Arizona Real State Part 2
A broking may additionally accumulate a fee from each client and seller if
A)oral approval is given.
B)written approval is given after execution.
C)the commissioner approves.
D)written approval is given before execution of a contract. - ANS-Written approval is given
earlier than execution of a agreement.
According to Commissioner's Rule R4-28-1101.F: A broker shall no longer receive
compensation from or constitute multiple birthday celebration to a transaction with out the
prior written consent of all events to the transaction. (The word consent means that the
approval need to be given earlier than execution of the agreement.)
Reference: Commissioner's Rules
A broking may additionally constitute both a consumer and a dealer in a actual property
transaction and get hold of a fee from each, supplied that
A)the broking has obtained written consent from consumer and dealer.
B)the broker splits the fee with the cooperating dealer.
C)the full price in fee does now not exceed the seller's full fee paid.
D)the broking verbally disclosed to all events in keeping with Statute of Frauds. - ANS-The
broker has obtained written consent from client and vendor.
According to Commissioner's Rule R4-28-1101.F: A broking shall now not take delivery of
reimbursement from or constitute a couple of party to a transaction without the prior written
consent of all events to the transaction.
Reference: Commissioner's Rules
A brokerage rents area in a industrial place of town and employs a complete-time body of
workers of 30 people and 1,500 income buddies. The brokerage has a strictly enforced
coverage that its pals need to deal only in unmarried-family residential transactions. Must
this brokerage be involved with the provisions of the Americans With Disabilities Act (ADA)?
A)Yes, because the ADA applies to all groups with 15 or extra employees.
B)No, due to the fact the ADA does now not apply to unmarried-circle of relatives residential
income transactions.
C)Yes, because the ADA applies to all companies, regardless of what the nature of the
enterprise is.
D)Yes, due to the fact the ADA applies especially to actual estate licensees. - ANS-Yes,
because the ADA applies to all corporations with 15 or extra employees.
The ADA applies to commercial corporations with 15 or extra personnel. It does now not
practice to residential belongings, nor does it apply to a brokerage with much less than 15
personnel and offers best in residential transactions. However, it does apply to a brokerage
that deals in residential transactions if the brokerage has 15 or more employees.
Reference: Fair Housing and ADA
,A client and vendor input into a buy settlement, but the dealer fails to preliminary the
settlement within the required 10 commercial enterprise days. What is the reputation of the
acquisition settlement?
A)Valid
B)Voidable
C)Unenforceable
D)Void - ANS-Valid.
The purchase contract is between client and seller. The idea that the broking has now not
reviewed the contract does no longer invalidate the contractual relationship between the
client and the seller.
Reference: Contracts and Contract Law
A homestead exemption will shield a homeowner towards which sort of lien?
A)Mechanic's lien
B)Judgment lien
C)Deed of trust lien
D)Tax lien - ANS-Judgment lien
The domicile exemption protects the property owner against the execution of all sorts of
involuntary lien besides mechanic's liens and real property tax liens. In Arizona, mechanic's
liens—even though they're involuntary liens—are prioritized earlier than voluntary liens. The
homestead exemption is prioritized after voluntary liens. Only involuntary liens—which
include judgments—are prioritized after the home exemption.
Reference: Encumbrances
A lender can not get a deficiency judgment in opposition to a property owner who defaults on
a mortgage that is secured by means of the primary house if the number one house is
located on a parcel that is no larger than what?
A)2½ acres
B)three acres
C)4 acres
D)1 acre - ANS-2½ acres.
The statutory deficiency judgment safety applies most effective for primary residences
(together with duplexes, triplexes, fourplexes, mobile houses, condominiums, and so forth.).
The primary house ought to be located on plenty this is 2½ acres or less.
Reference: Deed of Trust Foreclosure
A lender need to discharge a deed of trust lien and document a lien launch within how many
days after the lien is satisfied?
A)30 days
B)90 days
C)10 days
D)60 days - ANS-60 days
, When all mortgage payments were made and the promissory note has been paid in
complete, the borrower will want the public report to reveal that the debt has been glad and
that the lender is divested of all rights conveyed below the loan or deed of consider. By the
provisions of the defeasance clause inside the financing device, the lender should execute a
lien launch. Entering this release in the public record suggests that the debt has been
removed from the property.
Reference: Financing Documents
A licensee owes a fiduciary obligation to the purchaser and shall defend and sell
A)the hobbies of the client.
B)the interests of all events to a transaction.
C)the package deal of rights.
D)all assets pastimes. - ANS-The pastimes of the purchaser.
According to Commissioner's Rule R4-28-1101.A: A licensee owes a fiduciary obligation to
the patron and shall shield and sell the customer's hobbies. The licensee shall also deal
fairly with all different events to a transaction.
Reference: Commissioner's Rules
A lot reservation deposit for a unmarried lot or parcel can not exceed
A)$three,000.
B)$5,000.
C)$four,000.
D)$1,000. - ANS-$five,000.
According to A.R.S. § 32-2181.03.B2: The reservation deposit for a single lot or parcel isn't
always authorised to exceed 5 thousand bucks.
Reference: Real Estate Statutes
A master deliberate community is
A)two or extra platted subdivisions with recorded covenants, conditions, and restrictions
(CC&Rs).
B)Six or more plenty, parcels, or fractional pursuits, every of that is 36 acres or extra.
C)Six or extra masses, parcels, or fractional pastimes.
D)A real estate improvement that includes actual estate owned and operated by means of a
nonprofit HOA. - ANS-Two or more platted subdivisions with recorded covenants, situations,
and restrictions (CC&Rs).
Generally, when or more platted subdivisions have a commonplace set of CC&Rs, every
subdivision will have particular CC&Rs, and the grasp planned network can have a grasp set
of CC&Rs.
Reference: Property Interests, Estates, and Tenancies
A mechanic's lien is which type of lien?
A)Specific, statutory, involuntary
B)Specific, voluntary, however sometime statutory and someday equitable
C)General, voluntary, and judgmental
D)Specific, involuntary, and judgmental - ANS-Specific, statutory, involuntary.
A broking may additionally accumulate a fee from each client and seller if
A)oral approval is given.
B)written approval is given after execution.
C)the commissioner approves.
D)written approval is given before execution of a contract. - ANS-Written approval is given
earlier than execution of a agreement.
According to Commissioner's Rule R4-28-1101.F: A broker shall no longer receive
compensation from or constitute multiple birthday celebration to a transaction with out the
prior written consent of all events to the transaction. (The word consent means that the
approval need to be given earlier than execution of the agreement.)
Reference: Commissioner's Rules
A broking may additionally constitute both a consumer and a dealer in a actual property
transaction and get hold of a fee from each, supplied that
A)the broking has obtained written consent from consumer and dealer.
B)the broker splits the fee with the cooperating dealer.
C)the full price in fee does now not exceed the seller's full fee paid.
D)the broking verbally disclosed to all events in keeping with Statute of Frauds. - ANS-The
broker has obtained written consent from client and vendor.
According to Commissioner's Rule R4-28-1101.F: A broking shall now not take delivery of
reimbursement from or constitute a couple of party to a transaction without the prior written
consent of all events to the transaction.
Reference: Commissioner's Rules
A brokerage rents area in a industrial place of town and employs a complete-time body of
workers of 30 people and 1,500 income buddies. The brokerage has a strictly enforced
coverage that its pals need to deal only in unmarried-family residential transactions. Must
this brokerage be involved with the provisions of the Americans With Disabilities Act (ADA)?
A)Yes, because the ADA applies to all groups with 15 or extra employees.
B)No, due to the fact the ADA does now not apply to unmarried-circle of relatives residential
income transactions.
C)Yes, because the ADA applies to all companies, regardless of what the nature of the
enterprise is.
D)Yes, due to the fact the ADA applies especially to actual estate licensees. - ANS-Yes,
because the ADA applies to all corporations with 15 or extra employees.
The ADA applies to commercial corporations with 15 or extra personnel. It does now not
practice to residential belongings, nor does it apply to a brokerage with much less than 15
personnel and offers best in residential transactions. However, it does apply to a brokerage
that deals in residential transactions if the brokerage has 15 or more employees.
Reference: Fair Housing and ADA
,A client and vendor input into a buy settlement, but the dealer fails to preliminary the
settlement within the required 10 commercial enterprise days. What is the reputation of the
acquisition settlement?
A)Valid
B)Voidable
C)Unenforceable
D)Void - ANS-Valid.
The purchase contract is between client and seller. The idea that the broking has now not
reviewed the contract does no longer invalidate the contractual relationship between the
client and the seller.
Reference: Contracts and Contract Law
A homestead exemption will shield a homeowner towards which sort of lien?
A)Mechanic's lien
B)Judgment lien
C)Deed of trust lien
D)Tax lien - ANS-Judgment lien
The domicile exemption protects the property owner against the execution of all sorts of
involuntary lien besides mechanic's liens and real property tax liens. In Arizona, mechanic's
liens—even though they're involuntary liens—are prioritized earlier than voluntary liens. The
homestead exemption is prioritized after voluntary liens. Only involuntary liens—which
include judgments—are prioritized after the home exemption.
Reference: Encumbrances
A lender can not get a deficiency judgment in opposition to a property owner who defaults on
a mortgage that is secured by means of the primary house if the number one house is
located on a parcel that is no larger than what?
A)2½ acres
B)three acres
C)4 acres
D)1 acre - ANS-2½ acres.
The statutory deficiency judgment safety applies most effective for primary residences
(together with duplexes, triplexes, fourplexes, mobile houses, condominiums, and so forth.).
The primary house ought to be located on plenty this is 2½ acres or less.
Reference: Deed of Trust Foreclosure
A lender need to discharge a deed of trust lien and document a lien launch within how many
days after the lien is satisfied?
A)30 days
B)90 days
C)10 days
D)60 days - ANS-60 days
, When all mortgage payments were made and the promissory note has been paid in
complete, the borrower will want the public report to reveal that the debt has been glad and
that the lender is divested of all rights conveyed below the loan or deed of consider. By the
provisions of the defeasance clause inside the financing device, the lender should execute a
lien launch. Entering this release in the public record suggests that the debt has been
removed from the property.
Reference: Financing Documents
A licensee owes a fiduciary obligation to the purchaser and shall defend and sell
A)the hobbies of the client.
B)the interests of all events to a transaction.
C)the package deal of rights.
D)all assets pastimes. - ANS-The pastimes of the purchaser.
According to Commissioner's Rule R4-28-1101.A: A licensee owes a fiduciary obligation to
the patron and shall shield and sell the customer's hobbies. The licensee shall also deal
fairly with all different events to a transaction.
Reference: Commissioner's Rules
A lot reservation deposit for a unmarried lot or parcel can not exceed
A)$three,000.
B)$5,000.
C)$four,000.
D)$1,000. - ANS-$five,000.
According to A.R.S. § 32-2181.03.B2: The reservation deposit for a single lot or parcel isn't
always authorised to exceed 5 thousand bucks.
Reference: Real Estate Statutes
A master deliberate community is
A)two or extra platted subdivisions with recorded covenants, conditions, and restrictions
(CC&Rs).
B)Six or more plenty, parcels, or fractional pursuits, every of that is 36 acres or extra.
C)Six or extra masses, parcels, or fractional pastimes.
D)A real estate improvement that includes actual estate owned and operated by means of a
nonprofit HOA. - ANS-Two or more platted subdivisions with recorded covenants, situations,
and restrictions (CC&Rs).
Generally, when or more platted subdivisions have a commonplace set of CC&Rs, every
subdivision will have particular CC&Rs, and the grasp planned network can have a grasp set
of CC&Rs.
Reference: Property Interests, Estates, and Tenancies
A mechanic's lien is which type of lien?
A)Specific, statutory, involuntary
B)Specific, voluntary, however sometime statutory and someday equitable
C)General, voluntary, and judgmental
D)Specific, involuntary, and judgmental - ANS-Specific, statutory, involuntary.
