Exam (elaborations)
AZ REAL ESTATE PRACTICE EXAM QUESTIONS AND ANSWERS
- Institution
- Arizona School Of Real Estate And Business
AZ REAL ESTATE PRACTICE EXAM QUESTIONS AND ANSWERS
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AZ REAL ESTATE PRACTICE EXAMQUESTIONS AND ANSWERS
The Five-Year Rule - ANSWER-Licensees may be disciplined if it appears that within
the last five years they have:
-Engaged in misrepresentation and fraud
-Engaged in improper fund or record handling.
-Failed to treat clients fairly and honestly
-Disregarded/violated any of the provisions of AZ license law or any of the
commissioner's rules.
-Violated federal fair housing law, AZ civil rights law, or any similar local ordinance.
-Accepted real estate-related compensation from anyone other than their employing
broker.
Cooperation agreement - ANSWER--Any elsewhere-licensed person who plans to
earn any type of valuable consideration—such as a fee, commission, or other
compensation—for real estate transactions in Arizona must enter into a cooperation
agreement with an Arizona broker.
-Cooperation agreements outline the real estate activities that the out-of-state broker
can perform, and acknowledge that the Arizona broker is responsible for the out-of-
state broker's actions.
-Licensed Arizona salespersons may NOT enter into cooperation agreements with
out-of-state brokers, but brokers might.
Summary Suspension (of license) - ANSWER-ADRE may summarily (immediately)
suspend a license if the commissioner finds that the licensee's actions are causing
an immediate threat to public health, safety, or welfare. The suspended licensee may
request a hearing to challenge the suspension. If a hearing request isn't received
within 30 days of the suspension, the suspension is deemed final.
-OR if the licensee is convicted of a felony offense and is currently incarcerated,
paroled, under a parole/community supervision officer's supervision, or on probation
Possible penalties include: - ANSWER--Civil penalties
-Letter of concern
-issuance of a provisional license
-denial of issuance, renewal, or reinstatement
-summary (immediate) suspension
-suspension or revocation of license
If a licensee is found guilty of a violation, what's the maximum civil penalty per
violation that can be assessed? - ANSWER-$1,000
Real estate recovery fund - ANSWER-A fund to compensate a CONSUMER'S
losses resulting from the violations or actions of a real estate licensee when the
licensee is unable to pay
Use of the RE recovery fund may result in: - ANSWER--Repayment of damages
amount to the fund
, -Interest payments to the fund
-License termination
Who has the power to issue a final order regarding a licensee's penalty for a license
law violation? - ANSWER-The real estate commissioner
Which three items are included in the timeshare disclosure given to all prospects? -
ANSWER--Sales pitch/tour time limit
-Estimated retail value of premium
-Conditions and requirements to qualify for premium
The Arizona Administrative Code is made up of regulations and essentially acts as
the commissioner's rulebook for enforcing Arizona's real estate laws. Do you recall
what sort of topics are covered in that rulebook? - ANSWER--General provisions
(including definitions)
-Licensure requirements
-Education requirements
-Advertising rules
Document-handling rules
-Compensation regulations
-Professional conduct expectations
-Administrative procedures
Licensing Authority - ANSWER-Each state has its own licensing authority, which
establishes the requirements of licensure and continued licensure (e.g., continuing
education requirements). Many licensing authorities also create and enforce
regulations in addition to laws.
Law - ANSWER-(aka a statute) begins as legislation proposed by and voted into
effect by a state legislature
Regulation - ANSWER-a standard or rule adopted by a government agency, such as
a state department of commerce or a state real estate commission. Although not
voted on by a state legislature, these regulations have the same effect as law for
licensees.
License laws often prescribe a standard of conduct for licensees. - ANSWER-True
License laws exist to protect consumers. - ANSWER-True
Professional associations determine which activities are affected by state licensing
laws. - ANSWER-False
To gain a broker's license in Arizona - ANSWER-you'll need to first have three years
of experience as a licensed real estate salesperson.
Associate broker - ANSWER-a licensed broker who works under another broker's
supervision. Associate brokers generally have the same license privileges as a
salesperson. Many agents become associate brokers when they want to show that
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