AZ Real Estate Exam Final questions with correct solutions

AZ Real Estate Exam Final questions with
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correct solutions |\




If a commission amount or percentage is NOT stated in the listing
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agreement: - CORRECT ANSWERS ✔✔The broker would not be
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entitled to a commission |\ |\ |\




Most homes in AZ are cold with legal descriptions that state: -
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CORRECT ANSWERS ✔✔Lot and block |\ |\ |\ |\




In which of the following appraisal methods DOES an appraiser
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need to determine a dollar amount for depreciation? - CORRECT
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ANSWERS ✔✔Cost Approach |\ |\




Rights of occupancy of an owner in a cooperative are based on: -
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CORRECT ANSWERS ✔✔A proprietary lease |\ |\ |\ |\




If an apartment building's zoning classification changes from
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multi family to detached single family use only, the owners of the
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apartment building are permitted to: - CORRECT ANSWERS
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✔✔sell the apartment units as residential condominiums
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Purchaser and seller have entered into a purchase contract and
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all parties have been notified of acceptance. At this point the
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purchaser is deemed to have: - CORRECT ANSWERS ✔✔Equitable
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title
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,Depreciation for appraisal purpose is: - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\ |\


✔✔Computed as part of the cost approach |\ |\ |\ |\ |\ |\




In the use of a trust deed, which of the following MAY serve as a
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strustee? - CORRECT ANSWERS ✔✔A member of the Arizona
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State Bar |\




How many townships are contained in a twenty-four mile square?
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- CORRECT ANSWERS ✔✔16
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Blind ads do NOT: - CORRECT ANSWERS ✔✔Indicate that the
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advertiser is an agent |\ |\ |\




In a real estate transaction, transfer of title from the seller to the
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buyer occurs at the time of: - CORRECT ANSWERS ✔✔Delivery
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and acceptance of the deed
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Recording does NOT give: - CORRECT ANSWERS ✔✔Actual Notice
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It is discovered after a sale that the parcel is 20 percent smaller
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than the owner represented it to be. The broker, who passed on
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the information to the buyer is: - CORRECT ANSWERS ✔✔Liable if
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he knew or should have known of the difference
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Condominium ownership is MOST commonly represented by a: - |\ |\ |\ |\ |\ |\ |\ |\ |\


CORRECT ANSWERS ✔✔Deed |\ |\

, "Puffing" relates to exaggerations not made as representations of
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fact. That is: - CORRECT ANSWERS ✔✔Discouraged by the
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Arizona Department of Real Estate. |\ |\ |\ |\




If during negotiations one party crosses out or changes any
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wording in a contract: - CORRECT ANSWERS ✔✔Each party must
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initial the change in the margin for it to be valid
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In Arizona, if a purchaser under a contract for deed is in default
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for failing to pay monies due, the: - CORRECT ANSWERS ✔✔Seller
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may declare the interest of the buyer forfeit only after the
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expiration of a reinstatement period prescribed by law |\ |\ |\ |\ |\ |\ |\




In order to file a valid claim against the Arizona Real Estate
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Recovery Fund, all of the following conditions must exist EXCEPT:
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- CORRECT ANSWERS ✔✔The claimant must be an Arizona
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resident


Fred's father grants him an estate in land, which is limited to the
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length of Fred's lifetime. What type of interest does Fred's father
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retain in the land? - CORRECT ANSWERS ✔✔A reversionary
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interest


On February 1, a mortgagor makes a $638 payment on her
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mortgage, which is at the rate of 10%. The mortgagee allocates |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


$500 to the payment of interest. What is the principal balance
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due on the mortgage on February 2? - CORRECT ANSWERS
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✔✔$59,862