Exam (elaborations)
Test Questions for AZ Real Estate 100% Correct Answers
- Institution
- Arizona School Of Real Estate And Business
Test Questions for AZ Real Estate 100% Correct Answers
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Test Questions for AZ Real Estate100% Correct Answers
In AZ, the rescission period on a time-share sale is? - ANSWER-7 calendar days
A homeowner contracted with ABC construction company to put a new deck on her
house. They began work on May 1st and finished on June 1st, but they were never
paid. On July 1st, the homeowner sold her house to a buyer, who received a
mortgage loan from country bank and a mortgage loan from city bank. City bank
recorded its mortgage on July 1st. Country bank recorded its mortgage on July 2nd.
ABC construction company recorded a mechanic's lien on July 3rd. What is the
priority of liens? - ANSWER-ABC construction, city bank, country bank
The affidavit of legal value must be signed by? - ANSWER-Buyer and seller or their
agents
According to Arizona's groundwater act of 1980, which of the following is not true? -
ANSWER-A new subdivision scheduled to be built in an AMA can obtain a public
report without a certificate of assured water supply
A beneficiary deed has been recorded and now the property owner decides to sell
his home. The property owner dies before the closing and didn't revoke the
beneficiary deed. What happens? - ANSWER-The contract is still binding and the
beneficiary needs to convey the property in accordance with the contract
A property has a loan secured by a deed of trust. Once the notice of trustee's sale
has been recorded, the owner of the property may stop a foreclosure process... -
ANSWER-Until 5pm on the day prior to the scheduled sale under the right of
reinstatement
If the commissioner pays from the real estate recovery fund, any amount in
settlement of an applicant's claim or toward satisfaction of a judgement against a
licensed broker, designated broker for a corporation or salesperson, the license of
the broker, designated broker for a corporation or salesperson shall be
automatically... - ANSWER-Terminated
According to the new "bed bug law," landlords must provide info to? - ANSWER-Only
multi-unit dwellings
The agent has a listing with the seller that states "90 day listing and 90 days after or
until home is sold." Is this a valid listing? - ANSWER-No, listings must have a
beginning and ending date
Can an employee be a signer on a property management trust account? - ANSWER-
Yes, if the employee is working directly for the broker
,If your AZ real estate license is not renewed on time then during the one year grace
period, it is considered? - ANSWER-Expired
Can you charge a pet deposit if your rental complex does not allow pets and you rent
to a disabled person with an assisted animal? - ANSWER-No, you cannot charge a
pet deposit under any circumstances
A subdivider is planning to build on existing lots. Which would NOT be a
consideration of an assured water supply? - ANSWER-An affidavit of usage by the
homeowner
When do the anti-deficiency statutes apply? - ANSWER-The property at issue must
be a duplex or a single family residence, the real property must be 2 and 1/2 acres or
less, and the loan at issue must be a purchase money mortgage
Which of the following is true regarding grandfathered irrigation rights? - ANSWER-
They run with the land
The real estate broker personally owns six investment properties. The real estate
broker has major cash flow problems and would like to auction all of these six
investment properties with the help of an auctioneer. Does the auctioneer have to
have AZ real estate license, even though the real estate broker will be standing next
to the auctioneer and will handle all of the paperwork? - ANSWER-Yes, the
auctioneer must have a real estate license
If you lose your license because money was paid out of the recovery fund to cover
your wrong doing in a sale (as a licensee), how can you obtain your license again? -
ANSWER-You must pay back the recovery fund plus interest and re-apply for your
license
A buyer purchases a property and at closing discovers that there is that there is no
access (no ingress or egress) to the property, what kind of contract do they have? -
ANSWER-Voidable
When a broker receives an earnest deposit from her buyer, when must it be
deposited into a trust account? - ANSWER-No later than the next banking day after
acceptance of offer
Regarding a mechanics lien, a contractor must? - ANSWER-Give the owner a 20
preliminary notice before filing the lien
What type of advertising does not require your broker to manage? - ANSWER-A
salesperson's personal facebook page
Under AZ law, any person who acts as a real property securities dealer must? -
ANSWER-Be a registered as a securities dealer
Saleperson Donna has entered into a 90 day "exclusive right to sell" listing with
seller Steve. The listing has expired three days ago and seller steve has just sold the
home on his own to someone who has seen the home while it was listed. What effect
, does this have on salesperson Donna? - ANSWER-The salesperson would be
entitled to the commission if a "broker protection clause" was used in the listing
agreement
What does the acronym D.U.S.T stand for? - ANSWER-Characteristic of value
The buyer's agent receives an earnest deposit check from her buyer. The agent
should? - ANSWER-Give the check immediately to her designated broker
AZ has a new law (SB1306) that is now going into effect regarding be bugs. The new
law? - ANSWER-Prohibits landlords from renting units to have current bed bug
infestations, tenants from moving items into buildings if they are known to be
infested, and requires landlords to provide bed bug educational material to existing
and new tenants
A tenant must be aware of all the rules and regulations? - ANSWER-Before signing
the lease
If the landlord does not want the tenant to remove any trade fixtures... - ANSWER-
The tenant has the right to remove them before the lease is over
A three year lease agreement provides for rent of $800 a month in the first year,
$1,000 a month in the second year, and $1,200 a month in the third year would be
an example of a? - ANSWER-Graduated lease
Mary and Jess started a brokerage together. Jess made a mistake that resulted in a
lawsuit. One of the two had a large sum of money that had to be used to pay the
lawsuit. What type of ownership did Mary and Jess have? - ANSWER-Joint venture
For what purpose does the title company issue a title commitment? - ANSWER-To
make sure the title will be covered
If the capitalization rate in the income approach to appraising is lowered, the value of
the property will? - ANSWER-Go up
If a property is located in an AMA, how much water would a sub-divider/developer
have to prove to the commissioner in order to receive a public report? - ANSWER-
100 years
The property is transferred with a general warranty deed and a mechanic's lien is
filed on the property 30 days after closing. Who would the new owner pursue for a
settlement? - ANSWER-The seller
The only navigable river in AZ is? - ANSWER-Colorado
Which of the following sales is exempt from a public report? - ANSWER-The sales of
160 acres or more, 6 lots or less to the same buyer in one transaction, and sale of
commercially zoned parcels
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