Session B-1 - AZ School of Real Estate
Self Study Latest Update
Two parties orally agree to enter into a residential lease on November 15th for a
period to begin January 1st and expire on December 31st, of the following year.
Which is true?
A. The lease may be oral and enforceable
B. The lease must be in writing to be enforceable
C. All leases may be oral and be enforceable
D. If rent is charged all leases must be in writing - ANSWER-B. The lease must be in
writing to be enforceable
An Arizona real estate licensee may not charge for document preparation according
to:
A. Statute of Frauds
B. Commissioners Rules
C. Sherman Antitrust Act
D. Arizona Constitution Article XXVI - ANSWER-D. Arizona Constitution Article XXVI
Which of the following is NOT a violation?
A. Finishing a transaction during the grace period
B. Asking a buyer under contract to work with you instead
C. Putting the tenant's security deposit in the broker's operating account
D. Doing disclosed dual agency - ANSWER-D. Doing disclosed dual agency
According to the Statute of Frauds, which of the following need NOT be in writing to
be enforceable at law?
A. Contracts between agent and principal in which a commission is to be paid
B. Agreements between two brokers to divide a commission
C. A broker's authorization to sell real property
D. A power of attorney for the sale of real estate - ANSWER-B. Agreements between
two brokers to divide a commission
When advertising a property, a broker must include in the ad:
A. The name of the agent
B. The name of the listing salesperson
C. The name of the seller
D. The name of the brokerage firm or broker - ANSWER-D. The name of the
brokerage firm or broker
When a salesperson receives earnest money he/she should:
, A. Place it in his/her trust account
B. Place it in their broker's trust account
C. Keep the commission and give the balance to the broker
D. Turn it over to their broker - ANSWER-D. Turn it over to their broker
A broker receives earnest money from a buyer but instead of placing the money into
the trust account the broker pays company bills. This action is an example of:
A. Conversion
B. Commingling
C. Subrogation
D. Bona fide - ANSWER-A. Conversion
Arizona real estate law requires the broker to keep records of all real estate
transactions for:
A. One year
B. Five years from signing
C. Five years from the termination of the transaction
D. Three years - ANSWER-C. Five years from the termination of the transaction
The real estate advisory board:
A. Will formulate new rules
B. May revoke a salesperson's real estate license
C. Is appointed by the real estate commissioner
D. Will advise and evaluate the commissioner - ANSWER-D. Will advise and
evaluate the commissioner
In filing a notice of intention to subdivide with the Real Estate Commissioner which of
the following need NOT be stated?
A. Condition of title
B. Provisions for public utilities
C. Floor plans for housing to be built
D. Copies of contracts to be used in the purchase - ANSWER-C. Floor plans for
housing to be built
Once a real estate license is issued in Arizona, it:
A. Is valid for three years
B. Must be placed with a broker in order to earn a commission
C. Will remain in the possession of the licensee in all cases
D. Will be terminated if the licensee is later convicted of a felony or misdeanor -
ANSWER-B. Must be placed with a broker in order to earn a commission
Arizona law defines a subdivision as land that is divided or proposed to be divided
for sale or lease into:
A. 6 or more lots regardless of size
Self Study Latest Update
Two parties orally agree to enter into a residential lease on November 15th for a
period to begin January 1st and expire on December 31st, of the following year.
Which is true?
A. The lease may be oral and enforceable
B. The lease must be in writing to be enforceable
C. All leases may be oral and be enforceable
D. If rent is charged all leases must be in writing - ANSWER-B. The lease must be in
writing to be enforceable
An Arizona real estate licensee may not charge for document preparation according
to:
A. Statute of Frauds
B. Commissioners Rules
C. Sherman Antitrust Act
D. Arizona Constitution Article XXVI - ANSWER-D. Arizona Constitution Article XXVI
Which of the following is NOT a violation?
A. Finishing a transaction during the grace period
B. Asking a buyer under contract to work with you instead
C. Putting the tenant's security deposit in the broker's operating account
D. Doing disclosed dual agency - ANSWER-D. Doing disclosed dual agency
According to the Statute of Frauds, which of the following need NOT be in writing to
be enforceable at law?
A. Contracts between agent and principal in which a commission is to be paid
B. Agreements between two brokers to divide a commission
C. A broker's authorization to sell real property
D. A power of attorney for the sale of real estate - ANSWER-B. Agreements between
two brokers to divide a commission
When advertising a property, a broker must include in the ad:
A. The name of the agent
B. The name of the listing salesperson
C. The name of the seller
D. The name of the brokerage firm or broker - ANSWER-D. The name of the
brokerage firm or broker
When a salesperson receives earnest money he/she should:
, A. Place it in his/her trust account
B. Place it in their broker's trust account
C. Keep the commission and give the balance to the broker
D. Turn it over to their broker - ANSWER-D. Turn it over to their broker
A broker receives earnest money from a buyer but instead of placing the money into
the trust account the broker pays company bills. This action is an example of:
A. Conversion
B. Commingling
C. Subrogation
D. Bona fide - ANSWER-A. Conversion
Arizona real estate law requires the broker to keep records of all real estate
transactions for:
A. One year
B. Five years from signing
C. Five years from the termination of the transaction
D. Three years - ANSWER-C. Five years from the termination of the transaction
The real estate advisory board:
A. Will formulate new rules
B. May revoke a salesperson's real estate license
C. Is appointed by the real estate commissioner
D. Will advise and evaluate the commissioner - ANSWER-D. Will advise and
evaluate the commissioner
In filing a notice of intention to subdivide with the Real Estate Commissioner which of
the following need NOT be stated?
A. Condition of title
B. Provisions for public utilities
C. Floor plans for housing to be built
D. Copies of contracts to be used in the purchase - ANSWER-C. Floor plans for
housing to be built
Once a real estate license is issued in Arizona, it:
A. Is valid for three years
B. Must be placed with a broker in order to earn a commission
C. Will remain in the possession of the licensee in all cases
D. Will be terminated if the licensee is later convicted of a felony or misdeanor -
ANSWER-B. Must be placed with a broker in order to earn a commission
Arizona law defines a subdivision as land that is divided or proposed to be divided
for sale or lease into:
A. 6 or more lots regardless of size
