ASREB Exam Questions with 100% Correct Solutions

ASREB Exam Questions with 100% Correct Solutions Salesperson is working for a principal, but the salesperson exceeds authority in agreement. Principal does nothing to correct the actions, and the public is led to believe the actions were okay. Agency? - Correct Answer ️️ -Estoppel Amount stated in a purchase contract in case the buyer breaches is called: - Correct Answer ️️ -Liquidated In a sublease with a positive leasehold who benefits from excess rent? - Correct Answer ️️ -Sub-lessor Property taxes are 1,525. 1st half paid by seller closes November 2nd - Correct Answer ️️ -512.57 Debit seller, credit buyer (518.07) Deed of trust is created, it also needs: - Correct Answer ️️ -Note Consumer financial protection bureau is governing - Correct Answer ️️ -Savings & Loan Associations Fixed rate 30 year loan is partially prepaid, has an effect on - Correct Answer ️️ - Shortening the life of the loan Buyers interest in a purchase contract is assigned to 3rd party, sellers' permission - Correct Answer ️️ -Never Required Apt. 2 units :900, 2550 - Correct Answer ️️ -2,030 90,000 1500 + 6% annum - Correct Answer ️️ -427.50 Sell house for 113,000 7% VA Loan 110,000 2 ½ points termite inspection - Correct Answer ️️ -29,840 Commissioner may issue cease and desist on all but - Correct Answer ️️ -Appeal to Advisory Board Low income loans - Correct Answer ️️ -GNMA Closing statement not pro-rated - Correct Answer ️️ -Security deposit What is not required on brokerage receipt - Correct Answer ️️ -brokerage name Brokers are required to have all except: - Correct Answer ️️ -Trust Account Not appear on public report - Correct Answer ️️ -Market Value Taxes are 915 a year, seller paid 1st half on October 1, close escrow on 11/16 - Correct Answer ️️ -340 Debit Seller Relationship of Licensee to Broker - Correct Answer ️️ -General Sell June 6th, Water Bill $86 and taxes are $778 - Correct Answer ️️ -437 Credit Seller, 492 Debit Buyer Life Tenant Holds - Correct Answer ️️ -Fee Simple Couplings - Correct Answer ️️ -Home Inspectors/Arizona Board of Technical Registration When a broker moves their office the sign must be removed - Correct Answer ️️ - Immediately Property closes on June 15, using 365 days credit to the seller when 1200 was paid - Correct Answer ️️ -657.54 When you appraise land and ad it to the depreciated value of the improved property, what appraisal approach is being used - Correct Answer ️️ -Cost Term used by surveyors - Correct Answer ️️ -Benchmark Right to license agents - Correct Answer ️️ -legislature Law that requires non-resident aliens to pay gains - Correct Answer ️️ -FIRPTA 160,000 property Evans, Cains 155,000. Cain paid 5,000 taxes are assessed on - Correct Answer ️️ -Evan pays 5,000 Sale leaseback occurs - Correct Answer ️️ -Buyer is landlord Type of deed is not necessarily evidence of title - Correct Answer ️️ -Quite Claim Deed Commerical lease what limits increases in cost - Correct Answer ️️ -Expense stop Who pays discount points on VA loan - Correct Answer ️️ -Buyer Rectangular property 8690 yards has 318 front feet. How deep? - Correct Answer ️️ - 245 Feet Which of the following is not fee simple absolute interest? - Correct Answer ️️ -Lessee with long term lease Buying rental property appraised using? - Correct Answer ️️ -Income Approach Required to complete ADEQ notice on site wastewater facility - Correct Answer ️️ - Buyer Assessments for PI Placed on Realty Based - Correct Answer ️️ -Pro Rata Share Cost of Improvements Real estate device which doesn't transfer legal title but does place equitable title to buyer - Correct Answer ️️ -Agreement for sale Contiguous Means - Correct Answer ️️ -Parcels Land Connected Bait and Switch - Correct Answer ️️ -Truth in Lending Act Highest Form - Correct Answer ️️ -Fee Simple