ASREB Exam Questions and Answers
100% Pass
types of loans - ✔✔FHA loan, Conventional loan, VA loan
FHA loan - ✔✔MIP (Mortgage Insurance Premium)
Two types (Upfront and Monthly)
Conventional loan - ✔✔PMI (Private Mortgage Insurance)
Drops off automatically at 78% loan to value (LTV)
Ask for removal at 80% loan to value
VA Loan - ✔✔Funding Fee based on value
USDA loan - ✔✔loan is zero down loan for rural homes
Gross lease is paid by the - ✔✔landlord
Net lease is paid by the - ✔✔tenant
how many standard sections are in a township? - ✔✔25
how many fractional sections are in a township? - ✔✔11
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,how many sections are in a township? - ✔✔36
a landlocked parcel would warrant an easement by - ✔✔necessity
easement in gross - ✔✔the PERSONAL RIGHT to use land for a specific, limited
purpose unrelated to any adjacent parcel. Servient tenement only.
Estate at sufferance - ✔✔Tenant remains on the property, without the landlord's
permission, after the lease has expired
A hold over tenant has an estate at - ✔✔sufferance
CFPB - ✔✔Customer Financial Protection Bureau
The CFPB governs - ✔✔Savings and Loans
how many townships are in a government check? - ✔✔16
how many miles square is a government check? - ✔✔24 miles square
Who limits the liability of an estate? - ✔✔Executor
Joint tenancy with Right of Survivorship - ✔✔kills wills (no probate!)
T/F a corporation or LLC can be a joint tenant - ✔✔F, they cannot because they do not
die
Holographic will - ✔✔handwritten will with no witnesses
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, encumberance - ✔✔limitation attached to the property and burdens title
satisfaction piece - ✔✔payoff of judgement or loan
If a seller wants to net $105,000 after paying a 6% commision AND $4,000 in closing
costs, what must the listing price be? - ✔✔105,000+ 4,000= 109,000
100%- 6%= 94%
109,000/ 94%= 115,957.45
The listing price should be $115,957.45
how many feet are in a mile? - ✔✔5280
how many yards are in a mile? - ✔✔1760
how many feet are in an acre? - ✔✔43,560
Land in AZ is in an AMA because - ✔✔of overdraft of the underground water
option - ✔✔unilateral contract, consideration, optionor bound (enforceable on optionor)
conversion - ✔✔misappropriation of funds, theft, or broker using trust account to pay
company bills
Constructive Notice - ✔✔Recordation, public posting, and advertising
Brittie Donald, All Rights Reserved © 2025 3
100% Pass
types of loans - ✔✔FHA loan, Conventional loan, VA loan
FHA loan - ✔✔MIP (Mortgage Insurance Premium)
Two types (Upfront and Monthly)
Conventional loan - ✔✔PMI (Private Mortgage Insurance)
Drops off automatically at 78% loan to value (LTV)
Ask for removal at 80% loan to value
VA Loan - ✔✔Funding Fee based on value
USDA loan - ✔✔loan is zero down loan for rural homes
Gross lease is paid by the - ✔✔landlord
Net lease is paid by the - ✔✔tenant
how many standard sections are in a township? - ✔✔25
how many fractional sections are in a township? - ✔✔11
Brittie Donald, All Rights Reserved © 2025 1
,how many sections are in a township? - ✔✔36
a landlocked parcel would warrant an easement by - ✔✔necessity
easement in gross - ✔✔the PERSONAL RIGHT to use land for a specific, limited
purpose unrelated to any adjacent parcel. Servient tenement only.
Estate at sufferance - ✔✔Tenant remains on the property, without the landlord's
permission, after the lease has expired
A hold over tenant has an estate at - ✔✔sufferance
CFPB - ✔✔Customer Financial Protection Bureau
The CFPB governs - ✔✔Savings and Loans
how many townships are in a government check? - ✔✔16
how many miles square is a government check? - ✔✔24 miles square
Who limits the liability of an estate? - ✔✔Executor
Joint tenancy with Right of Survivorship - ✔✔kills wills (no probate!)
T/F a corporation or LLC can be a joint tenant - ✔✔F, they cannot because they do not
die
Holographic will - ✔✔handwritten will with no witnesses
Brittie Donald, All Rights Reserved © 2025 2
, encumberance - ✔✔limitation attached to the property and burdens title
satisfaction piece - ✔✔payoff of judgement or loan
If a seller wants to net $105,000 after paying a 6% commision AND $4,000 in closing
costs, what must the listing price be? - ✔✔105,000+ 4,000= 109,000
100%- 6%= 94%
109,000/ 94%= 115,957.45
The listing price should be $115,957.45
how many feet are in a mile? - ✔✔5280
how many yards are in a mile? - ✔✔1760
how many feet are in an acre? - ✔✔43,560
Land in AZ is in an AMA because - ✔✔of overdraft of the underground water
option - ✔✔unilateral contract, consideration, optionor bound (enforceable on optionor)
conversion - ✔✔misappropriation of funds, theft, or broker using trust account to pay
company bills
Constructive Notice - ✔✔Recordation, public posting, and advertising
Brittie Donald, All Rights Reserved © 2025 3
