Arizona School of Real Estate & Business
Sales Exam LATEST 2025 WITH
QUESTIONS AND WELL DETAILED
ANSWERS GRADED A+ GUARANTEED
100% PASS
When a deed in lieu of foreclosure is given to a lender, which of the following is true? -
CORRECTANSWER Time and cost are less
B buys land from W using a deed of trust as security for the carryback. B makes all the
payments except the final three and is now in default. W does nothing and decides not
to foreclose until later. By doing this W is exercising his right of: -CORRECTANSWER
Forbearance
A commercial building is sold in a foreclosure for $100,000 less than the balance due
the lender. Which of the following is true? -CORRECTANSWER The lender can obtain
a deficiency judgment against the borrower
Which of the agencies listed below guarantees loans? -CORRECTANSWER GNMA
A buyer pays 20% down and obtains a real estate mortgage. The buyers makes no
further payments. What clause would the lender now exercise? -CORRECTANSWER
Acceleration
,A loan which is subordinate to other loans, but includes the amount of the other loans is
called: -CORRECTANSWER Wraparound
A seasoned loan refers to: -CORRECTANSWER Good Payment History
Who has title in a land contract? -CORRECTANSWER Vendor
What would discourage a buyer to take a bank wrap around mortgage? -
CORRECTANSWER Seller's loan has an alienation clause
After satisfying a first lien, what position is the second lien now in? -
CORRECTANSWER First Position
A property has both a first and second lien. Both are in default. Which of the following
statements are true? -CORRECTANSWER The second would be terminated if the first
goes through a successful judicial foreclosure
FNMA is: -CORRECTANSWER Government sponsored agency
Land contract is another name for: -CORRECTANSWER Agreement for Sale
,When an estoppel certificate is used by a lender, he is primarily working in the: -
CORRECTANSWER Secondary market
Which of the following would not apply to a mortgage? -CORRECTANSWER Deed
Recordation
Which of the following applies to the Federal National Mortgage Association? -
CORRECTANSWER Government related agency
After a mortgage foreclosure, if the sale amount was insufficient to cover the debt, the
lender may ask for: -CORRECTANSWER Deficiency judgment
A vendor would be which of the following parties? -CORRECTANSWER Seller in an
agreement for sale
The vendee is the: -CORRECTANSWER Buyer in an agreement for sale
What is it called when the Federal Reserve loans money to commercial banks? -
CORRECTANSWER Discount rate
After a trustee's sale the excess proceeds go to the: -CORRECTANSWER Trustor
A construction loan is generally considered a: -CORRECTANSWER Short term- interim
, Construction loan monies are generally obtained from -CORRECTANSWER
Commercial banks
When a sale lease back takes place the advantage for the lessee is that he can: -
CORRECTANSWER Deduct the rent as an expense
Which of the following could be borrowed in a tax deferred exchange? -
CORRECTANSWER Boot
When can the tax on a capital gain be deferred? -CORRECTANSWER Property
exchange
Which of the following would not be considered an income tax deduction: -
CORRECTANSWER Tax depreciation on your personal residence
A real estate investment that acts as a mutual fund but does not give you individual
ownership is best described as a: -CORRECTANSWER Real Estate Investment Trust,
a security instrument
When figuring capital gain from the sale of a property, which of the following would
lower your gain? -CORRECTANSWER Capital improvements
Sales Exam LATEST 2025 WITH
QUESTIONS AND WELL DETAILED
ANSWERS GRADED A+ GUARANTEED
100% PASS
When a deed in lieu of foreclosure is given to a lender, which of the following is true? -
CORRECTANSWER Time and cost are less
B buys land from W using a deed of trust as security for the carryback. B makes all the
payments except the final three and is now in default. W does nothing and decides not
to foreclose until later. By doing this W is exercising his right of: -CORRECTANSWER
Forbearance
A commercial building is sold in a foreclosure for $100,000 less than the balance due
the lender. Which of the following is true? -CORRECTANSWER The lender can obtain
a deficiency judgment against the borrower
Which of the agencies listed below guarantees loans? -CORRECTANSWER GNMA
A buyer pays 20% down and obtains a real estate mortgage. The buyers makes no
further payments. What clause would the lender now exercise? -CORRECTANSWER
Acceleration
,A loan which is subordinate to other loans, but includes the amount of the other loans is
called: -CORRECTANSWER Wraparound
A seasoned loan refers to: -CORRECTANSWER Good Payment History
Who has title in a land contract? -CORRECTANSWER Vendor
What would discourage a buyer to take a bank wrap around mortgage? -
CORRECTANSWER Seller's loan has an alienation clause
After satisfying a first lien, what position is the second lien now in? -
CORRECTANSWER First Position
A property has both a first and second lien. Both are in default. Which of the following
statements are true? -CORRECTANSWER The second would be terminated if the first
goes through a successful judicial foreclosure
FNMA is: -CORRECTANSWER Government sponsored agency
Land contract is another name for: -CORRECTANSWER Agreement for Sale
,When an estoppel certificate is used by a lender, he is primarily working in the: -
CORRECTANSWER Secondary market
Which of the following would not apply to a mortgage? -CORRECTANSWER Deed
Recordation
Which of the following applies to the Federal National Mortgage Association? -
CORRECTANSWER Government related agency
After a mortgage foreclosure, if the sale amount was insufficient to cover the debt, the
lender may ask for: -CORRECTANSWER Deficiency judgment
A vendor would be which of the following parties? -CORRECTANSWER Seller in an
agreement for sale
The vendee is the: -CORRECTANSWER Buyer in an agreement for sale
What is it called when the Federal Reserve loans money to commercial banks? -
CORRECTANSWER Discount rate
After a trustee's sale the excess proceeds go to the: -CORRECTANSWER Trustor
A construction loan is generally considered a: -CORRECTANSWER Short term- interim
, Construction loan monies are generally obtained from -CORRECTANSWER
Commercial banks
When a sale lease back takes place the advantage for the lessee is that he can: -
CORRECTANSWER Deduct the rent as an expense
Which of the following could be borrowed in a tax deferred exchange? -
CORRECTANSWER Boot
When can the tax on a capital gain be deferred? -CORRECTANSWER Property
exchange
Which of the following would not be considered an income tax deduction: -
CORRECTANSWER Tax depreciation on your personal residence
A real estate investment that acts as a mutual fund but does not give you individual
ownership is best described as a: -CORRECTANSWER Real Estate Investment Trust,
a security instrument
When figuring capital gain from the sale of a property, which of the following would
lower your gain? -CORRECTANSWER Capital improvements
