ASREB TEST QUESTIONS & ANSWERS SOLVED 100% CORRECT!!
10 views 0 purchase
Course
ACCT 324
Institution
ACCT 324
ASREB TEST QUESTIONS & ANSWERS SOLVED 100% CORRECT!!
A borrower is required to put 10% down for the purchase of a property. The 10% down would be considered...
Equity
A broker, acting as a property manager, would be considered what type of agent?
General
A contract has been signed, but title...
ASREB TEST QUESTIONS & ANSWERS SOLVED
100% CORRECT!!
A borrower is required to put 10% down for the purchase of a property. The 10%
down would be considered...
Equity
A broker, acting as a property manager, would be considered what type of agent?
General
A contract has been signed, but title has not yet been passed. The contract is...
Executory
A house cost $100,000. The buyer is making a down payment of 32,000 and
getting a $68,000 loan. If there are 4 points, how much money will be paid out of
the closing for points?
$2720
In what situation would a short sale be likely?
The loan balance is greater than the property value.
The real estate mortgage would be a(n)...
Voluntary Lien
A company that acts as an intermediacy between a lender and an appraiser is
a(n)...
Appraisal Management Company
A seller list a property with a brokerage, sell it himself, and does not have to pay
a commission. What kind of listing did the seller sign?
Exclusive Agency
A seller wants to list a four plex and live in one unit, but doesn't want any children
in the units. What should the agent do?
Refuse the listing; it violates fair housing
If the percentage of renters in a community exceeds 50%, many lenders require
that the homeowners' association reserves be what percentage of HOA budgeted
income?
20%
After a deed of trust foreclosure sale, which of the following is TRUE?
A trustee's deed is given to the new owner
After a mortgage foreclosure, if the sale amount was insufficient to cover the
debt, the lender may ask for a(n)...
deficiency judgment
An option once exercised is considered...
Unilateral executed
At what point does recordation take place?
When a docket and page number are assigned
What is required at the time an Affidavit of Affixture is recorded?
The titles to the mobile home must be surrendered
A broker has what duty to a third party?
full disclosure of all material facts
,How can a buyer be assured of getting his earnest money back if his loan is not
approved?
Place a contingency clause in the contract
A legal description reads as follows: "The NW 1/4 of Section 2 and the W 1/2 of
the SW 1/4 of section 35." How man acres is this?
240 acres
If a tenant abandons a residential apartment, the landlord must do all of the
following EXCEPT...
Sell the tenant's personal property after holding it for 10 days
How many townships are in a 24-mile square?
16
If there are material changes from an original Public Report, the Commissioner
may required the subdivider to create a(n)...
amended Public Report
If cap rates in an area are going up, how does this influence value?
Value goes down
In Arizona, property owned before marriage is sole and separate. Property
acquired after marriage would be considered...
Community Property
The right of an Arizona real estate licensee to prepare certain legal documents
and forms comes from...
The Arizona Constitution
What clarifies ADRE's position on statues or rules?
Substantive Policy Statements
The concept that information given to a client's agent has been given to the client
is known as
Imputed Notice
On a settlement statement, rent paid in advance would be a...
credit to the buyer, debit to the seller
If the buyer of a property wants to remain anonymous, what terms should be
used for that buyer's name in the purchase contract?
Or Nominee
Which of the following listings would NOT be entered into a multiple listing
service?
pocket listing
The main purpose of the Federal Housing Administration is to...
insure loans
The relationship between a broker and their salesperson is what type of agency?
General
Which of the following is determined by measuring the exterior dimensions of a
home including garages, patios and entryways?
Square footage under roof
When a property that has a well is sold, what must be sent to ADWR?
Transfer of Well Rights Form
Under what condition would a listing agreement NOT terminate?
The salesperson dies
, What document is recorded with the deed?
affidavit of value
What is the maximum security deposit allowed under the Arizona Landlord
Tenant Act?
1 1/2 month's rent
Real estate licensees should safeguard a client's or customer's personal
information in order to prevent
identity theft
If an owner improves a property, a licensed contractor is required to be used in
all of these situations EXCEPT if the property
is owner-occupied for more than one year
When a person buys a condo, how do they hold title to the common areas?
Tenancy in Common
A person named in an insurance policy who will receive the insurance proceeds if
the property is damaged is the
loss payee
When a property located within a homeowners association is listed for sale, who
is responsible for supplying the relevant documents to prospective buyer
The HOA, if there are more than 50 units
At close of escrow, which of the following forms must be filed with the IRS
1099 S
Under what circumstances can an owner of a single-family residence depreciate
the property for tax purposes?
if the property is a rental
When land is purchased interstate, how long would a buyer have to rescind under
provisions of the Federal Interstate Land Sales Full Disclosure Act?
Within 7 days of receiving a property report
A lender of a conventional loan would require private mortgage insurance (PMI)
when the loan-to-value is
More than 80%
Water rights for what Arizona rivers are being adjudicated in court?
Gila and Little Colorado Rivers
A septic tank report is valid for
6 months
If a property lies within the boundaries of the areas in which water rights are
being adjudicated, the owners
must file a claim to be included in the court's decision
What does the seller pay for at closing?
deep preparation
A broker is hired by a seller to sell the clients real property. the broker must obey:
All lawful instructions of the client
An expanded agency, which does not require the additional consent of the
principal for the agent to act, is a/an
Agency by necessity
after economic life of property has expired, there exists
residual value
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LectDan. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
