AZ Real Estate Final Exam 2025 | Featuring Topics such as State-Specific
Real Estate Laws, Agency Relationships, Property Ownership, Contracts,
Financing, Fair Housing, and Disclosures
If a commission amount or percentage is NOT stated in the listing agreement: - (CORRECT ANSWER)The
broker would not be entitled to a commission
Most homes in AZ are cold with legal descriptions that state: - (CORRECT ANSWER)Lot and block
In which of the following appraisal methods DOES an appraiser need to determine a dollar amount for
depreciation? - (CORRECT ANSWER)Cost Approach
Rights of occupancy of an owner in a cooperative are based on: - (CORRECT ANSWER)A proprietary lease
If an apartment building's zoning classification changes from multi family to detached single family use
only, the owners of the apartment building are permitted to: - (CORRECT ANSWER)sell the apartment
units as residential condominiums
Purchaser and seller have entered into a purchase contract and all parties have been notified of
acceptance. At this point the purchaser is deemed to have: - (CORRECT ANSWER)Equitable title
Depreciation for appraisal purpose is: - (CORRECT ANSWER)Computed as part of the cost approach
In the use of a trust deed, which of the following MAY serve as a strustee? - (CORRECT ANSWER)A
member of the Arizona State Bar
How many townships are contained in a twenty-four mile square? - (CORRECT ANSWER)16
Blind ads do NOT: - (CORRECT ANSWER)Indicate that the advertiser is an agent
, 2
In a real estate transaction, transfer of title from the seller to the buyer occurs at the time of: -
(CORRECT ANSWER)Delivery and acceptance of the deed
Recording does NOT give: - (CORRECT ANSWER)Actual Notice
It is discovered after a sale that the parcel is 20 percent smaller than the owner represented it to be. The
broker, who passed on the information to the buyer is: - (CORRECT ANSWER)Liable if he knew or should
have known of the difference
Condominium ownership is MOST commonly represented by a: - (CORRECT ANSWER)Deed
"Puffing" relates to exaggerations not made as representations of fact. That is: - (CORRECT
ANSWER)Discouraged by the Arizona Department of Real Estate.
If during negotiations one party crosses out or changes any wording in a contract: - (CORRECT
ANSWER)Each party must initial the change in the margin for it to be valid
In Arizona, if a purchaser under a contract for deed is in default for failing to pay monies due, the: -
(CORRECT ANSWER)Seller may declare the interest of the buyer forfeit only after the expiration of a
reinstatement period prescribed by law
In order to file a valid claim against the Arizona Real Estate Recovery Fund, all of the following
conditions must exist EXCEPT: - (CORRECT ANSWER)The claimant must be an Arizona resident
Fred's father grants him an estate in land, which is limited to the length of Fred's lifetime. What type of
interest does Fred's father retain in the land? - (CORRECT ANSWER)A reversionary interest
, 3
On February 1, a mortgagor makes a $638 payment on her mortgage, which is at the rate of 10%. The
mortgagee allocates $500 to the payment of interest. What is the principal balance due on the mortgage
on February 2? - (CORRECT ANSWER)$59,862
To determine effective gross income, one would deduct which of the following from gross income? -
(CORRECT ANSWER)A vacancy and collection loss factor
What is the distance in miles from the principal meridian that describes Range 4 West? - (CORRECT
ANSWER)18 to 24
The owner tells the broker that there is a sewer on the property. A buyer purchases the property and
discovers a septic tank on the property. Who is liable? - (CORRECT ANSWER)The broker only
The commissioner may deny the issuance of a Public Report for a new subdivision, if the developer is
unable to: - (CORRECT ANSWER)Deliver title or interest contracted for:
The Federal Housing Administration is administered by: - (CORRECT ANSWER)The Department of
Housing and Urban Development
Under a graduated payment mortgage, the monthly payment will: - (CORRECT ANSWER)Increase
annually by a predetermined rate in the early years of the loan, then remain constant
When a party owns a cooperative, the rights are based on: - (CORRECT ANSWER)A long-term proprietary
lease
Title to real estate passes to the grantee at the time the deed is: - (CORRECT ANSWER)Delivered and
accepted
The mortgage MOST commonly uses: - (CORRECT ANSWER)Simple interest
Real Estate Laws, Agency Relationships, Property Ownership, Contracts,
Financing, Fair Housing, and Disclosures
If a commission amount or percentage is NOT stated in the listing agreement: - (CORRECT ANSWER)The
broker would not be entitled to a commission
Most homes in AZ are cold with legal descriptions that state: - (CORRECT ANSWER)Lot and block
In which of the following appraisal methods DOES an appraiser need to determine a dollar amount for
depreciation? - (CORRECT ANSWER)Cost Approach
Rights of occupancy of an owner in a cooperative are based on: - (CORRECT ANSWER)A proprietary lease
If an apartment building's zoning classification changes from multi family to detached single family use
only, the owners of the apartment building are permitted to: - (CORRECT ANSWER)sell the apartment
units as residential condominiums
Purchaser and seller have entered into a purchase contract and all parties have been notified of
acceptance. At this point the purchaser is deemed to have: - (CORRECT ANSWER)Equitable title
Depreciation for appraisal purpose is: - (CORRECT ANSWER)Computed as part of the cost approach
In the use of a trust deed, which of the following MAY serve as a strustee? - (CORRECT ANSWER)A
member of the Arizona State Bar
How many townships are contained in a twenty-four mile square? - (CORRECT ANSWER)16
Blind ads do NOT: - (CORRECT ANSWER)Indicate that the advertiser is an agent
, 2
In a real estate transaction, transfer of title from the seller to the buyer occurs at the time of: -
(CORRECT ANSWER)Delivery and acceptance of the deed
Recording does NOT give: - (CORRECT ANSWER)Actual Notice
It is discovered after a sale that the parcel is 20 percent smaller than the owner represented it to be. The
broker, who passed on the information to the buyer is: - (CORRECT ANSWER)Liable if he knew or should
have known of the difference
Condominium ownership is MOST commonly represented by a: - (CORRECT ANSWER)Deed
"Puffing" relates to exaggerations not made as representations of fact. That is: - (CORRECT
ANSWER)Discouraged by the Arizona Department of Real Estate.
If during negotiations one party crosses out or changes any wording in a contract: - (CORRECT
ANSWER)Each party must initial the change in the margin for it to be valid
In Arizona, if a purchaser under a contract for deed is in default for failing to pay monies due, the: -
(CORRECT ANSWER)Seller may declare the interest of the buyer forfeit only after the expiration of a
reinstatement period prescribed by law
In order to file a valid claim against the Arizona Real Estate Recovery Fund, all of the following
conditions must exist EXCEPT: - (CORRECT ANSWER)The claimant must be an Arizona resident
Fred's father grants him an estate in land, which is limited to the length of Fred's lifetime. What type of
interest does Fred's father retain in the land? - (CORRECT ANSWER)A reversionary interest
, 3
On February 1, a mortgagor makes a $638 payment on her mortgage, which is at the rate of 10%. The
mortgagee allocates $500 to the payment of interest. What is the principal balance due on the mortgage
on February 2? - (CORRECT ANSWER)$59,862
To determine effective gross income, one would deduct which of the following from gross income? -
(CORRECT ANSWER)A vacancy and collection loss factor
What is the distance in miles from the principal meridian that describes Range 4 West? - (CORRECT
ANSWER)18 to 24
The owner tells the broker that there is a sewer on the property. A buyer purchases the property and
discovers a septic tank on the property. Who is liable? - (CORRECT ANSWER)The broker only
The commissioner may deny the issuance of a Public Report for a new subdivision, if the developer is
unable to: - (CORRECT ANSWER)Deliver title or interest contracted for:
The Federal Housing Administration is administered by: - (CORRECT ANSWER)The Department of
Housing and Urban Development
Under a graduated payment mortgage, the monthly payment will: - (CORRECT ANSWER)Increase
annually by a predetermined rate in the early years of the loan, then remain constant
When a party owns a cooperative, the rights are based on: - (CORRECT ANSWER)A long-term proprietary
lease
Title to real estate passes to the grantee at the time the deed is: - (CORRECT ANSWER)Delivered and
accepted
The mortgage MOST commonly uses: - (CORRECT ANSWER)Simple interest
