Arizona Real Estate Exam Practice
Questions with complete solutions
a+ graded.
Qs
A real estate transaction is final when: - n
Ans✔
Deed signed and delivered
Qs
You would discover a 'cloud on title' by reviewing: - n
Ans✔
Schedule B of a title report
Qs
It is said that agency is comprised of common law. This means: - n
Ans✔
It is established by tradition and court decisions
Qs
In Arizona, the seller must file with the County Assessor, at the close of escrow, an
"affidavit of value" disclosing the sales price of the real property which is the
subject of the transaction. The purpose of this affidavit is to assist the County
Assessor in determining: - n
Ans✔
The market value of the property
Qs
What designation applies to the appraiser of noncomplex one- to four-unit
residential properties with a transaction value of less than $1 million? - n
,Ans✔
Licensed real property appraiser
Qs
Which of the following could be pursued by the lender for a deficiency? - n
Ans✔
home on 4 acres
Qs
What is NOT part of a typical property management agreement? - n
Ans✔
Annual budget
Qs
When a property manager repairs a malfunctioning pool pump, the type of
maintenance is called: - n
Ans✔
Corrective
Qs
What would be considered personal property? - n
Ans✔
Emblements
Qs
A master plan adopted by a local planning commission may not be concerned with
matters of: - n
Ans✔
Deed restrictions
,Qs
The grantor of an interest in real property may, upon violation of conditions in deed
by the grantee, regain his interest. This is known as the possibility of: - n
Ans✔
Reverter
Qs
Of the following, which is not an encumbrance? - n
Ans✔
License
Qs
What is it called when personal property is transformed into real property? - n
Ans✔
Actual annexation
Qs
Real property can be divided into corporeal and incorporeal. An incorporeal right
would be: - n
Ans✔
Easements
Qs
A homestead exemption: - n
Ans✔
Protects the claimant against personal judgments up to the amount of this
exemption
Qs
Developer George purchased 5 acres of residential land on the edge of town with
frontage on the main highway. When the zoning board and city council refused to
, rezone the property to accommodate a commercial development, George sued for
the value that he would have received had the land been rezoned to a higher
classification. This type of legal challenge is known as: - n
Ans✔
Inverse condemnation
Qs
Escheated property is sold at public auction by the sheriff. The proceeds of the
sale: - n
Ans✔
Are deposited into the General Fund of the State of Arizona
Qs
"Gross income" best describes: - n
Ans✔
Income before expenses
Qs
After the appraiser has used all three appraisal approaches to estimate value, what
process is used to arrive at one estimate of value? - n
Ans✔
Reconciliation of correlation
Qs
Adjusted gross income includes: - n
Ans✔
Rents, minus vacancies, minus credit losses, plus other income
Qs
"Net income" best describes: - n
Ans✔
Questions with complete solutions
a+ graded.
Qs
A real estate transaction is final when: - n
Ans✔
Deed signed and delivered
Qs
You would discover a 'cloud on title' by reviewing: - n
Ans✔
Schedule B of a title report
Qs
It is said that agency is comprised of common law. This means: - n
Ans✔
It is established by tradition and court decisions
Qs
In Arizona, the seller must file with the County Assessor, at the close of escrow, an
"affidavit of value" disclosing the sales price of the real property which is the
subject of the transaction. The purpose of this affidavit is to assist the County
Assessor in determining: - n
Ans✔
The market value of the property
Qs
What designation applies to the appraiser of noncomplex one- to four-unit
residential properties with a transaction value of less than $1 million? - n
,Ans✔
Licensed real property appraiser
Qs
Which of the following could be pursued by the lender for a deficiency? - n
Ans✔
home on 4 acres
Qs
What is NOT part of a typical property management agreement? - n
Ans✔
Annual budget
Qs
When a property manager repairs a malfunctioning pool pump, the type of
maintenance is called: - n
Ans✔
Corrective
Qs
What would be considered personal property? - n
Ans✔
Emblements
Qs
A master plan adopted by a local planning commission may not be concerned with
matters of: - n
Ans✔
Deed restrictions
,Qs
The grantor of an interest in real property may, upon violation of conditions in deed
by the grantee, regain his interest. This is known as the possibility of: - n
Ans✔
Reverter
Qs
Of the following, which is not an encumbrance? - n
Ans✔
License
Qs
What is it called when personal property is transformed into real property? - n
Ans✔
Actual annexation
Qs
Real property can be divided into corporeal and incorporeal. An incorporeal right
would be: - n
Ans✔
Easements
Qs
A homestead exemption: - n
Ans✔
Protects the claimant against personal judgments up to the amount of this
exemption
Qs
Developer George purchased 5 acres of residential land on the edge of town with
frontage on the main highway. When the zoning board and city council refused to
, rezone the property to accommodate a commercial development, George sued for
the value that he would have received had the land been rezoned to a higher
classification. This type of legal challenge is known as: - n
Ans✔
Inverse condemnation
Qs
Escheated property is sold at public auction by the sheriff. The proceeds of the
sale: - n
Ans✔
Are deposited into the General Fund of the State of Arizona
Qs
"Gross income" best describes: - n
Ans✔
Income before expenses
Qs
After the appraiser has used all three appraisal approaches to estimate value, what
process is used to arrive at one estimate of value? - n
Ans✔
Reconciliation of correlation
Qs
Adjusted gross income includes: - n
Ans✔
Rents, minus vacancies, minus credit losses, plus other income
Qs
"Net income" best describes: - n
Ans✔
