AZ CE Shop Practice Test Questions With Complete
Solutions
A _________ is a tract of land divided into lots or plats and used
for building purposes.
-Plat
-Site plan
-Subdivision
-Topographic map Correct Answers Subdivision
A homeowner sells his house for $325,000 more than he bought
it for. When he files his income taxes, how much of this profit
may be exclude from his capital gains if he's filing as a single
taxpayer?
-$150,000
-$200,000
-$250,000
-All of it Correct Answers $250,000
A lender requests an appraisal of a property under foreclosure.
What type of value is the lender most likely to be interested in?
-Going concern value
-Insured value
-Investment value
-Liquidation value Correct Answers Liquidation value
A letter of intent is used to begin negotiations. In which of these
circumstances might a letter of intent most likely be used?
-Everett wants to sell his farmstead, but his intent is that it never
be developed into commercial property
,-Marcus has a house for sale, and he's heard that a neighbor
might be interested in buying it
-Terrance is interested in buying a restaurant that's been
struggling recently. He's sure he can turn it around!
-Wendy is interested in purchasing a condo that's held in an
estate Correct Answers Terrance is interested in buying a
restaurant that's been struggling recently. He's sure he can turn it
around!
A new apartment building is going up downtown. The owner
secured interim financing for the job. Which of these loan types
is interim financing?
-Construction loan
-Conventional loan
-Mobile home loan
-Personal loan Correct Answers Construction loan
A property is 50 square yards. How many square feet is this?
Correct Answers 450 square feet (one square yard = nine square
feet)
According to Arizona law, how long does a purchaser have to
back out of buying unsubdivided land without consequences?
-10 business days
-14 calendar days
-Seven calendar days
-Six months Correct Answers Seven calendar days
After meeting with his business, Daniel has decided to sell his
office building in order to free up some capital. He's going to
,lease it from the new owner, Blake, so he can stay in place.
What type of lease does he have?
-Escalated
-Ground lease
-Lease option
-Sale and leaseback Correct Answers Sale and leaseback
Alice has asked her landlord three times over the past week to
come fix the hot water in the bathtub. She's unable to fix the
problem herself but she doesn't want to move out. What other
remedy is available to Alice?
-Abandonment
-None
-Recover damages
-Repair deduct Correct Answers Recover damages
All of the following property management duties can be
performed by unlicensed employees EXCEPT _________.
-Confirming basic property details
-Fielding maintenance calls from residents
-Reviewing prospective tenant applications
-Setting appointments for rental property showings Correct
Answers Reviewing prospective tenant applications (this is
typically done by licensed property managers since it requires
expertise)
Along with the public report, what must developer's send to all
reservation holders? Correct Answers A proposed purchase
contract
, An Arizona lender is about to pursue judicial foreclosure. In
addition to filing the petition to foreclose, it will file and record
a _______.
-Court order
-Formal complaint
-Junior lien
-Lis pendens Correct Answers Lis pendens
Angelique, a foreign investor, is getting ready to sell her urban
condo. What percentage of withholding of the sales price will
FIRPTA require? Correct Answers 15%
Arizona brokers must withdraw any interest earned on a trust
account at least every _______. Correct Answers 12 months
Arizona judgement liens are valid for a period of ten years from
the original entry date. When creditors want to renew a
judgement, they can file a lawsuit or an affidavit of renewal of
judgement with the clerk of courts. The affidavit must be filed
within ________.
-10 days of the expiration
-30 days of the expiration
-60 days of the expiration
-90 days of the expiration Correct Answers 90 days of the
expiration
Arizona landlord Tara receives a notice of a trustees sale on the
property she's already rented out to tenant Will. What is Tara's
obligation under the law?
-She must send Will a written notice within 10 business days of
receiving the sale notice
Solutions
A _________ is a tract of land divided into lots or plats and used
for building purposes.
-Plat
-Site plan
-Subdivision
-Topographic map Correct Answers Subdivision
A homeowner sells his house for $325,000 more than he bought
it for. When he files his income taxes, how much of this profit
may be exclude from his capital gains if he's filing as a single
taxpayer?
-$150,000
-$200,000
-$250,000
-All of it Correct Answers $250,000
A lender requests an appraisal of a property under foreclosure.
What type of value is the lender most likely to be interested in?
-Going concern value
-Insured value
-Investment value
-Liquidation value Correct Answers Liquidation value
A letter of intent is used to begin negotiations. In which of these
circumstances might a letter of intent most likely be used?
-Everett wants to sell his farmstead, but his intent is that it never
be developed into commercial property
,-Marcus has a house for sale, and he's heard that a neighbor
might be interested in buying it
-Terrance is interested in buying a restaurant that's been
struggling recently. He's sure he can turn it around!
-Wendy is interested in purchasing a condo that's held in an
estate Correct Answers Terrance is interested in buying a
restaurant that's been struggling recently. He's sure he can turn it
around!
A new apartment building is going up downtown. The owner
secured interim financing for the job. Which of these loan types
is interim financing?
-Construction loan
-Conventional loan
-Mobile home loan
-Personal loan Correct Answers Construction loan
A property is 50 square yards. How many square feet is this?
Correct Answers 450 square feet (one square yard = nine square
feet)
According to Arizona law, how long does a purchaser have to
back out of buying unsubdivided land without consequences?
-10 business days
-14 calendar days
-Seven calendar days
-Six months Correct Answers Seven calendar days
After meeting with his business, Daniel has decided to sell his
office building in order to free up some capital. He's going to
,lease it from the new owner, Blake, so he can stay in place.
What type of lease does he have?
-Escalated
-Ground lease
-Lease option
-Sale and leaseback Correct Answers Sale and leaseback
Alice has asked her landlord three times over the past week to
come fix the hot water in the bathtub. She's unable to fix the
problem herself but she doesn't want to move out. What other
remedy is available to Alice?
-Abandonment
-None
-Recover damages
-Repair deduct Correct Answers Recover damages
All of the following property management duties can be
performed by unlicensed employees EXCEPT _________.
-Confirming basic property details
-Fielding maintenance calls from residents
-Reviewing prospective tenant applications
-Setting appointments for rental property showings Correct
Answers Reviewing prospective tenant applications (this is
typically done by licensed property managers since it requires
expertise)
Along with the public report, what must developer's send to all
reservation holders? Correct Answers A proposed purchase
contract
, An Arizona lender is about to pursue judicial foreclosure. In
addition to filing the petition to foreclose, it will file and record
a _______.
-Court order
-Formal complaint
-Junior lien
-Lis pendens Correct Answers Lis pendens
Angelique, a foreign investor, is getting ready to sell her urban
condo. What percentage of withholding of the sales price will
FIRPTA require? Correct Answers 15%
Arizona brokers must withdraw any interest earned on a trust
account at least every _______. Correct Answers 12 months
Arizona judgement liens are valid for a period of ten years from
the original entry date. When creditors want to renew a
judgement, they can file a lawsuit or an affidavit of renewal of
judgement with the clerk of courts. The affidavit must be filed
within ________.
-10 days of the expiration
-30 days of the expiration
-60 days of the expiration
-90 days of the expiration Correct Answers 90 days of the
expiration
Arizona landlord Tara receives a notice of a trustees sale on the
property she's already rented out to tenant Will. What is Tara's
obligation under the law?
-She must send Will a written notice within 10 business days of
receiving the sale notice
