ARIZONA REAL ESTATE EXAM TEST PAPER
COMPLETE QUESTIONS
◉ Mortgage brokers
A. act as intermediaries between borrowers and lenders
B. originate and service mortgage loans
C. provide funding for mortgage loans
D. underwrite mortgage loans. Answer: act as intermediaries
between borrowers and lenders
◉ Fannie Mae is active in the
A. primary mortgage market
B. secondary mortgage market
C. loan origination market
D. federal reserve market. Answer: secondary mortgage market
◉ A real estate financing device that does NOT transfer legal title but
does place equitable title with the buyer is called a
A. contract to purchase
B. agreement for sale
C. agreement to sell
,D. all of the above. Answer: agreement for sale
◉ Ivy still owes $40,000 on her house, but she decides to give a
wraparound mortgage to buyer Pete for $120,000. If Ivy's loan with
the bank has an ______________________, she might be required to repay
the entire $40,000 when she sells the house to Pete.
A. acceleration clause
B. alienation clause
C. defeasance clause
D. power of sale clause. Answer: alienation clause
◉ Mortgage bankers typically make loans in the
A. money market
B. primary market
C. secondary market
D. stock market. Answer: primary market
◉ Fannie Mae would be Least Likely to purchase ________________
loans.
A. conventional
B. FHA-insured
C. subprime
D. VA-Guareenteed. Answer: subprime
,◉ The buyer in a land contract is in default and will not vacate the
property. The seller can initiate a ____________ proceeding.
A. bankruptcy
B. eviction
C. foreclosure
D. lis pendens. Answer: eviction
◉ Which of the following does NOT occur in a forbearance?
A. work out
B. deferment
C. moratorium
D. foreclosure sale. Answer: foreclosure sale
◉ Once the trustee's sale has occurred in the foreclosure of a trust
deed, the trustor has:
A. no right to redeem
B. 30 days to redeem if property is abandoned
C. 6 months to redeem
D. 90 days to reinstate. Answer: no right to redeem
◉ In an agreement for sale, when does the title convey?
, A. when the buyer has 50% equity
B. as agreed upon in the contract
C. as agreed upon in the note
D. upon the last payment. Answer: upon the last payment
◉ In a seller carryback whose financial situation should a
salesperson be most concerned with?
A. vendee
B. vendor
C. trustee
D. broker, if the broker represents the seller. Answer: vendee
◉ A real estate financing device that does NOT transfer legal title but
does place equitable title with the buyer is called an
A. contract to purchase
B. agreement to sale
C. agreement to sell
D. all of the above. Answer: agreement to sale
◉ Which of the following may be protected by Arizona anti-
deficiency legislation?
A. commercial building
COMPLETE QUESTIONS
◉ Mortgage brokers
A. act as intermediaries between borrowers and lenders
B. originate and service mortgage loans
C. provide funding for mortgage loans
D. underwrite mortgage loans. Answer: act as intermediaries
between borrowers and lenders
◉ Fannie Mae is active in the
A. primary mortgage market
B. secondary mortgage market
C. loan origination market
D. federal reserve market. Answer: secondary mortgage market
◉ A real estate financing device that does NOT transfer legal title but
does place equitable title with the buyer is called a
A. contract to purchase
B. agreement for sale
C. agreement to sell
,D. all of the above. Answer: agreement for sale
◉ Ivy still owes $40,000 on her house, but she decides to give a
wraparound mortgage to buyer Pete for $120,000. If Ivy's loan with
the bank has an ______________________, she might be required to repay
the entire $40,000 when she sells the house to Pete.
A. acceleration clause
B. alienation clause
C. defeasance clause
D. power of sale clause. Answer: alienation clause
◉ Mortgage bankers typically make loans in the
A. money market
B. primary market
C. secondary market
D. stock market. Answer: primary market
◉ Fannie Mae would be Least Likely to purchase ________________
loans.
A. conventional
B. FHA-insured
C. subprime
D. VA-Guareenteed. Answer: subprime
,◉ The buyer in a land contract is in default and will not vacate the
property. The seller can initiate a ____________ proceeding.
A. bankruptcy
B. eviction
C. foreclosure
D. lis pendens. Answer: eviction
◉ Which of the following does NOT occur in a forbearance?
A. work out
B. deferment
C. moratorium
D. foreclosure sale. Answer: foreclosure sale
◉ Once the trustee's sale has occurred in the foreclosure of a trust
deed, the trustor has:
A. no right to redeem
B. 30 days to redeem if property is abandoned
C. 6 months to redeem
D. 90 days to reinstate. Answer: no right to redeem
◉ In an agreement for sale, when does the title convey?
, A. when the buyer has 50% equity
B. as agreed upon in the contract
C. as agreed upon in the note
D. upon the last payment. Answer: upon the last payment
◉ In a seller carryback whose financial situation should a
salesperson be most concerned with?
A. vendee
B. vendor
C. trustee
D. broker, if the broker represents the seller. Answer: vendee
◉ A real estate financing device that does NOT transfer legal title but
does place equitable title with the buyer is called an
A. contract to purchase
B. agreement to sale
C. agreement to sell
D. all of the above. Answer: agreement to sale
◉ Which of the following may be protected by Arizona anti-
deficiency legislation?
A. commercial building
