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Arizona Real Estate Salesperson Exam Questions & Answers 100% Correct!!
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Arizona Real Estate Salesperson Exam Questions & Answers 100% Correct!!
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Name: Score:484 Multiple choice questions
Term 1 of 484
Do you have to be a licensed person to sign on a property management account?
Yes
No
Term 2 of 484
Does a VA loan require PMI?
Yes
No
Term 3 of 484
When a grantor retains a future interest, that is called a...
Yes.
7 days.
reversion.
Goes to the Dept of Real Estate.
Term 4 of 484
FHA loans are insured/guaranteed?
reversion.
Discloses all closing costs.
Insured.
tenant.
,Term 5 of 484
What is not an operating expense?
Marketing and advertising expenses.
Employee salaries and wages.
Office supplies and utilities.
Vacancy and loss of credit and depreciation.
Term 6 of 484
If, before the close of escrow, a contract is signed but the building burns down, is the commission
payable?
Yes
No
Term 7 of 484
In a real estate transaction, if the parties hire someone to give an opinion on a dispute that is not
binding, is that person an arbitrator or mediator?
Agent.
Arbitrator.
Mediator.
Broker.
Term 8 of 484
What is the purpose of the Foreign Investment Real Property Act?
FHA Amendatory Clause.
The ending date of the listing.
Structures or their orientations.
Requires tax withholding if the seller is a foreigner.
,Term 9 of 484
What kind of loan is obtained in installments?
$1000.
guaranteed.
Construction.
Credit buyer.
Term 10 of 484
What is the front end ratio?
For a subdivision.
PITI/gross mostly income.
Unearned increment.
The gain of land by receding water.
Term 11 of 484
Who holds the deed of trust document in a loan secured by a deed of trust?
Tax lien, Mortgage, IRS (tax lien is always first, then go by whichever records first).
5 years.
The beneficiary.
Net operating income.
, Definition 12 of 484
Interest. The interest is debited to the seller and credited to the buyer. This is because the loan's
interest continues through the settlement process, and the seller has stopped paying on the loan,
so the seller owes the amount of interest to the buyer. The principal stays the same from the date
of the signing of the contract until the settlement date.
Buyers like subordination clauses but dislike alienation clauses?
If a buyer buys a piece of land for which a public report was required but not issued, how
many years does the buyer have to rescind the sale?
If a buyer is assuming a loan, what is the only thing prorated?
When a grantor retains a future interest, that is called a...
Term 13 of 484
Does a mechanics lien have priority over a FHA loan?
Yes
No
Term 14 of 484
What are the buyer's credits ("credit buyer")?
earnest money deposits; additional down payment; new loan obtained by the buyer;
seller's loan assumed; second mortgage taken back.
property survey fees; title search expenses; home warranty costs; real estate agent
commission; home appraisal charges.
appraisal fees; inspection costs; closing attorney fees; home insurance premium; property
taxes.
homeowner association fees; property maintenance costs; utility bills; home repair
expenses; moving company charges.
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