ASREB
Northern Arizona University
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ASREB Chapter 1 exam 2023/2024 with 100% correct answers
- Exam (elaborations) • 7 pages • 2023
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Attachments are generally considered_____and can be either____or____ - correct answer real property, natural, or man made 
 
What are five test to determine what is or is not a fixture? - correct answer M.A.R.I.A. Method of Attachment, Agreement, Relationship, Intent, Adaptability 
 
Property ownership is what two basic systems? - correct answer Feudal and Allodial 
 
All real estate is owned by the king and there are no heirs. - correct answer Feudal System 
 
The system of land ownersh...
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ASREB EXAM 2023 WITH 100% CORRECT ANSWERS
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Wetlands = - correct answer Police Power 
 
Confidentiality = - correct answer Loyalty and last forever 
 
Brownfields = - correct answer Land with hazardous substance 
 
Friable = - correct answer Asbestos 
 
Compensatory Damages - correct answer Actual damage 
 
Type 2 water rights can be.... - correct answer Sold with the land 
 
Sub division - correct answer 6 or more lots less than 36 acres 
 
Nominee - correct answer To remain anonymous in a contract 
 
Future Lien possibly...
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ASREB Exam 2023/2024 with 100% correct answers
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Salesperson is working for a principal, but the salesperson exceeds authority in agreement. Principal does nothing to correct the actions, and the public is led to believe the actions were okay. Agency? - correct answer Estoppel 
 
Amount stated in a purchase contract in case the buyer breaches is called: - correct answer Liquidated 
 
In a sublease with a positive leasehold who benefits from excess rent? - correct answer Sub-lessor 
 
Property taxes are 1,525. 1st half paid by seller clos...
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ASREB exam 2023/2024 with 100% correct answers
- Exam (elaborations) • 20 pages • 2023
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A grantor conveyed a vacant one acre tract of land to a grantee. The grantee receives: - correct answer 43560 sq feet 
 
Fee simple title to a designated unit of air space with a percentage ownership of common elements in the property is called: - correct answer Condominum 
 
When a woman has an interest in land that will continue as long as she lives, she has: - correct answer Life Estate 
 
Tom and Sally are not married, but own a rental property together. Because they also have a right ...
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ASREB Exam Prep 2023/2024 with 100% correct answers
- Exam (elaborations) • 5 pages • 2023
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What is included in a "Bundle of Rights"? 
(allodial system of ownership) - correct answer 1. Possession 
2. Use 
3. Encumbrance (loan against) 
4. Expulsion (exclude others) 
5. Transfer 
 
Corporeal - correct answer Land and Tenements (buildings) 
 
Incorporeal - correct answer Rights and Relationships 
 
Hereditaments - correct answer Any property that can be inherited 
 
Fixtures - correct answer Item of personal property that because of it's attachment becomes real property 
 
MAR...
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ASREB Exam prep 2023/2024 with 100% correct answers
- Exam (elaborations) • 5 pages • 2023
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The sale of personal property would include: - correct answer Bill of sale 
 
What governmental right requires compensation to private property owners? - correct answer Eminent domain 
 
If property is obtained by the state after a person dies, this is called: - correct answer Escheat 
 
Transfer of real property requires a: - correct answer Deed 
 
This is an economic characteristic of real property: - correct answer Frozen asset 
 
A promissory note is considered: - correct answer ...
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ASREB Exam prep B-5 exam 2023/2024 with 100% correct answers
- Exam (elaborations) • 7 pages • 2023
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A rate of return: - correct answer Cap rate 
 
Buying An apartment building. It would be apprised using: - correct answer Income approach 
 
When a house is built with cheap material and shows signs of deterioration this is called: - correct answer Physical depreciation 
 
This is considered functional obsolescence: - correct answer Five bedroom house with one bathroom 
 
The market data approach in appraisal would refer to as: - correct answer Substitution 
 
When buying a rental prop...
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ASREB National Test A-1 exam 2023/2024 with 100% correct answers
- Exam (elaborations) • 9 pages • 2023
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The sale of personal property would include a: - correct answer Bill of Sale 
 
What governmental right requires compensation to private property owners? - correct answer Eminent Domain 
 
If property is obtained by the state after a person dies, this is called: - correct answer Escheat 
 
Transfer of real property requires a - correct answer Deed 
 
Which of the following would be an economic characteristic of real property? 
Non homogeneous 
Frozen Asset 
Alienation 
Governmental right...
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ASREB Practice exam 2023/2024 with 100% correct answers
- Exam (elaborations) • 14 pages • 2023
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Formula for finding property value when you have the net operating income and cap rate - correct answer Current market value(CMV)= NOI/ cap rate 
Example: CMV=$5.480/ .08(8%) =$68,500 
 
When would IRS form 1099S be used? - correct answer Report sales price 
 
What's a 1099s forms - correct answer Known as an "information return. The form the federal government requires to be filed when selling real estate. If you sold any real property during the course of the year, you must will receive ...
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ASREB Practice Exam 2023/2024 with 100% correct answers
- Exam (elaborations) • 23 pages • 2023
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A 3.45-acre lot sells for 50 cents per square foot. What was the selling price? 
a. $37,570 
b. $75,141 
c. $76,230 
d. $78,712 - correct answer b. $75,141 
 
A blind ad refers to an ad that 
a. provides no price 
b. provides no address 
c. gives no indication that the property is listed with a broker 
d. gives no indication that the property has been sold or not - correct answer c. gives no indication that the property is listed with a broker 
 
A borrower is required to put 10% down for th...
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