Exam (elaborations)
AZ REAL ESTATE EXAM FINAL EXAM QUESTIONS AND ANSWERS
- Institution
- Arizona School Of Real Estate And Business
AZ REAL ESTATE EXAM FINAL EXAM QUESTIONS AND ANSWERS
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AZ REAL ESTATE EXAM FINAL EXAMQUESTIONS AND ANSWERS
After initial assessments have been made by the homeowners association, they shall
be made at least: - ANSWER-Annually based on an annual budget
A release clause provides for the release of: - ANSWER-Parcels of land from blanket
mortgages or trust deeds
Real property can become personal property by: - ANSWER-Severance
The document filed with the county recorder to change the status of a manufactured
home from personal property to real property is a: - ANSWER-Affidavit of Affixture
Which of the following is personal property? A) Mortgage Note B) Fixture C)
Cesspool System D)Perennial Shrubs - ANSWER-Perennial shrubs
A bulk sales affidavit is a required notification by a buyer of a business with business
inventories to its creditors within how many days of completing the sale? - ANSWER-
10 days
Title to personal property is transferred with a: - ANSWER-Bill of Sale
To establish a lien on personal property a Financing Statement is filed with the: -
ANSWER-Secretary of State
Under the Uniform Commercial Code, the document used to create an interest in
personal property is a: - ANSWER-Security agreement
A subdivision can be restricted by a developer in the deed restriction for all of the
following reasons EXCEPT: - ANSWER-Zoning changes
All of the following are exempt from registration under the Interstate Land Sales Full
Disclosure Act, EXCEPT: - ANSWER-The lots are subject to a mortgage lien
A deed restriction does not permit the building of a fence. The buyer erects a fence
for his dog. The neighbors would enforce the deed restriction by: - ANSWER-A civil
court action
A right of way across an adjoining property for purposes of ingress and egress is
considered a/an: - ANSWER-Easement appurtenant
An easement created through continued use of a property is called - ANSWER-A
prescriptive easement
All of the following are specific liens, EXCEPT: - ANSWER-Internal Revenue Taxes
A property tax lien is what type of lien? - ANSWER-Specific
, After the Treasurer's sale, the owner of the property has a Right of Redemption
period of: - ANSWER-3 Years
A mechanic's lien filed by a contractor is a valid lien for: - ANSWER-6 months
After a project is completed and Notice of Completion is recorded, how long does a
subcontractor have to record its lien? - ANSWER-60 Days
All Mechanic's and Material man's Liens recorded against a property will have the
same date of priority, which is: - ANSWER-The date the construction project started
A deduction a homeowner has for income tax purposes is: - ANSWER-Interest
expense
A CLUE report can be obtained by the: - ANSWER-Seller's insurance agent
A Homeowners' Insurance policy: - ANSWER-Is known as a Multiline policy
An estate that is less than a freehold and lasts for a certain duration of time is known
as a: - ANSWER-Leasehold estate
Which of the following is NOT true regarding a property management trust account?
- ANSWER-. An unlicensed employee of a property management firm may not sign
checks on the property management trust account
Which of the following processes is not part of deed of trust foreclosure? - ANSWER-
Deed of reconveyance
A buyer assumed a seller's 11%, $80,000 first deed of trust on the settlement date of
June 13. The seller made the monthly payment of June 1 with interest in arrears.
Which of the following is a CORRECT settlement entry for the interest? - ANSWER-
$293.28 seller's debit
A buyer of real property: - ANSWER-May be a customer or a client
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: - ANSWER-
A public report issued by the Real Estate Commissioner
A seller makes a loan to the buyer to assist with the down payment and secures that
loan with a lien on the property. This kind of lien is considered: - ANSWER-A
purchase money mortgage
A minority buyer asks to see a type of house in a certain area. You (the salesperson
should do which of the following? - ANSWER-Show him houses only in that one area
A commercial property was in foreclosure and after the sale, the mortgagee did not
receive enough money to satisfy the note. Which of the following statements is true?
- ANSWER-The lender can sue for a deficiency judgment against the borrower
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