ASREB UPDATED EXAM SCRIPT QUESTIONS AND
ANSWERS RATED A+
✔✔A holdover tenant would have a(n)
a. estate at sufferance
b. estate at will
c. freehold estate
d. remainder estate - ✔✔a. estate at sufferance
✔✔Which of these property qualifications is used for vacant land?
a. Class 1
b. Class 2
c. Class 3
d. Class 4 - ✔✔b. Class 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?
a. $400
b. $1,280
c. $2,720
d. $4,000 - ✔✔c. $2,720
✔✔A lender refuses to loan or limits loans in a certain minority neighborhood. This
action is called
a. steering
b. blockbusting
c. redlining
d. territory allocation - ✔✔c. redlining
✔✔A lessee puts in a bookcase for commercial use; at the end of the lease the
bookcase is removed. The bookcase would be considered:
a. real property
b. trade fixture
c. appurtenant
d. chattel real - ✔✔b. trade fixture
✔✔To finance the infrastructure for a subdivision development, Arizona law allows the
formation of
a. Homeowner's Associations
b. Community Facilities Districts
c. Planned Communities
d.Planned Unit Developments - ✔✔b. Community Facilities Districts
, ✔✔A listing broker receives several offers at the same time. The broker should
a. present only the best
b. present all offers
c. present the three best
d. wait for more offers before presenting to the seller - ✔✔b. present all offers
✔✔A Loan Estimate must be given to a borrower within three business days
a. of loan application
b. after the buyer's request
c. after closing
d. prior to closing - ✔✔a. of 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 is was done so through
a. easement by prescription
b. adverse possession
c. escheat
d. eminent domain - ✔✔b. adverse possession
✔✔In what situation would a short sale be likely?
a. the loan balance is greater than the property value
b. the loan balance is less than the property value
c. The loan has a non-recourse provision
d. the total of all liens is less than the property value - ✔✔a. the loan balance is greater
than the property value
✔✔A real estate mortgage would be a(n)
a. involuntary lien
b. general lien
c. voluntary lien
d. statutory lien - ✔✔c. voluntary lien
✔✔A real estate sale was closed on March 21. The assessed value of the property was
$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? - ✔✔c. $274.60 debit
✔✔A right of way over Parcel A to Parcel B identifies Parcel B as the
a. servient tenement
b. dominant tenement
c. appurtenant estate
d. encroachment estate - ✔✔b dominant tenement
✔✔A company that acts as an intermediary between a lender and an appraiser is a(n)
ANSWERS RATED A+
✔✔A holdover tenant would have a(n)
a. estate at sufferance
b. estate at will
c. freehold estate
d. remainder estate - ✔✔a. estate at sufferance
✔✔Which of these property qualifications is used for vacant land?
a. Class 1
b. Class 2
c. Class 3
d. Class 4 - ✔✔b. Class 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?
a. $400
b. $1,280
c. $2,720
d. $4,000 - ✔✔c. $2,720
✔✔A lender refuses to loan or limits loans in a certain minority neighborhood. This
action is called
a. steering
b. blockbusting
c. redlining
d. territory allocation - ✔✔c. redlining
✔✔A lessee puts in a bookcase for commercial use; at the end of the lease the
bookcase is removed. The bookcase would be considered:
a. real property
b. trade fixture
c. appurtenant
d. chattel real - ✔✔b. trade fixture
✔✔To finance the infrastructure for a subdivision development, Arizona law allows the
formation of
a. Homeowner's Associations
b. Community Facilities Districts
c. Planned Communities
d.Planned Unit Developments - ✔✔b. Community Facilities Districts
, ✔✔A listing broker receives several offers at the same time. The broker should
a. present only the best
b. present all offers
c. present the three best
d. wait for more offers before presenting to the seller - ✔✔b. present all offers
✔✔A Loan Estimate must be given to a borrower within three business days
a. of loan application
b. after the buyer's request
c. after closing
d. prior to closing - ✔✔a. of 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 is was done so through
a. easement by prescription
b. adverse possession
c. escheat
d. eminent domain - ✔✔b. adverse possession
✔✔In what situation would a short sale be likely?
a. the loan balance is greater than the property value
b. the loan balance is less than the property value
c. The loan has a non-recourse provision
d. the total of all liens is less than the property value - ✔✔a. the loan balance is greater
than the property value
✔✔A real estate mortgage would be a(n)
a. involuntary lien
b. general lien
c. voluntary lien
d. statutory lien - ✔✔c. voluntary lien
✔✔A real estate sale was closed on March 21. The assessed value of the property was
$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? - ✔✔c. $274.60 debit
✔✔A right of way over Parcel A to Parcel B identifies Parcel B as the
a. servient tenement
b. dominant tenement
c. appurtenant estate
d. encroachment estate - ✔✔b dominant tenement
✔✔A company that acts as an intermediary between a lender and an appraiser is a(n)
