ARIZONA REAL ESTATE FUNDAMENTALS
PRACTICE EXAM (2ND EDITION)
1. A 3.45-acre lot sells for 50 cents per square foot. What is the selling price?
Answer -
$75,141
2. A blind ad refers to an ad that
Answer Gives no indication that the property is listed with a broker
3. A borrower is required to put 10% down for the purchase of a property. The 10%
down would be considered
Answer equity
4. A broker, acting as a property manager, would be what type of agent?
Answer general agent
5. A buyer pays 20% down and obtains a real estate mortgage. The buyer makes no
further payments. What clause with the lender now exercise?
Answer Acceleration
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,6. Which represents the County Assessor's reflection of market value?
Answer Full Cash Value
7. A contract has been signed, but title has not yet passed. The contract is
Answer Ex- ecutory
8. A handicapped person is leasing a house that requires modification. Which of the
following is true about the modification
Answer The lessor can require the lessee to reasonably restore the property at the end of the lease
9. A holdover tenant would have a(n)
Answer Estate at sutterance
10. Which of these property classifications is used for vacant land?
Answer Class 2
11. A house costs $100,000. The buyer is making a down payment of $32,000 and
getting a $68,000 loan. If there are 4 points, how much money will be paid out of the
closing for the points?
A. $400
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, B. $1,280
C. $2,720
D. $4,000
Answer C. $2,720
Points are based on the loan amount. If each point is 1% of the loan amount, each point costs $680 ($68,000 X .01 =
$680) . The buyer is paying four points, so $680 x 4 = $2720.
12. A lender refuses to loan or limits loans in a certain minority neighborhood. This
action is called
Answer Redlining
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PRACTICE EXAM (2ND EDITION)
1. A 3.45-acre lot sells for 50 cents per square foot. What is the selling price?
Answer -
$75,141
2. A blind ad refers to an ad that
Answer Gives no indication that the property is listed with a broker
3. A borrower is required to put 10% down for the purchase of a property. The 10%
down would be considered
Answer equity
4. A broker, acting as a property manager, would be what type of agent?
Answer general agent
5. A buyer pays 20% down and obtains a real estate mortgage. The buyer makes no
further payments. What clause with the lender now exercise?
Answer Acceleration
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21
,6. Which represents the County Assessor's reflection of market value?
Answer Full Cash Value
7. A contract has been signed, but title has not yet passed. The contract is
Answer Ex- ecutory
8. A handicapped person is leasing a house that requires modification. Which of the
following is true about the modification
Answer The lessor can require the lessee to reasonably restore the property at the end of the lease
9. A holdover tenant would have a(n)
Answer Estate at sutterance
10. Which of these property classifications is used for vacant land?
Answer Class 2
11. A house costs $100,000. The buyer is making a down payment of $32,000 and
getting a $68,000 loan. If there are 4 points, how much money will be paid out of the
closing for the points?
A. $400
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21
, B. $1,280
C. $2,720
D. $4,000
Answer C. $2,720
Points are based on the loan amount. If each point is 1% of the loan amount, each point costs $680 ($68,000 X .01 =
$680) . The buyer is paying four points, so $680 x 4 = $2720.
12. A lender refuses to loan or limits loans in a certain minority neighborhood. This
action is called
Answer Redlining
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21
