AZ REAL ESTATE BUNDLED EXAM FINAL PAPER
2026 COMPLETE QUESTIONS ANSWERS
PREMIUM STUDY GUIDE
◉ A situation in which the grantor becomes the lessee of the grantee
is known as:
a. sublease
b. assignment
c. estate in reversion
d. sale and leaseback.
Answer: d. sale and leaseback
◉ Clara leases a building and installs shelves, cabinets, a refrigerator,
and other articles for use in the business. Therefore:
a. Carla can remove the equipment installed before her lease expires.
b. Carla must leave them for landlord's benefit.
c. Carla can remove them at any time.
d. The landlord must pay Carla for any articles left..
Answer: a. Carla can remove the equipment installed before her
lease expires.
◉ What is the purpose of the management agreement?
,a. to define the scope of the responsibilities and authorities of the
manager
b. to create an opportunity for the manager to earn additional
income through solicitation and acceptance of gratuities from
suppliers of goods and services
c. to hire the manager to find a buyer for the property
d. to delegate to the manager the authority to purchase adjacent
properties.
Answer: a. to define the scope of the responsibilities and authorities
of the manager
◉ The maximum amount of money that may be paid for any one
licensee from the Recovery Fund is:.
Answer: $90,000
◉ By June 30, the Real Estate Recovery Fund MUST maintain a
balance of:.
Answer: $600,000
◉ The real estate Commissioner is appointed by the:.
Answer: governor
◉ The primary purpose of real estate licensing is to:.
Answer: protect the people
,◉ The following would require a real estate license:
a. a developer selling more than ten homes
b. an attorney in fact selling property for a principal
c. a trustee selling under a court order
d. an attorney at law taking a listing.
Answer: d. an attorney at law taking a listing
◉ A broker loses his license. The broker's salespeople can:
a. close all transactions as soon as possible
b. activate their licensees with other brokers
c. wait to see if their broker gets his license reinstated
d. continue to operate as before because it wasn't their fault the
broker lost his license.
Answer: b. activate their licensees with other brokers
◉ A broker offers to prepare documents for a real estate transaction
at a fee of $35. Which of the following is TRUE?
a. She cannot charge for the service.
b. She may charge if the parties agree.
c. She may charge if it is considered an escrow fee.
d. She may charge if the fee was negotiated..
, Answer: a. She cannot charge for the service.
◉ The earnest money given with an offer to purchase and held in the
broker's trust account is said to belong to:.
Answer: buyer
◉ Licensed real estate brokers are given authority to draw those
documents necessary in the course of their work by:.
Answer: the Arizona Constitution
◉ The following is NOT required for a real estate salesperson license
in Arizona:
a. 90 hours of education
b. 90 days of residence in Arizona
c. pass an examination
d. minimum age.
Answer: b. 90 days of residence in Arizona
◉ In Arizona, the law provides that if not specified, a married couple
will hold property as.
Answer: community property
2026 COMPLETE QUESTIONS ANSWERS
PREMIUM STUDY GUIDE
◉ A situation in which the grantor becomes the lessee of the grantee
is known as:
a. sublease
b. assignment
c. estate in reversion
d. sale and leaseback.
Answer: d. sale and leaseback
◉ Clara leases a building and installs shelves, cabinets, a refrigerator,
and other articles for use in the business. Therefore:
a. Carla can remove the equipment installed before her lease expires.
b. Carla must leave them for landlord's benefit.
c. Carla can remove them at any time.
d. The landlord must pay Carla for any articles left..
Answer: a. Carla can remove the equipment installed before her
lease expires.
◉ What is the purpose of the management agreement?
,a. to define the scope of the responsibilities and authorities of the
manager
b. to create an opportunity for the manager to earn additional
income through solicitation and acceptance of gratuities from
suppliers of goods and services
c. to hire the manager to find a buyer for the property
d. to delegate to the manager the authority to purchase adjacent
properties.
Answer: a. to define the scope of the responsibilities and authorities
of the manager
◉ The maximum amount of money that may be paid for any one
licensee from the Recovery Fund is:.
Answer: $90,000
◉ By June 30, the Real Estate Recovery Fund MUST maintain a
balance of:.
Answer: $600,000
◉ The real estate Commissioner is appointed by the:.
Answer: governor
◉ The primary purpose of real estate licensing is to:.
Answer: protect the people
,◉ The following would require a real estate license:
a. a developer selling more than ten homes
b. an attorney in fact selling property for a principal
c. a trustee selling under a court order
d. an attorney at law taking a listing.
Answer: d. an attorney at law taking a listing
◉ A broker loses his license. The broker's salespeople can:
a. close all transactions as soon as possible
b. activate their licensees with other brokers
c. wait to see if their broker gets his license reinstated
d. continue to operate as before because it wasn't their fault the
broker lost his license.
Answer: b. activate their licensees with other brokers
◉ A broker offers to prepare documents for a real estate transaction
at a fee of $35. Which of the following is TRUE?
a. She cannot charge for the service.
b. She may charge if the parties agree.
c. She may charge if it is considered an escrow fee.
d. She may charge if the fee was negotiated..
, Answer: a. She cannot charge for the service.
◉ The earnest money given with an offer to purchase and held in the
broker's trust account is said to belong to:.
Answer: buyer
◉ Licensed real estate brokers are given authority to draw those
documents necessary in the course of their work by:.
Answer: the Arizona Constitution
◉ The following is NOT required for a real estate salesperson license
in Arizona:
a. 90 hours of education
b. 90 days of residence in Arizona
c. pass an examination
d. minimum age.
Answer: b. 90 days of residence in Arizona
◉ In Arizona, the law provides that if not specified, a married couple
will hold property as.
Answer: community property
