SALESPERSON STANDARD EXAM SHEET 2025/2026
QUESTIONS AND SOLUTIONS GRADED A+ TIP
✔✔Sandy is a salesperson for Top Notch Realty. She is working with Robert and Sue
who are from California and looking for a Sedona home over the weekend. Among 7
properties shown by Sandy to Robert and Sue, two stand out, but they cannot decide
yet. Red Rock Rd is an exclusive authorization and right to sell listing, while Boulder
Blvd. is an Exclusive listing. Sandy does not have a buyer broker agreement with
Robert and Sue. Her broker does not require it. After lunch, Robert and Sue tell Sandy
they want to drive by both of them again. Sandy tells them that she'll head back to the
office to start the paperwork...take their time.
Robert and Sue drive by Red Rock Rd first and really like the neighborhood. Price is a
bit higher than they want to spend.
Then they drive up to Boulder Blvd, where they see the seller in the driveway. He
recognizes them and asks if they want to come in and look around some some more.
He'll - ✔✔Send Robert and Sue a "Congratulations" card
Working without a buyer broker agreement and showing an exclusive agency listing
property is not prudent. Work with a buyer broker agreement.
✔✔The seller netted $576,000 from the sale of his property. He paid $2,800 in closing
costs and a 6.5% commission. What did the house sell for?
$619,038
$613,048
$616,422
$618,422 - ✔✔$619,038
T: $576,000 + $2,800 = $578,800 / [100% - 6.5% = 93.5%] = $619,038
✔✔The following answers indicate the monetary fines that can be levied by the law for
violating ADA. Three of the statements are correct and one is not. Which one is false?
First offense of $75,000
Second offense could be $100,000
Maximum offense is $150,000
,Maximum offense of $175,000 - ✔✔Maximum offense of $175,000
As of April of 2014 the minimum is $75,000 and the maximum is $150,000.
✔✔Three of the following words or phrases describe a beneficial deed. ONE does NOT.
Interest in real property to be conveyed to people or entities on the owner's death
Carries warranties of clear title
An estate in expectancy
Conveyance does not take effect until the death of the owner - ✔✔Carries warranties of
clear title
Beneficiary Deed carries no warranties. If there is a mortgage, that conveys. If liens
against the property, they convey.
✔✔A Collateralized Debt Obligation is also known as:
A Mortgage Backed Security
A Mortgage held by Fannie Mae
A Mortgage held by Freddie Mac
A Mortgage backed by Ginnie Mae - ✔✔A Mortgage Backed Security
CDO stands for Collateralized Debt Obligation and it involves the pooling of debt to
reduce risk and raise returns. CDOs have been widely blamed for the 2008 financial
crisis, but most people do not know what they are. When a lot of debt (such as home
mortgages) is pooled together, bonds can be issued on this debt. The debt is split into
different tranches, and each tranche is assigned a different payment priority and interest
rate. This process is known as securitization expressed as a mortgage backed security.
,✔✔If the licensee is found culpable in a real estate issue that requires payout by the
ADRE, what is the status of the licensee's license?
Inactive
suspended
terminated
revoked - ✔✔Revoked
ARS 32-2153(C)
✔✔The property tax lien is superior to any other lien on the property, including a
________________. It is a voluntary lien.
Mechanics Lien
Deed of Trust
Judgment
IRS Tax Lien - ✔✔IRS Tax Lien
The property tax lien is superior to any other lien on the property, including a first
mortgage lien. It is a voluntary lien. The tax lien runs with the property... DOT and
Mechanics Lien will always come after. 1. Tax Lien 2. DOT (these will all depend upon
the date of recordation) 3. Mechanics Lien 4. Judgment
✔✔Ted wanted to rent Candy's single family home for one year. Three of these
statements are true. Which one is false?
It needs to be a written lease
Candy does not need to supply bedbug information
, Candy can require a security deposit of 1.5 times the monthly rent and a reasonable
cleaning fee
Candy should have Ted fill out an application and check Ted out - ✔✔It needs to be a
written lease
Under the statutes of fraud, the lease need only be in writing if OVER 1 year. It would
be prudent for Candy to draw up a lease for Ted to sign in order to spell out all
responsibilities
✔✔Of the 4 items below, 3 are barriers to the formation of a contract. Which one is not
a barrier to the formation of a contract?
Death or incapacity of the offeror
Expiration of the offer
Ambiguity relative to terms
A minor acting as a principle - ✔✔A minor acting as a principle
https://ogc.asu.edu/contracts/contracts-background-definition Home Information
Services Products For Attorneys Login Help About Privacy Policy USLegal LEGAL
HELP Contract by a Minor With some exceptions, a contract made by a minor is
voidable. The minor, in other words, may avoid the legal liability under a contract. Upon
reaching the age of majority, a minor may affirm or ratify the contract and therefore
make it contractually binding on him. Any expression of the minor's intention to avoid
the contract will accomplish avoidance. A minor can only avoid a contract during his
minority status and only for a reasonable time after he reaches the age of majority. After
a reasonable period of time, the contract is deemed to be ratified and cannot be
avoided.
✔✔A blanket loan can also be called a ________________. The rates are determined
by _____________ plus or based on _____________.
Acquisition & Development, prime, LIBOR
QUESTIONS AND SOLUTIONS GRADED A+ TIP
✔✔Sandy is a salesperson for Top Notch Realty. She is working with Robert and Sue
who are from California and looking for a Sedona home over the weekend. Among 7
properties shown by Sandy to Robert and Sue, two stand out, but they cannot decide
yet. Red Rock Rd is an exclusive authorization and right to sell listing, while Boulder
Blvd. is an Exclusive listing. Sandy does not have a buyer broker agreement with
Robert and Sue. Her broker does not require it. After lunch, Robert and Sue tell Sandy
they want to drive by both of them again. Sandy tells them that she'll head back to the
office to start the paperwork...take their time.
Robert and Sue drive by Red Rock Rd first and really like the neighborhood. Price is a
bit higher than they want to spend.
Then they drive up to Boulder Blvd, where they see the seller in the driveway. He
recognizes them and asks if they want to come in and look around some some more.
He'll - ✔✔Send Robert and Sue a "Congratulations" card
Working without a buyer broker agreement and showing an exclusive agency listing
property is not prudent. Work with a buyer broker agreement.
✔✔The seller netted $576,000 from the sale of his property. He paid $2,800 in closing
costs and a 6.5% commission. What did the house sell for?
$619,038
$613,048
$616,422
$618,422 - ✔✔$619,038
T: $576,000 + $2,800 = $578,800 / [100% - 6.5% = 93.5%] = $619,038
✔✔The following answers indicate the monetary fines that can be levied by the law for
violating ADA. Three of the statements are correct and one is not. Which one is false?
First offense of $75,000
Second offense could be $100,000
Maximum offense is $150,000
,Maximum offense of $175,000 - ✔✔Maximum offense of $175,000
As of April of 2014 the minimum is $75,000 and the maximum is $150,000.
✔✔Three of the following words or phrases describe a beneficial deed. ONE does NOT.
Interest in real property to be conveyed to people or entities on the owner's death
Carries warranties of clear title
An estate in expectancy
Conveyance does not take effect until the death of the owner - ✔✔Carries warranties of
clear title
Beneficiary Deed carries no warranties. If there is a mortgage, that conveys. If liens
against the property, they convey.
✔✔A Collateralized Debt Obligation is also known as:
A Mortgage Backed Security
A Mortgage held by Fannie Mae
A Mortgage held by Freddie Mac
A Mortgage backed by Ginnie Mae - ✔✔A Mortgage Backed Security
CDO stands for Collateralized Debt Obligation and it involves the pooling of debt to
reduce risk and raise returns. CDOs have been widely blamed for the 2008 financial
crisis, but most people do not know what they are. When a lot of debt (such as home
mortgages) is pooled together, bonds can be issued on this debt. The debt is split into
different tranches, and each tranche is assigned a different payment priority and interest
rate. This process is known as securitization expressed as a mortgage backed security.
,✔✔If the licensee is found culpable in a real estate issue that requires payout by the
ADRE, what is the status of the licensee's license?
Inactive
suspended
terminated
revoked - ✔✔Revoked
ARS 32-2153(C)
✔✔The property tax lien is superior to any other lien on the property, including a
________________. It is a voluntary lien.
Mechanics Lien
Deed of Trust
Judgment
IRS Tax Lien - ✔✔IRS Tax Lien
The property tax lien is superior to any other lien on the property, including a first
mortgage lien. It is a voluntary lien. The tax lien runs with the property... DOT and
Mechanics Lien will always come after. 1. Tax Lien 2. DOT (these will all depend upon
the date of recordation) 3. Mechanics Lien 4. Judgment
✔✔Ted wanted to rent Candy's single family home for one year. Three of these
statements are true. Which one is false?
It needs to be a written lease
Candy does not need to supply bedbug information
, Candy can require a security deposit of 1.5 times the monthly rent and a reasonable
cleaning fee
Candy should have Ted fill out an application and check Ted out - ✔✔It needs to be a
written lease
Under the statutes of fraud, the lease need only be in writing if OVER 1 year. It would
be prudent for Candy to draw up a lease for Ted to sign in order to spell out all
responsibilities
✔✔Of the 4 items below, 3 are barriers to the formation of a contract. Which one is not
a barrier to the formation of a contract?
Death or incapacity of the offeror
Expiration of the offer
Ambiguity relative to terms
A minor acting as a principle - ✔✔A minor acting as a principle
https://ogc.asu.edu/contracts/contracts-background-definition Home Information
Services Products For Attorneys Login Help About Privacy Policy USLegal LEGAL
HELP Contract by a Minor With some exceptions, a contract made by a minor is
voidable. The minor, in other words, may avoid the legal liability under a contract. Upon
reaching the age of majority, a minor may affirm or ratify the contract and therefore
make it contractually binding on him. Any expression of the minor's intention to avoid
the contract will accomplish avoidance. A minor can only avoid a contract during his
minority status and only for a reasonable time after he reaches the age of majority. After
a reasonable period of time, the contract is deemed to be ratified and cannot be
avoided.
✔✔A blanket loan can also be called a ________________. The rates are determined
by _____________ plus or based on _____________.
Acquisition & Development, prime, LIBOR
