ASREB STATE TEST B-1 QUESTIONS AND ACCURATE
ANSWERS
Before the commissioner issues a public report on subdivided land, the subdivider may
not:
Take lot reservations
Enter into a binding contract
Advertise the lots for sale
Begin lot improvements - Answers - Enter into a binding contract
All of the following can be used in a developer's public report advertisement EXCEPT:
Specific prices
A statement which says, "The public report is an endorsement of the project"
Names of the owners and past history
Future plans of the general area - Answers - A statement which says, "The public report
is an endorsement of the project"
How long are the real estate exam tests scores valid for?
One year
Two years
Three years
Four years - Answers - One year
How long does a broker doing sales need to keep records?
2 years
3 years
4 years
5 years - Answers - 5 years
The commissioner may deny a public report for all of the following reasons EXCEPT:
The property is without ingress or egress
The owners have previously declared bankruptcy
The owner can't produce perfect title
The owner can't produce marketable title - Answers - The owner can't produce perfect
title
All listings must be in writing to be enforceable according to:
Arizona Constitution Article XXVI
Law of Agency
Arizona Revised Statutes
RESPA - Answers - Arizona Revised Statutes
, The commissioner has the power to do all of the following EXCEPT:
Prescribe rules and regulations
Investigate signed written complaints
Examine office records
Create real estate statutes - Answers - Create real estate statutes
After passing the real estate exam, a licensee must activate his license within:
Six months of the examination date
Six months of notification of passing the test
One year of the examination date
Three years of the examination date - Answers - One year of the examination date
Unless otherwise specified, a broker is required to deposit earnest monies in escrow or
in a trust account:
Upon the buyer's acceptance
Upon seller's acceptance
Promptly by the close of the next business day
Within 72 hours of receipt - Answers - Promptly by the close of the next business day
The commissioner will deny a public report on a subdivision because of the subdivider's
inability to:
Provide buyers with water rights
Provide building permits
Deliver clear title
Provide floor plans - Answers - Deliver clear title
Who may accept a commission from an out-of-state broker?
The referring salesperson
The referring brokerage
Unlicensed property manager
Any individual who made the referral - Answers - The referring brokerage
If a broker abandons or moves their real estate office and fails to notify the
commissioner, which of the following is true, according to Arizona Statutes?
They may receive a warning from the Real Estate Department
They will be fined $1,000
Their license will be automatically cancelled
They might be fined up to $500. - Answers - Their license will be automatically
cancelled
A broker receives an oral offer over the telephone. What should they do?
Refuse to present it until it is in writing
Refuse to present it unless they have earnest money
The broker must present the oral offer
Tell the buyer that oral offers are illegal - Answers - The broker must present the oral
offer
ANSWERS
Before the commissioner issues a public report on subdivided land, the subdivider may
not:
Take lot reservations
Enter into a binding contract
Advertise the lots for sale
Begin lot improvements - Answers - Enter into a binding contract
All of the following can be used in a developer's public report advertisement EXCEPT:
Specific prices
A statement which says, "The public report is an endorsement of the project"
Names of the owners and past history
Future plans of the general area - Answers - A statement which says, "The public report
is an endorsement of the project"
How long are the real estate exam tests scores valid for?
One year
Two years
Three years
Four years - Answers - One year
How long does a broker doing sales need to keep records?
2 years
3 years
4 years
5 years - Answers - 5 years
The commissioner may deny a public report for all of the following reasons EXCEPT:
The property is without ingress or egress
The owners have previously declared bankruptcy
The owner can't produce perfect title
The owner can't produce marketable title - Answers - The owner can't produce perfect
title
All listings must be in writing to be enforceable according to:
Arizona Constitution Article XXVI
Law of Agency
Arizona Revised Statutes
RESPA - Answers - Arizona Revised Statutes
, The commissioner has the power to do all of the following EXCEPT:
Prescribe rules and regulations
Investigate signed written complaints
Examine office records
Create real estate statutes - Answers - Create real estate statutes
After passing the real estate exam, a licensee must activate his license within:
Six months of the examination date
Six months of notification of passing the test
One year of the examination date
Three years of the examination date - Answers - One year of the examination date
Unless otherwise specified, a broker is required to deposit earnest monies in escrow or
in a trust account:
Upon the buyer's acceptance
Upon seller's acceptance
Promptly by the close of the next business day
Within 72 hours of receipt - Answers - Promptly by the close of the next business day
The commissioner will deny a public report on a subdivision because of the subdivider's
inability to:
Provide buyers with water rights
Provide building permits
Deliver clear title
Provide floor plans - Answers - Deliver clear title
Who may accept a commission from an out-of-state broker?
The referring salesperson
The referring brokerage
Unlicensed property manager
Any individual who made the referral - Answers - The referring brokerage
If a broker abandons or moves their real estate office and fails to notify the
commissioner, which of the following is true, according to Arizona Statutes?
They may receive a warning from the Real Estate Department
They will be fined $1,000
Their license will be automatically cancelled
They might be fined up to $500. - Answers - Their license will be automatically
cancelled
A broker receives an oral offer over the telephone. What should they do?
Refuse to present it until it is in writing
Refuse to present it unless they have earnest money
The broker must present the oral offer
Tell the buyer that oral offers are illegal - Answers - The broker must present the oral
offer
