Real Estate Statutes questions and answers
2025\2026 A+ Grade
Consumers must submit a claim for disbursement from the Arizona real estate recovery fund within
______ year(s) after the judgment was awarded.
- correct answer Two
Claimants must begin legal proceedings against a licensee to win a judgment within five years of the
incident, but after the judgment has been awarded, they have two years to try to get restitution from
the offending licensee and file a claim to the recovery fund if the licensee can't pay.
Select the statement that best illustrates the relationship between the commissioner and the Arizona
Real Estate Advisory Board.
- correct answer The advisory board completes a research project related to the need for a third level of
Arizona licensure (associate broker).
The governor appoints advisory board members, who serve at the pleasure of the governor and the
commissioner. The board's purpose is to provide recommendations to the commissioner, who's
responsible for implementing and enforcing license laws and rules.
Owners of unsubdivided land in Arizona who are found to have omitted information or who have made
an untrue statement in a notice of intention to sell can be fined as much as ______ per infraction by the
commissioner.
- correct answer $1,000
Some planning issues have made it necessary for changes to be made at the planned Desert Waters
unsubdivided land development. The owner, Tom Haggis, had his agent draft a notice and send it to the
commission. What action will the commission take when it receives Tom's notice?
- correct answer Determine what actions, if any, should be taken to protect purchasers.
What are the minimum requirements for a bulk sale of subdivided to be exempt from Arizona
subdivision statutes?
- correct answer Six or more lots sold to a single buyer in one transaction.
, According to Arizona law, how long does a purchaser have to back out of buying unsubdivided land
without consequences?
- correct answer Seven calendar days
The buyer has until midnight on the seventh day after executing a purchase contract.
Arizona licensee Kurt is within his original license period, but his license was cancelled. He resolved the
cancellation issues, and is eligible for reinstatement through ______.
- correct answer Re-application
Cancelled licenses that are within the original license period (unexpired), and where the reason for
cancellation has been resolved, are eligible for reinstatement by re-application.
Stephanie is an Arizona licensee who has recently been contacted because her conduct is causing an
immediate threat to public welfare. What penalty does she most likely face?
- correct answer Summary suspension of license
ADRE may summarily (immediately) suspend a licensee's license if the commissioner finds that the
licensee's actions are causing an immediate threat to public health, safety, or welfare.
Tina and Larry received an invitation to tour the Winding River Resort, a timeshare property. The written
disclosure included the premium estimated retail value. What required element is missing from the
disclosure?
- correct answer The attendance time required to receive the premium
The written disclosure must include minimum time commitment, retail value, and other conditions to
receive the premium.
Leon and Beth own 1/13 of a timeshare estate. They own weeks 20 and 21, and also weeks 40 and 41.
These weeks are inheritable. What type of ownership is this?
- correct answer Fee simple
2025\2026 A+ Grade
Consumers must submit a claim for disbursement from the Arizona real estate recovery fund within
______ year(s) after the judgment was awarded.
- correct answer Two
Claimants must begin legal proceedings against a licensee to win a judgment within five years of the
incident, but after the judgment has been awarded, they have two years to try to get restitution from
the offending licensee and file a claim to the recovery fund if the licensee can't pay.
Select the statement that best illustrates the relationship between the commissioner and the Arizona
Real Estate Advisory Board.
- correct answer The advisory board completes a research project related to the need for a third level of
Arizona licensure (associate broker).
The governor appoints advisory board members, who serve at the pleasure of the governor and the
commissioner. The board's purpose is to provide recommendations to the commissioner, who's
responsible for implementing and enforcing license laws and rules.
Owners of unsubdivided land in Arizona who are found to have omitted information or who have made
an untrue statement in a notice of intention to sell can be fined as much as ______ per infraction by the
commissioner.
- correct answer $1,000
Some planning issues have made it necessary for changes to be made at the planned Desert Waters
unsubdivided land development. The owner, Tom Haggis, had his agent draft a notice and send it to the
commission. What action will the commission take when it receives Tom's notice?
- correct answer Determine what actions, if any, should be taken to protect purchasers.
What are the minimum requirements for a bulk sale of subdivided to be exempt from Arizona
subdivision statutes?
- correct answer Six or more lots sold to a single buyer in one transaction.
, According to Arizona law, how long does a purchaser have to back out of buying unsubdivided land
without consequences?
- correct answer Seven calendar days
The buyer has until midnight on the seventh day after executing a purchase contract.
Arizona licensee Kurt is within his original license period, but his license was cancelled. He resolved the
cancellation issues, and is eligible for reinstatement through ______.
- correct answer Re-application
Cancelled licenses that are within the original license period (unexpired), and where the reason for
cancellation has been resolved, are eligible for reinstatement by re-application.
Stephanie is an Arizona licensee who has recently been contacted because her conduct is causing an
immediate threat to public welfare. What penalty does she most likely face?
- correct answer Summary suspension of license
ADRE may summarily (immediately) suspend a licensee's license if the commissioner finds that the
licensee's actions are causing an immediate threat to public health, safety, or welfare.
Tina and Larry received an invitation to tour the Winding River Resort, a timeshare property. The written
disclosure included the premium estimated retail value. What required element is missing from the
disclosure?
- correct answer The attendance time required to receive the premium
The written disclosure must include minimum time commitment, retail value, and other conditions to
receive the premium.
Leon and Beth own 1/13 of a timeshare estate. They own weeks 20 and 21, and also weeks 40 and 41.
These weeks are inheritable. What type of ownership is this?
- correct answer Fee simple
