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AZ Real Estate Exam Final Exam Questions and Answers
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- Arizona School Of Real Estate And Business
AZ Real Estate Exam Final Exam Questions and Answers
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AZ Real Estate Exam Final ExamQuestions and Answers
Which of the following is NOT true regarding a property management trust account?
- ANSWER-. An unlicensed employee of a property management firm may not sign
checks on the property management trust account
Which of the following processes is not part of deed of trust foreclosure? - ANSWER-
Deed of reconveyance
A buyer assumed a seller's 11%, $80,000 first deed of trust on the settlement date of
June 13. The seller made the monthly payment of June 1 with interest in arrears.
Which of the following is a CORRECT settlement entry for the interest? - ANSWER-
$293.28 seller's debit
A buyer of real property: - ANSWER-May be a customer or a client
A developer desires to offer for sale thirty time-share intervals in a resort property.
Prior to offering such interests in the resort, the developer MUST obtain: - ANSWER-
A public report issued by the Real Estate Commissioner
A seller makes a loan to the buyer to assist with the down payment and secures that
loan with a lien on the property. This kind of lien is considered: - ANSWER-A
purchase money mortgage
A minority buyer asks to see a type of house in a certain area. You (the salesperson
should do which of the following? - ANSWER-Show him houses only in that one area
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?
- ANSWER-The lender can sue for a deficiency judgment against the borrower
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? -
ANSWER-Return it in full to the buyer
A mortgage lender agrees to lend 80% of the purchaser price for four points. If the
purchase price of the property is $165,000, how much will the lender receive for the
discount? - ANSWER-$5,280
A type of loan where the lender pays the owner of the property a monthly income is
called: - ANSWER-A reverse annuity
A homestead exemption can protect a person against which of the following? -
ANSWER-Unforeseen personal judgments
, A person who receives a fee interest following the termination of a prior estate is
called: - ANSWER-A remainderman
A tenant who pays rent and some or all of the ownership charges has a lease called:
- ANSWER-A net lease
A broker and an owner discussed several types of listing agreements and decided
upon an exclusive right to sell. The broker drafted the listing, but the owner did not
sign it. The broker subsequently produced a willing buyer and demanded the
commission from the owner based upon the exclusive right to sell. The commission
is: - ANSWER-Not due because the agreement was not signed by the owner.
A provision in an executory contract that prohibits a debtor-in-possession from
rejecting the contract pursuant to the Bankruptcy Code is: - ANSWER-Unenforceable
A property is sold on July 15. The prepaid annual insurance is $750 and the annual
water bill of $90 was prepaid on January 1. If these payments are prorated, what
amount will be returned to the seller? - ANSWER-$387
A pre-transfer inspection of On-Site Wastewater Treatment Facilities is required on
the re-sale of properties by the: - ANSWER-Arizona Department of Environmental
Quality
A plat is: - ANSWER-A document used to record a subdivision of land
A broker prepares documents for a real estate transaction and charges a document
preparation fee of $75. The charging of such a fee is: - ANSWER-Prohibited by
Ariticle 26 of the Arizona Constitution
After initial assessments have been made by the homeowners association, they shall
be made at least: - ANSWER-Annually based on an annual budget
A release clause provides for the release of: - ANSWER-Parcels of land from blanket
mortgages or trust deeds
Real property can become personal property by: - ANSWER-Severance
The document filed with the county recorder to change the status of a manufactured
home from personal property to real property is a: - ANSWER-Affidavit of Affixture
Which of the following is personal property? A) Mortgage Note B) Fixture C)
Cesspool System D)Perennial Shrubs - ANSWER-Perennial shrubs
A bulk sales affidavit is a required notification by a buyer of a business with business
inventories to its creditors within how many days of completing the sale? - ANSWER-
10 days
Title to personal property is transferred with a: - ANSWER-Bill of Sale
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