ARIZONA REAL ESTATE ACTUAL FINALS ANSWERS
AND QUESTIONS SET A+
✔✔What is the maximum for an FHA loan? - ✔✔$271,050
✔✔What fiduciary responsibility does an agent have to the public? - ✔✔honesty and
fairness
✔✔What fiduciary responsibility does an agent have to customers? - ✔✔disclosure of
material facts
✔✔What fiduciary responsibility does an agent have to their clients? - ✔✔Confidentiality
Accountability
Reasonable skill and care
Loyalty
Obedience
Advocacy
Disclosure
✔✔A deed that conveys property with limited promises, and indicates that the grantor
has the right to convey the property would be a
a. quit claim deed
b. bargain and sale
c. gift deed
d.deed of trust - ✔✔b. bargain and sale
✔✔A defeasance clause would most likely be found in
a. a mortgage or trust deed
b. a promissory note
c. a listing contract
d. an offer to purchase - ✔✔a. a mortgage or trust deed
✔✔A developer desires to offer for sale thirty time-share intervals in a resort property.
Prior to offering such interests in the resort, the developer must obtain
, a. ownership free of encumbrances
b. a public report issued by the Real Estate Commissioner
c. approval from the State Corporation Commission- Securities Division
d. time share zoning - ✔✔b. a public report issued by the Real Estate Commissioner
✔✔A legal procedure or action brought about by one party to a contract to enforce the
terms of the contract against the other party is
a. lis pendes
b. specific performance
c. punitive damages
d. exemplary damages - ✔✔b. specific performance
✔✔A listing contract completed and signed by a salesperson is reviewed by the broker
and
a. must be initialed by the broker as approved within 5 days after being written
b. must be initialed by the broker as approved within 10 calendar days after being
written
c. must be initialed by the broker as approved within 10 business days after being
written
d. does not require broker approval - ✔✔c. must be initialed by the broker as approved
within 10 business days after being written
✔✔A homestead exemption can protect a person against which of the following?
a. secured loans
b. subsequent liens
c. unforeseen personal judgements
d. mechanic's liens - ✔✔c. unforeseen personal judgements
✔✔affidavit of value - ✔✔a notarized statement signed by buyers and sellers and
disclosing the sales price that in most cases must accompany a deed that is to be
recorded in Arizona
✔✔accountability - ✔✔one of the broker agent's fiduciary duties; the responsibility to
account for any trust funds received bye the broker
✔✔deed restriction - ✔✔clauses in a deed restraining or limiting future uses of the
property
✔✔laches - ✔✔a delay in asserting one's right
✔✔easement - ✔✔interest that entitles one party to some limited use of another party's
land
✔✔easement in gross - ✔✔right to use the land of another (goes with the person)
AND QUESTIONS SET A+
✔✔What is the maximum for an FHA loan? - ✔✔$271,050
✔✔What fiduciary responsibility does an agent have to the public? - ✔✔honesty and
fairness
✔✔What fiduciary responsibility does an agent have to customers? - ✔✔disclosure of
material facts
✔✔What fiduciary responsibility does an agent have to their clients? - ✔✔Confidentiality
Accountability
Reasonable skill and care
Loyalty
Obedience
Advocacy
Disclosure
✔✔A deed that conveys property with limited promises, and indicates that the grantor
has the right to convey the property would be a
a. quit claim deed
b. bargain and sale
c. gift deed
d.deed of trust - ✔✔b. bargain and sale
✔✔A defeasance clause would most likely be found in
a. a mortgage or trust deed
b. a promissory note
c. a listing contract
d. an offer to purchase - ✔✔a. a mortgage or trust deed
✔✔A developer desires to offer for sale thirty time-share intervals in a resort property.
Prior to offering such interests in the resort, the developer must obtain
, a. ownership free of encumbrances
b. a public report issued by the Real Estate Commissioner
c. approval from the State Corporation Commission- Securities Division
d. time share zoning - ✔✔b. a public report issued by the Real Estate Commissioner
✔✔A legal procedure or action brought about by one party to a contract to enforce the
terms of the contract against the other party is
a. lis pendes
b. specific performance
c. punitive damages
d. exemplary damages - ✔✔b. specific performance
✔✔A listing contract completed and signed by a salesperson is reviewed by the broker
and
a. must be initialed by the broker as approved within 5 days after being written
b. must be initialed by the broker as approved within 10 calendar days after being
written
c. must be initialed by the broker as approved within 10 business days after being
written
d. does not require broker approval - ✔✔c. must be initialed by the broker as approved
within 10 business days after being written
✔✔A homestead exemption can protect a person against which of the following?
a. secured loans
b. subsequent liens
c. unforeseen personal judgements
d. mechanic's liens - ✔✔c. unforeseen personal judgements
✔✔affidavit of value - ✔✔a notarized statement signed by buyers and sellers and
disclosing the sales price that in most cases must accompany a deed that is to be
recorded in Arizona
✔✔accountability - ✔✔one of the broker agent's fiduciary duties; the responsibility to
account for any trust funds received bye the broker
✔✔deed restriction - ✔✔clauses in a deed restraining or limiting future uses of the
property
✔✔laches - ✔✔a delay in asserting one's right
✔✔easement - ✔✔interest that entitles one party to some limited use of another party's
land
✔✔easement in gross - ✔✔right to use the land of another (goes with the person)
