AZ Real Estate Exam Final questions with
|\ |\ |\ |\ |\ |\ |\
correct solutions |\
If a commission amount or percentage is NOT stated in the listing
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
agreement: - CORRECT ANSWERS ✔✔The broker would not be
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
entitled to a commission |\ |\ |\
Most homes in AZ are cold with legal descriptions that state: -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Lot and block |\ |\ |\ |\
In which of the following appraisal methods DOES an appraiser
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
need to determine a dollar amount for depreciation? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Cost Approach |\ |\
Rights of occupancy of an owner in a cooperative are based on: -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔A proprietary lease |\ |\ |\ |\
If an apartment building's zoning classification changes from
|\ |\ |\ |\ |\ |\ |\ |\
multi family to detached single family use only, the owners of the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
apartment building are permitted to: - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔sell the apartment units as residential condominiums
|\ |\ |\ |\ |\ |\
Purchaser and seller have entered into a purchase contract and
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
all parties have been notified of acceptance. At this point the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
purchaser is deemed to have: - CORRECT ANSWERS ✔✔Equitable
|\ |\ |\ |\ |\ |\ |\ |\
title
|\
,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
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
strustee? - CORRECT ANSWERS ✔✔A member of the Arizona
|\ |\ |\ |\ |\ |\ |\ |\ |\
State Bar |\
How many townships are contained in a twenty-four mile square?
|\ |\ |\ |\ |\ |\ |\ |\ |\
- CORRECT ANSWERS ✔✔16
|\ |\ |\ |\
Blind ads do NOT: - CORRECT ANSWERS ✔✔Indicate that the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
advertiser is an agent |\ |\ |\
In a real estate transaction, transfer of title from the seller to the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
buyer occurs at the time of: - CORRECT ANSWERS ✔✔Delivery
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and acceptance of the deed
|\ |\ |\ |\
Recording does NOT give: - CORRECT ANSWERS ✔✔Actual Notice
|\ |\ |\ |\ |\ |\ |\ |\
It is discovered after a sale that the parcel is 20 percent smaller
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
than the owner represented it to be. The broker, who passed on
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the information to the buyer is: - CORRECT ANSWERS ✔✔Liable if
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
he knew or should have known of the difference
|\ |\ |\ |\ |\ |\ |\ |\ |\
Condominium ownership is MOST commonly represented by a: - |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Deed |\ |\
, "Puffing" relates to exaggerations not made as representations of
|\ |\ |\ |\ |\ |\ |\ |\
fact. That is: - CORRECT ANSWERS ✔✔Discouraged by the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Arizona Department of Real Estate. |\ |\ |\ |\
If during negotiations one party crosses out or changes any
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
wording in a contract: - CORRECT ANSWERS ✔✔Each party must
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
initial the change in the margin for it to be valid
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
In Arizona, if a purchaser under a contract for deed is in default
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
for failing to pay monies due, the: - CORRECT ANSWERS ✔✔Seller
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
may declare the interest of the buyer forfeit only after the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
expiration of a reinstatement period prescribed by law |\ |\ |\ |\ |\ |\ |\
In order to file a valid claim against the Arizona Real Estate
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Recovery Fund, all of the following conditions must exist EXCEPT:
|\ |\ |\ |\ |\ |\ |\ |\ |\
- CORRECT ANSWERS ✔✔The claimant must be an Arizona
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
resident
Fred's father grants him an estate in land, which is limited to the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
length of Fred's lifetime. What type of interest does Fred's father
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
retain in the land? - CORRECT ANSWERS ✔✔A reversionary
|\ |\ |\ |\ |\ |\ |\ |\ |\
interest
On February 1, a mortgagor makes a $638 payment on her
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
mortgage, which is at the rate of 10%. The mortgagee allocates |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
$500 to the payment of interest. What is the principal balance
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
due on the mortgage on February 2? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔$59,862
|\ |\ |\ |\ |\ |\ |\
correct solutions |\
If a commission amount or percentage is NOT stated in the listing
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
agreement: - CORRECT ANSWERS ✔✔The broker would not be
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
entitled to a commission |\ |\ |\
Most homes in AZ are cold with legal descriptions that state: -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Lot and block |\ |\ |\ |\
In which of the following appraisal methods DOES an appraiser
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
need to determine a dollar amount for depreciation? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Cost Approach |\ |\
Rights of occupancy of an owner in a cooperative are based on: -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔A proprietary lease |\ |\ |\ |\
If an apartment building's zoning classification changes from
|\ |\ |\ |\ |\ |\ |\ |\
multi family to detached single family use only, the owners of the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
apartment building are permitted to: - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔sell the apartment units as residential condominiums
|\ |\ |\ |\ |\ |\
Purchaser and seller have entered into a purchase contract and
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
all parties have been notified of acceptance. At this point the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
purchaser is deemed to have: - CORRECT ANSWERS ✔✔Equitable
|\ |\ |\ |\ |\ |\ |\ |\
title
|\
,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
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
strustee? - CORRECT ANSWERS ✔✔A member of the Arizona
|\ |\ |\ |\ |\ |\ |\ |\ |\
State Bar |\
How many townships are contained in a twenty-four mile square?
|\ |\ |\ |\ |\ |\ |\ |\ |\
- CORRECT ANSWERS ✔✔16
|\ |\ |\ |\
Blind ads do NOT: - CORRECT ANSWERS ✔✔Indicate that the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
advertiser is an agent |\ |\ |\
In a real estate transaction, transfer of title from the seller to the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
buyer occurs at the time of: - CORRECT ANSWERS ✔✔Delivery
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and acceptance of the deed
|\ |\ |\ |\
Recording does NOT give: - CORRECT ANSWERS ✔✔Actual Notice
|\ |\ |\ |\ |\ |\ |\ |\
It is discovered after a sale that the parcel is 20 percent smaller
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
than the owner represented it to be. The broker, who passed on
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the information to the buyer is: - CORRECT ANSWERS ✔✔Liable if
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
he knew or should have known of the difference
|\ |\ |\ |\ |\ |\ |\ |\ |\
Condominium ownership is MOST commonly represented by a: - |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Deed |\ |\
, "Puffing" relates to exaggerations not made as representations of
|\ |\ |\ |\ |\ |\ |\ |\
fact. That is: - CORRECT ANSWERS ✔✔Discouraged by the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Arizona Department of Real Estate. |\ |\ |\ |\
If during negotiations one party crosses out or changes any
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
wording in a contract: - CORRECT ANSWERS ✔✔Each party must
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
initial the change in the margin for it to be valid
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
In Arizona, if a purchaser under a contract for deed is in default
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
for failing to pay monies due, the: - CORRECT ANSWERS ✔✔Seller
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
may declare the interest of the buyer forfeit only after the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
expiration of a reinstatement period prescribed by law |\ |\ |\ |\ |\ |\ |\
In order to file a valid claim against the Arizona Real Estate
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Recovery Fund, all of the following conditions must exist EXCEPT:
|\ |\ |\ |\ |\ |\ |\ |\ |\
- CORRECT ANSWERS ✔✔The claimant must be an Arizona
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
resident
Fred's father grants him an estate in land, which is limited to the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
length of Fred's lifetime. What type of interest does Fred's father
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
retain in the land? - CORRECT ANSWERS ✔✔A reversionary
|\ |\ |\ |\ |\ |\ |\ |\ |\
interest
On February 1, a mortgagor makes a $638 payment on her
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
mortgage, which is at the rate of 10%. The mortgagee allocates |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
$500 to the payment of interest. What is the principal balance
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
due on the mortgage on February 2? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔$59,862
