Arizona Real Estate Salesperson Exam
What are the two requirements of the property if the anti-deficiency statute
is to apply? correct answers2.5 acres or less. Utilized as a family home for a
1 or 2 family dwelling.
In a deed of trust, who is the "trustor?" correct answersThe person buying
the house (the purchaser).
Who has priority in liens even over a purchase money mortgage lien filed
prior? correct answersLiens for unpaid property taxes and agricultural liens
on crops.
Does an IRS lien filed in 2015 have priority over a mortgage filed in 2014?
correct answersNo. In Arizona, IRS liens do not have priority a mortgage/deed
of trust filed prior to it.
Does a lien for property taxes filed in 2015 have priority over a mortgage
filed in 2014? correct answersYes. In Arizona, state property tax liens do take
priority over other liens.
What is the title of the person who supervises the estate of someone who
died without a will? correct answersAdministrator.
What is the title of the person who supervises the estate of someone who
died with a will? correct answersExecutor.
When are property taxes ASSESSED? correct answersOnce a year,
January 1. When are the two dates in Arizona in which property taxes
are DUE for January 1?
correct answersFor January 1, 2015, they would be DUE on October 1,
2015 and March
1, 2016.
When are property taxes LATE for October 1, 2015 and March 1, 2016?
correct answersFor October 1, 2015, they are late on November 1, 2015.
For March 1, 2016,
they are late May 1, 2016.
If a salesperson represents a seller in ALL real estate transactions, that is
considered to be what form of agency? correct answersGeneral agent.
A real estate salesperson (licensee) is what kind of agent as to his or
her broker? correct answersGeneral agent.
A seller gives her salesperson the right to sell and make other decisions
regarding the property is what kind of agent? correct answersGeneral
agent.
,What are the 4 types of listings? correct answers(1) Exclusive right to sell;
(2) Exclusive agency; (3) Open Listing; (4) Net listing.
If a seller lists a property with a broker, but sells it himself and pays no
commission, what sort of listing was this? correct answersExclusive
agency.
Which listing gives the salesperson/broker a right a commission regardless
of whether the seller sells the property? correct answersExclusive right to
sell.
What do the seller and listing broker have to agree upon when listing a
property? correct answersThe ending date of the listing.
A listing broker lists a property with sub-agency provisions. Another broker
accepts the listing broker's offer to cooperate. The co-operating broker is
acting as the to the seller? correct answersSubagent
A salesperson's right to a commission is based on correct
answershaving a valid license.
Is a broker required to get the owner's approval to transfer a listing
to another salesperson? correct answersNo.
Is a salesperson the agent of the seller or of the broker? correct
answersBroker. (And the broker is the agent for the seller).
Is a listing broker responsible for making a list of the personal property to be
included in a listing? correct answersYes.
In a normal real estate transaction, is the broker responsible for giving
abstract of title and opinion? correct answersNo.
If a seller tells a broker he doesn't want anything other than full price
offers, should the broker still present offers less than the listed (full) price?
correct answersYes.
If an escrow is opened by a salesperson, but his broker's license is
suspended thereafter, may the salesperson still receive his
commission? correct answersYes.
Under an exclusive agency, if the seller sells the property himself, does the
broker get a commission? correct answersNo.
May a salesperson enter into dual agency (buyer and seller) if it is disclosed
in writing to both buyer and seller? correct answersYes.
A seller/broker relationship can be described as principal/ ?
correct answersAgent.
,A procuring cause dispute is most likely to occur with agents working with
which type of listing? correct answersOpen listing.
If a listing broker dies, can his son take over the listings by informing the
sellers of the transfer and asking the real estate department for approval?
correct answersNo. He must re-write and negotiate all listings.
Is the broker-seller relationship best defined as "contractual" or
"fiduciary?" correct answersFiduciary.
Is an open listing between a seller and broker more bilateral or
unilateral? correct answersUnilateral. It's an offer by the seller to any
broker to sell the property, so it's one-sided.
Does a listing change because the salesperson has changed? correct
answersNo. Can a bankruptcy by a seller terminate a listing? correct
answersYes.
What are the 6 duties owed by the listing broker to the seller/principal?
correct answersLoyalty. Confidentiality. Disclosure. Obedience. Reasonable
care and diligence. Accountability.
Is "acquiescence" a duty owned by the broker to the principal? correct
answersNo.
For an "exclusive agency" listing, it is true that it could not go into
multiple listing? correct answersFalse.
Can brokers use a sub-agent in an "exclusive listing" and still be paid a
commission? correct answersYes.
In order to ensure getting paid a commission in an open listing, the broker
must make sure he has a ? correct answersSigned listing contract.
In an open listing, does the fact that the broker obtained the highest bid take
precedence over whether the broker has a signed listing contract in order to
get his commission? correct answersNo. The signed listing contract is what
is key to a broker's ability to collect a commission.
A seller tells a broker not to disclose he is going through with a divorce to
the buyer? Does the broker have to tell the buyer this if he is asked?
correct answersNo. The broker may decline to answer. But the broker
cannot deny it, either. Just decline to answer. The broker must keep the
buyer's confidence but can't lie to the seller, so the broker can only refuse
to answer.
, May a salesperson continue to work on a contract that is in escrow even
though the listing contract has expired? correct answersYes.
When a buyer signed a contract to purchase, what sort of title does he
get? correct answersEquitable.
Is a contract without a legal description of the property better
described as "void" (illegal) or "unenforceable?" correct
answersUnenforceable.
Does a property management agreement continue even after the death of
the owner? correct answersNo. Terminates upon death.
If a person (buyer) wants to buy a property in the future, but also wants
the right to decline the seller's offering price, that is called a ?
correct answersFirst right of refusal.
Do both the buyer and seller have to initial changes upon a counter
offer? correct answersYes.
What the primary difference between an option contract and a
purchase contract? correct answersThe option contract does not have
to be consummated.
If a contract has been signed, but title has not passed, is the contract
"executory" or "executed?" correct answersExecutory (not sure why).
Seems like signing means executed, but because the title has not
transferred, it's not done yet, so who knows.
Does an option to buy become binding when the option to buy is signed,
or when the option to buy is exercised? correct answersWhen it is
exercised.
If a husband or a wife fail to sign a realty contract, is it enforceable
against either of them? correct answersNo. It is unenforceable against
both of them.
If, before the close of escrow, a contract is signed but the building burns
down, is the commission payable? correct answersNo. Has to be after
escrow.
What does the "market data" approach to appraising use? correct
answersBuilding plus value of the land.
What is the name for when a property increased in value without the
owner doing anything? correct answersUnearned increment.
Is an offer by telephone that is accepted "executory" or "unenforceable?"
correct answersUnenforceable. No offer for real estate can be oral, so it's
not merely pendant; it's not valid, and therefore, unenforceable.
What are the two requirements of the property if the anti-deficiency statute
is to apply? correct answers2.5 acres or less. Utilized as a family home for a
1 or 2 family dwelling.
In a deed of trust, who is the "trustor?" correct answersThe person buying
the house (the purchaser).
Who has priority in liens even over a purchase money mortgage lien filed
prior? correct answersLiens for unpaid property taxes and agricultural liens
on crops.
Does an IRS lien filed in 2015 have priority over a mortgage filed in 2014?
correct answersNo. In Arizona, IRS liens do not have priority a mortgage/deed
of trust filed prior to it.
Does a lien for property taxes filed in 2015 have priority over a mortgage
filed in 2014? correct answersYes. In Arizona, state property tax liens do take
priority over other liens.
What is the title of the person who supervises the estate of someone who
died without a will? correct answersAdministrator.
What is the title of the person who supervises the estate of someone who
died with a will? correct answersExecutor.
When are property taxes ASSESSED? correct answersOnce a year,
January 1. When are the two dates in Arizona in which property taxes
are DUE for January 1?
correct answersFor January 1, 2015, they would be DUE on October 1,
2015 and March
1, 2016.
When are property taxes LATE for October 1, 2015 and March 1, 2016?
correct answersFor October 1, 2015, they are late on November 1, 2015.
For March 1, 2016,
they are late May 1, 2016.
If a salesperson represents a seller in ALL real estate transactions, that is
considered to be what form of agency? correct answersGeneral agent.
A real estate salesperson (licensee) is what kind of agent as to his or
her broker? correct answersGeneral agent.
A seller gives her salesperson the right to sell and make other decisions
regarding the property is what kind of agent? correct answersGeneral
agent.
,What are the 4 types of listings? correct answers(1) Exclusive right to sell;
(2) Exclusive agency; (3) Open Listing; (4) Net listing.
If a seller lists a property with a broker, but sells it himself and pays no
commission, what sort of listing was this? correct answersExclusive
agency.
Which listing gives the salesperson/broker a right a commission regardless
of whether the seller sells the property? correct answersExclusive right to
sell.
What do the seller and listing broker have to agree upon when listing a
property? correct answersThe ending date of the listing.
A listing broker lists a property with sub-agency provisions. Another broker
accepts the listing broker's offer to cooperate. The co-operating broker is
acting as the to the seller? correct answersSubagent
A salesperson's right to a commission is based on correct
answershaving a valid license.
Is a broker required to get the owner's approval to transfer a listing
to another salesperson? correct answersNo.
Is a salesperson the agent of the seller or of the broker? correct
answersBroker. (And the broker is the agent for the seller).
Is a listing broker responsible for making a list of the personal property to be
included in a listing? correct answersYes.
In a normal real estate transaction, is the broker responsible for giving
abstract of title and opinion? correct answersNo.
If a seller tells a broker he doesn't want anything other than full price
offers, should the broker still present offers less than the listed (full) price?
correct answersYes.
If an escrow is opened by a salesperson, but his broker's license is
suspended thereafter, may the salesperson still receive his
commission? correct answersYes.
Under an exclusive agency, if the seller sells the property himself, does the
broker get a commission? correct answersNo.
May a salesperson enter into dual agency (buyer and seller) if it is disclosed
in writing to both buyer and seller? correct answersYes.
A seller/broker relationship can be described as principal/ ?
correct answersAgent.
,A procuring cause dispute is most likely to occur with agents working with
which type of listing? correct answersOpen listing.
If a listing broker dies, can his son take over the listings by informing the
sellers of the transfer and asking the real estate department for approval?
correct answersNo. He must re-write and negotiate all listings.
Is the broker-seller relationship best defined as "contractual" or
"fiduciary?" correct answersFiduciary.
Is an open listing between a seller and broker more bilateral or
unilateral? correct answersUnilateral. It's an offer by the seller to any
broker to sell the property, so it's one-sided.
Does a listing change because the salesperson has changed? correct
answersNo. Can a bankruptcy by a seller terminate a listing? correct
answersYes.
What are the 6 duties owed by the listing broker to the seller/principal?
correct answersLoyalty. Confidentiality. Disclosure. Obedience. Reasonable
care and diligence. Accountability.
Is "acquiescence" a duty owned by the broker to the principal? correct
answersNo.
For an "exclusive agency" listing, it is true that it could not go into
multiple listing? correct answersFalse.
Can brokers use a sub-agent in an "exclusive listing" and still be paid a
commission? correct answersYes.
In order to ensure getting paid a commission in an open listing, the broker
must make sure he has a ? correct answersSigned listing contract.
In an open listing, does the fact that the broker obtained the highest bid take
precedence over whether the broker has a signed listing contract in order to
get his commission? correct answersNo. The signed listing contract is what
is key to a broker's ability to collect a commission.
A seller tells a broker not to disclose he is going through with a divorce to
the buyer? Does the broker have to tell the buyer this if he is asked?
correct answersNo. The broker may decline to answer. But the broker
cannot deny it, either. Just decline to answer. The broker must keep the
buyer's confidence but can't lie to the seller, so the broker can only refuse
to answer.
, May a salesperson continue to work on a contract that is in escrow even
though the listing contract has expired? correct answersYes.
When a buyer signed a contract to purchase, what sort of title does he
get? correct answersEquitable.
Is a contract without a legal description of the property better
described as "void" (illegal) or "unenforceable?" correct
answersUnenforceable.
Does a property management agreement continue even after the death of
the owner? correct answersNo. Terminates upon death.
If a person (buyer) wants to buy a property in the future, but also wants
the right to decline the seller's offering price, that is called a ?
correct answersFirst right of refusal.
Do both the buyer and seller have to initial changes upon a counter
offer? correct answersYes.
What the primary difference between an option contract and a
purchase contract? correct answersThe option contract does not have
to be consummated.
If a contract has been signed, but title has not passed, is the contract
"executory" or "executed?" correct answersExecutory (not sure why).
Seems like signing means executed, but because the title has not
transferred, it's not done yet, so who knows.
Does an option to buy become binding when the option to buy is signed,
or when the option to buy is exercised? correct answersWhen it is
exercised.
If a husband or a wife fail to sign a realty contract, is it enforceable
against either of them? correct answersNo. It is unenforceable against
both of them.
If, before the close of escrow, a contract is signed but the building burns
down, is the commission payable? correct answersNo. Has to be after
escrow.
What does the "market data" approach to appraising use? correct
answersBuilding plus value of the land.
What is the name for when a property increased in value without the
owner doing anything? correct answersUnearned increment.
Is an offer by telephone that is accepted "executory" or "unenforceable?"
correct answersUnenforceable. No offer for real estate can be oral, so it's
not merely pendant; it's not valid, and therefore, unenforceable.
