B-1 ASREB QUESTIONS AND ANSWERS

A subdivider employés hostesses to show houses. The hostesses explain the features of the homes and gave the prices and terms. In this scenario: a. Only the sales broker needs to be licensed b. Hostesses are employees only and need not be licensed c. The hostesses must be licensed d. As long as they do not accept deposits and do not write up sales, the hostesses need not be licensed - Answer-c. The hostesses must be licensed A timeshare would be required to have a public report if: a. There are twelve or more intervals b. It contains six or more improved lots c. It is zoned commercial d. Gifts are being offered as an incentive - Answer-a. There are twelve or more intervals How many days does an employing broker have to return a salesperson's license to the Department of Real Estate once a licensee is terminated from the brokerage? a. 3 b. 7 c. 10 d. 14 - Answer-c. 10 Which of the following is FALSE regarding the Affidavit of Disclosure? a. The Buyer has a five-day right to rescind after receipt of the disclosureb. The disclosure applies if five or fewer parcels in unincorporated areas not located in a subdivision are sold, regardless of property type c. The affidavit of disclosure applies only to the residential-zoned property d. The affidavit of disclosure will be recorded with the deed - Answer-c. The affidavit of disclosure applies only to the residential-zoned property Arizona real estate law sates that the Real Estate Commissioner may do each of the following EXCEPT: a. Investigate a written and verified complaint made against a licensee b. In order to be appointed to the position, have five years' experience in real estate, title insurance, or banking industry c. Investigate the action of licensee at any time d. Hold an active real estate license while acting as Real Estate Commissioner - Answer-d. Hold an active real estate license while acting as Real Estate Commissioner A license is granted for: a. 1 year b. 2 years c. 3 years d. 4 years - Answer-b. 2 years