Arizona Real Estate Pre-License Final Exam

Q1) Which of the following ways of specializing is common in the real estate brokerage business? A. By type of mortgage financing required B. By years of experience in the business C. By type of property D. By background of client C. By type of property Q2) Which of the following is included in the legal concept of land? A. A corn crop B. A lake C. A felled tree D. An abandoned vehicle B. A lake Q3) A property abuts a non-navigable stream. What does the owner own? A. Land to the low-water mark B. Underlying land to the middle of the waterway C. Land to the high-water mark D. All water to the middle of the waterway B. Underlying land to the middle of the waterway Q4) A retailer installs special display counters to exhibit her products. At the end of the lease term, the retailer moves to another state, leaving the counters in the store. At this point the counters are considered which of the following? A. trade fixtures, and therefore real property B. trade fixtures and therefore personal property C. real property, since the trade fixtures were abandoned D. personal property that must be returned to the retailer C. real property, since the trade fixtures were abandoned Q5) How is a legal life estate created? A. By an owner's voluntary grant B. By operation of law C. Through the four unities D. Through a defeasible conveyance B. By operation of law Q6) Which of the following is true of a homestead? A. A homestead interest can be conveyed by one spouse B. A homestead interest cannot be exempt from creditors C. A homestead interest is a form of legal life estate D. A homestead is any privately owned single-family residence C. A homestead interest is a form of legal life estat