Exam (elaborations)

Arizona Real Estate Salesperson Exam Questions and Answers

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Course
Real Estate

Institution
Real Estate

Arizona Real Estate Salesperson Exam Questions and Answers What are the two requirements of the property if the anti-deficiency statute is to apply? - ANSWER- 2.5 acres or less. Utilized as a family home for a 1 or 2 family dwelling. In a deed of trust, who is the "trustor?" - ANSWER-The person...

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Uploaded on November 4, 2024
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Type Exam (elaborations)
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arizona real estate salesperson exam questions and

Institution Real Estate
Course Real Estate

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024

Arizona Real Estate Salesperson Exam

Questions and Answers

What are the two requirements of the property if the anti-deficiency statute is to apply? - ANSWER✔✔-

2.5 acres or less. Utilized as a family home for a 1 or 2 family dwelling.

In a deed of trust, who is the "trustor?" - ANSWER✔✔-The person buying the house (the purchaser).

Who has priority in liens even over a purchase money mortgage lien filed prior? - ANSWER✔✔-Liens for

unpaid property taxes and agricultural liens on crops.

Does an IRS lien filed in 2015 have priority over a mortgage filed in 2014? - ANSWER✔✔-No. In Arizona,

IRS liens do not have priority a mortgage/deed of trust filed prior to it.

Does a lien for property taxes filed in 2015 have priority over a mortgage filed in 2014? - ANSWER✔✔-

Yes. In Arizona, state property tax liens do take priority over other liens.

What is the title of the person who supervises the estate of someone who died without a will? -

ANSWER✔✔-Administrator.

What is the title of the person who supervises the estate of someone who died with a will? -

ANSWER✔✔-Executor.

When are property taxes ASSESSED? - ANSWER✔✔-Once a year, January 1.

When are the two dates in Arizona in which property taxes are DUE for January 1? - ANSWER✔✔-For

January 1, 2015, they would be DUE on October 1, 2015 and March 1, 2016.

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When are property taxes LATE for October 1, 2015 and March 1, 2016? - ANSWER✔✔-For October 1,

2015, they are late on November 1, 2015. For March 1, 2016, they are late May 1, 2016.

If a salesperson represents a seller in ALL real estate transactions, that is considered to be what form of

agency? - ANSWER✔✔-General agent.

A real estate salesperson (licensee) is what kind of agent as to his or her broker? - ANSWER✔✔-General

agent.

A seller gives her salesperson the right to sell and make other decisions regarding the property is what

kind of agent? - ANSWER✔✔-General agent.

What are the 4 types of listings? - ANSWER✔✔-(1) Exclusive right to sell; (2) Exclusive agency; (3) Open

Listing; (4) Net listing.

If a seller lists a property with a broker, but sells it himself and pays no commission, what sort of listing

was this? - ANSWER✔✔-Exclusive agency.

Which listing gives the salesperson/broker a right a commission regardless of whether the seller sells the

property? - ANSWER✔✔-Exclusive right to sell.

What do the seller and listing broker have to agree upon when listing a property? - ANSWER✔✔-The

ending date of the listing.

A listing broker lists a property with sub-agency provisions. Another broker accepts the listing broker's

offer to cooperate. The co-operating broker is acting as the _____ to the seller? - ANSWER✔✔-Subagent

A salesperson's right to a commission is based on - ANSWER✔✔-having a valid license.

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Is a broker required to get the owner's approval to transfer a listing to another salesperson? -

ANSWER✔✔-No.

Is a salesperson the agent of the seller or of the broker? - ANSWER✔✔-Broker. (And the broker is the

agent for the seller).

Is a listing broker responsible for making a list of the personal property to be included in a listing? -

ANSWER✔✔-Yes.

In a normal real estate transaction, is the broker responsible for giving abstract of title and opinion? -

ANSWER✔✔-No.

If a seller tells a broker he doesn't want anything other than full price offers, should the broker still

present offers less than the listed (full) price? - ANSWER✔✔-Yes.

If an escrow is opened by a salesperson, but his broker's license is suspended thereafter, may the

salesperson still receive his commission? - ANSWER✔✔-Yes.

Under an exclusive agency, if the seller sells the property himself, does the broker get a commission? -

ANSWER✔✔-No.

May a salesperson enter into dual agency (buyer and seller) if it is disclosed in writing to both buyer and

seller? - ANSWER✔✔-Yes.

A seller/broker relationship can be described as principal/______________? - ANSWER✔✔-Agent.

A procuring cause dispute is most likely to occur with agents working with which type of listing? -

ANSWER✔✔-Open listing.

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If a listing broker dies, can his son take over the listings by informing the sellers of the transfer and asking

the real estate department for approval? - ANSWER✔✔-No. He must re-write and negotiate all listings.

Is the broker-seller relationship best defined as "contractual" or "fiduciary?" - ANSWER✔✔-Fiduciary.

Is an open listing between a seller and broker more bilateral or unilateral? - ANSWER✔✔-Unilateral. It's

an offer by the seller to any broker to sell the property, so it's one-sided.

Does a listing change because the salesperson has changed? - ANSWER✔✔-No.

Can a bankruptcy by a seller terminate a listing? - ANSWER✔✔-Yes.

What are the 6 duties owed by the listing broker to the seller/principal? - ANSWER✔✔-Loyalty.

Confidentiality. Disclosure. Obedience. Reasonable care and diligence. Accountability.

Is "acquiescence" a duty owned by the broker to the principal? - ANSWER✔✔-No.

For an "exclusive agency" listing, it is true that it could not go into multiple listing? - ANSWER✔✔-False.

Can brokers use a sub-agent in an "exclusive listing" and still be paid a commission? - ANSWER✔✔-Yes.

In order to ensure getting paid a commission in an open listing, the broker must make sure he has a

__________? - ANSWER✔✔-Signed listing contract.

In an open listing, does the fact that the broker obtained the highest bid take precedence over whether

the broker has a signed listing contract in order to get his commission? - ANSWER✔✔-No. The signed

listing contract is what is key to a broker's ability to collect a commission.

A seller tells a broker not to disclose he is going through with a divorce to the buyer? Does the broker

have to tell the buyer this if he is asked? - ANSWER✔✔-No. The broker may decline to answer. But the

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