ASREB Basic Real Estate Test 2020
Questions and Answers 100% Pass
A 3.45-acre lot sells for 50 cents per square foot. What is the selling price? - ✔✔$75,141
A blind ad refers to an ad that - ✔✔gives no indication that the property is listed with a
broker
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 what type of agent? - ✔✔General
A buyer pays 20% down and obtains a real estate mortgage. The buyer makes no
further payments. What clause would the lender now exercise? - ✔✔acceleration
When a new home is still under construction, the County Assessor may - ✔✔increase
the full cash value
A contact has been signed, but title has not passed. The contract is - ✔✔executory
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,a handicapped person is leasing a house that requires modification. Which of the
following is TRUE about the modification? - ✔✔The lessor can require the lessee to
reasonable restore the property at the end of the lease.
A holdover tenant would have a(n) - ✔✔estate at sufferance
Which of these property classifications is used for vacant land? - ✔✔Class 2
A house costs $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
the points? - ✔✔$2,720
A lender refuses to loan or limits loans in a certain minority neighborhood. This action
is called. - ✔✔Redlining
A lessee puts in a bookcase for commercial use; at the end of the lease the bookcase is
removed. The bookcase would be considered - ✔✔a trade fixture
To finance the infrastructure for a subdivision development, Arizona law allows the
formation of - ✔✔Community Facilities Districts.
A listing broker receives several offers at the same time. The broker should - ✔✔present
all the offers
A loan estimate must be given to a borrower withing three business days - ✔✔of loan
application
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,A party lives on a property without permission of the owner. After the legally required
time period, if the occupant receives title to the property it was done so through -
✔✔adverse possession
In what situation would a short sale be likely? - ✔✔The loan property is greater than the
property value
A real estate mortgage would be a(n) - ✔✔voluntary lien
A real estate sale was closed on March 21. The assessed value of the property is $72,500
and the tax rate is $1.75 per $100 of assessed value. What is the proper entry on the
seller's settlement statement if the buyer owns day of closing and we are using a
calendar year? - ✔✔$274.60 debit
A right of way over Parcel A to Parcel B identifies Parcel B as the - ✔✔dominant
tenement
A company that acts as an intermediary between a lender and an appraiser is a(n) -
✔✔appraisal management company
A seller lists a property with a brokerage, sells it himself, and does not have to pay a
commission. What kind of listing did the seller sign? - ✔✔exclusive agency
A seller needs to pay an estimated $2,000 in closing costs, $150,000 on his current
mortgage, and wants $58,000 in cash for a down payment on another house. His listing
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, agreement obligates him to pay 7% commission to the brokerage. What is the minimum
selling price he can accept? - ✔✔$225,807
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.
A valid contract must have - ✔✔offer and acceptance
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.
All of the following would be considered appurtenant in a real estate transaction
EXCEPT - ✔✔annual crops
A property in which unrelated people who need care, support or supervision live
together and which is protected by fair housing laws from discrimination be neighbors
is a - ✔✔group home.
An option once exercised is considered - ✔✔unilateral executed
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Questions and Answers 100% Pass
A 3.45-acre lot sells for 50 cents per square foot. What is the selling price? - ✔✔$75,141
A blind ad refers to an ad that - ✔✔gives no indication that the property is listed with a
broker
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 what type of agent? - ✔✔General
A buyer pays 20% down and obtains a real estate mortgage. The buyer makes no
further payments. What clause would the lender now exercise? - ✔✔acceleration
When a new home is still under construction, the County Assessor may - ✔✔increase
the full cash value
A contact has been signed, but title has not passed. The contract is - ✔✔executory
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,a handicapped person is leasing a house that requires modification. Which of the
following is TRUE about the modification? - ✔✔The lessor can require the lessee to
reasonable restore the property at the end of the lease.
A holdover tenant would have a(n) - ✔✔estate at sufferance
Which of these property classifications is used for vacant land? - ✔✔Class 2
A house costs $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
the points? - ✔✔$2,720
A lender refuses to loan or limits loans in a certain minority neighborhood. This action
is called. - ✔✔Redlining
A lessee puts in a bookcase for commercial use; at the end of the lease the bookcase is
removed. The bookcase would be considered - ✔✔a trade fixture
To finance the infrastructure for a subdivision development, Arizona law allows the
formation of - ✔✔Community Facilities Districts.
A listing broker receives several offers at the same time. The broker should - ✔✔present
all the offers
A loan estimate must be given to a borrower withing three business days - ✔✔of loan
application
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,A party lives on a property without permission of the owner. After the legally required
time period, if the occupant receives title to the property it was done so through -
✔✔adverse possession
In what situation would a short sale be likely? - ✔✔The loan property is greater than the
property value
A real estate mortgage would be a(n) - ✔✔voluntary lien
A real estate sale was closed on March 21. The assessed value of the property is $72,500
and the tax rate is $1.75 per $100 of assessed value. What is the proper entry on the
seller's settlement statement if the buyer owns day of closing and we are using a
calendar year? - ✔✔$274.60 debit
A right of way over Parcel A to Parcel B identifies Parcel B as the - ✔✔dominant
tenement
A company that acts as an intermediary between a lender and an appraiser is a(n) -
✔✔appraisal management company
A seller lists a property with a brokerage, sells it himself, and does not have to pay a
commission. What kind of listing did the seller sign? - ✔✔exclusive agency
A seller needs to pay an estimated $2,000 in closing costs, $150,000 on his current
mortgage, and wants $58,000 in cash for a down payment on another house. His listing
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, agreement obligates him to pay 7% commission to the brokerage. What is the minimum
selling price he can accept? - ✔✔$225,807
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.
A valid contract must have - ✔✔offer and acceptance
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.
All of the following would be considered appurtenant in a real estate transaction
EXCEPT - ✔✔annual crops
A property in which unrelated people who need care, support or supervision live
together and which is protected by fair housing laws from discrimination be neighbors
is a - ✔✔group home.
An option once exercised is considered - ✔✔unilateral executed
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