ARIZONA STATE EXAM 2024-2025 ACTUAL EXAM 150
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
A general contractor does work for a tenant in space. a commercial leased The tenant fails to the
contractor. Which of the following is pay true regarding the mechanic's lien? A. The contractor may not
file a lien B. The contractor will lien the entire building C. The contractor can only lien the leasehold
interest D. The contractor must have the owner's permission to file a lien - ANSWER-The contractor can
only lien the leasehold interest
Once originated, under the Deed of Trust, who owns the property? A. Trustor B. Trustee C. Assignee D.
Beneficiary - ANSWER-Trustor
Which of the parties below would hold "naked title" in a deed of trust? A. Trustee B. Trustor C.
Beneficiary D. Mortgagee - ANSWER-Trustee
When a mechanic's lien is recorded and later results in a judgment, what is the lien priority of the
judgment? A. When the notice of completion is recorded B. Same as the mechanic's lier C. Day judgment
is recorded D. Day work is completed - ANSWER-Same as the mechanic's lier
Which of the following instruments contain the note and security in one document? A. Agreement for
sale B. Exchange contract C. Lease with first right to refuse D. Purchase-money mortgage -
ANSWERAgreement for sale
The forfeiture period on a land contract is: A. A reinstatement period as agreed by the parties statutory
period of time B. A specific C. 90 days after constructive notice D. 6 months after actual notice -
ANSWER-statutory period of time A specific
A commercial project was in foreclosure, and after the sale the mortgagee did not receive enough money
to satisfy the note. Which of the following statements are true? A. The lender can sue the borrower for
deficiency judgment B. The lender would not be able to sue for deficiency judgment C. The lender's only
recourse is the property D. The lender would first have to honor the property homestead - ANSWER-The
lender can sue the borrower for deficiency judgment
,A property has a first note and Deed of Trust for $20,000, and a second note and Deed of Trust for
$10,000. The first is in default, and the lender agrees to take back a quitclainm deed. What is the
position of the $10,000 second? A. The quitclaim deed eliminated the second B. The second must be
paid before a quitclaim can be given on the first C. The second is now in first position D. The $10,000 is
still in second position - ANSWER-The second is now in first position
A buyer obtains a loan on a parcel of land secured by a Deed of Trust. Later the buyer moves a mobile
home on the lot and defaults on the Deed of Trust. the following is true? may A. Lender foreclose om the
land and mobile home B. Lender may not foreclose under the homestead act may C. Lender foreclose on
the land only may D. Lender foreclose on the mobile home only - ANSWER-may Lender foreclose on the
land only
After a Deed of Trust Foreclosure sale, which of the following is true? A. A deed of Reconveyance is given
to the trustor B. The note is marked paid and returned to the trustor C. A trustee's deed is given to the
new owner D. The trust deed is returned to the trustor - ANSWER-A trustee's deed is given to the new
owner
Which of the following would NOT be part of an agreement for sale? A. Statutory notice B. Account
servicing agreement C. Trustee notice D. Forfeiture rights - ANSWER-Trustee notice
State laws would set: usury A. Interest rates B. Rescission laws C. Disclosure D. Advertising restrictions -
ANSWER-Interest rates
A land contract has an acceleration clause an is now in default. Which of the following is true? A. No
acceleration clause is allowed in a land contract B. Vendor can forfeit the vendee's equity immediately C.
Once the acceleration clause is exercised, a lender would foreclose as a mortgage D. The vendee would
have a 90-day reinstatement period - ANSWER-Once the acceleration clause is exercised, a lender
would foreclose as a mortgage
accelerate payment on a land A seller may contract when the buyer defaults: A. If foreclosed as a
mortgage B. If foreclosed as a Deed of Trust C. If the seller uses the forfeiture provisions D. If the loan has
subordination clause - ANSWER-If foreclosed as a mortgage
Who benefits from a non-disturbance clause in a loan? A. Seller of the property B. New buyer of the
property C. Tenant leasing the property D. Broker who sells the property - ANSWER-Tenant leasing the
property
, What is the primary difference between an agreement for sale and a purchase money mortgage? A. A
purchase money mortgage contains the note and security all in one document B. The purchase money
mortgage is the evidence of the debt C. The agreement for sale contains the note and security all in one
document D. The agreement for sale is used only when selling land - ANSWER-The agreement for sale
contains the note and security all in one document
Regarding a trust deed foreclosure, which of the following is true? A. Debtor receives a notice of sale B.
Debtor notifies trustee of default C. Trustee notifies beneficiary of default D. Mortgagor would notify
trustee - ANSWER-Debtor receives a notice of sale
What is not required of a property manager? A. Register prospective tenants with a state registration
system B. Collect rents C. Acts as a general agent D. Keep up with current rental rates - ANSWERRegister
prospective tenants with a state registration system
What is NOT part of a typical property management agreement? A. Beginning and ending date B. of
management reports Frequency C. Thirty-day cancellation clause D. Annual budget - ANSWER-Annual
budget
Which of the following would NOT be part of the landlord-tenant act? A. Security deposits regulations B.
Property management regulations C. Notices for eviction D. Notice of self-help repairs -
ANSWERProperty management regulations
A landlord wishes to show a party your do so with which of the apartment. He may following notices? A.
24 hours B. 48 hours C. 72 hours D. 6 hours - ANSWER-48 hours
All of the following can be signors on a property management trust account EXCEPT: A. Designated
Broker B. Managers licensed under the broker C. Property owner D. Employees of the broker -
ANSWERProperty owner
If a property is damaged by fire and the tenant moves out, which of the following statements is true? A.
Tenant may terminate the lease with a 14 day written notice B. Tenant may terminate the lease with a 10
day written notice C. Tenant may terminate the lease with a 7 day written notice D. Tenant terminate the
lease with may a 3 day written notice - ANSWER-Tenant may terminate the lease with a 14 day written
notice
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
A general contractor does work for a tenant in space. a commercial leased The tenant fails to the
contractor. Which of the following is pay true regarding the mechanic's lien? A. The contractor may not
file a lien B. The contractor will lien the entire building C. The contractor can only lien the leasehold
interest D. The contractor must have the owner's permission to file a lien - ANSWER-The contractor can
only lien the leasehold interest
Once originated, under the Deed of Trust, who owns the property? A. Trustor B. Trustee C. Assignee D.
Beneficiary - ANSWER-Trustor
Which of the parties below would hold "naked title" in a deed of trust? A. Trustee B. Trustor C.
Beneficiary D. Mortgagee - ANSWER-Trustee
When a mechanic's lien is recorded and later results in a judgment, what is the lien priority of the
judgment? A. When the notice of completion is recorded B. Same as the mechanic's lier C. Day judgment
is recorded D. Day work is completed - ANSWER-Same as the mechanic's lier
Which of the following instruments contain the note and security in one document? A. Agreement for
sale B. Exchange contract C. Lease with first right to refuse D. Purchase-money mortgage -
ANSWERAgreement for sale
The forfeiture period on a land contract is: A. A reinstatement period as agreed by the parties statutory
period of time B. A specific C. 90 days after constructive notice D. 6 months after actual notice -
ANSWER-statutory period of time A specific
A commercial project was in foreclosure, and after the sale the mortgagee did not receive enough money
to satisfy the note. Which of the following statements are true? A. The lender can sue the borrower for
deficiency judgment B. The lender would not be able to sue for deficiency judgment C. The lender's only
recourse is the property D. The lender would first have to honor the property homestead - ANSWER-The
lender can sue the borrower for deficiency judgment
,A property has a first note and Deed of Trust for $20,000, and a second note and Deed of Trust for
$10,000. The first is in default, and the lender agrees to take back a quitclainm deed. What is the
position of the $10,000 second? A. The quitclaim deed eliminated the second B. The second must be
paid before a quitclaim can be given on the first C. The second is now in first position D. The $10,000 is
still in second position - ANSWER-The second is now in first position
A buyer obtains a loan on a parcel of land secured by a Deed of Trust. Later the buyer moves a mobile
home on the lot and defaults on the Deed of Trust. the following is true? may A. Lender foreclose om the
land and mobile home B. Lender may not foreclose under the homestead act may C. Lender foreclose on
the land only may D. Lender foreclose on the mobile home only - ANSWER-may Lender foreclose on the
land only
After a Deed of Trust Foreclosure sale, which of the following is true? A. A deed of Reconveyance is given
to the trustor B. The note is marked paid and returned to the trustor C. A trustee's deed is given to the
new owner D. The trust deed is returned to the trustor - ANSWER-A trustee's deed is given to the new
owner
Which of the following would NOT be part of an agreement for sale? A. Statutory notice B. Account
servicing agreement C. Trustee notice D. Forfeiture rights - ANSWER-Trustee notice
State laws would set: usury A. Interest rates B. Rescission laws C. Disclosure D. Advertising restrictions -
ANSWER-Interest rates
A land contract has an acceleration clause an is now in default. Which of the following is true? A. No
acceleration clause is allowed in a land contract B. Vendor can forfeit the vendee's equity immediately C.
Once the acceleration clause is exercised, a lender would foreclose as a mortgage D. The vendee would
have a 90-day reinstatement period - ANSWER-Once the acceleration clause is exercised, a lender
would foreclose as a mortgage
accelerate payment on a land A seller may contract when the buyer defaults: A. If foreclosed as a
mortgage B. If foreclosed as a Deed of Trust C. If the seller uses the forfeiture provisions D. If the loan has
subordination clause - ANSWER-If foreclosed as a mortgage
Who benefits from a non-disturbance clause in a loan? A. Seller of the property B. New buyer of the
property C. Tenant leasing the property D. Broker who sells the property - ANSWER-Tenant leasing the
property
, What is the primary difference between an agreement for sale and a purchase money mortgage? A. A
purchase money mortgage contains the note and security all in one document B. The purchase money
mortgage is the evidence of the debt C. The agreement for sale contains the note and security all in one
document D. The agreement for sale is used only when selling land - ANSWER-The agreement for sale
contains the note and security all in one document
Regarding a trust deed foreclosure, which of the following is true? A. Debtor receives a notice of sale B.
Debtor notifies trustee of default C. Trustee notifies beneficiary of default D. Mortgagor would notify
trustee - ANSWER-Debtor receives a notice of sale
What is not required of a property manager? A. Register prospective tenants with a state registration
system B. Collect rents C. Acts as a general agent D. Keep up with current rental rates - ANSWERRegister
prospective tenants with a state registration system
What is NOT part of a typical property management agreement? A. Beginning and ending date B. of
management reports Frequency C. Thirty-day cancellation clause D. Annual budget - ANSWER-Annual
budget
Which of the following would NOT be part of the landlord-tenant act? A. Security deposits regulations B.
Property management regulations C. Notices for eviction D. Notice of self-help repairs -
ANSWERProperty management regulations
A landlord wishes to show a party your do so with which of the apartment. He may following notices? A.
24 hours B. 48 hours C. 72 hours D. 6 hours - ANSWER-48 hours
All of the following can be signors on a property management trust account EXCEPT: A. Designated
Broker B. Managers licensed under the broker C. Property owner D. Employees of the broker -
ANSWERProperty owner
If a property is damaged by fire and the tenant moves out, which of the following statements is true? A.
Tenant may terminate the lease with a 14 day written notice B. Tenant may terminate the lease with a 10
day written notice C. Tenant may terminate the lease with a 7 day written notice D. Tenant terminate the
lease with may a 3 day written notice - ANSWER-Tenant may terminate the lease with a 14 day written
notice
