Exam (elaborations)
ARIZONA STATUTES AND COMMISSIONER'S RULES EXAM QUESTIONS AND ANSWERS
- Institution
- Arizona School Of Real Estate And Business
ARIZONA STATUTES AND COMMISSIONER'S RULES EXAM QUESTIONS AND ANSWERS
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ARIZONA STATUTES ANDCOMMISSIONER'S RULES EXAM
QUESTIONS AND ANSWERS
How many does a licensee have to respond to an investigation? - ANSWER-14 days
Who can prepare a real estate contract? - ANSWER-Article 26 of the Arizona
constitution allows licensed real estate brokers and salespersons to prepare
instruments incident to property transactions without charging for those services.
This right has been in effect since legislation passed it in 1962.
Who reviews and initials all contracts? And how many does of contract acceptance
must this be done? - ANSWER-The designated broker must review and initial all
contracts submitted by employed licensees within 10 business days of contract
acceptance.
Who must sign a real estate contract when selling community property? - ANSWER-
BOTH husband and wife, otherwise, the contract is NOT enforceable. The contract
would be null and void without both signatures.
What Act creates statutory authority for creating contracts electronically via
computer? - ANSWER-The Arizona Electronics Transaction Act
Who can enter into a contract? - ANSWER-In Arizona, any person 18 years or older
with full mental capacity, as well as persons who have been declared emancipated,
are capable of entering into a contract.
Statute of Frauds - ANSWER-All real estate contracts need to be in writing to be
enforceable EXCEPT for leases of one year or less and broker to broker
agreements.
Name the 4 types of listing agreements in Arizona - ANSWER-1. Exclusive Right to
Sell (ER)
2. Exclusive Agency (EA)
3. Open Listings
4. Net Listings
What is true about ALL listing agreements? - ANSWER-They MUST be in writing!
What is required to do be a property manager in Arizona? - ANSWER-A property
manager must have a real estate license if he manages more than one property for
someone else with the expectation of compensation.
Why can only a broker accept property management employment? - ANSWER-
Because it calls for payment of compensation.
, What is the rule about property management agreements? - ANSWER-They must be
in writing
Who is the property management agreement between? - ANSWER-The real estate
broker and the property owner
What is the maximum finder fee credit that can be applied towards the tenant's
monthly rent? - ANSWER-$200
How many times can a tenant receive a finder's fee? - ANSWER-Up to 5 times in a
twelve-month period
Arizona passed a new law relating to bed bugs which does what 4 things? -
ANSWER-1. Requires tenants to notify landlords in writing or electronically of the
presence of bed bugs
2. Prohibits tenants from moving items into the building if they are known to be
infested with bed bugs
3. Requires landlords to provide bed bug educational material to existing and new
tenants
4. Prohibits landlords from renting units known to have current bed bug infestation
Who is exempt from having to disclose bed bugs? - ANSWER-Owners of single
family dwellings
Late License Renewal - ANSWER-1. If applicant renews within the ONE YEAR
grace period after license expiration, he may apply CE hours completed after
expiration toward CE required for renewal.
2. The department shall TERMINATE a license that has been expired for MORE
than one year.
What are the qualifications for a real estate Salesperson's License? - ANSWER-1. Is
a person of honesty, trustworthiness, character, and competency
2. Has not had a real estate license denied within one year or revoked within two
years immediately preceding application.
3. Is at least 18 years old
4. Complete a 90-hour pre-licensing course and pass both the school and state
exams.
5. Take a 6-hour continuing education course in contract law and contract writing
If one is denied a real estate license for any reason, how long is the wait to reapply?
- ANSWER-1 year
If one's license is revoked for any reason, how long is the wait to reapply? -
ANSWER-2 years
What are the qualifications for a Broker's License? - ANSWER-1. 3 years of active
experience as a licensed salesperson or broker during the five years immediately
preceding the time of application.
2. Must pass an examination for broker's license that is more exacting and stringent
and of a broader scope than the salesperson's exam.
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