ARIZONA REAL ESTATE BROKERAGE
PRACTICES AND ETHICS STUDY GUIDE
2026
◉ How long is a mechanic's lien valid for?
Answer: 6 months
◉ What type of liens are property liens?
Answer: Specific liens
◉ What could be a part of a Deed of Trust?
Answer: Judicial foreclosure
Non-judicial foreclosure
Reinstatement period
◉ An assignment of Rents Clause is for the benefit of the:
Answer: Beneficiary
◉ When do you file a mechanic's lien:
Answer: After the completion of work
,◉ Mechanic's lien takes priority from:
Answer: The Date Work Began
◉ If you have been given notice of a possible future lien, this lien is
probably for:
Answer: Mechanic's lien
◉ A general contractor does work for a tenant in a commercial lease
space. The tenant fails to pay the contractor. The contractor can:
Answer: only lien the leasehold interest
◉ A tenant hires a contractor to construct a patio roof. The tenant
refuses to pay the amount owed, the mechanic may file a lien
against:
Answer: Tenant's improvements
◉ Once originated, under the Deed of Trust, who owns the property?
Answer: Trustor
◉ Who pays the fee for recording a Deed of Reconveyance?
Answer: Trustor
,◉ When a mechanic's lien is recorded and later results in
judgement, what is the lien priority of the judgment?
Answer: Same as the mechanic's lien
◉ Judgments in Arizona would be valid for what period of time?
Answer: 5 years
◉ 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 a quitclaim deed. What position
of the $10,000?
Answer: The second is now in first position
◉ 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. The Lender may foreclose on:
Answer: The Land Only
◉ After a Deed of Trust Foreclosure sale, the Trustee deed is given
to:
Answer: The New Owner
◉ What would be a part of an agreement for sale?
Answer: Statutory Notice
, Accounting Service Agreement
Forfeiture Rights
◉ State usury laws would set:
Answer: Interest Rates
◉ A land contract has an acceleration clause and is now in default.
Once the acceleration clause is exercised:
Answer: a lender would foreclose as a mortgage
◉ A seller may accelerate payment on a land contract when the
buyer defaults:
Answer: If foreclosed as a mortgage
◉ Who benefits from a non-disturbance clause in a loan?
Answer: Tenant leasing the property
◉ What is the primary difference between an agreement for sale and
a purchase money mortgage?
Answer: The agreement for sale contains the note and security all in
one document
PRACTICES AND ETHICS STUDY GUIDE
2026
◉ How long is a mechanic's lien valid for?
Answer: 6 months
◉ What type of liens are property liens?
Answer: Specific liens
◉ What could be a part of a Deed of Trust?
Answer: Judicial foreclosure
Non-judicial foreclosure
Reinstatement period
◉ An assignment of Rents Clause is for the benefit of the:
Answer: Beneficiary
◉ When do you file a mechanic's lien:
Answer: After the completion of work
,◉ Mechanic's lien takes priority from:
Answer: The Date Work Began
◉ If you have been given notice of a possible future lien, this lien is
probably for:
Answer: Mechanic's lien
◉ A general contractor does work for a tenant in a commercial lease
space. The tenant fails to pay the contractor. The contractor can:
Answer: only lien the leasehold interest
◉ A tenant hires a contractor to construct a patio roof. The tenant
refuses to pay the amount owed, the mechanic may file a lien
against:
Answer: Tenant's improvements
◉ Once originated, under the Deed of Trust, who owns the property?
Answer: Trustor
◉ Who pays the fee for recording a Deed of Reconveyance?
Answer: Trustor
,◉ When a mechanic's lien is recorded and later results in
judgement, what is the lien priority of the judgment?
Answer: Same as the mechanic's lien
◉ Judgments in Arizona would be valid for what period of time?
Answer: 5 years
◉ 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 a quitclaim deed. What position
of the $10,000?
Answer: The second is now in first position
◉ 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. The Lender may foreclose on:
Answer: The Land Only
◉ After a Deed of Trust Foreclosure sale, the Trustee deed is given
to:
Answer: The New Owner
◉ What would be a part of an agreement for sale?
Answer: Statutory Notice
, Accounting Service Agreement
Forfeiture Rights
◉ State usury laws would set:
Answer: Interest Rates
◉ A land contract has an acceleration clause and is now in default.
Once the acceleration clause is exercised:
Answer: a lender would foreclose as a mortgage
◉ A seller may accelerate payment on a land contract when the
buyer defaults:
Answer: If foreclosed as a mortgage
◉ Who benefits from a non-disturbance clause in a loan?
Answer: Tenant leasing the property
◉ What is the primary difference between an agreement for sale and
a purchase money mortgage?
Answer: The agreement for sale contains the note and security all in
one document
