ASREB Test Questions and Answers
100% Pass
A borrower is required to put 10% down for the purchase of a property. The 10% down
would be considered... - ✔✔Equity
A broker, acting as a property manager, would be considered what type of agent? -
✔✔General
A contract has been signed, but title has not yet been passed. The contract is... -
✔✔Executory
A house cost $100,000. The buyer is making a down payment of 32,000 and getting a
$68,000 loan. If there are 4 points, how much money will be paid out of the closing for
points? - ✔✔$2720
In what situation would a short sale be likely? - ✔✔The loan balance is greater than the
property value.
The real estate mortgage would be a(n)... - ✔✔Voluntary Lien
A company that acts as an intermediacy between a lender and an appraiser is a(n)... -
✔✔Appraisal Management Company
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,A seller list a property with a brokerage, sell it himself, and does not have to pay a
commission. What kind of listing did the seller sign? - ✔✔Exclusive Agency
A seller wants to list a four plex and live in one unit, but doesn't want any children in
the units. What should the agent do? - ✔✔Refuse the listing; it violates fair housing
If the percentage of renters in a community exceeds 50%, many lenders require that the
homeowners' association reserves be what percentage of HOA budgeted income? -
✔✔20%
After a deed of trust foreclosure sale, which of the following is TRUE? - ✔✔A trustee's
deed is given to the new owner
After a mortgage foreclosure, if the sale amount was insufficient to cover the debt, the
lender may ask for a(n)... - ✔✔deficiency judgment
An option once exercised is considered... - ✔✔Unilateral executed
At what point does recordation take place? - ✔✔When a docket and page number are
assigned
What is required at the time an Affidavit of Affixture is recorded? - ✔✔The titles to the
mobile home must be surrendered
A broker has what duty to a third party? - ✔✔full disclosure of all material facts
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,How can a buyer be assured of getting his earnest money back if his loan is not
approved? - ✔✔Place a contingency clause in the contract
A legal description reads as follows: "The NW 1/4 of Section 2 and the W 1/2 of the SW
1/4 of section 35." How man acres is this? - ✔✔240 acres
If a tenant abandons a residential apartment, the landlord must do all of the following
EXCEPT... - ✔✔Sell the tenant's personal property after holding it for 10 days
How many townships are in a 24-mile square? - ✔✔16
If there are material changes from an original Public Report, the Commissioner may
required the subdivider to create a(n)... - ✔✔amended Public Report
If cap rates in an area are going up, how does this influence value? - ✔✔Value goes
down
In Arizona, property owned before marriage is sole and separate. Property acquired
after marriage would be considered... - ✔✔Community Property
The right of an Arizona real estate licensee to prepare certain legal documents and
forms comes from... - ✔✔The Arizona Constitution
What clarifies ADRE's position on statues or rules? - ✔✔Substantive Policy Statements
The concept that information given to a client's agent has been given to the client is
known as - ✔✔Imputed Notice
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, On a settlement statement, rent paid in advance would be a... - ✔✔credit to the buyer,
debit to the seller
If the buyer of a property wants to remain anonymous, what terms should be used for
that buyer's name in the purchase contract? - ✔✔Or Nominee
Which of the following listings would NOT be entered into a multiple listing service? -
✔✔pocket listing
The main purpose of the Federal Housing Administration is to... - ✔✔insure loans
The relationship between a broker and their salesperson is what type of agency? -
✔✔General
Which of the following is determined by measuring the exterior dimensions of a home
including garages, patios and entryways? - ✔✔Square footage under roof
When a property that has a well is sold, what must be sent to ADWR? - ✔✔Transfer of
Well Rights Form
Under what condition would a listing agreement NOT terminate? - ✔✔The salesperson
dies
What document is recorded with the deed? - ✔✔affidavit of value
What is the maximum security deposit allowed under the Arizona Landlord Tenant
Act? - ✔✔1 1/2 month's rent
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100% Pass
A borrower is required to put 10% down for the purchase of a property. The 10% down
would be considered... - ✔✔Equity
A broker, acting as a property manager, would be considered what type of agent? -
✔✔General
A contract has been signed, but title has not yet been passed. The contract is... -
✔✔Executory
A house cost $100,000. The buyer is making a down payment of 32,000 and getting a
$68,000 loan. If there are 4 points, how much money will be paid out of the closing for
points? - ✔✔$2720
In what situation would a short sale be likely? - ✔✔The loan balance is greater than the
property value.
The real estate mortgage would be a(n)... - ✔✔Voluntary Lien
A company that acts as an intermediacy between a lender and an appraiser is a(n)... -
✔✔Appraisal Management Company
100% Pass Guarantee Olivia West, All Rights Reserved © 2025 1
,A seller list a property with a brokerage, sell it himself, and does not have to pay a
commission. What kind of listing did the seller sign? - ✔✔Exclusive Agency
A seller wants to list a four plex and live in one unit, but doesn't want any children in
the units. What should the agent do? - ✔✔Refuse the listing; it violates fair housing
If the percentage of renters in a community exceeds 50%, many lenders require that the
homeowners' association reserves be what percentage of HOA budgeted income? -
✔✔20%
After a deed of trust foreclosure sale, which of the following is TRUE? - ✔✔A trustee's
deed is given to the new owner
After a mortgage foreclosure, if the sale amount was insufficient to cover the debt, the
lender may ask for a(n)... - ✔✔deficiency judgment
An option once exercised is considered... - ✔✔Unilateral executed
At what point does recordation take place? - ✔✔When a docket and page number are
assigned
What is required at the time an Affidavit of Affixture is recorded? - ✔✔The titles to the
mobile home must be surrendered
A broker has what duty to a third party? - ✔✔full disclosure of all material facts
100% Pass Guarantee Olivia West, All Rights Reserved © 2025 2
,How can a buyer be assured of getting his earnest money back if his loan is not
approved? - ✔✔Place a contingency clause in the contract
A legal description reads as follows: "The NW 1/4 of Section 2 and the W 1/2 of the SW
1/4 of section 35." How man acres is this? - ✔✔240 acres
If a tenant abandons a residential apartment, the landlord must do all of the following
EXCEPT... - ✔✔Sell the tenant's personal property after holding it for 10 days
How many townships are in a 24-mile square? - ✔✔16
If there are material changes from an original Public Report, the Commissioner may
required the subdivider to create a(n)... - ✔✔amended Public Report
If cap rates in an area are going up, how does this influence value? - ✔✔Value goes
down
In Arizona, property owned before marriage is sole and separate. Property acquired
after marriage would be considered... - ✔✔Community Property
The right of an Arizona real estate licensee to prepare certain legal documents and
forms comes from... - ✔✔The Arizona Constitution
What clarifies ADRE's position on statues or rules? - ✔✔Substantive Policy Statements
The concept that information given to a client's agent has been given to the client is
known as - ✔✔Imputed Notice
100% Pass Guarantee Olivia West, All Rights Reserved © 2025 3
, On a settlement statement, rent paid in advance would be a... - ✔✔credit to the buyer,
debit to the seller
If the buyer of a property wants to remain anonymous, what terms should be used for
that buyer's name in the purchase contract? - ✔✔Or Nominee
Which of the following listings would NOT be entered into a multiple listing service? -
✔✔pocket listing
The main purpose of the Federal Housing Administration is to... - ✔✔insure loans
The relationship between a broker and their salesperson is what type of agency? -
✔✔General
Which of the following is determined by measuring the exterior dimensions of a home
including garages, patios and entryways? - ✔✔Square footage under roof
When a property that has a well is sold, what must be sent to ADWR? - ✔✔Transfer of
Well Rights Form
Under what condition would a listing agreement NOT terminate? - ✔✔The salesperson
dies
What document is recorded with the deed? - ✔✔affidavit of value
What is the maximum security deposit allowed under the Arizona Landlord Tenant
Act? - ✔✔1 1/2 month's rent
100% Pass Guarantee Olivia West, All Rights Reserved © 2025 4
