ARIZONA REAL ESTATE EXAM SCRIPT QUESTIONS WITH
ANSWERS GUARANTEE A
✔✔Which of the following is not compatible with joint tenancy?
(a) Probate
(b) Equality of rights
(c) Right of possession
(d) Survivorship - ✔✔(a) Probate
✔✔A real estate licensee gets contracted with a large bank to handle all of their local
BPO's. Who can the bank make payment to the BPO for?
(a) Either the licensee or the broker
(b) Only the licensees broker
(c) Whomever signed the contract with the bank
(d) Only the licensee directly - ✔✔(b) Only the licensees broker
✔✔If a buyer wants to purchase a property with an FHA Insured loan you would refer
him to:
(a) FHA
(b) Primary Market
(c) HUD
(d) Secondary market - ✔✔(b) Primary Market
✔✔Property taxes are $1,525. The first half was paid by the seller. A sale closes Nov
2nd. Using a calendar year, what is the debit and credit to buyer and seller on the
settlement sheet?
(a) $250.68 debit seller, credit buyer
(b) $250.68 credit seller, debit buyer
(c) $518.07 debit seller, credit buyer
(d) $518.07 credit seller, debit buyer - ✔✔(c) $518.07 debit seller, credit buyer
✔✔The relationship of a licensed real estate broker to the principal is best described by
which of the following terms?
(a) Fiduciary
(b) Trustee
(c) Beneficiary
(d) Salesperson - ✔✔(a) Fiduciary
✔✔Which of the following statements are NOT true regarding the real estate recovery
fund?
(a) A real estate licensee may not file a claim against the fund
(b) A party wishing to file a claim must file a lawsuit within five years
(c) The dollar award paid from the recovery fund may contain attorney's fees
,(d) The claimant must be a resident of Arizona - ✔✔(d) The claimant must be a resident
of Arizona
✔✔Once a real estate license is issued in Arizona, it:
(a) Must be placed with a broker in order to earn a commission
(b) Will remain in the possession of the licensee in all cases
(c) Is valid for three years
(d) Will be terminated if the licensee moves out of state - ✔✔(a) Must be placed with a
broker in order to earn a commission
✔✔When a loan is called all due and payable the loan has a(n):
(a) Subordination clause
(b) Alienation clause
(c) Subrogation clause
(d) Defeasance clause - ✔✔(b) Alienation clause
✔✔What can't the real estate commissioner do in the normal line of work? 2, 5
(a) Revoke a real estate license
(b) Check files of licensee
(c) Hire and fire Department of Real Estate employees
(d) Hold an active real estate license - ✔✔(d) Hold an active real estate license
✔✔All of the following can be signors on a property management trust account
EXCEPT:
(a) Employees of the Broker
(b) Designated Broker
(c) Property Owner
(d) Manager's licensed under the Broker - ✔✔(c) Property Owner
✔✔When the commissioner receives a written complaint against a licensee:
(a) The commissioner will automatically suspend the license
(b) A hearing will be held before any suspension
(c) The commissioner will revoke the license
(d) The commissioner will turn the matter over to the courts - ✔✔(b) A hearing will be
held before any suspension
✔✔A broker acting as a property manager for an owner would consider his relationship
to be:
(a) Trustee
(b) Receiver
(c) Fiduciary
(d) Attorney-in-fact - ✔✔(c) Fiduciary
✔✔The notice of transfer form for a septic system must be filed with the ADEQ within:
, (a) 6 months after closing
(b) 15 days after closing
(c) 15 days after the inspection
(d) 6 months after the inspection - ✔✔(b) 15 days after closing
✔✔Licensed Mortgage Loan Originators are registered through: (?)
(a) Nationwide Mortgage Licensing System
(b) National Mortgage Licensing Service
(c) Arizona Department of Real Estate
(d) Arizona Department of Financial Institutions - ✔✔(a) Nationwide Mortgage Licensing
System
✔✔Which of the following requires an Arizona real estate license?
(a) Selling 6 or more of your own properties
(b) Exchanging like for like
(c) Selling timeshares
(d) Selling your commercial building - ✔✔(c) Selling timeshares
✔✔What is the weakest type of will?
(a) Codicil
(b) Nuncupative
(c) Holographic
(d) Formal - ✔✔(b) Nuncupative
✔✔Property sold for $1.800.000. Total commission charged was $97,000, 6%
commission was charged on the first $1,100,000. What percentage was charged on the
remainder?
(a) 5.30%
(b) 3.60%
(c) 4.40%
(d) 5.00% - ✔✔(c) 4.40%
✔✔As escrow company may disburse commissions directly to a broker's salesperson if
the:
(a) Salesperson's license is inactive
(b) Escrow agent is also a licensed broker
(c) Broker gives annual written authorization to the escrow company
(d) Escrow agent receives written authorization from the broker in each transaction -
✔✔(d) Escrow agent receives written authorization from the broker in each transaction
✔✔How long does a broker doing sales need to keep records?
(a) 5 years
(b) 3 years
(c) 4 years
ANSWERS GUARANTEE A
✔✔Which of the following is not compatible with joint tenancy?
(a) Probate
(b) Equality of rights
(c) Right of possession
(d) Survivorship - ✔✔(a) Probate
✔✔A real estate licensee gets contracted with a large bank to handle all of their local
BPO's. Who can the bank make payment to the BPO for?
(a) Either the licensee or the broker
(b) Only the licensees broker
(c) Whomever signed the contract with the bank
(d) Only the licensee directly - ✔✔(b) Only the licensees broker
✔✔If a buyer wants to purchase a property with an FHA Insured loan you would refer
him to:
(a) FHA
(b) Primary Market
(c) HUD
(d) Secondary market - ✔✔(b) Primary Market
✔✔Property taxes are $1,525. The first half was paid by the seller. A sale closes Nov
2nd. Using a calendar year, what is the debit and credit to buyer and seller on the
settlement sheet?
(a) $250.68 debit seller, credit buyer
(b) $250.68 credit seller, debit buyer
(c) $518.07 debit seller, credit buyer
(d) $518.07 credit seller, debit buyer - ✔✔(c) $518.07 debit seller, credit buyer
✔✔The relationship of a licensed real estate broker to the principal is best described by
which of the following terms?
(a) Fiduciary
(b) Trustee
(c) Beneficiary
(d) Salesperson - ✔✔(a) Fiduciary
✔✔Which of the following statements are NOT true regarding the real estate recovery
fund?
(a) A real estate licensee may not file a claim against the fund
(b) A party wishing to file a claim must file a lawsuit within five years
(c) The dollar award paid from the recovery fund may contain attorney's fees
,(d) The claimant must be a resident of Arizona - ✔✔(d) The claimant must be a resident
of Arizona
✔✔Once a real estate license is issued in Arizona, it:
(a) Must be placed with a broker in order to earn a commission
(b) Will remain in the possession of the licensee in all cases
(c) Is valid for three years
(d) Will be terminated if the licensee moves out of state - ✔✔(a) Must be placed with a
broker in order to earn a commission
✔✔When a loan is called all due and payable the loan has a(n):
(a) Subordination clause
(b) Alienation clause
(c) Subrogation clause
(d) Defeasance clause - ✔✔(b) Alienation clause
✔✔What can't the real estate commissioner do in the normal line of work? 2, 5
(a) Revoke a real estate license
(b) Check files of licensee
(c) Hire and fire Department of Real Estate employees
(d) Hold an active real estate license - ✔✔(d) Hold an active real estate license
✔✔All of the following can be signors on a property management trust account
EXCEPT:
(a) Employees of the Broker
(b) Designated Broker
(c) Property Owner
(d) Manager's licensed under the Broker - ✔✔(c) Property Owner
✔✔When the commissioner receives a written complaint against a licensee:
(a) The commissioner will automatically suspend the license
(b) A hearing will be held before any suspension
(c) The commissioner will revoke the license
(d) The commissioner will turn the matter over to the courts - ✔✔(b) A hearing will be
held before any suspension
✔✔A broker acting as a property manager for an owner would consider his relationship
to be:
(a) Trustee
(b) Receiver
(c) Fiduciary
(d) Attorney-in-fact - ✔✔(c) Fiduciary
✔✔The notice of transfer form for a septic system must be filed with the ADEQ within:
, (a) 6 months after closing
(b) 15 days after closing
(c) 15 days after the inspection
(d) 6 months after the inspection - ✔✔(b) 15 days after closing
✔✔Licensed Mortgage Loan Originators are registered through: (?)
(a) Nationwide Mortgage Licensing System
(b) National Mortgage Licensing Service
(c) Arizona Department of Real Estate
(d) Arizona Department of Financial Institutions - ✔✔(a) Nationwide Mortgage Licensing
System
✔✔Which of the following requires an Arizona real estate license?
(a) Selling 6 or more of your own properties
(b) Exchanging like for like
(c) Selling timeshares
(d) Selling your commercial building - ✔✔(c) Selling timeshares
✔✔What is the weakest type of will?
(a) Codicil
(b) Nuncupative
(c) Holographic
(d) Formal - ✔✔(b) Nuncupative
✔✔Property sold for $1.800.000. Total commission charged was $97,000, 6%
commission was charged on the first $1,100,000. What percentage was charged on the
remainder?
(a) 5.30%
(b) 3.60%
(c) 4.40%
(d) 5.00% - ✔✔(c) 4.40%
✔✔As escrow company may disburse commissions directly to a broker's salesperson if
the:
(a) Salesperson's license is inactive
(b) Escrow agent is also a licensed broker
(c) Broker gives annual written authorization to the escrow company
(d) Escrow agent receives written authorization from the broker in each transaction -
✔✔(d) Escrow agent receives written authorization from the broker in each transaction
✔✔How long does a broker doing sales need to keep records?
(a) 5 years
(b) 3 years
(c) 4 years
