Arizona Specific Exam
Which statement is TRUE?
a.Manufactured homes properly and officially affixed to deeded land
are sold and taxed as personal property.
b.Manufactured homes properly and officially affixed to deeded land
are transferred using a bill of sale.
c. Manufactured homes on leased land are sold and taxed as real
property.
d.Manufactured homes properly and officially affixed to deeded land are
transferred using a deed. correct answersd. Manufactured homes properly
and officially affixed to deeded land are transferred
using a deed.
The homestead exemption protects the homeowner's equity up to .
e. $200,000
f. $150,000
g. whatever the current equity is
h. $118,765 correct answersb. $150,000
What is the Arizona escheat period?
i. ten years.
j. 20 years.
k. 50 years.
l. one year. correct answersb. 20 years.
An Arizona easement can be terminated in three ways. Which of the
following is NOT a way in
which an Arizona easement can be terminated?
m.Owner of the servient tenement records a notice of abandonment.
n. Both properties are owned by the same owner.
o. Court-ordered abandonment of easement.
p.Owner of the dominant tenement records a notice of
abandonment. correct answersa. Owner of the servient tenement
records a notice of abandonment
The Affidavit of Value contains three signatures. Whose signature is
NOT on it?
q. Buyer's.
r. Seller's.
s. Appraiser's.
t. Notary's. correct answersc. Appraiser's.
If there is no employment agreement, what duties does the buyer have to
the brokerage in an
arrangement where a brokerage is representing a buyer in the purchase of a
property?
,a. Duty to inform the brokerage when the buyer wants to view an open
house.
b. Duty to purchase a property in good faith.
c. Duty to deal with the brokerage fairly and in good faith.
d.Duty to pay the brokerage compensation if the brokerage
demands it. correct answersc. Duty to deal with the brokerage fairly
and in good faith.
When is the very latest that a consent for limited representation may be
signed by the buyer and
the seller?
e.Before the licensee allows the buyer to view the seller's property that
is listed with the brokerage.
f. Before either party becomes bound to each other in a purchase
contract.
g. Before the seller employs the brokerage to list and market the property.
h.Before the licensees of the brokerage are allowed to discuss property
that is listed with the brokerage with the buyer or seller. correct answersb.
Before either party becomes bound to each other in a purchase contract.
Which of the following is TRUE regarding the statute of limitations to bring a
civil action in an
Arizona court against someone for breach of contract?
i.For breach of a written contract, the statute of limitations is six years
from the date of the breach.
j.For breach of an oral contract, the statute of limitations is five years
from the date of the breach.
k.For breach of an employment contract, the statute of limitations is two
years from the date of the breach.
l.For breach of an employment contract when the breach involves fraud,
the statute of limitations is one month. correct answersa. For breach of a
written contract, the statute
of limitations is six years from the
date of the breach.
For Arizona residents or for real property in Arizona, the maximum interest
rate for any loan is
.
m.10%
n. Whatever the parties agree to
o. 12%
p. 18% correct answersb. Whatever the parties agree to
Which of the following is NOT a condition for compensation to an Arizona
real estate licensee
for performing the work for a broker price opinion?
q. The opinion must not be referred to as an appraisal.
r. The opinion must be provided by an Arizona real estate licensee.
s.The process from which the opinion is derived must be
conducted by clerical personnel and not by the real estate licensee.
,d. The compensation to the licensee for the work must be paid through the
employing brokerage. correct answersc. The process from which the
opinion is derived must be conducted by clerical
personnel and not by the real estate licensee.
Where would one look for the law that requires all contracts for the sale and
purchase of real
estate to be in writing to be enforceable?
a. In Article 26 of the Arizona State Constitution.
b. In the Arizona Revised Statutes.
c. In the Arizona Commissioner's Rules.
d.In Article 10 of the Arizona State Constitution. correct answersb. In
the Arizona Revised Statutes
Where would one look for the words that give Arizona licensees the
authority to draft contracts
incidental to certain real estate transactions?
e. Arizona Revised Statutes.
f. Arizona Statute of Frauds.
g. Article 26 of the Arizona State Constitution.
h.Article 10 of the Arizona State Constitution. correct answersc.
Article 26 of the Arizona State Constitution
Where would one look for the words that give the authority to the Arizona
State Land Department
to acquire lands through escheat and other means?
i. Article 26 of the Arizona State Constitution.
j. Arizona Statute of Frauds.
k. Arizona Commissioner's Rules.
l.Article 10 of the Arizona State Constitution. correct answersd.
Article 10 of the Arizona State Constitution.
A broker prepares documents incidental to a property transaction for a
client. The broker may
.
m.not charge a fee for this service
n. charge a fee up to $1000.00
o. not prepare legal documents
p.prepare the documents, but must have a lawyer review them correct
answersa. not charge a fee for this service
Which of the following does NOT fall under the purview of the Arizona
Statute of Frauds?
q. Leases for longer than one year.
r. Leases that will expire less than one year from the date of signing.
s. Contracts for the sale and purchase of real estate.
, d. Real estate employment agreements. correct answersb. Leases that will
expire less than one year from the date of signing.
The Real Estate Commissioner, on the Commissioner's own motion may.
a.refuse to issue a real estate license to someone even though the person
qualifies for a
license
b.requisition a city police car and patrol the streets looking for violations
of real estate law
c. investigate the actions of any real estate broker, salesperson, developer,
or real
estate
school administrator
d.refuse to allow a real estate person to erect a for sale sign larger than
2'x4' correct answersc. investigate the actions of any real estate broker,
salesperson, developer, or real estate
school administrator
Two members of the Real Estate Advisory Board must be primarily .
engaged in
a. commercial real estate
b. franchise work
c. residential real estate sales
d. business opportunities correct answersc. residential real estate
Which
salesof the following is TRUE?
a.Advisory Board members could receive gainful compensation for their
participation in each Board meeting only if they contribute to the
advisories.
b. Statute requires the Advisory Board to meet at least once every odd
month.
c. Advisory Board members are not gainfully compensated.
d.Statute requires the Advisory to meet at least once per month.
correct answersc. Advisory Board members are not gainfully
compensated.
The Real Estate Commissioner is .
e. appointed by the Governor, and serves a fixed term
f. voted into office through the election process
g.appointed by the Governor, and is automatically terminated when
the appointing Governor leaves office
h.appointed by the Governor, and serves at the pleasure of the
Governor correct answersd. appointed by the Governor, and serves at
the pleasure of the Governor
The legal advisor to the Real Estate Commissioner is the .
i. Governor's Office
j. Arizona Association of REALTORS staff attorney
k. Attorney General's office
l. A private attorney firm on retainer. correct answersc. Attorney
General's office
Which statement is TRUE?
a.Manufactured homes properly and officially affixed to deeded land
are sold and taxed as personal property.
b.Manufactured homes properly and officially affixed to deeded land
are transferred using a bill of sale.
c. Manufactured homes on leased land are sold and taxed as real
property.
d.Manufactured homes properly and officially affixed to deeded land are
transferred using a deed. correct answersd. Manufactured homes properly
and officially affixed to deeded land are transferred
using a deed.
The homestead exemption protects the homeowner's equity up to .
e. $200,000
f. $150,000
g. whatever the current equity is
h. $118,765 correct answersb. $150,000
What is the Arizona escheat period?
i. ten years.
j. 20 years.
k. 50 years.
l. one year. correct answersb. 20 years.
An Arizona easement can be terminated in three ways. Which of the
following is NOT a way in
which an Arizona easement can be terminated?
m.Owner of the servient tenement records a notice of abandonment.
n. Both properties are owned by the same owner.
o. Court-ordered abandonment of easement.
p.Owner of the dominant tenement records a notice of
abandonment. correct answersa. Owner of the servient tenement
records a notice of abandonment
The Affidavit of Value contains three signatures. Whose signature is
NOT on it?
q. Buyer's.
r. Seller's.
s. Appraiser's.
t. Notary's. correct answersc. Appraiser's.
If there is no employment agreement, what duties does the buyer have to
the brokerage in an
arrangement where a brokerage is representing a buyer in the purchase of a
property?
,a. Duty to inform the brokerage when the buyer wants to view an open
house.
b. Duty to purchase a property in good faith.
c. Duty to deal with the brokerage fairly and in good faith.
d.Duty to pay the brokerage compensation if the brokerage
demands it. correct answersc. Duty to deal with the brokerage fairly
and in good faith.
When is the very latest that a consent for limited representation may be
signed by the buyer and
the seller?
e.Before the licensee allows the buyer to view the seller's property that
is listed with the brokerage.
f. Before either party becomes bound to each other in a purchase
contract.
g. Before the seller employs the brokerage to list and market the property.
h.Before the licensees of the brokerage are allowed to discuss property
that is listed with the brokerage with the buyer or seller. correct answersb.
Before either party becomes bound to each other in a purchase contract.
Which of the following is TRUE regarding the statute of limitations to bring a
civil action in an
Arizona court against someone for breach of contract?
i.For breach of a written contract, the statute of limitations is six years
from the date of the breach.
j.For breach of an oral contract, the statute of limitations is five years
from the date of the breach.
k.For breach of an employment contract, the statute of limitations is two
years from the date of the breach.
l.For breach of an employment contract when the breach involves fraud,
the statute of limitations is one month. correct answersa. For breach of a
written contract, the statute
of limitations is six years from the
date of the breach.
For Arizona residents or for real property in Arizona, the maximum interest
rate for any loan is
.
m.10%
n. Whatever the parties agree to
o. 12%
p. 18% correct answersb. Whatever the parties agree to
Which of the following is NOT a condition for compensation to an Arizona
real estate licensee
for performing the work for a broker price opinion?
q. The opinion must not be referred to as an appraisal.
r. The opinion must be provided by an Arizona real estate licensee.
s.The process from which the opinion is derived must be
conducted by clerical personnel and not by the real estate licensee.
,d. The compensation to the licensee for the work must be paid through the
employing brokerage. correct answersc. The process from which the
opinion is derived must be conducted by clerical
personnel and not by the real estate licensee.
Where would one look for the law that requires all contracts for the sale and
purchase of real
estate to be in writing to be enforceable?
a. In Article 26 of the Arizona State Constitution.
b. In the Arizona Revised Statutes.
c. In the Arizona Commissioner's Rules.
d.In Article 10 of the Arizona State Constitution. correct answersb. In
the Arizona Revised Statutes
Where would one look for the words that give Arizona licensees the
authority to draft contracts
incidental to certain real estate transactions?
e. Arizona Revised Statutes.
f. Arizona Statute of Frauds.
g. Article 26 of the Arizona State Constitution.
h.Article 10 of the Arizona State Constitution. correct answersc.
Article 26 of the Arizona State Constitution
Where would one look for the words that give the authority to the Arizona
State Land Department
to acquire lands through escheat and other means?
i. Article 26 of the Arizona State Constitution.
j. Arizona Statute of Frauds.
k. Arizona Commissioner's Rules.
l.Article 10 of the Arizona State Constitution. correct answersd.
Article 10 of the Arizona State Constitution.
A broker prepares documents incidental to a property transaction for a
client. The broker may
.
m.not charge a fee for this service
n. charge a fee up to $1000.00
o. not prepare legal documents
p.prepare the documents, but must have a lawyer review them correct
answersa. not charge a fee for this service
Which of the following does NOT fall under the purview of the Arizona
Statute of Frauds?
q. Leases for longer than one year.
r. Leases that will expire less than one year from the date of signing.
s. Contracts for the sale and purchase of real estate.
, d. Real estate employment agreements. correct answersb. Leases that will
expire less than one year from the date of signing.
The Real Estate Commissioner, on the Commissioner's own motion may.
a.refuse to issue a real estate license to someone even though the person
qualifies for a
license
b.requisition a city police car and patrol the streets looking for violations
of real estate law
c. investigate the actions of any real estate broker, salesperson, developer,
or real
estate
school administrator
d.refuse to allow a real estate person to erect a for sale sign larger than
2'x4' correct answersc. investigate the actions of any real estate broker,
salesperson, developer, or real estate
school administrator
Two members of the Real Estate Advisory Board must be primarily .
engaged in
a. commercial real estate
b. franchise work
c. residential real estate sales
d. business opportunities correct answersc. residential real estate
Which
salesof the following is TRUE?
a.Advisory Board members could receive gainful compensation for their
participation in each Board meeting only if they contribute to the
advisories.
b. Statute requires the Advisory Board to meet at least once every odd
month.
c. Advisory Board members are not gainfully compensated.
d.Statute requires the Advisory to meet at least once per month.
correct answersc. Advisory Board members are not gainfully
compensated.
The Real Estate Commissioner is .
e. appointed by the Governor, and serves a fixed term
f. voted into office through the election process
g.appointed by the Governor, and is automatically terminated when
the appointing Governor leaves office
h.appointed by the Governor, and serves at the pleasure of the
Governor correct answersd. appointed by the Governor, and serves at
the pleasure of the Governor
The legal advisor to the Real Estate Commissioner is the .
i. Governor's Office
j. Arizona Association of REALTORS staff attorney
k. Attorney General's office
l. A private attorney firm on retainer. correct answersc. Attorney
General's office
