Arizona Real Estate Exam Prep Test Bank A 2026-
2027 with 378 Questions and Correct Verified
Answers/ AZ Real Estate Exam Practice Test Bank 1
(Correctly Answered Practice Questions)
Which method of ownership is NOT legal in Arizona?
A. joint tenancy WROS
B. severalty
C. tenancy by the entirety
D. tenants in common - ANSWER-tenancy by the entirety
Tim's Arizona City Residential property has an assessed value of $43,500 and the
tax rate is 4%. What is Tim's tax bill?
A. $919.50
B. $1,087.50
C. $1,740.00
D. $3,480.00 - ANSWER-$1,740.00
Arizona's homestead exemption protects homeowners from general creditors up to
what amount?
A. $100,000
B. $150,000
C. $200,000
D. $250,000 - ANSWER-$150,000
1
,The government sends frank a notice stating that his house and neighborhood will
be demolished to build a much-needed water treatment plant. What is the
government required to offer frank in exchange for condemning his property?
A. just compensation
B. nothing, since it is for the public good
C. whatever frank asks for
D. whatever they decide is reasonable - ANSWER-just compensation
Ad Valorem refers to a tax that is
A. based on the assessed value of property
B. charged by the county to transfer a deed when property sells.
C. a percentage of a property's sale price
D. a percentage of someone's income - ANSWER-based on the assessed value of
the property
How long does an Arizona property owner have from the date of the tax lien sale
to redeem the lien by paying the delinquent taxes, the required interest, and any
fees?
A. six months
B. one year
C. two years
D. three years - ANSWER-three years
What is the legal proceeding that establishes the validity of a will?
A. inchoate
B. partition
C. probate
2
,D. severalty - ANSWER-probate
Penny formed a joint tenancy with Samuel. Penny is married to Ralph. Penny dies,
and one week later Samuel dies. Who owns the property?
A. ralph
B. penny's heirs
C. samuel's heirs
D. ralph's heirs - ANSWER-samuel's heirs
A seller wants to net $153,400 after paying a 7% commission and after paying 4%
closing costs. What must the minimum sales price be?
A. $136,526
B. $170,274
C. 171,544.07
D. $172,359.55 - ANSWER-$172,359.55
A seller wants to net $130,500 after paying an 8% commission and after paying
$11,000 for closing costs. What must the minimum sales price be?
A. $151,940
B. $152,820
C. $152,847.82
D. $153,804.35 - ANSWER-$153,804.35
James is selling his home. He needs to pay off a $96,000 first mortgage, a $12,000
second mortgage, and wants $10,000 cash in hand for himself. If his closing costs
are $3,100 and he contracts to pay a 7% commission, how much must he sell the
property for? Round your answer up to the nearest dollar.
3
, A. $118,877
B. $129,577
C. $130,216
D. $233,723 - ANSWER-$130,216
When a person dies with a will, it's considered ___________. When a person dies
without a will it's called _________.
A. descent/devise
B. intestate/devise
C. intestate/testate
D. testate/intestate - ANSWER-testate/intestate
The concept of escheat means that property
A. can be appropriated by the state when there's a public need
B. can be confiscated for non payment of taxes
C. must meet specific zoning requirements before it can be developed
D. reverts to the state when a person dies without a will, an heir, or creditor. -
ANSWER-reverts to the state when a person dies without a will, an heir, or
creditor
The government sends you a notice stating that the houses on your road will be
demolished to build a new landfill. You are paid fairly for your home and move.
The act of demolishing your home is
A. adverse possession
B. condemnation
C. eminent domain
D. encroachment - ANSWER-condemnation
4
2027 with 378 Questions and Correct Verified
Answers/ AZ Real Estate Exam Practice Test Bank 1
(Correctly Answered Practice Questions)
Which method of ownership is NOT legal in Arizona?
A. joint tenancy WROS
B. severalty
C. tenancy by the entirety
D. tenants in common - ANSWER-tenancy by the entirety
Tim's Arizona City Residential property has an assessed value of $43,500 and the
tax rate is 4%. What is Tim's tax bill?
A. $919.50
B. $1,087.50
C. $1,740.00
D. $3,480.00 - ANSWER-$1,740.00
Arizona's homestead exemption protects homeowners from general creditors up to
what amount?
A. $100,000
B. $150,000
C. $200,000
D. $250,000 - ANSWER-$150,000
1
,The government sends frank a notice stating that his house and neighborhood will
be demolished to build a much-needed water treatment plant. What is the
government required to offer frank in exchange for condemning his property?
A. just compensation
B. nothing, since it is for the public good
C. whatever frank asks for
D. whatever they decide is reasonable - ANSWER-just compensation
Ad Valorem refers to a tax that is
A. based on the assessed value of property
B. charged by the county to transfer a deed when property sells.
C. a percentage of a property's sale price
D. a percentage of someone's income - ANSWER-based on the assessed value of
the property
How long does an Arizona property owner have from the date of the tax lien sale
to redeem the lien by paying the delinquent taxes, the required interest, and any
fees?
A. six months
B. one year
C. two years
D. three years - ANSWER-three years
What is the legal proceeding that establishes the validity of a will?
A. inchoate
B. partition
C. probate
2
,D. severalty - ANSWER-probate
Penny formed a joint tenancy with Samuel. Penny is married to Ralph. Penny dies,
and one week later Samuel dies. Who owns the property?
A. ralph
B. penny's heirs
C. samuel's heirs
D. ralph's heirs - ANSWER-samuel's heirs
A seller wants to net $153,400 after paying a 7% commission and after paying 4%
closing costs. What must the minimum sales price be?
A. $136,526
B. $170,274
C. 171,544.07
D. $172,359.55 - ANSWER-$172,359.55
A seller wants to net $130,500 after paying an 8% commission and after paying
$11,000 for closing costs. What must the minimum sales price be?
A. $151,940
B. $152,820
C. $152,847.82
D. $153,804.35 - ANSWER-$153,804.35
James is selling his home. He needs to pay off a $96,000 first mortgage, a $12,000
second mortgage, and wants $10,000 cash in hand for himself. If his closing costs
are $3,100 and he contracts to pay a 7% commission, how much must he sell the
property for? Round your answer up to the nearest dollar.
3
, A. $118,877
B. $129,577
C. $130,216
D. $233,723 - ANSWER-$130,216
When a person dies with a will, it's considered ___________. When a person dies
without a will it's called _________.
A. descent/devise
B. intestate/devise
C. intestate/testate
D. testate/intestate - ANSWER-testate/intestate
The concept of escheat means that property
A. can be appropriated by the state when there's a public need
B. can be confiscated for non payment of taxes
C. must meet specific zoning requirements before it can be developed
D. reverts to the state when a person dies without a will, an heir, or creditor. -
ANSWER-reverts to the state when a person dies without a will, an heir, or
creditor
The government sends you a notice stating that the houses on your road will be
demolished to build a new landfill. You are paid fairly for your home and move.
The act of demolishing your home is
A. adverse possession
B. condemnation
C. eminent domain
D. encroachment - ANSWER-condemnation
4
