AZ Real Estate Exam (State-Specific Portion) Questions and Answers

~ The maximum amount of money that may be paid for any one licensee from the Recovery Fund is: - $20,000 - $30,000 - $40,000 - $90,000- $90,000 ~ By June 30, the Real Estate Recovery Fund MUST maintain a balance of: - $200,000 - $250,000 - $300,000 - $600,000- $600,000 ~ The real estate Commissioner is appointed by the: - Governor. - Advisory Board. - Legislature. - Brokers within the state.- Governor ~ The primary purpose of real estate licensing is to: - Have trained professionals. - Protect brokers against incompetent salespeople. - Avoid cutthroat competition. - Protect the public.- Protect the public ~ The following would require a real estate license: - A developer selling more than 10 homes. - An attorney in fact selling property for a principal. - A trustee selling under a court order. - An attorney at law taking a listing.- An attorney at law taking a listing ~ A broker loses his license. The broker's salespeople can: - Close all transactions as soon as possible. - Activate their licensees with other brokers. - Wait to see if their broker gets their license reinstated. - Continue to operate as before because it wasn't their fault the broker lost his license.- Activate their licensees with other brokers