Exam (elaborations)
TEST GUIDE FOR AZ REAL ESTATE QUESTIONS WITH CORRECT ANSWERS
- Institution
- Arizona School Of Real Estate And Business
TEST GUIDE FOR AZ REAL ESTATE QUESTIONS WITH CORRECT ANSWERS
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TEST GUIDE FOR AZ REAL ESTATEQUESTIONS WITH CORRECT
ANSWERS
A non-resident license applicant must consent to? - ANSWER-The appointment of
the real estate commissioner as agent or attorney-in-fact
The mortgagee is selling the mortgage to a third party and the purchaser wants to be
assured of the amount and terms of the mortgage and that the mortgagor
acknowledges the full amount of the deb. Which of the following would be used? -
ANSWER-Estoppel certificate
Which one is not a leasehold estate? - ANSWER-Life estate
Property management finder fees paid are kept for how many years? - ANSWER-3
years
The broker removes interest earnings in a trust account at least... - ANSWER-Every
12 months
The designated broker reviews, dates and initials all employment agreements, sales
contracts, leases (as applicable) and similar documents within how many days of
execution? - ANSWER-10 business days
At what website can a tenant download a copy of the AZ residential landlord & tenant
act (ARLTA)? - ANSWER-AZ Dept. of Housing
All property management financial records are kept for a period of how many years?
- ANSWER-3 years
Each property management entered into by the brokerage may have but not
mandatory... - ANSWER-Automatic renewal with at least a 30 day advance written
notice
Nonresidential leases are kept for a period of how many years from termination? -
ANSWER-5 years
Does a personal bankruptcy cancel a homestead? - ANSWER-No, because the
homestead protects the equity in your home even in bankruptcy
A homeowner contracted with pools r us to build a pool. The work began on may 1st
and was completed on June 1, but the contractor was never paid. The homeowner
then financed her home with two loans, one from executive bank which was
recorded on July 1st and one with citiwide savings which was recorded on July 2nd.
Ony July 3rd, pools r us filed a mechanics lien. What is the priority of liens? -
ANSWER-Pools r us, executive bank, citiwide savings
,All the following can be used in a developer's subdivision advertisement, except... -
ANSWER-Claims that the public report is an endorsement of the project
The central arizona water conservation district (CAWCD) was formed in? -
ANSWER-1971
A heat wave has just hit AZ and the A/C is broke in the rental unit. What should the
tenant do? - ANSWER-Inform landlord and vacate unit
Maggie May just purchased a condo in Scottsdale from the original purchaser who
was allowed a 5 day right of rescission. How many days is Maggie allowed to rescind
her contract? - ANSWER-0 days - there is no right of rescission on real property
Which of the following would be classified as real property? - ANSWER-A copper
mine
Four professional poker players who are good friends decided to purchase a home in
PHX by obtaining financing. They are putting down a substantial down payment but
have unverifiable income and planning to pay the house back in 5 years. Which type
of loan would be best for them? - ANSWER-Secured personal loan/liquid assets
What is recorded at close of escrow? - ANSWER-Deed of trust
Which department cares the least about the environment? - ANSWER-AZ Dept. of
Commerce
A buyer purchases an unimproved lot from a developer who will also build a house
on lot within 6 months. How long does the buyer have to rescind the transaction? -
ANSWER-No rescission on unimproved lots
A buyer is buying a house and there is storage shed in the yard. At what point would
the seller have the right to remove it? - ANSWER-If it is agreed to in the purchase
contract that it does not convey
Which of the following would be linked to mold? - ANSWER-Insulated windows and
walls
A person has 21 acres of land in an area not allowed for subdivisions. He plans to
break the land into lots to build houses on it. The heritable standard in that area is at
least 3 acres for one living unit. What is the maximum number of parcels that person
can break his land into without violating any laws and regulations? - ANSWER-5
A real estate licensee/investor who wants to practice in equity sharing should have a
good understanding of? - ANSWER-IRS Tax laws and Regulations
What legal purpose does recording the deed fulfill? - ANSWER-Gives constructive
notice to 3rd parties about title
The commissioner will not issue a cease and desist order to a licensee for? -
ANSWER-Recovery fund claim
, To be in compliance with Regulation Z (truth in lending act), which of the following
statements in advertising would require full disclosure? - ANSWER-10% down
payment
On a month to month apartment lease, how many days notice must a landlord give
the tenant to vacate? - ANSWER-30 days
A security license would be needed in selling? - ANSWER-An investment pool of real
estate properties
A tenant decides to move their seafood business at the end of the current lease
term. They are starting to remove their built in freezers from current location and the
owner told them not to remove them. Which of the following statements is correct? -
ANSWER-The tenant can keep the freezers and pay nothing
The title company has been employed to receive payments. The title company is
the... - ANSWER-Servicing agent - the business that services the mortgage
The broker is representing both the buyer and the seller in the residential real estate
purchase transaction. One year after closing, the buyer is having electrical problems
and believes they were pre-existing and never disclosed by the seller. The broker
can - ANSWER-Can't advise buyer and seller on the issue
What criteria must be met if a taxpayer would want to be eligible to the $250,000
exemption for capital gains? - ANSWER-The person must be living in the house 2
out of the last 5 years
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
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