all

Correct Incorrect Correct answer

Sally will have homestead protection on both properties

Correct Incorrect Correct answer

Sally will homestead protection on the one she is now renting, but not on the new one

Correct Incorrect Correct answer

Question 107 of 191

107. Question

Rhonda, the owner of the servient tenement, also became the owner of the dominant tenement and has now merged the properties. Which of the following is true?

Both properties now have an easement

Correct Incorrect Correct answer

There is no effect on the easement

Correct Incorrect Correct answer

There may be certain legal steps required, but the easement is terminated.

Correct Incorrect Correct answer

There is now one total easement instead of two

Correct Incorrect Correct answer

Question 108 of 191

108. Question

Taking title as Community Property with your spouse in the State of Arizona will result in who getting ownership if one of the spouses suddenly dies?

The spouse will have half of the ownership

Correct Incorrect Correct answer

The spouse will own the entire property

Correct Incorrect Correct answer

The government will own the deceased parties half

Correct Incorrect Correct answer

The deceased parties children will own half

Correct Incorrect Correct answer

Question 109 of 191

109. Question

Taylor owns an auto body shop that has been in business for fifty years. What happened to the auto body shop when the local government rezoned the area to residential multi-family?

The building must be taken down

Correct Incorrect Correct answer

The body shop is in violation

Correct Incorrect Correct answer

The body shop is grandfatherd

Correct Incorrect Correct answer

The body shop will be converted to appropriately fit the zoning purpose

Correct Incorrect Correct answer

Question 110 of 191

110. Question

Tenancy by the entirety is which of the following in the state of Arizona?

Common

Correct Incorrect Correct answer

Illegal

Correct Incorrect Correct answer

Sometimes practicable

Correct Incorrect Correct answer

Acceptable

Correct Incorrect Correct answer

Question 111 of 191

111. Question

Terms and conditions of employment, outline of expected duties and scope of authority are all contained in what?

A proprietorship agreement

Correct Incorrect Correct answer

A properly drawn out property management contract

Correct Incorrect Correct answer

A tenant at will agreement

Correct Incorrect Correct answer

Question 112 of 191

112. Question

The Arizona real estate commissioner may perform each of the following duties, EXCEPT?

Hire and fire the employees of the state real estate department

Correct Incorrect Correct answer

Revoke a license upon complaint of fraud

Correct Incorrect Correct answer

Inspect the business records of a licensee at any time

Correct Incorrect Correct answer

Investigate complaints against licensees

Correct Incorrect Correct answer

Question 113 of 191

113. Question

The borrower is also considered?

The mortgagee

Correct Incorrect Correct answer

The mortgagor

Correct Incorrect Correct answer

The loanee

Correct Incorrect Correct answer

The borrowee

Correct Incorrect Correct answer

Question 114 of 191

114. Question

The Colorado river is which of the following?

The only navigable waterway in Arizona

Correct Incorrect Correct answer

A non-navigable waterway in Arizona

Correct Incorrect Correct answer

Arizona’s basis for riparian rights

Correct Incorrect Correct answer

Arizona’s basis for littoral rights

Correct Incorrect Correct answer

Question 115 of 191

115. Question

The commission received by a broker who is a member of a multiple listing service is?

Negotiated by the broker and the seller

Correct Incorrect Correct answer

Determined by the local realtors board

Correct Incorrect Correct answer

Set by the multiple listing service

Correct Incorrect Correct answer

Negotiated by the buyer and the seller

Correct Incorrect Correct answer

Question 116 of 191

116. Question

The commissioner may deny the issuance of a Public Report for a new subdivision, if the developer is unable to?

Provide floor plans and elevations

Correct Incorrect Correct answer

Meet the opening day deadline

Correct Incorrect Correct answer

Deliver title or interest contracted for

Correct Incorrect Correct answer

Provide paved roads

Correct Incorrect Correct answer

Question 117 of 191

117. Question

The Department of Housing and Urban Development enforces which of the following?

Federal Administration Fund

Correct Incorrect Correct answer

The Economic Zone Act of 1984

Correct Incorrect Correct answer

Fair business transactions

Correct Incorrect Correct answer

The Fair Housing Act of 1968

Correct Incorrect Correct answer

Question 118 of 191

118. Question

The illegal practice of persuading owners to sell based on the fear of people of another race moving into an area is what?

Blockbusting

Correct Incorrect Correct answer

Redlining

Correct Incorrect Correct answer

Steering

Correct Incorrect Correct answer

Puffing

Correct Incorrect Correct answer

Question 119 of 191

119. Question

The information required to be provided to the commissioner before an Arizona Public Report may be issued on a new subdivision includes all of the following facts, EXCEPT the?

Existing liens and encumbrances on the subdivision

Correct Incorrect Correct answer

Availability of public utilities to the land

Correct Incorrect Correct answer

Market value of the property being subdivided

Correct Incorrect Correct answer

Condition of the title to the land

Correct Incorrect Correct answer

Question 120 of 191

120. Question

The instrument used when a property is conveyed by devise:

Special claim Deed

Correct Incorrect Correct answer

A Will

Correct Incorrect Correct answer

Leaseback option

Correct Incorrect Correct answer

Net net Option

Correct Incorrect Correct answer

Question 121 of 191

121. Question

The last payment on a a certain type of loan is also known as the?

Term end payment

Correct Incorrect Correct answer

Balloon Payment

Correct Incorrect Correct answer

Consequential payment

Correct Incorrect Correct answer

Sum up payment

Correct Incorrect Correct answer

Question 122 of 191

122. Question

The priority of mortgages in relation in each other is based on which of the following?

Time of delivery

Correct Incorrect Correct answer

Time of recording

Correct Incorrect Correct answer

Time of execution

Correct Incorrect Correct answer

Time of acknowledgement

Correct Incorrect Correct answer

Question 123 of 191

123. Question

The Recovery Fund is best explained by which of the following?

To compensate licensees for damages due to a breach of contract by a client

Correct Incorrect Correct answer

Compensation owed to clients due to unethical actions of licensees

Correct Incorrect Correct answer

A fund designed and created for marketing purposes

Correct Incorrect Correct answer

A fund created by the designated broker to protect the brokerage and it’s employees

Correct Incorrect Correct answer

Question 124 of 191

124. Question

The rules under which Arizona real estate licensees operate are prescribed by the?

Real estate advisory

Correct Incorrect Correct answer

State legislature

Correct Incorrect Correct answer

Governor

Correct Incorrect Correct answer

Real estate commissioner

Correct Incorrect Correct answer

Question 125 of 191

125. Question

There are certain types of occupancy needed for adverse possession. Which of the following terms does not describe the type of occupancy needed?

Occupancy that is lawful

Correct Incorrect Correct answer

Occupancy that is continuous

Correct Incorrect Correct answer

Occupancy that is exclusive

Correct Incorrect Correct answer

Open and notorious occupancy

Correct Incorrect Correct answer

Question 126 of 191

126. Question

There are many economic principles in real estate. Out of the below options, which one best describes the amount of added value an improvement makes to the property?

The conformity theory

Correct Incorrect Correct answer

Contribution

Correct Incorrect Correct answer

Property Plottage

Correct Incorrect Correct answer

Its Highest and best use

Correct Incorrect Correct answer

Question 127 of 191

127. Question

There are many forms of property control. Where would restrictive covenants be best defined?

In deed limitations or restrictions

Correct Incorrect Correct answer

When there is adverse possession

Correct Incorrect Correct answer

When there is encroachment

Correct Incorrect Correct answer

When there is an easement appurtenant

Correct Incorrect Correct answer

Question 128 of 191

128. Question

There are many items that are required in a valid listing agreement, which of the following is not required?

The signature of the principal or parties representing the principal

Correct Incorrect Correct answer

Any and all material terms

Correct Incorrect Correct answer

Any sort of provision for an automatic renewal

Correct Incorrect Correct answer

The beginning date and termination date

Correct Incorrect Correct answer

Question 129 of 191

129. Question

To be effective, a mechanic’s lien for work performed by a subcontractor MUST be recorded within?

90 days from the completion of the project

Correct Incorrect Correct answer

180 days from the completion of the project

Correct Incorrect Correct answer

60 days from the completion of the project

Correct Incorrect Correct answer

120 days from the completion of the project

Correct Incorrect Correct answer

Question 130 of 191

130. Question

Under a contract for deed (land contract), when is the buyer entitled to a warranty deed?

Anytime during the term of the contract

Correct Incorrect Correct answer

After the final payment under contract has been made

Correct Incorrect Correct answer

When the property is sold

Correct Incorrect Correct answer

Only after 50% of the purchase price has been paid

Correct Incorrect Correct answer

Question 131 of 191

131. Question

Under a deed of trust foreclosure, which party has the rights to convey or sell if the borrower is in default?

Lender

Correct Incorrect Correct answer

Beneficiary

Correct Incorrect Correct answer

Trustor

Correct Incorrect Correct answer

Trustee

Correct Incorrect Correct answer

Question 132 of 191

132. Question

Under Arizona law, the trust deed conveys the power of sale to the?

Trustor

Correct Incorrect Correct answer

Trustee

Correct Incorrect Correct answer

Grantee

Correct Incorrect Correct answer

Beneficiary

Correct Incorrect Correct answer

Question 133 of 191

133. Question

What approach to estimating value would be the best for a shopping mall?

The income approach

Correct Incorrect Correct answer

The cost approach

Correct Incorrect Correct answer

The sales comparison

Correct Incorrect Correct answer

Value variance

Correct Incorrect Correct answer

Question 134 of 191

134. Question

What does private mortgage insurance do?

Helps mortgage companies stabilize their premiums

Correct Incorrect Correct answer

Gives the borrow a way to guarantee their funds

Correct Incorrect Correct answer

Helps the Federal Housing administration determine who is eligible for a mortgage

Correct Incorrect Correct answer

In a conventional loan, protects a lenders interest by obtaining additional security

Correct Incorrect Correct answer

Question 135 of 191

135. Question

What does the Arizona Department of Water Resources control?

The navigable waterways in Arizona

Correct Incorrect Correct answer

The non-navigable waterways in Arizona

Correct Incorrect Correct answer

The doctrine of prior appropriation and the rights to use water in an AMA

Correct Incorrect Correct answer

All of Arizona’s lakes

Correct Incorrect Correct answer

Question 136 of 191

136. Question

What does the lender record to take the lien off of a property after the final payment on the mortgage has been made by the borrower?

A satisfaction of mortgage

Correct Incorrect Correct answer

A deed of trustees

Correct Incorrect Correct answer

An encumbrance deed

Correct Incorrect Correct answer

A severance deed

Correct Incorrect Correct answer

Question 137 of 191

137. Question

What happens when a deed is delivered and accepted?

Title to real estate passes

Correct Incorrect Correct answer

A deed is officially recorded

Correct Incorrect Correct answer

A sales contract is signed by the buyer and seller

Correct Incorrect Correct answer

A listing agreement is signed

Correct Incorrect Correct answer

Question 138 of 191

138. Question

What is an example of an encroachment?

A plant the neighbor is growing is staying within property lines

Correct Incorrect Correct answer

A property owner has a driveway built, the construction crew accidentally lays part of it on the neighbors property

Correct Incorrect Correct answer

When a neighbor has to use your driveway to gain access to their home

Correct Incorrect Correct answer

When part of a property begins to erode

Correct Incorrect Correct answer

Question 139 of 191

139. Question

What is an example of reversion?

When the remainder of land is given to the owners heirs

Correct Incorrect Correct answer

The return of land to the grantor when the grant is over

Correct Incorrect Correct answer

The kickback of land

Correct Incorrect Correct answer

A surrendering of land

Correct Incorrect Correct answer

Question 140 of 191

140. Question

What is the statute of frauds?

Law that requires proof of contract to be able to terminate it

Correct Incorrect Correct answer

A part of the statue of limitations

Correct Incorrect Correct answer

Law that requires certain contracts to be in writing to be enforceable

Correct Incorrect Correct answer

Part of the real estate licensing law

Correct Incorrect Correct answer

Question 141 of 191

141. Question

What is Usury?

The practice of charging more interest than is legally allowed

Correct Incorrect Correct answer

The practice of using a brokerage to list your home and then cancelling the listing and selling your home for-sale-by-owner

Correct Incorrect Correct answer

When a seller has to take legal action on a buyer who has decided they no longer want to proceed with the binding purchase contract

Correct Incorrect Correct answer

When a lender does not allow an early pay off

Correct Incorrect Correct answer

Question 142 of 191

142. Question

What method of estimating value do you use when you calculate depreciation?

The rent multiplier approach

Correct Incorrect Correct answer

The gross income approach

Correct Incorrect Correct answer

The cost approach method

Correct Incorrect Correct answer

The sales comparison

Correct Incorrect Correct answer

Question 143 of 191

143. Question

When dealing with ______________, agents are expected to have an understanding and basic level of knowledge concerning environmental laws but not expected to be experts.

Real estate laws and procedures

Correct Incorrect Correct answer

Fiduciary duties

Correct Incorrect Correct answer

Environmental Hazards

Correct Incorrect Correct answer

Contracts

Correct Incorrect Correct answer

Question 144 of 191

144. Question

When one of the parties of a contract force the other part to carry out the terms using legal action, what is it called?

An injunction

Correct Incorrect Correct answer

Specific performance

Correct Incorrect Correct answer

Willed action

Correct Incorrect Correct answer

Performance of rights

Correct Incorrect Correct answer

Question 145 of 191

145. Question

When would a sheriff’s deed be used in transferring a deed to a new owner?

Tax sale

Correct Incorrect Correct answer

Quitclaim sale

Correct Incorrect Correct answer

Mortgage foreclosure

Correct Incorrect Correct answer

Intestate Conveyance

Correct Incorrect Correct answer

Question 146 of 191

146. Question

When would a subordination agreement be necessary?

Two lenders hold mortgages on the same property and wish to exchange their lien priorities

Correct Incorrect Correct answer

A mortgage is satisfied and the payoff statement is sent

Correct Incorrect Correct answer

A buyer wants to ensure they know all of their rights before entering into contract

Correct Incorrect Correct answer

A home owner wants to transfer ownership at no cost to their loved ones

Correct Incorrect Correct answer

Question 147 of 191

147. Question

Which loan type requires judicial foreclosures?

Deed of Trust

Correct Incorrect Correct answer

Mortgage

Correct Incorrect Correct answer

Seller Wrap

Correct Incorrect Correct answer

Leasehold

Correct Incorrect Correct answer

Question 148 of 191

148. Question

Which of the below best describes Ranges?

Strips of land that run north and south and are six miles wide in the rectangular survey system

Correct Incorrect Correct answer

Strips of land that run from east to west and are six miles wide in the rectangular survey system

Correct Incorrect Correct answer

A plot of land that the government uses for official surveying

Correct Incorrect Correct answer

A strip of land that is 1.5 acres by 2.5 acres

Correct Incorrect Correct answer

Question 149 of 191

149. Question

Which of the below is an example of a remainder interest?

A mother and father own a home and give their daughter and son equal rights to the home in their passing

Correct Incorrect Correct answer

A mother owns a house as a fee simple owner and gives his son a life estate with a provision that the property will pass on to the daughter after his death

Correct Incorrect Correct answer

An aunt gives her nieces and nephews full rights to her home in the event that she can no longer care for it

Correct Incorrect Correct answer

A mother and father live by a river and give their neighbors the rights to their land in the case of their death

Correct Incorrect Correct answer

Question 150 of 191

150. Question

Which of the following accurately describes in Arizona, when will a real estate license expire?

Every three years from the activation date

Correct Incorrect Correct answer

Every five years

Correct Incorrect Correct answer

Two years after the activation date

Correct Incorrect Correct answer

On the last day of the month in which the license was originally activated every two years

Correct Incorrect Correct answer

Question 151 of 191

151. Question

Which of the following allows laws enabled by the governments to pass authority down to local jurisdictions?

Conforming Guidelines

Correct Incorrect Correct answer

Enabling Acts

Correct Incorrect Correct answer

Easements

Correct Incorrect Correct answer

Encumbrance

Correct Incorrect Correct answer

Question 152 of 191

152. Question

Which of the following best describes Assemblage?

The process of remodeling a group of properties and selling them within a 2 month period

Correct Incorrect Correct answer

When a brokerage must assemble a team to list a property

Correct Incorrect Correct answer

Purchase and process of putting together several parcels of land

Correct Incorrect Correct answer

The process of buying a property with multiple tenants and increasing rent for all units

Correct Incorrect Correct answer

Question 153 of 191

153. Question

Which of the following best describes Economic Obsolescence?

When property value is positively affected by forces outside the property, beyond the control of the owner

Correct Incorrect Correct answer

When property value is negatively affected by forces that are within control of the property owner

Correct Incorrect Correct answer

When property value is negatively affected by forces outside the property, beyond the control of the owner

Correct Incorrect Correct answer

When the property’s surrounding are physically deteriorating due to a lack of maintenance by the HOA

Correct Incorrect Correct answer

Question 154 of 191

154. Question

Which of the following holds title to property for someone’s benefit under a trust arrangement?

Vendor

Correct Incorrect Correct answer

Vendee

Correct Incorrect Correct answer

Beneficiary

Correct Incorrect Correct answer

Trustee

Correct Incorrect Correct answer

Question 155 of 191

155. Question

Which of the following is a type of ownership title can be passed without a probate court being involved?

Severalty

Correct Incorrect Correct answer

Assessed Property

Correct Incorrect Correct answer

Adverse Posession

Correct Incorrect Correct answer

Joint Tenancy

Correct Incorrect Correct answer

Question 156 of 191

156. Question

Which of the following is the illegal practice of persuading owners to sell their property based on the fear of people of another race moving into an area?

Blockbusting

Correct Incorrect Correct answer

Redlining

Correct Incorrect Correct answer

Steering

Correct Incorrect Correct answer

Puffing

Correct Incorrect Correct answer

Question 157 of 191

157. Question

Which of the following is true of an associate broker?

To oversee and manage the designated broker

Correct Incorrect Correct answer

An associate broker has a brokers license, but reports to the designated broker as a salesperson

Correct Incorrect Correct answer

An associate broker has the authority to hire and fire agents

Correct Incorrect Correct answer

Is an employee of the designated broker

Correct Incorrect Correct answer

Question 158 of 191

158. Question

Which of the following is true?

A salesperson cannot create an agency relationship for his broker

Correct Incorrect Correct answer

Since agency is a contract, there must be consideration

Correct Incorrect Correct answer

All agency agreements must be in writing

Correct Incorrect Correct answer

None of these are true

Correct Incorrect Correct answer

Question 159 of 191

159. Question

Which of the following processes is not part of deed of trust foreclosure?

Ninety-day reinstate period

Correct Incorrect Correct answer

Deed of reconveyance

Correct Incorrect Correct answer

Constructive notice

Correct Incorrect Correct answer

Notice to all listed creditors

Correct Incorrect Correct answer

Question 160 of 191

160. Question

Which of the following properties most likely describes ownership where the owner owns their unit as well as owns a portion of the common areas?

Vacation rentals

Correct Incorrect Correct answer

Condominium

Correct Incorrect Correct answer

Corporation

Correct Incorrect Correct answer

Duplex

Correct Incorrect Correct answer

Question 161 of 191

161. Question

Which of the following scenarios is an example of an estate at will?

A tenant stops paying rent because they lost their job

Correct Incorrect Correct answer

A tenant and landlord’s written agreement that shows the length of tenancy and how much rent is to be paid

Correct Incorrect Correct answer

Becky’s lease has expired but the building owner agrees to let her stay until the new owners who are in the process of selling their house are ready to move in

Correct Incorrect Correct answer

The owner has complete and free enjoyment of the property

Correct Incorrect Correct answer

Question 162 of 191

162. Question

Which of the following statements is true regarding a broker’s trust account?

The broker may pay other bills with the portion of the money that represents commissions due

Correct Incorrect Correct answer

A salesperson can be a signatory on the account

Correct Incorrect Correct answer

It may contain up to $300 of the broker’s personal funds

Correct Incorrect Correct answer

The trust account must be bonded

Correct Incorrect Correct answer

Question 163 of 191

163. Question

Which one of the following scenarios would be classified as abandonment?

A heating unit stops working in an apartment and the tenant vacates and stops paying rent

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A landlord gives a tenant 14 days notice to vacate the premises due to a lack of payment

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A tenant gives their landlord 10 days to fix a broken A/C unit. The landlord fixes it and the tenant stays

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A landlord does not give their tenant 48 hours notice to show the unit

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Question 164 of 191

164. Question

Who does a Broker represent?

Agents

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Principal

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Customer

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B and C

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Question 165 of 191

165. Question

Who owns a fee simple estate?

An individual who is restricted in their rights

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A tenant who is in a rent to own contract

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A tenant who pays for building costs

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An individual who holds the greatest ownership rights in the property that is allowed by law

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Question 166 of 191

166. Question

A borrower In Arizona used a mortgage to finance their real estate purchase. After failing to make payments on time and as per the lenders guidelines, they foreclosed for non payment. How long does the borrower have to redeem the property?

There is no statutory time to redeem in Arizona

Correct Incorrect Correct answer

90 days

Correct Incorrect Correct answer

120 days

Correct Incorrect Correct answer

6 months

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Question 167 of 191

167. Question

A borrower using a deed of trust Would surrender what to the trustee:

The deed

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Bare naked title

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Bundle of rights

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Covenant of further assurances

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Question 168 of 191

168. Question

A cattle rancher wishes to sell his land. His real estate agent describes the property as the N ½ of the N ½ of the E ½ of section 9, T13S, R11W in the local sectional map. How many acres is the rancher selling?

40

Correct Incorrect Correct answer

10

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80

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160

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Question 169 of 191

169. Question

A deed of reconveyance would be used in what situation?

Begin the foreclosure process

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Release the owners from future obligations

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Gives the full title back to the borrower after last payment was received by lender

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Deed the property to the Trustee

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Question 170 of 191

170. Question

A five day notice must be given to a tenant for what purpose?

Before entering for a routine inspection of the property

Correct Incorrect Correct answer

Prior to the lease ending to ensure property condition

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When rent is late and landlord needs to secure the property

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To provide notice of intent to evict and post notice of default

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Question 171 of 191

171. Question

A lessee puts in a bookshelf for commercial use; at the end of the lease, the bookshelf is removed and is taken with the tenant after moving out. This would be a:

Real property

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A trade fixture

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Appurtenant

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Chattel real

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Question 172 of 191

172. Question

A Loan Estimate or LE must be given to a borrower within three business days

Of making the loan application

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After the buyers request

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After closing

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Prior to closing

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Question 173 of 191

173. Question

A perspective tenant who has a service animal is denied his rental application due to a no pets policy:

This is a violation under the 1988 Fair Housing Amendment Act

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This is allowed if the residence has a strict no pets policy

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This is a violation of the 1968 Civil Rights Act

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This is allowed if the dog weighs over 50 lbs

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Question 174 of 191

174. Question

A plat map found in Pinal County Arizona could include all of the following except;

Buildings

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Lot sizes

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Easements

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Lot and block

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Question 175 of 191

175. Question

A seller agrees to act as the bank on behalf of the borrower. Under the agreement of a land contract, the borrower put down 5% and was financing 95% over 20 years at a rate of 5.75%. If the buyer defaults within the first year, what is the forfeiture period?

30 days

Correct Incorrect Correct answer

60 days

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90 days

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120 days

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Question 176 of 191

176. Question

A tenant has stayed beyond the terms of their lease. In this case, the tenant would have an

Estate at sufferance

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Estate at will

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Freehold estate

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Remainder estate

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Question 177 of 191

177. Question

A tenant is allowed to withhold up to how much from their rent due to the landlord if they must fix or repair items themselves after notifying the landlord of the problem?

Up to ½ of next month’s rent

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$500 or up to 1 months’ rent

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$300 or ½ of a month’s rent

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$300 per repair not made by the landlord

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Question 178 of 191

178. Question

After a heated discussion 2 neighbors finally agree That the tree Overhanging the property line is in fact an encroachment. The owner of the tree Tells the neighbor whose property is being encroached on that he will cut down the tree This is what type of agreement:

Expressed Contract

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Statutory Contract

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Executed Contract

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Non-Binding contract

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Question 179 of 191

179. Question

After moving out of a property in Arizona according to the landlord tenant Act, how many days does the landlord have to give the tenant a full accounting of the security deposit upon termination of tenancy?

3 days

Correct Incorrect Correct answer

10 days

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14 days

Correct Incorrect Correct answer

21 days

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Question 180 of 191

180. Question

Al, Bea and Cam are all equal owners and have joint tenancy. If Cam were to sell his interest to Dale and then Bea suddenly dies, what is the ownership now?

Dale is now tenant in common with Al who owns 2/3 and Dale owns 1/3

Correct Incorrect Correct answer

Dale is now tenant in common with Al as 1/2 and 1/2 equal owners

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Al,Bea’s heirs and Dale are all equal 1/3 owners as tenants in common

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Al and Dale are equal joint tenants and Bea’s heir has a tenant in common status

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Question 181 of 191

181. Question

An Arizona Real Estate broker offers to prepare documents for a real estate transaction at a fee of $350. Which of the following is true?

He may charge for this service of both parties agree

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He may charge for this service if the fee is negotiable

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He may charge for this service if it is considered an escrow fee

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He cannot charge for this service

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Question 182 of 191

182. Question

An investor is looking to purchase a fourplex property to rent out. The agent identified 3 potential properties in his price range but the comparabe properties both had higher vacancies as well as higher overall expenses. With this being known, the third property must have what?

Higher Cap Rate

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Lower Cap Rate

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Valuation remains constant

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Market Value can only be determined by the appraiser

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Question 183 of 191

183. Question

An origination point is equal to what amount?

1% of the loan amount

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1% above current interest rates

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1% of the sale’s price

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$1,000 dollars

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Question 184 of 191

184. Question

Article 26 of the State of Arizona constitution gave what to powers to real estate agents:

The ability to negotiate leases

Correct Incorrect Correct answer

Authority to prepare real estate documents and draft contracts

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The rights to charge commissions for selling real estate in Arizona

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The powers to be able to revise settlement statements

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Question 185 of 191

185. Question

Designated broker Sandra Who was representing Sunshine Real Estate, an Arizona firm, made the unfortunate mistake of depositing her property management trust account funds into her own personal account which she then used to pay her own rent. This is an example of what?

Conversion

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Commission mingling

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Dilution

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Client Anti-Trust

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Question 186 of 191

186. Question

Discount points and origination points:

Both charged only one time

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Based on the borrower’s credit score

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Will vary throughout the loan duration

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Both used to lower the interest rate

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Question 187 of 191

187. Question

Failure of the developer to provide a public report to all prospective owners or purchasers of real property in Arizona could result in the owner rescinding their contract for a period of how long?

1 year

Correct Incorrect Correct answer

2 years

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3 years

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5 years

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Question 188 of 191

188. Question

How many days does a landlord have To give notice to a tenant That the landlord is being foreclosed on the state of Arizona:

14 Days

Correct Incorrect Correct answer

7 Days

Correct Incorrect Correct answer

5 Days

Correct Incorrect Correct answer

10 Days

Correct Incorrect Correct answer

Question 189 of 191

189. Question

In a master-planned community where there are 906 total houses who is the responsible party for delivering the CC&R’s to a new buyer?

The selling broker

Correct Incorrect Correct answer

The listing broker

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The seller

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The HOA management company

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Question 190 of 191

190. Question

In a title theory state the borrower has what:

Equitable title

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Insurable title

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Deeded interest

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Legal title

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Question 191 of 191

191. Question

In Arizona it is allowed for the broker to place how much of their own money in the general operating fund account as long as it is recorded and managed as such:

$1000

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$2500

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$3000

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$5000

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