ARIZONA STATE EXAM 2024-2025 ACTUAL EXAM 150
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
All of the following are required for a real estate brokerage EXCEPT: A. Having a general trust account B.
Maintaining day-to-day control of the business C. Using the brokerage name in all advertising D.
Appointing a manager at each branch office - ANSWER-Having a general trust account
In order to renew a salespersons or associate broker license, you need how many hours of continuing
education every two years: A. 12 B. 16 C. 18 D. 24 - ANSWER-24
Which is NOT the responsibility of a real estate agent A. Inform the real estate department of change of
address in 10 days B. Do whatever the broker says C. Turn earnest money over to the broker D. Act as a
subagent - ANSWER-Do whatever the broker says
A subdivision public report would be required on all of the following properties EXCEPT? A. Residential
timeshare B. New home sales C. Apartments converted to condos D. Commercial lots -
ANSWERCommercial lots
When a sales license has expired and is now being renewed, the late charge would be A. A graduated
monthly fee B. Three times the license fee C. Two and one-half times the license fee D. Up to $100.00
penalty - ANSWER-A graduated monthly fee
The real estate commissioner may do each of the following EXCEPT: A. Hire and fire Real Estate
Department employees B. Look at the broker's books at any time C. Formulate rules and regulations D.
Immediately revoke a real estate license on a complaint of fraud - ANSWER-Immediately revoke a real
estate license on a complaint of fraud
You have 30 acres and want to make six 5- acre lots. Which of the following is true? A. A public report is
required B. A public report is not required on resale C. A public report is not required due to size D. A
public report is only required if you the lots improve - ANSWER-A public report is required
,A public report is to be given to a buyer: A. Before the buyer signs the contract B. Within three days of
signing the contract C. Within seven days after signing the contract D. Within six months of signing the
contract - ANSWER-Before the buyer signs the contract
The real estate advisory board is appointed by: A. Commissioner B. State Legislature C. Governor D.
Popular election - ANSWER-Governor
would be: A verbal lease of one year A. Void B. Voidable C. Valid D. Unenforceable - ANSWER-Valid
Real estate commissions are set by: A. Custom B. Negotiation C. Multiple Listing Service D. REALTOR®
Association - ANSWER-Negotiation
A salesperson receives an offer on a property of another listing broker. The salesperson cannot contact
the listing broker within 24 hours. What must the salesperson do? A. Request the seller give the
salesperson written authorization to present the offer B. Mail the offer back to the buyer C. Submit the
offer to the seller immediately D. Hold the offer until the salesperson can contact the listing broker -
ANSWER-Request the seller give the salesperson written authorization to present the offer
How long does a developer keep a receipt of having given a public report to the buyer? A. 6 months B.
12 months C. 5 years D. 7 years - ANSWER-5 years
What is the rescission time when a party purchases a timeshare? A. 3 days B. 7 days C. 6 months D. No
rescission exists - ANSWER-7 days
Which of the following would NOT be included in a public report? A. Names of developers B. Legal
description C. Access to utilities D. Market value - ANSWER-Market value
According to Real Estate Law, an improved lot would be: A. A lot with utilities B. A lot with streets and
servers C. A lot that has been subdivided D. A lot where a structure will be built on the lot within two
years of contract - ANSWER-A lot where a structure will be built on the lot within two years of contract
, The taking of lot reservations before a public report is issued does NOT apply to: A. A subdivided lot with
a model home on it B. Unimproved subdivided lots C. Improved industrial lots D. Unsubdivided lots -
ANSWER-Improved industrial lots
Timeshare units in Hawaii are being offered for sale or lease in Arizona. The developer may be required
to do all of the following EXCEPT: A. Secure an Arizona Public Report B. Secure a special use permit C. Pay
expenses of Department of Real Estate to go and inspect the timeshare project D. Prove that the units
have been approved by the state of Hawaii - ANSWER-Secure a special use permit
A broker goes on a cruise for ten days. Who can be left in charge? A. Any unlicensed employee B. Any
real estate licensee employed by the broker C. Only a real estate salesperson officers D. Any corporate -
ANSWER-Any real estate licensee employed by the broker
How licensees does it take to open a many branch office? A. One B.Two C. Three D.Four - ANSWER-
One
When a broker misappropriates funds, this is called? A. Conversion B. Commingling C. Conveyance D.
Consideration - ANSWER-Conversion
When the real estate commissioner pays a claim from the recovery fund, which of the following is true
before a licensee may obtain a real estate license once again? A. Licensee must pay back the amount the
fund paid out B. Licensee must work under probatiorn for one year C. Licensee will have a limited license
for one year D. Licensee must ask permission from the court to reinstate the previous license -
ANSWERLicensee must pay back the amount the fund paid out
When a broker secures a listing, which of the following actions would NOT require the owner's approval?
A. Placing a sign on the property B. Advertising the property for sale C. Assigning the listing to another
salesperson D. Assigning the listing to another brokerage firm - ANSWER-Assigning the listing to
another salesperson
has 20 A real estate brokerage company company listings. The is sold to another local What is true
regarding real estate company. the listings? A. Listings are automatically transferred to the new company
B. Property owner and new company must sign a new listing C. Listings remain valid and no action
necessary D. The real estate department must the sale and listing transfer approve - ANSWERProperty
owner and new company must sign a new listing
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
All of the following are required for a real estate brokerage EXCEPT: A. Having a general trust account B.
Maintaining day-to-day control of the business C. Using the brokerage name in all advertising D.
Appointing a manager at each branch office - ANSWER-Having a general trust account
In order to renew a salespersons or associate broker license, you need how many hours of continuing
education every two years: A. 12 B. 16 C. 18 D. 24 - ANSWER-24
Which is NOT the responsibility of a real estate agent A. Inform the real estate department of change of
address in 10 days B. Do whatever the broker says C. Turn earnest money over to the broker D. Act as a
subagent - ANSWER-Do whatever the broker says
A subdivision public report would be required on all of the following properties EXCEPT? A. Residential
timeshare B. New home sales C. Apartments converted to condos D. Commercial lots -
ANSWERCommercial lots
When a sales license has expired and is now being renewed, the late charge would be A. A graduated
monthly fee B. Three times the license fee C. Two and one-half times the license fee D. Up to $100.00
penalty - ANSWER-A graduated monthly fee
The real estate commissioner may do each of the following EXCEPT: A. Hire and fire Real Estate
Department employees B. Look at the broker's books at any time C. Formulate rules and regulations D.
Immediately revoke a real estate license on a complaint of fraud - ANSWER-Immediately revoke a real
estate license on a complaint of fraud
You have 30 acres and want to make six 5- acre lots. Which of the following is true? A. A public report is
required B. A public report is not required on resale C. A public report is not required due to size D. A
public report is only required if you the lots improve - ANSWER-A public report is required
,A public report is to be given to a buyer: A. Before the buyer signs the contract B. Within three days of
signing the contract C. Within seven days after signing the contract D. Within six months of signing the
contract - ANSWER-Before the buyer signs the contract
The real estate advisory board is appointed by: A. Commissioner B. State Legislature C. Governor D.
Popular election - ANSWER-Governor
would be: A verbal lease of one year A. Void B. Voidable C. Valid D. Unenforceable - ANSWER-Valid
Real estate commissions are set by: A. Custom B. Negotiation C. Multiple Listing Service D. REALTOR®
Association - ANSWER-Negotiation
A salesperson receives an offer on a property of another listing broker. The salesperson cannot contact
the listing broker within 24 hours. What must the salesperson do? A. Request the seller give the
salesperson written authorization to present the offer B. Mail the offer back to the buyer C. Submit the
offer to the seller immediately D. Hold the offer until the salesperson can contact the listing broker -
ANSWER-Request the seller give the salesperson written authorization to present the offer
How long does a developer keep a receipt of having given a public report to the buyer? A. 6 months B.
12 months C. 5 years D. 7 years - ANSWER-5 years
What is the rescission time when a party purchases a timeshare? A. 3 days B. 7 days C. 6 months D. No
rescission exists - ANSWER-7 days
Which of the following would NOT be included in a public report? A. Names of developers B. Legal
description C. Access to utilities D. Market value - ANSWER-Market value
According to Real Estate Law, an improved lot would be: A. A lot with utilities B. A lot with streets and
servers C. A lot that has been subdivided D. A lot where a structure will be built on the lot within two
years of contract - ANSWER-A lot where a structure will be built on the lot within two years of contract
, The taking of lot reservations before a public report is issued does NOT apply to: A. A subdivided lot with
a model home on it B. Unimproved subdivided lots C. Improved industrial lots D. Unsubdivided lots -
ANSWER-Improved industrial lots
Timeshare units in Hawaii are being offered for sale or lease in Arizona. The developer may be required
to do all of the following EXCEPT: A. Secure an Arizona Public Report B. Secure a special use permit C. Pay
expenses of Department of Real Estate to go and inspect the timeshare project D. Prove that the units
have been approved by the state of Hawaii - ANSWER-Secure a special use permit
A broker goes on a cruise for ten days. Who can be left in charge? A. Any unlicensed employee B. Any
real estate licensee employed by the broker C. Only a real estate salesperson officers D. Any corporate -
ANSWER-Any real estate licensee employed by the broker
How licensees does it take to open a many branch office? A. One B.Two C. Three D.Four - ANSWER-
One
When a broker misappropriates funds, this is called? A. Conversion B. Commingling C. Conveyance D.
Consideration - ANSWER-Conversion
When the real estate commissioner pays a claim from the recovery fund, which of the following is true
before a licensee may obtain a real estate license once again? A. Licensee must pay back the amount the
fund paid out B. Licensee must work under probatiorn for one year C. Licensee will have a limited license
for one year D. Licensee must ask permission from the court to reinstate the previous license -
ANSWERLicensee must pay back the amount the fund paid out
When a broker secures a listing, which of the following actions would NOT require the owner's approval?
A. Placing a sign on the property B. Advertising the property for sale C. Assigning the listing to another
salesperson D. Assigning the listing to another brokerage firm - ANSWER-Assigning the listing to
another salesperson
has 20 A real estate brokerage company company listings. The is sold to another local What is true
regarding real estate company. the listings? A. Listings are automatically transferred to the new company
B. Property owner and new company must sign a new listing C. Listings remain valid and no action
necessary D. The real estate department must the sale and listing transfer approve - ANSWERProperty
owner and new company must sign a new listing
