AZ Real Estate (State Specific) Exam Prep with a Review of
300 Questions and Correct Verified Answers/ ARIZONA
Real Estate Exam- 300 State Specific Correctly Answered
Practice Questions/ Test Bank D
How many hours of education are required to renew a real estate salesperson's
license in Arizona?
A) 12 hours
B) 18 hours
C) 24 hours
D) 30 hours
-ANSWER- C) 24 hours
How many hours of education are required for a real estate broker's license when
the broker is the designated broker or an associated broker with delegated
authority?
A) 24 hours
B) 30 hours
C) 36 hours
D) 45 hours
-ANSWER- B) 30 hours
Arizona property taxes are figured based on:
A) Market value
B) Assessed value
C) Ad Valorem
D) Full cash value
-ANSWER- C) Ad Valorem
In Arizona, property taxes are payable:
A) Once a year
B) Twice a year
C) Quarterly
D) Monthly
-ANSWER- B) Twice a year
1
,What gives real estate licensees the right to prepare all documents in a real estate
transaction?
A) Arizona Revised Statutes Title 20
B) Arizona Constitution Article XXVI
C) The Arizona Real Estate Commissioner's Rules
D) The Arizona Legislature
-ANSWER- B) Arizona Constitution Article XXVI
In order to be enforceable according to Arizona Revised Statutes, all listings must:
A) Be notarized
B) Be in writing
C) Be recorded with the county
D) Include a property survey
-ANSWER- B) Be in writing
What is the minimum amount that must be in the Real Estate Recovery Fund as of
June 30th of each year to avoid additional fees to licensees?
A) $300,000
B) $450,000
C) $600,000
D) $750,000
-ANSWER- C) $600,000
Property taxes become a lien on the first day of:
A) January
B) April
C) July
D) October
-ANSWER- A) January
What must a buyer of subdivided land receive?
A) A title report
B) A Public Report
C) A survey
D) An appraisal
-ANSWER- B) A Public Report
When a listing agent cannot be reached within 24 hours, what must the selling
agent obtain before presenting an offer to the seller?
A) Verbal permission from the buyer
2
,B) Written permission from the seller
C) Approval from the broker
D) A court order
-ANSWER- B) Written permission from the seller
How are real estate commissions established in Arizona?
A) By the Arizona Real Estate Commissioner
B) By the local board of Realtors
C) By negotiation only
D) By statute
-ANSWER- C) By negotiation only
What is the maximum amount paid from the Real Estate Recovery Fund in a single
transaction?
A) $15,000
B) $25,000
C) $30,000
D) $50,000
-ANSWER- C) $30,000
The right to use water adjacent to a stream is called:
A) Prior appropriation
B) Riparian right
C) Groundwater right
D) Surface water right
-ANSWER- B) Riparian right
A buyer obtains a new loan to purchase property. The buyer is most likely to
accept title with which lien remaining unpaid at close of escrow?
A) Property taxes for the current year
B) A recorded mechanics lien
C) A judgment lien from five years ago
D) An IRS tax lien
-ANSWER- A) Property taxes for the current year
In a property tax foreclosure, a homeowner has:
A) A 6-month right of redemption
B) A 1-year right of redemption
C) A 2-year right of redemption
3
, D) A 3-year right of redemption
-ANSWER- D) A 3-year right of redemption
When a licensee leaves a brokerage, where does the license go?
A) To the new broker
B) Back to the State
C) To the licensee's home
D) It is cancelled
-ANSWER- B) Back to the State
Where must an active salesperson's license be placed?
A) In the salesperson's home office
B) In their broker's office
C) With the Arizona Real Estate Commissioner
D) At the local county recorder's office
-ANSWER- B) In their broker's office
How long must the seller wait before they can take a property back if a buyer
defaults on an Agreement for Sale with less than 20% equity?
A) 15 days
B) 30 days
C) 45 days
D) 60 days
-ANSWER- B) 30 days
When must a mechanic's lien be filed?
A) 60 days of completion of work
B) 90 days of completion of work
C) 120 days of completion of work
D) 180 days of completion of work
-ANSWER- C) 120 days of completion of work
What is the tax lien priority order from highest to lowest?
A) IRS Taxes, Property Taxes, Special Assessments
B) Property Taxes, Special Assessments, IRS Taxes
C) Special Assessments, Property Taxes, IRS Taxes
D) IRS Taxes, Special Assessments, Property Taxes
-ANSWER- B) Property Taxes, Special Assessments, IRS Taxes
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300 Questions and Correct Verified Answers/ ARIZONA
Real Estate Exam- 300 State Specific Correctly Answered
Practice Questions/ Test Bank D
How many hours of education are required to renew a real estate salesperson's
license in Arizona?
A) 12 hours
B) 18 hours
C) 24 hours
D) 30 hours
-ANSWER- C) 24 hours
How many hours of education are required for a real estate broker's license when
the broker is the designated broker or an associated broker with delegated
authority?
A) 24 hours
B) 30 hours
C) 36 hours
D) 45 hours
-ANSWER- B) 30 hours
Arizona property taxes are figured based on:
A) Market value
B) Assessed value
C) Ad Valorem
D) Full cash value
-ANSWER- C) Ad Valorem
In Arizona, property taxes are payable:
A) Once a year
B) Twice a year
C) Quarterly
D) Monthly
-ANSWER- B) Twice a year
1
,What gives real estate licensees the right to prepare all documents in a real estate
transaction?
A) Arizona Revised Statutes Title 20
B) Arizona Constitution Article XXVI
C) The Arizona Real Estate Commissioner's Rules
D) The Arizona Legislature
-ANSWER- B) Arizona Constitution Article XXVI
In order to be enforceable according to Arizona Revised Statutes, all listings must:
A) Be notarized
B) Be in writing
C) Be recorded with the county
D) Include a property survey
-ANSWER- B) Be in writing
What is the minimum amount that must be in the Real Estate Recovery Fund as of
June 30th of each year to avoid additional fees to licensees?
A) $300,000
B) $450,000
C) $600,000
D) $750,000
-ANSWER- C) $600,000
Property taxes become a lien on the first day of:
A) January
B) April
C) July
D) October
-ANSWER- A) January
What must a buyer of subdivided land receive?
A) A title report
B) A Public Report
C) A survey
D) An appraisal
-ANSWER- B) A Public Report
When a listing agent cannot be reached within 24 hours, what must the selling
agent obtain before presenting an offer to the seller?
A) Verbal permission from the buyer
2
,B) Written permission from the seller
C) Approval from the broker
D) A court order
-ANSWER- B) Written permission from the seller
How are real estate commissions established in Arizona?
A) By the Arizona Real Estate Commissioner
B) By the local board of Realtors
C) By negotiation only
D) By statute
-ANSWER- C) By negotiation only
What is the maximum amount paid from the Real Estate Recovery Fund in a single
transaction?
A) $15,000
B) $25,000
C) $30,000
D) $50,000
-ANSWER- C) $30,000
The right to use water adjacent to a stream is called:
A) Prior appropriation
B) Riparian right
C) Groundwater right
D) Surface water right
-ANSWER- B) Riparian right
A buyer obtains a new loan to purchase property. The buyer is most likely to
accept title with which lien remaining unpaid at close of escrow?
A) Property taxes for the current year
B) A recorded mechanics lien
C) A judgment lien from five years ago
D) An IRS tax lien
-ANSWER- A) Property taxes for the current year
In a property tax foreclosure, a homeowner has:
A) A 6-month right of redemption
B) A 1-year right of redemption
C) A 2-year right of redemption
3
, D) A 3-year right of redemption
-ANSWER- D) A 3-year right of redemption
When a licensee leaves a brokerage, where does the license go?
A) To the new broker
B) Back to the State
C) To the licensee's home
D) It is cancelled
-ANSWER- B) Back to the State
Where must an active salesperson's license be placed?
A) In the salesperson's home office
B) In their broker's office
C) With the Arizona Real Estate Commissioner
D) At the local county recorder's office
-ANSWER- B) In their broker's office
How long must the seller wait before they can take a property back if a buyer
defaults on an Agreement for Sale with less than 20% equity?
A) 15 days
B) 30 days
C) 45 days
D) 60 days
-ANSWER- B) 30 days
When must a mechanic's lien be filed?
A) 60 days of completion of work
B) 90 days of completion of work
C) 120 days of completion of work
D) 180 days of completion of work
-ANSWER- C) 120 days of completion of work
What is the tax lien priority order from highest to lowest?
A) IRS Taxes, Property Taxes, Special Assessments
B) Property Taxes, Special Assessments, IRS Taxes
C) Special Assessments, Property Taxes, IRS Taxes
D) IRS Taxes, Special Assessments, Property Taxes
-ANSWER- B) Property Taxes, Special Assessments, IRS Taxes
4
