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Comprehensive: Arizona Real Estate Licensure TEST BANK- Question and Answers [100% Correct] 2025 Latest Release £7.79
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Comprehensive: Arizona Real Estate Licensure TEST BANK- Question and Answers [100% Correct] 2025 Latest Release

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Comprehensive: Arizona Real Estate Licensure TEST BANK- Question and Answers [100% Correct] 2025 Latest Release How is proration calculated in escrow when property taxes for the year are $1,824 and the COE date is May 15? Debit Seller $678.93. Credit Buyer $678.93 When property ow...

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  • December 8, 2024
  • 61
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • comprehensive arizona real estate licensure test

Written for

  • Real Estate
  • Real Estate

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Comprehensive: Arizona Real Estate
Licensure TEST BANK- Question and
Answers [100% Correct] 2025 Latest
Release
How is proration calculated in escrow when property taxes for the year are $1,824 and the COE date is
May 15?

Debit Seller $678.93. Credit Buyer $678.93



When property ownership rights transfer through a deed, what is this process commonly called?

Bundle of rights



Who is responsible for providing the required documents when a property falls under a homeowner’s
association?

Real Estate Commissioner



Which type of listing offers the broker the least protection in earning a commission?

Open listing



When working with a customer, what duty does a licensee owe them?

Honesty



What is the legal nature of an agreement between a broker and a seller for the sale of a property?

A contract for personal services



Who is charged with drafting the Commissioner's Rules in real estate?

Real Estate Commissioner




1

,If a broker is only paid commission when they are the "procuring cause," what type of listing does this
represent?

Open



In Arizona, what type of property is safeguarded against deficiency judgments?

Single-family on 2 acres or less



Which of the following is considered a general lien?

Judgments



Who signs the deed of trust to create the security interest?

Trustor



What is the maximum interest rate allowed under Arizona usury laws?

Anything the principals contractually agree upon



Which of the following does **not** create a lien on the property?

Easement in gross



What document is issued to formally release a mortgage lien after full repayment?

Satisfaction of Mortgage



What is another name for net spendable income?

After-tax cash flow



Under Arizona anti-deficiency laws, what type of property is protected?

Home on a 9,000-square-foot lot




2

,When a trustor fulfills their payment obligations under a deed of trust, what document is used to release
the lien?

Reconveyance deed



What element would **not** typically appear in a property management agreement?

Method of reporting on prospective tenants



What does a partition action seek to accomplish in property law?

Divided co-ownership



If a mother and son own an investment property with equal shares and no further information is
provided, how do they likely hold the title?

Tenancy In Common



When an attorney reviews an abstract of title, what additional information might they provide?

An opinion



How can a life estate terminate through merger?

When the remainder party acquires the life tenant’s interest



What is an example of a "chattel real"?

Leasehold estate



Which valuation method is most appropriate for appraising an empty factory building?

Cost approach



Why might an appraisal be conducted with a value date in the past?

To settle an estate



3

, In property appraisal, which methods involve calculations like "unit cost-in-place" or "quantity survey"?

Cost



What term best describes the relationship between a licensed real estate broker and their client?

Fiduciary



Which type of listing agreement is more unilateral than bilateral?

Open



What type of listing allows a principal to hire multiple brokers to sell a property?

Open listing



An agent shows a property to a prospect, but the buyer only learns later that the agent represents the
seller. When should this disclosure have occurred?

Before showing the house



What is the limit on punitive damages under the Civil Rights Act of 1866?

No limit



A listing agent discloses confidential seller information to the buyer’s agent. What does this breach?

Fiduciary duties



If a broker lists a commercial property for sale, what type of agent are they?

A special agent



A property manager is asked to install a spa on the premises. How is this expense classified?

Capitalized item




4

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