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Exam (elaborations)

2024 REAL ESTATE CLASS FINAL EXAM WITH CORRECT ANSWERS

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  • Course
  • REAL ESTATE
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  • REAL ESTATE

2024 REAL ESTATE CLASS FINAL EXAM WITH CORRECT ANSWERS

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  • August 11, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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  • REAL ESTATE
  • REAL ESTATE
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2024 REAL ESTATE CLASS FINAL
EXAM 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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