ASREB EXAM UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
Question:
A 3.45-acre lot sells for 50 cents per square foot. What was the selling price? a. $37,570 b. $75,141 c. $76,230
d. $78,712
Answer:
b. $75,141
Question:
A blind ad refers to an ad that a. provides no price b. provides no address c. gives no indication that the
property is listed with a broker d. gives no indication that the property has been sold or not
Answer:
c. gives no indication that the property is listed with a broker
Question:
A borrower is required to put 10% down for the purchase of a property. The 10% down would be considered a.
equity b. boot c. tax shelter d. leverage
Answer:
a. equity
Question:
A broker, acting as a property manager, would be what type of agent? a. special b. general c. implied d.
ostensible
Answer:
b. general
Question:
A buyer pays 20% down and obtains a real estate mortgage. The buyer makes no further payments. What
clause would the lender now exercise? a. alienation b. habendum c. novation d. acceleration
Answer:
d. acceleration
Question:
When a new home is still under construction, the County Assessor may a. increase the assessed value ratio b.
increase the full cash value c. decrease the tax rate d. appeal the limited property value
Answer:
b. increase the full cash value
Question:
A contract has been signed, but title has not yet passed. The contract is a. executed b. executory c. recorded d.
estopped
Answer:
b. executory
, Question:
A handicapped person is leasing a house that requires a modification. Which of the following is TRUE about
the modifications? a. the lessor may forbid handicapped modifications b. the lessor can require the lessee to
reasonably restore the property at the end of the lease c. the lessor must pay for the modifications d. the lessor
can increase the rent due to the risk of the handicapped person
Answer:
b. the lessor can require the lessee to reasonably restore the property at the end of the lease
Question:
A holdover tenant would have a(n) a. estate at sufferance b. estate at will c. freehold estate d. remainder estate
Answer:
a. estate at sufferance
Question:
Which of these property qualifications is used for vacant land? a. Class 1 b. Class 2 c. Class 3 d. Class 4
Answer:
b. Class 2
Question:
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
Answer:
c. $2,720
Question:
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
Answer:
c. redlining
Question:
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
Answer:
b. trade fixture
Question:
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
Answer:
b. Community Facilities Districts
Question:
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
Answer:
b. present all offers
CORRECT ANSWERS
Question:
A 3.45-acre lot sells for 50 cents per square foot. What was the selling price? a. $37,570 b. $75,141 c. $76,230
d. $78,712
Answer:
b. $75,141
Question:
A blind ad refers to an ad that a. provides no price b. provides no address c. gives no indication that the
property is listed with a broker d. gives no indication that the property has been sold or not
Answer:
c. gives no indication that the property is listed with a broker
Question:
A borrower is required to put 10% down for the purchase of a property. The 10% down would be considered a.
equity b. boot c. tax shelter d. leverage
Answer:
a. equity
Question:
A broker, acting as a property manager, would be what type of agent? a. special b. general c. implied d.
ostensible
Answer:
b. general
Question:
A buyer pays 20% down and obtains a real estate mortgage. The buyer makes no further payments. What
clause would the lender now exercise? a. alienation b. habendum c. novation d. acceleration
Answer:
d. acceleration
Question:
When a new home is still under construction, the County Assessor may a. increase the assessed value ratio b.
increase the full cash value c. decrease the tax rate d. appeal the limited property value
Answer:
b. increase the full cash value
Question:
A contract has been signed, but title has not yet passed. The contract is a. executed b. executory c. recorded d.
estopped
Answer:
b. executory
, Question:
A handicapped person is leasing a house that requires a modification. Which of the following is TRUE about
the modifications? a. the lessor may forbid handicapped modifications b. the lessor can require the lessee to
reasonably restore the property at the end of the lease c. the lessor must pay for the modifications d. the lessor
can increase the rent due to the risk of the handicapped person
Answer:
b. the lessor can require the lessee to reasonably restore the property at the end of the lease
Question:
A holdover tenant would have a(n) a. estate at sufferance b. estate at will c. freehold estate d. remainder estate
Answer:
a. estate at sufferance
Question:
Which of these property qualifications is used for vacant land? a. Class 1 b. Class 2 c. Class 3 d. Class 4
Answer:
b. Class 2
Question:
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
Answer:
c. $2,720
Question:
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
Answer:
c. redlining
Question:
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
Answer:
b. trade fixture
Question:
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
Answer:
b. Community Facilities Districts
Question:
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
Answer:
b. present all offers
