Contract and Contract Law: In the event that a seller is guilty of breach of contract, an
option not open to the buyer is the right to:
A. Rescind the contract and recover the earnest money deposit and other associated
costs
B. Sue the seller for damages
C. Sue for the purchase price
D. Sue for a specific performance of the contract as agreed
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C. Sue for the purchase price
Rationale: The buyer may NOT sue for the purchase price
Real Estate Statutes: The rescission period on the purchase of inspected
Unsubdivided Land is:
A. 5 pm on the 7th business day
,B. 5 pm on 3rd business day
C. Midnight on 7th calendar day
D. Midnight on 3rd calendar day
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C. Midnight on 7th calendar day
Rationale: Inspected, Unsubidvided Land purchases allow for a 7-day
rescission period. Rescission periods are typically calendar days and time
frame is until midnight of the last day.
Primary & Secondary Markets/Financing Concepts: A person receiving an adjustable
rate mortgage would expect to:
A. Pay interest only each month, with the principal paid in one balloon payment at the
end of the term
B. Pay the same amount of interest every month
C. See the interest fluctuate on a year-to-year basis according to terms specified by
the lender
D. To pay no interest on the loan
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C. See the interest fluctuate on a year-to-year basis according to the terms
specified by the lender
Rationale: A person with an adjustable rate mortgage would expect the
interest rate to change yearly according to terms specified by the lender.
With a fixed-rate mortgage, the interest rate does not fluctuate.
Leases & Leasehold Estates: Which of the following is correct about an estate at will?
A. Must be recorded as public record
B. Weakest type of estate
,C. Runs with the land
D. May be cancelled by lessor or lessee
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D. May be cancelled by lessor or lessee
Rationale: An estate at will runs for an indefinite period of time until either
party gives notice
Leases & Leasehold Estates: In what lease would the lessor NOT pay the fixed
charges, such as maintenance, insurance and taxes?
A. Percentage lease
B. Gross lease
C. Net lease
D. Sandwich lease
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C. Net lease
Acquisitions/Transfer of Title: The main difference in the various types of deeds is in
their:
A. Warranties
B. Encumbrances
C. Legal Description
D. Execution
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A. Warranties
, Rationale: The various deeds are defined by what protections the grantor is
giving the grantee these protections are called covenants and warranties
Land Descriptions: Arizona State Trust Land is managed by the:
A. Arizona Department of Real Estate
B. Arizona Department of Environmental Quality
C. Arizona Department of Water Resources
D. Arizona State Land Department
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D. Arizona State Land Department
Rationale: The Arizona State Land Department manages approximately 9.2
million areas of State Trust Lands within Arizona.
Acquisitions/Transfer of Title: What is NOT necessary for a valid transfer of title to real
estate?
A. Delivery of the deed
B. Acknowledgement of the deed
C. Signing of the deed
D. Recording of the deed
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D. Recording of the deed
Rationale: Although recordation is very important, recordation is not
required for a valid transfer of title
Property Management: A property manager is asked to install a new spa on the
premises. The expense of the new spa would be considered:
option not open to the buyer is the right to:
A. Rescind the contract and recover the earnest money deposit and other associated
costs
B. Sue the seller for damages
C. Sue for the purchase price
D. Sue for a specific performance of the contract as agreed
Give this one a try later!
C. Sue for the purchase price
Rationale: The buyer may NOT sue for the purchase price
Real Estate Statutes: The rescission period on the purchase of inspected
Unsubdivided Land is:
A. 5 pm on the 7th business day
,B. 5 pm on 3rd business day
C. Midnight on 7th calendar day
D. Midnight on 3rd calendar day
Give this one a try later!
C. Midnight on 7th calendar day
Rationale: Inspected, Unsubidvided Land purchases allow for a 7-day
rescission period. Rescission periods are typically calendar days and time
frame is until midnight of the last day.
Primary & Secondary Markets/Financing Concepts: A person receiving an adjustable
rate mortgage would expect to:
A. Pay interest only each month, with the principal paid in one balloon payment at the
end of the term
B. Pay the same amount of interest every month
C. See the interest fluctuate on a year-to-year basis according to terms specified by
the lender
D. To pay no interest on the loan
Give this one a try later!
C. See the interest fluctuate on a year-to-year basis according to the terms
specified by the lender
Rationale: A person with an adjustable rate mortgage would expect the
interest rate to change yearly according to terms specified by the lender.
With a fixed-rate mortgage, the interest rate does not fluctuate.
Leases & Leasehold Estates: Which of the following is correct about an estate at will?
A. Must be recorded as public record
B. Weakest type of estate
,C. Runs with the land
D. May be cancelled by lessor or lessee
Give this one a try later!
D. May be cancelled by lessor or lessee
Rationale: An estate at will runs for an indefinite period of time until either
party gives notice
Leases & Leasehold Estates: In what lease would the lessor NOT pay the fixed
charges, such as maintenance, insurance and taxes?
A. Percentage lease
B. Gross lease
C. Net lease
D. Sandwich lease
Give this one a try later!
C. Net lease
Acquisitions/Transfer of Title: The main difference in the various types of deeds is in
their:
A. Warranties
B. Encumbrances
C. Legal Description
D. Execution
Give this one a try later!
A. Warranties
, Rationale: The various deeds are defined by what protections the grantor is
giving the grantee these protections are called covenants and warranties
Land Descriptions: Arizona State Trust Land is managed by the:
A. Arizona Department of Real Estate
B. Arizona Department of Environmental Quality
C. Arizona Department of Water Resources
D. Arizona State Land Department
Give this one a try later!
D. Arizona State Land Department
Rationale: The Arizona State Land Department manages approximately 9.2
million areas of State Trust Lands within Arizona.
Acquisitions/Transfer of Title: What is NOT necessary for a valid transfer of title to real
estate?
A. Delivery of the deed
B. Acknowledgement of the deed
C. Signing of the deed
D. Recording of the deed
Give this one a try later!
D. Recording of the deed
Rationale: Although recordation is very important, recordation is not
required for a valid transfer of title
Property Management: A property manager is asked to install a new spa on the
premises. The expense of the new spa would be considered:
