ASREB SCHOOL EXAM QUESTIONS
AND ANSWERS
When a tenant moves out of a rental unit due to an electrical fire that was not their fault
this would be called? ANSWERS Constructive eviction
A property manager is considered what type of agent? ANSWERS General agent
If a dwelling is damaged or destroyed by fire how many days must the tenant give the
landlord to terminate the rental agreement? ANSWERS 14
A real estate broker is normally what type of agent? ANSWERS Special
A broker's duty to a third party would be: ANSWERS Honesty
An example of involuntary alienation is where title to real estate passes by:
ANSWERS Sheriff's deed
An option to purchase is what kind of contract? ANSWERS Unilateral
Who pays the discount points on a VA loan? ANSWERS Agreement of parties
A defeasance clause would MOST likely be found in: ANSWERS A mortgage or
trust deed
What type of property would have the highest tax rate? ANSWERS Shopping
Center
What is the priority of property tax liens? ANSWERS Always in first position
How many townships are contained in a government survey "check"? ANSWERS
16
The buyer wants and 11% return. The property rents for $1500 per month, and annual
expenses are $4000. What is the price the buyer is willing to pay? ANSWERS
127,272
A rental property has a 6 rental units that rent for $700 each per month. Similar property
in the area is selling for $700,000. What would be the gross rent multiplier for this type
of property? ANSWERS 13.8
, The discount points are 3%, which represent $2,700. The buyer down payment is 20%.
What is the purchase price of the property? ANSWERS $112,500
Payments on a "Deed of Trust" are due to the: ANSWERS Beneficiary
You borrow $90,000 at 9% interest for 20 years. Monthly payment is $900, principal and
interest. What is the total amount of interest paid after 20 years? ANSWERS
$126,000
What determines the North and South boundaries in a government survey?
ANSWERS Baselines
To pledge something as collateral in a mortgage is best defined as: ANSWERS
Hypothecation
The N 1/2 of the NW 1/4 of the SW 1/4 of Section 32 contains how many acres?
ANSWERS 20 acres
The S 1/2 of the E 1/2 of the SE 1/4 of Section 4, and the W 1/2 of the SW 1/4 of the
NW 1/4 of Section 5 contains how many acres? ANSWERS 60 acres
When a broker misappropriates funds, this is called: ANSWERS Conversion
A septic tank inspection report is valid for... ANSWERS 6 months
What would not be considered commercial property? ANSWERS Churches
A monetary judgment by the court is: ANSWERS An involuntary lien on the
personalty and realty of the subject debtor
A licensee who has been notified by the Arizona Department of Real Estate that a
complaint has been issued, has _______ to respond: ANSWERS 14 Calendar
days
A salesperson is working for a principal, but the salesperson exceeds the authority that
was given in the agreement. The principal does nothing to correct the actions of the
salesperson, and the public is lead to believe that the action were with authority. This
type of agency is best called: ANSWERS Estoppel
In the sale of new homes in a subdivision the on-site real estate licensee typically
represents all of the following persons EXCEPT: ANSWERS Buyer
Which would be considered illegal property management activity? ANSWERS A
licensed associate broker managing property directly for an investor
AND ANSWERS
When a tenant moves out of a rental unit due to an electrical fire that was not their fault
this would be called? ANSWERS Constructive eviction
A property manager is considered what type of agent? ANSWERS General agent
If a dwelling is damaged or destroyed by fire how many days must the tenant give the
landlord to terminate the rental agreement? ANSWERS 14
A real estate broker is normally what type of agent? ANSWERS Special
A broker's duty to a third party would be: ANSWERS Honesty
An example of involuntary alienation is where title to real estate passes by:
ANSWERS Sheriff's deed
An option to purchase is what kind of contract? ANSWERS Unilateral
Who pays the discount points on a VA loan? ANSWERS Agreement of parties
A defeasance clause would MOST likely be found in: ANSWERS A mortgage or
trust deed
What type of property would have the highest tax rate? ANSWERS Shopping
Center
What is the priority of property tax liens? ANSWERS Always in first position
How many townships are contained in a government survey "check"? ANSWERS
16
The buyer wants and 11% return. The property rents for $1500 per month, and annual
expenses are $4000. What is the price the buyer is willing to pay? ANSWERS
127,272
A rental property has a 6 rental units that rent for $700 each per month. Similar property
in the area is selling for $700,000. What would be the gross rent multiplier for this type
of property? ANSWERS 13.8
, The discount points are 3%, which represent $2,700. The buyer down payment is 20%.
What is the purchase price of the property? ANSWERS $112,500
Payments on a "Deed of Trust" are due to the: ANSWERS Beneficiary
You borrow $90,000 at 9% interest for 20 years. Monthly payment is $900, principal and
interest. What is the total amount of interest paid after 20 years? ANSWERS
$126,000
What determines the North and South boundaries in a government survey?
ANSWERS Baselines
To pledge something as collateral in a mortgage is best defined as: ANSWERS
Hypothecation
The N 1/2 of the NW 1/4 of the SW 1/4 of Section 32 contains how many acres?
ANSWERS 20 acres
The S 1/2 of the E 1/2 of the SE 1/4 of Section 4, and the W 1/2 of the SW 1/4 of the
NW 1/4 of Section 5 contains how many acres? ANSWERS 60 acres
When a broker misappropriates funds, this is called: ANSWERS Conversion
A septic tank inspection report is valid for... ANSWERS 6 months
What would not be considered commercial property? ANSWERS Churches
A monetary judgment by the court is: ANSWERS An involuntary lien on the
personalty and realty of the subject debtor
A licensee who has been notified by the Arizona Department of Real Estate that a
complaint has been issued, has _______ to respond: ANSWERS 14 Calendar
days
A salesperson is working for a principal, but the salesperson exceeds the authority that
was given in the agreement. The principal does nothing to correct the actions of the
salesperson, and the public is lead to believe that the action were with authority. This
type of agency is best called: ANSWERS Estoppel
In the sale of new homes in a subdivision the on-site real estate licensee typically
represents all of the following persons EXCEPT: ANSWERS Buyer
Which would be considered illegal property management activity? ANSWERS A
licensed associate broker managing property directly for an investor
