ARIZONA REAL ESTATE SALESPERSON TEST
PAPER COMPLETE QUESTIONS
◉ In a deed of trust, who is the "trustor?" Answer: The person
buying the house (the purchaser).
◉ Who has priority in liens even over a purchase money mortgage
lien filed prior? Answer: Liens for unpaid property taxes and
agricultural liens on crops.
◉ Does an IRS lien filed in 2015 have priority over a mortgage filed
in 2014? Answer: No. In Arizona, IRS liens do not have priority a
mortgage/deed of trust filed prior to it.
◉ Does a lien for property taxes filed in 2015 have priority over a
mortgage filed in 2014? Answer: Yes. In Arizona, state property tax
liens do take priority over other liens.
◉ What is the title of the person who supervises the estate of
someone who died without a will? Answer: Administrator.
,◉ What is the title of the person who supervises the estate of
someone who died with a will? Answer: Executor.
◉ When are property taxes ASSESSED? Answer: Once a year, January
1.
◉ When are the two dates in Arizona in which property taxes are
DUE for January 1? Answer: For January 1, 2015, they would be DUE
on October 1, 2015 and March 1, 2016.
◉ When are property taxes LATE for October 1, 2015 and March 1,
2016? Answer: For October 1, 2015, they are late on November 1,
2015. For March 1, 2016, they are late May 1, 2016.
◉ If a salesperson represents a seller in ALL real estate transactions,
that is considered to be what form of agency? Answer: General
agent.
◉ A real estate salesperson (licensee) is what kind of agent as to his
or her broker? Answer: General agent.
◉ A seller gives her salesperson the right to sell and make other
decisions regarding the property is what kind of agent? Answer:
General agent.
,◉ What are the 4 types of listings? Answer: (1) Exclusive right to
sell; (2) Exclusive agency; (3) Open Listing; (4) Net listing.
◉ If a seller lists a property with a broker, but sells it himself and
pays no commission, what sort of listing was this? Answer: Exclusive
agency.
◉ Which listing gives the salesperson/broker a right a commission
regardless of whether the seller sells the property? Answer:
Exclusive right to sell.
◉ What do the seller and listing broker have to agree upon when
listing a property? Answer: The ending date of the listing.
◉ A listing broker lists a property with sub-agency provisions.
Another broker accepts the listing broker's offer to cooperate. The
co-operating broker is acting as the _____ to the seller? Answer:
Subagent
◉ A salesperson's right to a commission is based on Answer: having
a valid license.
◉ Is a broker required to get the owner's approval to transfer a
listing to another salesperson? Answer: No.
, ◉ Is a salesperson the agent of the seller or of the broker? Answer:
Broker. (And the broker is the agent for the seller).
◉ Is a listing broker responsible for making a list of the personal
property to be included in a listing? Answer: Yes.
◉ In a normal real estate transaction, is the broker responsible for
giving abstract of title and opinion? Answer: No.
◉ If a seller tells a broker he doesn't want anything other than full
price offers, should the broker still present offers less than the listed
(full) price? Answer: Yes.
◉ If an escrow is opened by a salesperson, but his broker's license is
suspended thereafter, may the salesperson still receive his
commission? Answer: Yes.
◉ Under an exclusive agency, if the seller sells the property himself,
does the broker get a commission? Answer: No.
◉ May a salesperson enter into dual agency (buyer and seller) if it is
disclosed in writing to both buyer and seller? Answer: Yes.
PAPER COMPLETE QUESTIONS
◉ In a deed of trust, who is the "trustor?" Answer: The person
buying the house (the purchaser).
◉ Who has priority in liens even over a purchase money mortgage
lien filed prior? Answer: Liens for unpaid property taxes and
agricultural liens on crops.
◉ Does an IRS lien filed in 2015 have priority over a mortgage filed
in 2014? Answer: No. In Arizona, IRS liens do not have priority a
mortgage/deed of trust filed prior to it.
◉ Does a lien for property taxes filed in 2015 have priority over a
mortgage filed in 2014? Answer: Yes. In Arizona, state property tax
liens do take priority over other liens.
◉ What is the title of the person who supervises the estate of
someone who died without a will? Answer: Administrator.
,◉ What is the title of the person who supervises the estate of
someone who died with a will? Answer: Executor.
◉ When are property taxes ASSESSED? Answer: Once a year, January
1.
◉ When are the two dates in Arizona in which property taxes are
DUE for January 1? Answer: For January 1, 2015, they would be DUE
on October 1, 2015 and March 1, 2016.
◉ When are property taxes LATE for October 1, 2015 and March 1,
2016? Answer: For October 1, 2015, they are late on November 1,
2015. For March 1, 2016, they are late May 1, 2016.
◉ If a salesperson represents a seller in ALL real estate transactions,
that is considered to be what form of agency? Answer: General
agent.
◉ A real estate salesperson (licensee) is what kind of agent as to his
or her broker? Answer: General agent.
◉ A seller gives her salesperson the right to sell and make other
decisions regarding the property is what kind of agent? Answer:
General agent.
,◉ What are the 4 types of listings? Answer: (1) Exclusive right to
sell; (2) Exclusive agency; (3) Open Listing; (4) Net listing.
◉ If a seller lists a property with a broker, but sells it himself and
pays no commission, what sort of listing was this? Answer: Exclusive
agency.
◉ Which listing gives the salesperson/broker a right a commission
regardless of whether the seller sells the property? Answer:
Exclusive right to sell.
◉ What do the seller and listing broker have to agree upon when
listing a property? Answer: The ending date of the listing.
◉ A listing broker lists a property with sub-agency provisions.
Another broker accepts the listing broker's offer to cooperate. The
co-operating broker is acting as the _____ to the seller? Answer:
Subagent
◉ A salesperson's right to a commission is based on Answer: having
a valid license.
◉ Is a broker required to get the owner's approval to transfer a
listing to another salesperson? Answer: No.
, ◉ Is a salesperson the agent of the seller or of the broker? Answer:
Broker. (And the broker is the agent for the seller).
◉ Is a listing broker responsible for making a list of the personal
property to be included in a listing? Answer: Yes.
◉ In a normal real estate transaction, is the broker responsible for
giving abstract of title and opinion? Answer: No.
◉ If a seller tells a broker he doesn't want anything other than full
price offers, should the broker still present offers less than the listed
(full) price? Answer: Yes.
◉ If an escrow is opened by a salesperson, but his broker's license is
suspended thereafter, may the salesperson still receive his
commission? Answer: Yes.
◉ Under an exclusive agency, if the seller sells the property himself,
does the broker get a commission? Answer: No.
◉ May a salesperson enter into dual agency (buyer and seller) if it is
disclosed in writing to both buyer and seller? Answer: Yes.
