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2024 REAL ESTATE CLASS FINAL EXAM WITH CORRECT ANSWERS
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2024 REAL ESTATE CLASS FINAL EXAM WITH CORRECT ANSWERS
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2024 REAL ESTATE CLASS FINALEXAM WITH CORRECT ANSWERS
Which of the following would NOT be part of a property management
budget ?
A) management fees
B) utilities
C) cleaning and maintenance
D) Roof replacement - CORRECT ANSWERS-Roof replacement
What must a subdivider developing lots OUTSIDE of an AMA include in Public
Report application? - CORRECT ANSWERS-Water Adequacy Report
A landlord of residential property must provide all of the following EXCEPT:
A) signed copy of the lease
B) written notice allowing tenant to be present at move-out inspection
C) Move-In form stating any existing damage
D) copy of Arizona Residential Landlord and Tenant Act - CORRECT
ANSWERS-C) Move-In form stating any existing damage
A subdivider employed hostesses to show houses. The hostesses explained
the features of the homes and quoted prices and terms. In this instance: -
CORRECT ANSWERS-The hostesses must be licensed real estate salespeople
all of the following are loan fees except:
A) underwriting fee
B) Tax service fee
C) Escrow fee
D) origination fee - CORRECT ANSWERS-B) Tax Service fee
Which of the following cannot be a trustee? - CORRECT ANSWERS-CPA
The discount points are 3%, which represents $2,700. The buyer down
payment is 20%. What is the purchase price of the property - CORRECT
ANSWERS-100%-20%= 80%
$2,700/3%= $90,000
90,000/80%= $112,500
A method of legal description that uses definite property lines and starting
points is called? - CORRECT ANSWERS-Formal metes and bounds
, The seller wants to net $175, 000 after paying a 6% commission to the
listing broker and the $500 appraisal fee. What is the minimum selling price
of the home? - CORRECT ANSWERS-$175,000/0.94= $186,170
$186,170 +500= $186,670
Which of the following is NOT true regarding a sale lease back transaction? -
CORRECT ANSWERS-Lessee retains legal title
An appraisal is required to obtain a VA loan, this document is called: -
CORRECT ANSWERS-Certificate of reasonable value
Which of the following below could sign a property management agreement?
- CORRECT ANSWERS-licensed salespeople with a broker
In this listing contract, the real estate broker must: - CORRECT ANSWERS-
Exercise diligence in finding a purchaser
In Arizona, a broker must be able to prove employment by a seller in order to
be assured of collecting a commission. Proof of employment is: - CORRECT
ANSWERS-A listing agreement
A salesperson works for Broker A and has contracts is escrow. The
salesperson decides to leave Broker A and work for Broker B. Which of the
following is true regarding the salesperson's commission - CORRECT
ANSWERS-Broker A would pay the salesperson directly
Rank the following liens in the order of their priority from highest to lowest:
IRS lien, Property Taxes, Special Assessments - CORRECT ANSWERS-Property
Taxes, Special Assessments, IRS lien
If a property is not bid at a tax lien sale - CORRECT ANSWERS-Anyone can
later buy the tax lien from the Treasurer
How a building is situated on a lot to take advantage of climate and views is -
CORRECT ANSWERS-Orientation
After a mortgage foreclosure any excess monies would go to the: - CORRECT
ANSWERS-Mortgagor
The supply and cost of money can be most effectively controlled by: -
CORRECT ANSWERS-Federal Reserve System
The Consumer Financial Protection Bureau is the governing body for: -
CORRECT ANSWERS-Savings and loan association
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