Exam (elaborations)
ARIZONA REAL ESTATE STATE EXAM
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ARIZONA REAL ESTATE STATE EXAM
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ARIZONA REAL ESTATE STATE EXAM"To have and to hold" MOST likely would be included in a(n):
a. habendem clause
b. alienation clause
c. mortgage
d. legal description - Answers -a. habendem clause
$142 interest is paid in an eight-month period on a $2,400 straight note. What is the
interest rate? - Answers -Between 8.5% and 9%
A blanket mortgage usually contains which of the following?
a. closed-end clause
b. release clause
c. good faith estimate
d. due-on-sale clause - Answers -b. release clause
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 in.
The broker subsequently produced a willing buyer and demanded the commission from
the owner based upon the exclusive right to sell. The commission is:
a. Not due because the unsigned agreement amounts to a new listing.
b. Due because there is an implied contract between the broker and owner.
c. Due because an oral agreement is all that is required for an exclusive right to sell to
be enforceable.
d. Not due because the agreement was not signed by the owner. - Answers -d. Not due
because the agreement was not signed by the owner.
A broker brought a qualified buyer to the seller. However, at the close of escrow, the
seller refused to pay the commission. The earnest money being held in the broker's
trust account is the exact amount of the commission. What should the broker do?
a. Keep one-half of the earnest money, and give the balance to the seller.
b. Keep the entire amount in lieu of commission.
c. Turn the earnest money over to the seller and sue the seller for the commission.
d. Put the earnest money into escrow and wait for the court to decided. - Answers -c.
Turn the earnest money over to the seller and sue the seller for the commission.
A broker informed her clients that "there is no need to consult your attorney concerning
this contract. I am authorized by law to handle the necessary forms." The licensee is
acting - Answers -in violation of the "Rules and Regulation" of the Commissioner
A broker loses his license. The broker's salespeople can:
a. close all transactions as soon as possible
b. activate their licensees with other brokers
,c. wait to see if their broker gets his license reinstated
d. continue to operate as before because it wasn't their fault the broker lost his license -
Answers -b. activate their licensees with other brokers
A declaration of homestead may be terminated for all of the following EXCEPT:
a. filing an abandonment of homestead
b. death of one spouse
c. moving out of the property
d. converting the property to a rental - Answers -b. death of one spouse
A deed restriction would be best described as a(n)
a. general lien
b. specific lien
c. constructive lien
d. encumbrance - Answers -d. encumbrance
A deed that conveys property with limited promises, and indicates that the grantor has
the right to convey the property would be a
a. quit claim deed
b. bargain and sale
c. gift deed
d.deed of trust - Answers -b. bargain and sale
A defeasance clause would most likely be found in
a. a mortgage or trust deed
b. a promissory note
c. a listing contract
d. an offer to purchase - Answers -a. a mortgage or trust deed
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
a. ownership free of encumbrances
b. a public report issued by the Real Estate Commissioner
c. approval from the State Corporation Commission- Securities Division
d. time share zoning - Answers -b. a public report issued by the Real Estate
Commissioner
A disadvantage of ownership in a cooperative when compared to a condominium would
MOST likely be the:
a. Restriction on profit upon resale
b. Danger that other owners might not be able to pay their share toward the mortgage
and taxes
c. Personal liability of owners should they default on their payments
d. High tax assessment - Answers -b. Danger that other owners might not be able to
pay their share toward the mortgage and taxes
, A driveway that extends illegally onto a neighbor's property is a(n) - Answers -
encroachment
A finder's fee paid to an unlicensed person by a broker is permissible
a. when paid to a tenant in a complex managed by the broker
b. when paid to a tenant in the managed complex for 8 consecutive months
c. when the payment is $250 for the referral
d. when paid to a tenant who advertises his or her services in procuring tenants -
Answers -a. when paid to a tenant in a complex managed by the broker
A general contractor records a mechanic's lien. Priority of the lien is established as of -
Answers -the day the work began
A homestead exemption can protect a person against which of the following?
a. secured loans
b. subsequent liens
c. unforeseen personal judgements
d. mechanic's liens - Answers -c. unforeseen personal judgements
A joint tenancy deed requires the signatures of - Answers -grantors and grantees
A legal procedure or action brought about by one party to a contract to enforce the
terms of the contract against the other party is
a. lis pendes
b. specific performance
c. punitive damages
d. exemplary damages - Answers -b. specific performance
A broker offers to prepare documents for a real estate transaction at a fee of $35. Which
of the following is TRUE?
a. She cannot charge for the service.
b. She may charge if the parties agree.
c. She may charge if it is considered an escrow fee.
d. She may charge if the fee was negotiated. - Answers -a. She cannot charge for the
service.
A broker prepares documents for a real estate transaction and charges a document
preparation fee of $75. The charging of such a fee is
a. acceptable if the parties to the transaction agree
b. prohibited by the Arizona real estate code
c. prohibited by Article 26 of the Arizona Constitution
d. acceptable if it is called an escrow fee - Answers -c. prohibited by Article 26 of the
Arizona Constitution
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