Arizona Real Estate Exam Study Guide

Arizona broker price opinions (BPOs) are perfectly legal if all of the following apply EXCEPT an Arizona real estate broker must provide the opinion. What maximum dollar amount can a subdivider/developer accept for a lot reservation? $5,000 If the holder of a judgment against a real estate licensee is going to file a claim against the Real Estate Recovery Fund, the judgment holder must file the claim within _____ of obtaining the judgment. two years The grace period after a license in good standing expires is one year. An action by the purchaser to rescind a purchase of subdivided land which is without permanent access to a public road must be brought within _____ of the date of execution of the real estate sales contract by the purchaser. three years Arizona statutes provide that if within the statutory period (10 years) the owner of land does not take legal action to eject a person adversely using a portion of the land, the owner's possession rights are extinguished, and as an operation of law, a new possession right is created in the adverse possessor. This new possession right to use a portion of land is most commonly created with the recordation of an easement by prescription. Dawn does not hold a real estate license, but she tends bar and gets to talk to a lot of folks who are in the market to buy property. She provides the name of these prospects to broker Dave, who pays her cash for the names and addresses. Is Dawn's conduct considered brokering? Yes, because Dawn is being compensated to assist in the procuring of prospects. The parties to a property management agreement are the owner of the leased property and the brokerage. In Arizona, appraiser's licenses are issued for 2 years. A property management broker must deposit trust funds that are not subject to dispute or contingency within three banking days. A property management must firm keep copies of all financial records for three years.