ASREB Basic Real Estate Test 2024
A 3.45-acre lot sells for 50 cents per square foot. What is the selling price? -
answer$75,141
A blind ad refers to an ad that - answer gives no indication that the property is listed with
a broker
A borrower is required to put 10% down for the purchase of a property. The 10% down
would be considered - answer Equity
A broker, acting as a property manager, would be what type of agent? - answer General
A buyer pays 20% down and obtains a real estate mortgage. The buyer makes no
further payments. What clause would the lender now exercise? - answer acceleration
When a new home is still under construction, the County Assessor may - answer
increase the full cash value
A contact has been signed, but title has not passed. The contract is - answer executory
a handicapped person is leasing a house that requires modification. Which of the
following is TRUE about the modification? - answerThe lessor can require the lessee to
reasonable restore the property at the end of the lease.
A holdover tenant would have a(n) - answerestate at sufferance
Which of these property classifications is used for vacant land? - answerClass 2
A house costs $100,000. The buyer is making a down payment of $32,000 and getting a
$68,000 loan. If there are 4 points, how much money will be paid out of the closing for
the points? - answer$2,720
A lender refuses to loan or limits loans in a certain minority neighborhood. This action is
called. - answerRedlining
A lessee puts in a bookcase for commercial use; at the end of the lease the bookcase is
removed. The bookcase would be considered - answera trade fixture
To finance the infrastructure for a subdivision development, Arizona law allows the
formation of - answerCommunity Facilities Districts.
,A listing broker receives several offers at the same time. The broker should -
answerpresent all the offers
A loan estimate must be given to a borrower withing three business days - answerof
loan application
A party lives on a property without permission of the owner. After the legally required
time period, if the occupant receives title to the property it was done so through -
answeradverse possession
In what situation would a short sale be likely? - answerThe loan property is greater than
the property value
A real estate mortgage would be a(n) - answervoluntary lien
A real estate sale was closed on March 21. The assessed value of the property is
$72,500 and the tax rate is $1.75 per $100 of assessed value. What is the proper entry
on the seller's settlement statement if the buyer owns day of closing and we are using a
calendar year? - answer$274.60 debit
A right of way over Parcel A to Parcel B identifies Parcel B as the - answerdominant
tenement
A company that acts as an intermediary between a lender and an appraiser is a(n) -
answerappraisal management company
A seller lists a property with a brokerage, sells it himself, and does not have to pay a
commission. What kind of listing did the seller sign? - answerexclusive agency
A seller needs to pay an estimated $2,000 in closing costs, $150,000 on his current
mortgage, and wants $58,000 in cash for a down payment on another house. His listing
agreement obligates him to pay 7% commission to the brokerage. What is the minimum
selling price he can accept? - answer$225,807
A seller wants to list a four plex and live in one unit, but doesn't want any children in the
units. What should the agent do? - answerRefuse the listing; it violates fair housing.
A valid contract must have - answeroffer and acceptance
If the percentage of renters in a community exceeds 50%, many lenders require that the
homeowners' association reserves be what percentage of HOA budgeted income? -
answer20%
After a deed of trust foreclosure sale, which of the following is TRUE? - answerA
trustee's deed is given to the new owner.
, After a mortgage foreclosure, if the sale amount was insufficient to cover the debt, the
lender may ask for a(n) - answerdeficiency judgment.
All of the following would be considered appurtenant in a real estate transaction
EXCEPT - answerannual crops
A property in which unrelated people who need care, support or supervision live
together and which is protected by fair housing laws from discrimination be neighbors is
a - answergroup home.
An option once exercised is considered - answerunilateral executed
As of June 30th of any year, what must be the balance in the Real Estate Recovery
Fund to avoid additional fees to licensees? - answer$600,000
At what point does recordation take place? - answerwhen a docket and page number
are assigned
B expects a return of 8% on his investments and is considering a property with an
asking price of $670,000. The records show a potential income of $6,200 a month,
expenses of $1,500 a month, and a vacancy factor of 10%. With this information in
mind, what would be the estimate of value? - answer$612,000
Before a tenant can exercise the self-help for minor defect provision, the tenant must
give the owner how many days to cure the defect? - answer10 days
What is required at the time an Affidavit of Affixture is recorded? - answerThe titles of
the mobile home must be surrendered
A broker has what duty to a third party? - answerfull disclosure of all material facts
A federal rent subsidy program is known as - answerSection 8
How can a buyer best be assured of getting the earnest money back if his loan is not
approved? - answerPlace a contingency clause in the contract
In a sublease with a positive leasehold, who normally benefits from the excess rent? -
answersublessor
A legal description reads as follows: "The NW 1/4 of Section 2 and the W 1/2 of the SW
1/4 of Section 35." How many acres is this? - answer240 Acres
If a tenant abandons a residential apartment, the landlord must do all of the following
EXCEPT - answerSell the tenant's personal property after holding it for 10 days
A 3.45-acre lot sells for 50 cents per square foot. What is the selling price? -
answer$75,141
A blind ad refers to an ad that - answer gives no indication that the property is listed with
a broker
A borrower is required to put 10% down for the purchase of a property. The 10% down
would be considered - answer Equity
A broker, acting as a property manager, would be what type of agent? - answer General
A buyer pays 20% down and obtains a real estate mortgage. The buyer makes no
further payments. What clause would the lender now exercise? - answer acceleration
When a new home is still under construction, the County Assessor may - answer
increase the full cash value
A contact has been signed, but title has not passed. The contract is - answer executory
a handicapped person is leasing a house that requires modification. Which of the
following is TRUE about the modification? - answerThe lessor can require the lessee to
reasonable restore the property at the end of the lease.
A holdover tenant would have a(n) - answerestate at sufferance
Which of these property classifications is used for vacant land? - answerClass 2
A house costs $100,000. The buyer is making a down payment of $32,000 and getting a
$68,000 loan. If there are 4 points, how much money will be paid out of the closing for
the points? - answer$2,720
A lender refuses to loan or limits loans in a certain minority neighborhood. This action is
called. - answerRedlining
A lessee puts in a bookcase for commercial use; at the end of the lease the bookcase is
removed. The bookcase would be considered - answera trade fixture
To finance the infrastructure for a subdivision development, Arizona law allows the
formation of - answerCommunity Facilities Districts.
,A listing broker receives several offers at the same time. The broker should -
answerpresent all the offers
A loan estimate must be given to a borrower withing three business days - answerof
loan application
A party lives on a property without permission of the owner. After the legally required
time period, if the occupant receives title to the property it was done so through -
answeradverse possession
In what situation would a short sale be likely? - answerThe loan property is greater than
the property value
A real estate mortgage would be a(n) - answervoluntary lien
A real estate sale was closed on March 21. The assessed value of the property is
$72,500 and the tax rate is $1.75 per $100 of assessed value. What is the proper entry
on the seller's settlement statement if the buyer owns day of closing and we are using a
calendar year? - answer$274.60 debit
A right of way over Parcel A to Parcel B identifies Parcel B as the - answerdominant
tenement
A company that acts as an intermediary between a lender and an appraiser is a(n) -
answerappraisal management company
A seller lists a property with a brokerage, sells it himself, and does not have to pay a
commission. What kind of listing did the seller sign? - answerexclusive agency
A seller needs to pay an estimated $2,000 in closing costs, $150,000 on his current
mortgage, and wants $58,000 in cash for a down payment on another house. His listing
agreement obligates him to pay 7% commission to the brokerage. What is the minimum
selling price he can accept? - answer$225,807
A seller wants to list a four plex and live in one unit, but doesn't want any children in the
units. What should the agent do? - answerRefuse the listing; it violates fair housing.
A valid contract must have - answeroffer and acceptance
If the percentage of renters in a community exceeds 50%, many lenders require that the
homeowners' association reserves be what percentage of HOA budgeted income? -
answer20%
After a deed of trust foreclosure sale, which of the following is TRUE? - answerA
trustee's deed is given to the new owner.
, After a mortgage foreclosure, if the sale amount was insufficient to cover the debt, the
lender may ask for a(n) - answerdeficiency judgment.
All of the following would be considered appurtenant in a real estate transaction
EXCEPT - answerannual crops
A property in which unrelated people who need care, support or supervision live
together and which is protected by fair housing laws from discrimination be neighbors is
a - answergroup home.
An option once exercised is considered - answerunilateral executed
As of June 30th of any year, what must be the balance in the Real Estate Recovery
Fund to avoid additional fees to licensees? - answer$600,000
At what point does recordation take place? - answerwhen a docket and page number
are assigned
B expects a return of 8% on his investments and is considering a property with an
asking price of $670,000. The records show a potential income of $6,200 a month,
expenses of $1,500 a month, and a vacancy factor of 10%. With this information in
mind, what would be the estimate of value? - answer$612,000
Before a tenant can exercise the self-help for minor defect provision, the tenant must
give the owner how many days to cure the defect? - answer10 days
What is required at the time an Affidavit of Affixture is recorded? - answerThe titles of
the mobile home must be surrendered
A broker has what duty to a third party? - answerfull disclosure of all material facts
A federal rent subsidy program is known as - answerSection 8
How can a buyer best be assured of getting the earnest money back if his loan is not
approved? - answerPlace a contingency clause in the contract
In a sublease with a positive leasehold, who normally benefits from the excess rent? -
answersublessor
A legal description reads as follows: "The NW 1/4 of Section 2 and the W 1/2 of the SW
1/4 of Section 35." How many acres is this? - answer240 Acres
If a tenant abandons a residential apartment, the landlord must do all of the following
EXCEPT - answerSell the tenant's personal property after holding it for 10 days
