Real Estate Exam Questions Arizona

A utility company wants an easement on land, but the landowner doesn't want his property encumbered. What would the owner give the utility? License If the buyer is assuming an existing loan on the property, which of the following is prorated at closing? Interest Any broker or salesperson who initiates a suit to recover a commission for performing a regulated real estate activity must first be able to prove that he/she was properly _____ at the time the claim arose. Licensed Which Encumbrances which might affect title to real property ? Any encumbrance can effect title to property What would a life tenant hold? Freehold Estate When constructing a home, the load bearing walls would rest on Footing Who can sign any document on your behalf? Attorney in Fact If a designated broker appoints a temporary broker during their vacation, how long must a copy of the paperwork be kept? 1 year What clause in a mortgage or trust deed calls for lender's action when the lender's claims have been nullified? Defeasance clause Which of the items listed below is an interest in real property but not an estate? Mortgage A listing salesperson produces an offer exactly as listed, but the owner refuses to accept it. What is true? The Broker could sue the seller for commission A title free from defects that an owner has the right to convey is a/an: Marketable Title Which of the following statements describes the purpose for conveying bare legal title to the trustee in a deed of trust? Bare legal title allows the trustee to conduct foreclosure proceedings without going to court What law requires lenders to limit amount of funds that can be held in reserves? RESPA