Arizona Real Estate Exam – 650+ Latest Practice
Questions and Correct Verified Answers/ AZ Real
Estate State Exam Prep (A Review of Latest Correctly
Answered Practice Questions) Test Bank 5
The Real Estate Settlement Procedures Act applies to: - ANSWER-1-4 plex
residential property
The law that requires buyers and sellers be given an itemization of all costs and
expenses of the buying and selling of a home is: - ANSWER-RESPA
RESPA does all of the following except: - ANSWER-Allows lenders to charge
undisclosed fees
The "escape clause" in FHA insured financing of a home purchase is the: -
ANSWER-Right of the buyer to withdraw if the appraisal is lower than the
contract price
Which of the following would not occur in a forbearance? - ANSWER-
Foreclosure sale
A property is valued at $100,000 and is taxed at 45 mills. The assessment rate on
the property is 35%. Calculate the yearly taxes. - ANSWER-$1,575.00
A trust deed is signed by the: - ANSWER-Trustor
1
,A non-recourse loan would not provide for which of the following: - ANSWER-
Deficiency judgment
A preliminary title report would tell you all of the following except: - ANSWER-
Zoning
Who does NOT qualify for a homestead exemption? - ANSWER-Family Trust
Who may NOT sign a broker's property management trust account? - ANSWER-
The broker's client
A purchaser wishes to buy, but the contract for purchase is subject to obtaining
financing or cannot be completed until some stated condition is fulfilled. What is
the status of such a contract? - ANSWER-executory
A contract based on an illegal consideration is: - ANSWER-void
Municipalities have the right to restrict the use of properties located therein. This
right comes from: - ANSWER-Enabling legislation
Which of the following is true? The Arizona Department of Real Estate... -
ANSWER-Audits broker's trust accounts
Which of the following is not compatible with joint tenancy? - ANSWER-Probate
What common element would apply to tenancy in common? - ANSWER-Unequal
interests
2
,When an easement only has a servient tenement it would be an easement: -
ANSWER-In gross
If you hold a long-term proprietary lease you would have an interest in: -
ANSWER-Cooperative
The homestead exemption protects which of the following? - ANSWER-Equity in
the principal residence
From the point of beginning, go south 1,200 feet, thence west 1,500 feet, thence
north 600 feet, thence back to the point of beginning. How many acres are
contained in this description? - ANSWER-31 acres
The Arizona Affidavit of Disclosure would include all of the following EXCEPT: -
ANSWER-The affidavit of disclosure applies only to residential zoned property
If you buy unimproved land in a subdivision "sight unseen" you have how long to
rescind the contract? - ANSWER-Six months
Which of the following statements describes the purpose for conveying bare legal
title to the trustee in a deed of trust? - ANSWER-Bare legal title allows the trustee
to conduct foreclosure proceedings without going to court.
Deeds are recorded: - ANSWER-To provide constructive notice of their existence
Which of the following will a standard policy of title insurance insure against? -
ANSWER-Forgery
Who places deed restrictions on real estate? - ANSWER-The Grantor
3
, Chattel real would best be defined as: - ANSWER-Personal property
Property taxes for the year are $1,824. COE is set for May 15. How would the
proration be calculated in escrow? - ANSWER-Debit Seller $678.93. Credit buyer
$678.93
When rights transfer with a deed this is referred to as: - ANSWER-Bundle of
rights
Who is responsible for supplying the appropriate documents when a property is
located within a homeowner's association? - ANSWER-Real Estate Commissioner
What type of listing gives the broker the least protection? - ANSWER-Open
listing
When a licensee represents a customer, the licensee owes the customer: -
ANSWER-Honesty
An authorization to sell consists of a mutual agreement between broker and seller
and is considered: - ANSWER-A contract for personal services
Who is responsible for formulating the Commissioner's Rules? - ANSWER-Real
Estate Commissioner
What type of listing did the broker obtain if he is only paid if he is the "procuring
cause"? - ANSWER-Open
4
Questions and Correct Verified Answers/ AZ Real
Estate State Exam Prep (A Review of Latest Correctly
Answered Practice Questions) Test Bank 5
The Real Estate Settlement Procedures Act applies to: - ANSWER-1-4 plex
residential property
The law that requires buyers and sellers be given an itemization of all costs and
expenses of the buying and selling of a home is: - ANSWER-RESPA
RESPA does all of the following except: - ANSWER-Allows lenders to charge
undisclosed fees
The "escape clause" in FHA insured financing of a home purchase is the: -
ANSWER-Right of the buyer to withdraw if the appraisal is lower than the
contract price
Which of the following would not occur in a forbearance? - ANSWER-
Foreclosure sale
A property is valued at $100,000 and is taxed at 45 mills. The assessment rate on
the property is 35%. Calculate the yearly taxes. - ANSWER-$1,575.00
A trust deed is signed by the: - ANSWER-Trustor
1
,A non-recourse loan would not provide for which of the following: - ANSWER-
Deficiency judgment
A preliminary title report would tell you all of the following except: - ANSWER-
Zoning
Who does NOT qualify for a homestead exemption? - ANSWER-Family Trust
Who may NOT sign a broker's property management trust account? - ANSWER-
The broker's client
A purchaser wishes to buy, but the contract for purchase is subject to obtaining
financing or cannot be completed until some stated condition is fulfilled. What is
the status of such a contract? - ANSWER-executory
A contract based on an illegal consideration is: - ANSWER-void
Municipalities have the right to restrict the use of properties located therein. This
right comes from: - ANSWER-Enabling legislation
Which of the following is true? The Arizona Department of Real Estate... -
ANSWER-Audits broker's trust accounts
Which of the following is not compatible with joint tenancy? - ANSWER-Probate
What common element would apply to tenancy in common? - ANSWER-Unequal
interests
2
,When an easement only has a servient tenement it would be an easement: -
ANSWER-In gross
If you hold a long-term proprietary lease you would have an interest in: -
ANSWER-Cooperative
The homestead exemption protects which of the following? - ANSWER-Equity in
the principal residence
From the point of beginning, go south 1,200 feet, thence west 1,500 feet, thence
north 600 feet, thence back to the point of beginning. How many acres are
contained in this description? - ANSWER-31 acres
The Arizona Affidavit of Disclosure would include all of the following EXCEPT: -
ANSWER-The affidavit of disclosure applies only to residential zoned property
If you buy unimproved land in a subdivision "sight unseen" you have how long to
rescind the contract? - ANSWER-Six months
Which of the following statements describes the purpose for conveying bare legal
title to the trustee in a deed of trust? - ANSWER-Bare legal title allows the trustee
to conduct foreclosure proceedings without going to court.
Deeds are recorded: - ANSWER-To provide constructive notice of their existence
Which of the following will a standard policy of title insurance insure against? -
ANSWER-Forgery
Who places deed restrictions on real estate? - ANSWER-The Grantor
3
, Chattel real would best be defined as: - ANSWER-Personal property
Property taxes for the year are $1,824. COE is set for May 15. How would the
proration be calculated in escrow? - ANSWER-Debit Seller $678.93. Credit buyer
$678.93
When rights transfer with a deed this is referred to as: - ANSWER-Bundle of
rights
Who is responsible for supplying the appropriate documents when a property is
located within a homeowner's association? - ANSWER-Real Estate Commissioner
What type of listing gives the broker the least protection? - ANSWER-Open
listing
When a licensee represents a customer, the licensee owes the customer: -
ANSWER-Honesty
An authorization to sell consists of a mutual agreement between broker and seller
and is considered: - ANSWER-A contract for personal services
Who is responsible for formulating the Commissioner's Rules? - ANSWER-Real
Estate Commissioner
What type of listing did the broker obtain if he is only paid if he is the "procuring
cause"? - ANSWER-Open
4
