Real Estate Test Preparation Questions Arizona

A lease that provides the specified rent increases at set future dates is called: A) A percentage lease. B) A graduated lease. C) An interval lease. D) An adjustable lease. B) A graduated lease. A Quit Claim Deed is commonly used to: (a) Convey title (b) Secure a loan (c) Cloud the title to real property (d) Release an interest in title (d) Release an interest in title *It may also be used to convey title, but that is not is primary use. A graduated lease would mean that: (a) Rents will increase or decrease upon renewal of lease (b) Rents decrease at a specified date (c) Rents increase as tenants are procured (d) Rents increase based on an index (a) Rents will increase or decrease upon renewal of lease Which of the following is not in the secondary market? (a) GNMA (b) FHA (c) FHLMC (d) FNMA (b) FHA Public entities include Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC) and Government National Mortgage Association (GNMA). What is the maximum dollar amount of improvements a fixer/flipper owner may make to a property without using a licensed contractor? (a) No maximum (b) $900 (c) $1,000 (d) $5,000 (c) $1,000 According to the AROC website, a license is required for any person or business who "contracts or offers to contract to build, alter, repair, add to, subtract from, improve, move, wreck or demolish any building, highway, road, railroad, excavation or other structure, development or improvement." This applies to any construction job in Arizona where labor and material costs exceed $1,000.