ARIZONA REAL ESTATE BUNDLED EXAMS TEST
PAPER QUESTIONS WITH
ANSWERS 100% CORRECT
◉ Arizona licensed contractor DeAngelo was involved in a case
against a consumer and can't pay the judgment amount awarded by
the residential contractors recovery fund. What will happen to his
contractor's license? Answer: His license will be suspended until he
pays back the amount paid to the consumer, plus interest.
◉ Under which of the following types of leases does a tenant rent
property with an unfinished interior and agree to complete the
construction? Answer: Building shell lease
◉ Cameron's lease just went up in April. That's no surprise; it goes
up every April. What kind of lease is this? Answer: Graduated
◉ You're working with a buyer who's purchasing a home that
appraised at $80,000. The buyer is obtaining a 90% loan, and the
lender will charge a one-point origination fee at closing. How much
will the loan origination fee be? Answer: $720
◉ Which of the following isn't required to be filed with the Arizona
Department of Real Estate as part of the timeshare public report
,application? Answer: The business organizational chart and proof of
business operation for at least one year
◉ What is the current value of a property that was purchased two
years ago for $260,000, assuming an annual appreciation rate of
2%? Answer: $270,504
◉ Who is required to sign a security agreement for security
arrangements under the Uniform Commercial Code? Answer: The
borrower
◉ What steps must a lien-holder take to perfect their mechanic's
lien in Arizona? Answer: Make copies of the lien claim, give one to
the county recorder, give the other to the building's owner
◉ Which of the following best describes the function of a deficiency
judgment in the case of a foreclosure? Answer: It allows the lender
to recover losses incurred in the foreclosure process.
◉ When conducting an appraisal of lease value, how does the
appraiser divide the appraised value? Answer: t's divided according
to the parties' interests as attributed in the lease.
◉ The local planning and zoning commission is reviewing multiple
applications at this week's meeting. Which of the following new
,developments is likely to be reviewed relative to a mixed-use zoning
ordinance? Answer: A high rise with residential, retail, and
entertainment space
◉ Jessica's license expired two months ago, and she is working to
complete her continuing education requirements while she juggles
working with her clients on behalf of her employing broker. Is
Jessica working within Arizona's standards of conduct for real estate
licensees? Answer: No, her license expired, and she cannot engage in
real estate activities without an active license.
◉ Jonathon is setting up a lottery to promote his timeshares. What
must he do first before moving forward with his promotion?
Answer: Submit an exception request to the Department of Real
Estate.
◉ The market value of your client's property is $280,000. Taxes in
the area are assessed at 60% of market value. Your client's semi-
annual tax bill was $1,461. What's the tax rate per 100? Answer:
$1.74
◉ Which of the following would require a licensee to notify the
Arizona Department of Real Estate? Answer: Adverse judgment
involving fraud
, ◉ Over how many years is a commercial property depreciated?
Answer: 39 years
◉ How are sections and townships related to one another, relative to
the rectangular government survey system? Answer:
◉ How are sections and townships related to one another, relative to
the rectangular government survey system? Answer: Townships are
divided into sections.
◉ When the listing agreement's purpose has been fulfilled, what
happens to the agency agreement? Answer: The agency agreement
terminates by completion.
◉ Which of these actions would NOT help a real estate licensee who
wants to specialize in sales of distressed properties? Answer:
Become licensed as an auctioneer.
◉ Which of the following involves the transfer of the lease contract
from the current tenant to another person? Answer: Assignment
◉ Assuming licensee Shannon has actual knowledge of all of the
following property issues, which of these issues should she disclose
to prospective buyers? Answer: The upstairs bathroom has a leaky
toilet.
PAPER QUESTIONS WITH
ANSWERS 100% CORRECT
◉ Arizona licensed contractor DeAngelo was involved in a case
against a consumer and can't pay the judgment amount awarded by
the residential contractors recovery fund. What will happen to his
contractor's license? Answer: His license will be suspended until he
pays back the amount paid to the consumer, plus interest.
◉ Under which of the following types of leases does a tenant rent
property with an unfinished interior and agree to complete the
construction? Answer: Building shell lease
◉ Cameron's lease just went up in April. That's no surprise; it goes
up every April. What kind of lease is this? Answer: Graduated
◉ You're working with a buyer who's purchasing a home that
appraised at $80,000. The buyer is obtaining a 90% loan, and the
lender will charge a one-point origination fee at closing. How much
will the loan origination fee be? Answer: $720
◉ Which of the following isn't required to be filed with the Arizona
Department of Real Estate as part of the timeshare public report
,application? Answer: The business organizational chart and proof of
business operation for at least one year
◉ What is the current value of a property that was purchased two
years ago for $260,000, assuming an annual appreciation rate of
2%? Answer: $270,504
◉ Who is required to sign a security agreement for security
arrangements under the Uniform Commercial Code? Answer: The
borrower
◉ What steps must a lien-holder take to perfect their mechanic's
lien in Arizona? Answer: Make copies of the lien claim, give one to
the county recorder, give the other to the building's owner
◉ Which of the following best describes the function of a deficiency
judgment in the case of a foreclosure? Answer: It allows the lender
to recover losses incurred in the foreclosure process.
◉ When conducting an appraisal of lease value, how does the
appraiser divide the appraised value? Answer: t's divided according
to the parties' interests as attributed in the lease.
◉ The local planning and zoning commission is reviewing multiple
applications at this week's meeting. Which of the following new
,developments is likely to be reviewed relative to a mixed-use zoning
ordinance? Answer: A high rise with residential, retail, and
entertainment space
◉ Jessica's license expired two months ago, and she is working to
complete her continuing education requirements while she juggles
working with her clients on behalf of her employing broker. Is
Jessica working within Arizona's standards of conduct for real estate
licensees? Answer: No, her license expired, and she cannot engage in
real estate activities without an active license.
◉ Jonathon is setting up a lottery to promote his timeshares. What
must he do first before moving forward with his promotion?
Answer: Submit an exception request to the Department of Real
Estate.
◉ The market value of your client's property is $280,000. Taxes in
the area are assessed at 60% of market value. Your client's semi-
annual tax bill was $1,461. What's the tax rate per 100? Answer:
$1.74
◉ Which of the following would require a licensee to notify the
Arizona Department of Real Estate? Answer: Adverse judgment
involving fraud
, ◉ Over how many years is a commercial property depreciated?
Answer: 39 years
◉ How are sections and townships related to one another, relative to
the rectangular government survey system? Answer:
◉ How are sections and townships related to one another, relative to
the rectangular government survey system? Answer: Townships are
divided into sections.
◉ When the listing agreement's purpose has been fulfilled, what
happens to the agency agreement? Answer: The agency agreement
terminates by completion.
◉ Which of these actions would NOT help a real estate licensee who
wants to specialize in sales of distressed properties? Answer:
Become licensed as an auctioneer.
◉ Which of the following involves the transfer of the lease contract
from the current tenant to another person? Answer: Assignment
◉ Assuming licensee Shannon has actual knowledge of all of the
following property issues, which of these issues should she disclose
to prospective buyers? Answer: The upstairs bathroom has a leaky
toilet.
