ARIZONA REAL ESTATE CORRECT TEST PAPER
ANSWERS AND QUESTIONS SET A+
✔✔The designated broker reviews contract within how many days? - ✔✔10 business
days
✔✔Broker places money in property management trust accounts - ✔✔3 banking days
✔✔Annual planting that are considered personal property - ✔✔Emblements
✔✔The Earth surface, extending down to the center and upwards to the sky - ✔✔Land
✔✔An article once personal property that has become real property - ✔✔Fixture
✔✔No two parcels are exactly alike - ✔✔Non-homogeneity
✔✔Moveable if it's not real property, then it's personal property - ✔✔Personal property
✔✔Land and it's improvements - ✔✔Real estate
✔✔Lands improvements and the rights that go along with it - ✔✔Real property
✔✔Real property that becomes personal property - ✔✔Severance
✔✔People's choice of a certain area/location - ✔✔Situs
✔✔A business fixture that's personal property if removed before lease ends - ✔✔Trade
fixture
✔✔A member of the national Association of realtors - ✔✔REALTOR
✔✔Personal property if moveable or real property is affixed to the land - ✔✔Mobile
home
,✔✔Physical characteristics of land - ✔✔Immobility, Indestructibility, Uniqueness
✔✔Economic characteristics of land - ✔✔scarcity, improvements, permanence of
investment, area preference
✔✔A business of bringing people together - ✔✔Brokerage
✔✔Rescission of un-subdivided land without inspection - ✔✔6 months
✔✔Statutory redemption on mortgage foreclosure - ✔✔6 months
✔✔Tenant security deposit must be returned - ✔✔14 business days
✔✔Landlord hold evicted tenant's personal property - ✔✔14 days
✔✔Landlord hold tenant's personal property after abandonment - ✔✔14 days
✔✔Deed of trust reinstatement period - ✔✔90 days before the foreclosure sale
✔✔Rejected offers are kept for how many years? - ✔✔1 year
✔✔residential leases are kept for how long after termination? - ✔✔1 year
✔✔How often does the broker remove all interest from trust account? - ✔✔At least
every 12 months
✔✔Buyer not shown public report has how long to make contract voidable? - ✔✔3
years
✔✔Renewal period for real estate license - ✔✔every 2 years
✔✔Statutory redemption period on property tax foreclosure - ✔✔3 years
✔✔Property management financial records kept for how long? - ✔✔3 years
✔✔Broker keeps transaction records for how many years after termination? - ✔✔5
years
✔✔All employee records kept for how many years from termination? - ✔✔5 years
✔✔Property management agreements, kept for how many years? - ✔✔5 years from
termination
, ✔✔Statue of limitations - ✔✔5 years
✔✔How long are public report receipts kept? - ✔✔5 years
✔✔Who is responsible to deliver CC&R's to buyer? - ✔✔Less than 50 units-seller | 50
units or more-HOA
✔✔Land contracts, redemption periods - ✔✔0-19% - 30 days
20-29% - 60 days
30-49% - 120 days
50% plus - 9 month
✔✔Non-residential leases are kept for how long after termination? - ✔✔5 years
✔✔How many active management areas are in Arizona? - ✔✔6 AMAS's (Phoenix,
Pinal, Prescott, Tucson, Santa Cruz & Douglas)
✔✔Irrigation grandfathered rights - ✔✔Run with the land
✔✔Type 1 water rights - ✔✔Run with the land
✔✔Can be sold apart from the land - ✔✔Type 2 water rights
✔✔How many years of water supply needed in an active management area? - ✔✔100
years
✔✔What is an exempt domestic well? - ✔✔One that has a maximum pumping capacity
of 35 gallons per minute
✔✔The central Arizona water conservation district was formed in what year? - ✔✔1971
✔✔What agency is responsible for the environment in Arizona? - ✔✔Arizona Dept. of
Environmental Quality (ADEQ)
✔✔What agency oversee's ground water - ✔✔Arizona Dept of Water Resources
(ADWR)
✔✔What is the name of the Arizona superfund? - ✔✔Water Quality Assurance
Revolving Fund (WQARF)
✔✔Who administers the central Arizona project? - ✔✔The Central Arizona Water
Conservation District (CAWCD)
ANSWERS AND QUESTIONS SET A+
✔✔The designated broker reviews contract within how many days? - ✔✔10 business
days
✔✔Broker places money in property management trust accounts - ✔✔3 banking days
✔✔Annual planting that are considered personal property - ✔✔Emblements
✔✔The Earth surface, extending down to the center and upwards to the sky - ✔✔Land
✔✔An article once personal property that has become real property - ✔✔Fixture
✔✔No two parcels are exactly alike - ✔✔Non-homogeneity
✔✔Moveable if it's not real property, then it's personal property - ✔✔Personal property
✔✔Land and it's improvements - ✔✔Real estate
✔✔Lands improvements and the rights that go along with it - ✔✔Real property
✔✔Real property that becomes personal property - ✔✔Severance
✔✔People's choice of a certain area/location - ✔✔Situs
✔✔A business fixture that's personal property if removed before lease ends - ✔✔Trade
fixture
✔✔A member of the national Association of realtors - ✔✔REALTOR
✔✔Personal property if moveable or real property is affixed to the land - ✔✔Mobile
home
,✔✔Physical characteristics of land - ✔✔Immobility, Indestructibility, Uniqueness
✔✔Economic characteristics of land - ✔✔scarcity, improvements, permanence of
investment, area preference
✔✔A business of bringing people together - ✔✔Brokerage
✔✔Rescission of un-subdivided land without inspection - ✔✔6 months
✔✔Statutory redemption on mortgage foreclosure - ✔✔6 months
✔✔Tenant security deposit must be returned - ✔✔14 business days
✔✔Landlord hold evicted tenant's personal property - ✔✔14 days
✔✔Landlord hold tenant's personal property after abandonment - ✔✔14 days
✔✔Deed of trust reinstatement period - ✔✔90 days before the foreclosure sale
✔✔Rejected offers are kept for how many years? - ✔✔1 year
✔✔residential leases are kept for how long after termination? - ✔✔1 year
✔✔How often does the broker remove all interest from trust account? - ✔✔At least
every 12 months
✔✔Buyer not shown public report has how long to make contract voidable? - ✔✔3
years
✔✔Renewal period for real estate license - ✔✔every 2 years
✔✔Statutory redemption period on property tax foreclosure - ✔✔3 years
✔✔Property management financial records kept for how long? - ✔✔3 years
✔✔Broker keeps transaction records for how many years after termination? - ✔✔5
years
✔✔All employee records kept for how many years from termination? - ✔✔5 years
✔✔Property management agreements, kept for how many years? - ✔✔5 years from
termination
, ✔✔Statue of limitations - ✔✔5 years
✔✔How long are public report receipts kept? - ✔✔5 years
✔✔Who is responsible to deliver CC&R's to buyer? - ✔✔Less than 50 units-seller | 50
units or more-HOA
✔✔Land contracts, redemption periods - ✔✔0-19% - 30 days
20-29% - 60 days
30-49% - 120 days
50% plus - 9 month
✔✔Non-residential leases are kept for how long after termination? - ✔✔5 years
✔✔How many active management areas are in Arizona? - ✔✔6 AMAS's (Phoenix,
Pinal, Prescott, Tucson, Santa Cruz & Douglas)
✔✔Irrigation grandfathered rights - ✔✔Run with the land
✔✔Type 1 water rights - ✔✔Run with the land
✔✔Can be sold apart from the land - ✔✔Type 2 water rights
✔✔How many years of water supply needed in an active management area? - ✔✔100
years
✔✔What is an exempt domestic well? - ✔✔One that has a maximum pumping capacity
of 35 gallons per minute
✔✔The central Arizona water conservation district was formed in what year? - ✔✔1971
✔✔What agency is responsible for the environment in Arizona? - ✔✔Arizona Dept. of
Environmental Quality (ADEQ)
✔✔What agency oversee's ground water - ✔✔Arizona Dept of Water Resources
(ADWR)
✔✔What is the name of the Arizona superfund? - ✔✔Water Quality Assurance
Revolving Fund (WQARF)
✔✔Who administers the central Arizona project? - ✔✔The Central Arizona Water
Conservation District (CAWCD)
