Real Estate Exam Questions Arizona
A utility company wants an easement on land, but the landowner doesn't
want his property encumbered. What would the owner give the utility?
correct answersLicense
If the buyer is assuming an existing loan on the property, which of the
following is prorated at closing? correct answersInterest
Any broker or salesperson who initiates a suit to recover a commission for
performing a regulated real estate activity must first be able to prove that
he/she was properly at the time the claim arose. correct
answersLicensed
Which Encumbrances which might affect title to real property ? correct
answersAny encumbrance can effect title to property
What would a life tenant hold? correct answersFreehold Estate
When constructing a home, the load bearing walls would rest
on correct answersFooting
Who can sign any document on your behalf? correct
answersAttorney in Fact
If a designated broker appoints a temporary broker during their vacation,
how long must a copy of the paperwork be kept? correct answers1 year
What clause in a mortgage or trust deed calls for lender's action when
the lender's claims have been nullified? correct answersDefeasance
clause
Which of the items listed below is an interest in real property but not an
estate? correct answersMortgage
A listing salesperson produces an offer exactly as listed, but the owner
refuses to accept it. What is true? correct answersThe Broker could sue the
seller for commission
A title free from defects that an owner has the right to convey is
a/an: correct answersMarketable Title
Which of the following statements describes the purpose for conveying bare
legal title to the trustee in a deed of trust? correct answersBare legal title
allows the trustee to conduct foreclosure proceedings without going to court
, What law requires lenders to limit amount of funds that can be held in
reserves? correct answersRESPA
When a person sends unsolicited fax advertising the fine can be up
to: correct answers16,000
Constructive notice is accomplished by: correct answersRecordation
IN an agreement for sale, when does title convey? correct
answersUpon the last payment
A condominium and cooperative would be the same in that: correct
answersBoth pay annual assessments
After complying with requirements for notice of default; notice of election
to sell and notice of pending sale of property at a Trustee's sale, under a
deed of trust the trustor has a minimum of how many days to reinstate?
correct answers90 days
What is the difference between fee simple and non-freehold correct
answersFee simple is freely inheritable. Non-freehold is a lease
Which approach to value would be most appropriate when appraising a
vacant factory correct answersCost approach
Long term capital gains are taxed at ? correct answersMaximum of 20%
Rank the order of liens highest to lowest correct answersProperty taxes,
assessments, mortgage lien, IRS
A legal description must: correct answersBe sufficient to identify the
land and its location
The seller is out of town and will not return for 4 days. What must the broker
do with the earnest money check? correct answersDeposit the money by the
end of the next business day
When a landlord raises the rent after a tenant complains about code
violations, what has occurred? correct answersRetaliation
A broker obtains an exclusive listing to sell a house but after a month
abandons the listing because the seller is "too much trouble." What can the
seller do in this situation? correct answersSue the broker for money
damages
A property has a first and second lien. Both are in default. What is
true? correct answersThe second lien would terminate if the first lien
goes through a judicial foreclosure
A utility company wants an easement on land, but the landowner doesn't
want his property encumbered. What would the owner give the utility?
correct answersLicense
If the buyer is assuming an existing loan on the property, which of the
following is prorated at closing? correct answersInterest
Any broker or salesperson who initiates a suit to recover a commission for
performing a regulated real estate activity must first be able to prove that
he/she was properly at the time the claim arose. correct
answersLicensed
Which Encumbrances which might affect title to real property ? correct
answersAny encumbrance can effect title to property
What would a life tenant hold? correct answersFreehold Estate
When constructing a home, the load bearing walls would rest
on correct answersFooting
Who can sign any document on your behalf? correct
answersAttorney in Fact
If a designated broker appoints a temporary broker during their vacation,
how long must a copy of the paperwork be kept? correct answers1 year
What clause in a mortgage or trust deed calls for lender's action when
the lender's claims have been nullified? correct answersDefeasance
clause
Which of the items listed below is an interest in real property but not an
estate? correct answersMortgage
A listing salesperson produces an offer exactly as listed, but the owner
refuses to accept it. What is true? correct answersThe Broker could sue the
seller for commission
A title free from defects that an owner has the right to convey is
a/an: correct answersMarketable Title
Which of the following statements describes the purpose for conveying bare
legal title to the trustee in a deed of trust? correct answersBare legal title
allows the trustee to conduct foreclosure proceedings without going to court
, What law requires lenders to limit amount of funds that can be held in
reserves? correct answersRESPA
When a person sends unsolicited fax advertising the fine can be up
to: correct answers16,000
Constructive notice is accomplished by: correct answersRecordation
IN an agreement for sale, when does title convey? correct
answersUpon the last payment
A condominium and cooperative would be the same in that: correct
answersBoth pay annual assessments
After complying with requirements for notice of default; notice of election
to sell and notice of pending sale of property at a Trustee's sale, under a
deed of trust the trustor has a minimum of how many days to reinstate?
correct answers90 days
What is the difference between fee simple and non-freehold correct
answersFee simple is freely inheritable. Non-freehold is a lease
Which approach to value would be most appropriate when appraising a
vacant factory correct answersCost approach
Long term capital gains are taxed at ? correct answersMaximum of 20%
Rank the order of liens highest to lowest correct answersProperty taxes,
assessments, mortgage lien, IRS
A legal description must: correct answersBe sufficient to identify the
land and its location
The seller is out of town and will not return for 4 days. What must the broker
do with the earnest money check? correct answersDeposit the money by the
end of the next business day
When a landlord raises the rent after a tenant complains about code
violations, what has occurred? correct answersRetaliation
A broker obtains an exclusive listing to sell a house but after a month
abandons the listing because the seller is "too much trouble." What can the
seller do in this situation? correct answersSue the broker for money
damages
A property has a first and second lien. Both are in default. What is
true? correct answersThe second lien would terminate if the first lien
goes through a judicial foreclosure
