AZ CE Shop Practice Test Questions And Correct Answers
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Course
CE Shop
Institution
CE Shop
AZ CE Shop Practice Test Questions And
Correct Answers
Which of the following is true about mortgage brokers?
-They don't service the loan beyond placement
-They originate their own loans
-They've paid through fees from originating and servicing loans
-They service the loan for it's entire li...
AZ CE Shop Practice Test Questions And
Correct Answers
Which of the following is true about mortgage brokers?
-They don't service the loan beyond placement
-They originate their own loans
-They've paid through fees from originating and servicing loans
-They service the loan for it's entire lifecycle - answer✔✔They don't service the loan beyond
placement
Janalynne is a designated broker setting up the main place of business for her employing broker.
Before officially opening for business, she'll make sure that the __________ is on display in the
office.
-Affiliated brokers license
-Articles of incorporation or similar business documentation
-Business plan
-Employing brokers or designated brokers license - answer✔✔Employing brokers or designated
brokers license
George is an Arizona salesperson representing a seller client in a real estate transaction. His
employing broker, Hannah, is preparing a written disclosure to give to the transaction parties
regarding who will receive compensation from the transaction. When will Hannah need to
provide the compensation disclosure?
-Before closing
-Before the final funds transfer
-Before the first offer is received
-Before the listing goes on the MLS - answer✔✔Before closing
Licensee Kennie Mae's neighbor, Buzz, wants to sell his house but doesn't want to sign an
agency agreement. Kennie Mae works with Buzz to list and show the property and negotiate
offers. After the property sells, Buzz discovers that Kennie Mae didn't present all offers to him,
and he sues Kennie Mae. Kennie Mae claims that because she didn't have an agency agreement
with Buzz, she wasn't required to perform all fiduciary duties. What legal principle applies here?
-Agency after the fact, because Kennie Mae continued to perform tasks for Buzz through the
closing date
-Law of agency, because Kennie Mae defined her agency relationship with Buzz through the
tasks she performed
-The doctrine of estoppel keeps Kennie Mae from disavowing the agency relationship because
she provided agency tasks for Buzz
-The ratification doctrine states that Kennie Mae ratified her relationship with Buzz by signing
the closing paperwork - answer✔✔The doctrine of estoppel keeps Kennie Mae from disavowing
the agency relationship because she provided agency tasks for Buzz
In Arizona, when a public report is issued on a proposed subdivision, how long does a developer
have to provide a copy to all reservation holders? - answer✔✔15 calendar days
Which range of credit scores represents the average score for Americans overall?
-580 to 669
-670 to 739
-740 to 799
-800 or higher - answer✔✔670 to 739
In order to maintain their licenses, employing brokers must appoint and maintain a(n)
-Branch manager
-Designated broker
-Officer in charge
-President - answer✔✔Designated broker
If an Arizona licensee misses the deadline for the continuing education requirements, the
Arizona real estate commissioner can grant a waiver or additional time if the licensee shows
___________
-Financial responsibility
-Good cause
-Proof of enrollment
A _________ is a tract of land divided into lots or plats and used for building purposes.
-Plat
-Site plan
-Subdivision
-Topographic map - answer✔✔Subdivision
Which option is true if a deed is not recorded after closing?
-The buyer must pay a fine to the seller
-The entire closing is void
-The property's legal ownership can be challenged
-The title never changes hands from the seller to the buyer - answer✔✔The property's legal
ownership can be challenged
Hugh is representing Jacqueline in her purchase of a new condo. She wants to move in before
closing, and in order to fulfill his statutory duties, which of the following actions would Hugh
take?
-Recommend Jacqueline seek the advice of a lawyer
-Recommend Jacqueline speak with his designated broker
-Recommend that she wait until after closing to keep things simple
-Research the implications and report them back to her - answer✔✔Recommend Jacqueline seek
the advice of a lawyer
Kurt bought a vacant lot in a development that was 85% completed. When he started working
with the builder to lay out where the house and driveway would lie, it was determined that he
would need an easement because his driveway would spill over onto the adjacent lot by a few
feet. What type of easement is this?
-Easement appurtenant
-Easement by necessity
-Easement by prescription
-Easement in gross - answer✔✔Easement appurtenant (dominant)
Which occupancy type is eligible for a VA loan?
-All occupancy types
-Second home - answer✔✔Owner occupied
Property management firms must keep all clients financial records for at least _________ year(s)
from the date each document was executed.
-Four
-One
-Three
-Two - answer✔✔Three
Who or what most likely establishes a covenant not to compete?
-Developer restrictive covenants
-Local building codes
-Local zoning restrictions
-Purchase or lease contract - answer✔✔Purchase or lease contract
Which of these situations represents a unilateral contract?
-Cain sells Trent his bike
-Maurice promises Shelton $100 if Shelton will sell his painting. Shelton agrees, but Maurice
doesn't pay Shelton
-Nathan and Sue exchange vows at their wedding
-Sherry promises to give Brent a ride home from work, and then doesn't show up -
answer✔✔Sherry promises to give Brent a ride home from work, and then doesn't show up
Ken, Barbie, and Skipper owned a property as a joint tenancy. When Skipper moved out of state,
she sold her interest to Midge. Two years later, Ken died. How is the interest in the property
divided? - answer✔✔Barbie owns two thirds and Midge owns one third
Individual property managers may be employed by an owner and manage ________
-A single property
-Multiple properties
-Properties within a single state
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