AZ Real Estate Exam Questions

What is the form of co-ownership in which two or more persons each have an undivided interest in the property but no right of survivorship? Tenancy in Common A type of ownership that is considered a long-term lease is best described as: Cooperative Building codes are primarily enforced by: the issuance of permits An interest in and possession of any real property is called An estate Roberta wishes to build her garage 2 feet from her side lot line. City code calls for all side setbacks to be at least 5 feet. She will need to get what to be able to legally proceed and be assured that future owners will not have a problem? A variance will provide permanent permission to deviate from the setback rules. When an attorney gives an abstract of title, he would also give: An opinion. Building permits would be issued under the government's right of: Building permits would be issued under the government's right of police power. A legitimate reason for appraising a property as of some date in the past is: To settle an estate What is the most important factor a developer would take into consideration in selecting a new area to develop? Location The selling price of real estate is most generally based on: The selling price of real estate is most generally based on market value; the most probable price a property should bring in a competitive and open market When the appraiser looks at the home Sandy has just purchased, he notices it has a fireplace and the comparable homes do not. He makes a $3,000 upward adjustment on his sales comparison approach worksheet. The $3,000 adjustment is based on what appraisal principle? Contribution The seller lists a property with a broker and the listing is to expire on October 20th. On October 19th, the broker presents an offer to the seller. After two days of negotiations the seller accepts the buyer's offer. Since the broker's listing has expired, what is the status of the broker's commission? The seller is obligated to pay a commission