AZ STATE SPECIFIC EXAM QUESTIONS WITH
COMPLETE SOLUTIONS
A broker goes on a cruise for 10 days. Who can be left in
charge? Correct Answers Any real estate licensee employed by
the broker
A broker may collect a commission from both buyer and seller
if: Correct Answers Written approval is given before execution
A broker may represent a buyer and seller in a real estate
transaction and receive a commission from both provided:
Correct Answers The broker received written consent from
buyer and seller
A broker prepares documents at a cost of $35. Which of the
following is true? Correct Answers The broker cannot charge
for the service
A broker receives an oral offer over the telephone. What should
they do? Correct Answers The broker must present the oral
offer
A buyer and seller enter into a purchase contract, but the broker
fails to initial the contract within the required 10 business days.
What is the status of the purchase contract? Correct Answers
Valid
A buyer buys a property under an Agreement for Sale with only
10% down. The buyer then leaves town and abandons the
property. Which of the following statements are true? Correct
,Answers Buyer will forfeit their equity after a specific time
period
A buyer is obtaining a new loan to purchase property. The buyer
is most likely to accept title with which of the following liens
remaining unpaid as of close of escrow: Correct Answers
Property taxes for the current year for the property being sold
A buyer obtains a loan on a parcel of land secured by a Deed of
Trust. Later the buyer moves a mobile home on the lot and
defaults on the Deed of Trust. Which of the following is true?
Correct Answers Lender may foreclose on the land only
A claim against the recovery fund CANNOT be file by: Correct
Answers A corporation that was harmed by a licensee
A commercial project was in foreclosure, and after the sale of
mortgagee did not receive enough money to satisfy the note.
Which of the following statements are true? Correct Answers
The lender can sue the borrower for deficiency judgment
A contractor starts work on May 1, 2000. He completes work on
August 15, 2000 and records a mechanic's lien on October 10,
2000. What is the effective date of the lien? Correct Answers
May 1st
A deed is acknowledged in AZ to: Correct Answers Meet state
law
,A defeasance clause in a Deed of Trust allows for: Correct
Answers Cancellation of the lender's claim upon full note
payment
A general contractor does work for a tenant in a commercial
leased space. The tenant fails to pay the contractor. Which of the
following is true regarding the mechanic's lien? Correct
Answers The contractor can only lien the leasehold interest
A land contract has an acceleration clause and is now in default.
Which of the following is true? Correct Answers Once the
acceleration clause is exercised, a lender would foreclose as a
mortgage
A landlord wishes to show a party your apartment. He may do
so with which of the following notices? Correct Answers 48
hours
A license is renewed every : Correct Answers 2 years
A licensee may NOT charge for document preparation as a
result of which of the following: Correct Answers Arizona
Constitution Article XXVI
A listing agreement is known as: Correct Answers A contract
for personal and professional services
A Master Planned Community would best be described as:
Correct Answers
, A Master Planned Community would best be described as:
Correct Answers Two or more platted subdivisions with
CC&Rs
A mechanic's lien may be filed by: Correct Answers The
lumber supplier
A mechanic's lien must be placed on title by a general contractor
within: Correct Answers 120 days after job is completed
A notice of foreclosure under a Deed of Trust is given by
whom? Correct Answers Trustee
A person would qualify for a homestead when? Correct
Answers Upon taking ownership and moving in
A property has a first note and Deed of Trust for $20,000 and a
second note and Deed of Trust for $10,000. The first is in
default, and the lender agrees to take back quit claim deed. What
is the position of the $10,000 second? Correct Answers The
second is now in first position
A property management agreement may be terminated: Correct
Answers By complying with any time parameters in the
agreement
A property management company is required to keep a copy of
all residential rental agreements upon expiration for a period of?
Correct Answers 1 year
COMPLETE SOLUTIONS
A broker goes on a cruise for 10 days. Who can be left in
charge? Correct Answers Any real estate licensee employed by
the broker
A broker may collect a commission from both buyer and seller
if: Correct Answers Written approval is given before execution
A broker may represent a buyer and seller in a real estate
transaction and receive a commission from both provided:
Correct Answers The broker received written consent from
buyer and seller
A broker prepares documents at a cost of $35. Which of the
following is true? Correct Answers The broker cannot charge
for the service
A broker receives an oral offer over the telephone. What should
they do? Correct Answers The broker must present the oral
offer
A buyer and seller enter into a purchase contract, but the broker
fails to initial the contract within the required 10 business days.
What is the status of the purchase contract? Correct Answers
Valid
A buyer buys a property under an Agreement for Sale with only
10% down. The buyer then leaves town and abandons the
property. Which of the following statements are true? Correct
,Answers Buyer will forfeit their equity after a specific time
period
A buyer is obtaining a new loan to purchase property. The buyer
is most likely to accept title with which of the following liens
remaining unpaid as of close of escrow: Correct Answers
Property taxes for the current year for the property being sold
A buyer obtains a loan on a parcel of land secured by a Deed of
Trust. Later the buyer moves a mobile home on the lot and
defaults on the Deed of Trust. Which of the following is true?
Correct Answers Lender may foreclose on the land only
A claim against the recovery fund CANNOT be file by: Correct
Answers A corporation that was harmed by a licensee
A commercial project was in foreclosure, and after the sale of
mortgagee did not receive enough money to satisfy the note.
Which of the following statements are true? Correct Answers
The lender can sue the borrower for deficiency judgment
A contractor starts work on May 1, 2000. He completes work on
August 15, 2000 and records a mechanic's lien on October 10,
2000. What is the effective date of the lien? Correct Answers
May 1st
A deed is acknowledged in AZ to: Correct Answers Meet state
law
,A defeasance clause in a Deed of Trust allows for: Correct
Answers Cancellation of the lender's claim upon full note
payment
A general contractor does work for a tenant in a commercial
leased space. The tenant fails to pay the contractor. Which of the
following is true regarding the mechanic's lien? Correct
Answers The contractor can only lien the leasehold interest
A land contract has an acceleration clause and is now in default.
Which of the following is true? Correct Answers Once the
acceleration clause is exercised, a lender would foreclose as a
mortgage
A landlord wishes to show a party your apartment. He may do
so with which of the following notices? Correct Answers 48
hours
A license is renewed every : Correct Answers 2 years
A licensee may NOT charge for document preparation as a
result of which of the following: Correct Answers Arizona
Constitution Article XXVI
A listing agreement is known as: Correct Answers A contract
for personal and professional services
A Master Planned Community would best be described as:
Correct Answers
, A Master Planned Community would best be described as:
Correct Answers Two or more platted subdivisions with
CC&Rs
A mechanic's lien may be filed by: Correct Answers The
lumber supplier
A mechanic's lien must be placed on title by a general contractor
within: Correct Answers 120 days after job is completed
A notice of foreclosure under a Deed of Trust is given by
whom? Correct Answers Trustee
A person would qualify for a homestead when? Correct
Answers Upon taking ownership and moving in
A property has a first note and Deed of Trust for $20,000 and a
second note and Deed of Trust for $10,000. The first is in
default, and the lender agrees to take back quit claim deed. What
is the position of the $10,000 second? Correct Answers The
second is now in first position
A property management agreement may be terminated: Correct
Answers By complying with any time parameters in the
agreement
A property management company is required to keep a copy of
all residential rental agreements upon expiration for a period of?
Correct Answers 1 year
