Arizona Real Estate Salesperson Exam With Guaranteed Accurate Answers

What are the two requirements of the property if the anti-deficiency statute is to apply? - correct answer 2.5 acres or less. Utilized as a family home for a 1 or 2 family dwelling. In a deed of trust, who is the "trustor?" - correct answer The person buying the house (the purchaser). Who has priority in liens even over a purchase money mortgage lien filed prior? - correct 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? - correct 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? - correct 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? - correct answer Administrator. What is the title of the person who supervises the estate of someone who died with a will? - correct answer Executor. When are property taxes ASSESSED? - correct answer Once a year, January 1. When are the two dates in Arizona in which property taxes are DUE for January 1? - correct 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? - correct 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? - correct answer General agent. A real estate salesperson (licensee) is what kind of agent as to his or her broker? - correct answer General agent. A seller gives her salesperson the right to sell and make other decisions regarding the property is what kind of agent? - correct answer General agent. What are the 4 types of listings? - correct 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? - correct answer Exclusive agency. Which listing gives the salesperson/broker a right a commission regardless of whether the seller sells the property? - correct answer Exclusive right to sell. What do the seller and listing broker have to agree upon when listing a property? - correct 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? - correct answer Subagent A salesperson