ASREB B-1 quiz with correct answers
A subdivider employs hostesses to show houses. The hostesses explain the features of
the homes and gave prices and terms. In this scenario: ANSWERS The hostesses
must be licensed
A timeshare would be required to have a public report if: ANSWERS There are 12
or more intervals
How many days does an employing broker have to return a salespersons license to the
department of real estate once a license is terminated from the brokerage?
ANSWERS 10 days
What is the rescission time when a party purchases a timeshare? ANSWERS 7
days
What is the max amount of personal money a broker can keep in his trust account?
ANSWERS $3000
The FBI acquisition department contacts you in order to lease a new office space locally
to combat an uptick in mortgage fraud. According to licensing law: ANSWERS A
real estate license is required for this type of transaction
An auctioneer auctioning real property is required to have: ANSWERS A real
estate license
If you are helping the local postmaster general lease a building that belongs to the post
office but is no longer used as a post office: ANSWERS A real estate license is
required
Affidavit of disclosure: ANSWERS 1. Will Be recorded with the deed
2. The disclosure applies if five or fewer parcels in unincorporated areas not located in
the subdivision are sold, regardless of property type
3. The buyer has a 5 day right to rescind after Receipt of the disclosure
Arizona real estate law states that the real estate commissioner may not:
ANSWERS Hold an active real estate license while acting as real estate commissioner
A license is granted for: ANSWERS 2 years
An apartment leasing agent without a real estate license may not accept:
ANSWERS Commission for sales of apartments
A subdivider employs hostesses to show houses. The hostesses explain the features of
the homes and gave prices and terms. In this scenario: ANSWERS The hostesses
must be licensed
A timeshare would be required to have a public report if: ANSWERS There are 12
or more intervals
How many days does an employing broker have to return a salespersons license to the
department of real estate once a license is terminated from the brokerage?
ANSWERS 10 days
What is the rescission time when a party purchases a timeshare? ANSWERS 7
days
What is the max amount of personal money a broker can keep in his trust account?
ANSWERS $3000
The FBI acquisition department contacts you in order to lease a new office space locally
to combat an uptick in mortgage fraud. According to licensing law: ANSWERS A
real estate license is required for this type of transaction
An auctioneer auctioning real property is required to have: ANSWERS A real
estate license
If you are helping the local postmaster general lease a building that belongs to the post
office but is no longer used as a post office: ANSWERS A real estate license is
required
Affidavit of disclosure: ANSWERS 1. Will Be recorded with the deed
2. The disclosure applies if five or fewer parcels in unincorporated areas not located in
the subdivision are sold, regardless of property type
3. The buyer has a 5 day right to rescind after Receipt of the disclosure
Arizona real estate law states that the real estate commissioner may not:
ANSWERS Hold an active real estate license while acting as real estate commissioner
A license is granted for: ANSWERS 2 years
An apartment leasing agent without a real estate license may not accept:
ANSWERS Commission for sales of apartments
