Prepare confidently for the Arizona Real Estate Salesperson exam with our comprehensive Q&A package deal. Dive into a wealth of meticulously curated questions and detailed answers covering every critical aspect of Arizona real estate law, regulations, practices, and ethics.
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A 3.45 acre lot sells for $.50 per square foot. What is the selling price $75,141 Applying to add refers to an ad that Gives no indication that the property is listed as a broker A bar were is required to put 10% down for the purchase of the property. The 10% down would be considered Equity ...
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Add to cartA 3.45 acre lot sells for $.50 per square foot. What is the selling price $75,141 Applying to add refers to an ad that Gives no indication that the property is listed as a broker A bar were is required to put 10% down for the purchase of the property. The 10% down would be considered Equity ...
Arizona property taxes are based on: A) Pro rata share B) Assessed Value C)Front footage D)Transfer value B) Assessed Value The tax rate applied to owner occupied residential property tax is: A) 10% B) 12% C) 14% D) 16% A) 10% Which of the following liens would have priority? A) Reco...
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Add to cartArizona property taxes are based on: A) Pro rata share B) Assessed Value C)Front footage D)Transfer value B) Assessed Value The tax rate applied to owner occupied residential property tax is: A) 10% B) 12% C) 14% D) 16% A) 10% Which of the following liens would have priority? A) Reco...
Note on Licenses Individuals who discuss price, terms or availability of a property must be licensed AZ Licensure Requirments 18 years of age Notes on activate license students have 1 year from passing the test to activate the license. after one year they will need to retake the state exam Real E...
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Add to cartNote on Licenses Individuals who discuss price, terms or availability of a property must be licensed AZ Licensure Requirments 18 years of age Notes on activate license students have 1 year from passing the test to activate the license. after one year they will need to retake the state exam Real E...
Agency Legal relationship where one party allows someone else the powers to act for them or on their behalf in some manner or capacity" Vicarious liability (Respondent Superior) refers to the responsibility one individual has for the acts of another In the real estate business, this would be ...
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Add to cartAgency Legal relationship where one party allows someone else the powers to act for them or on their behalf in some manner or capacity" Vicarious liability (Respondent Superior) refers to the responsibility one individual has for the acts of another In the real estate business, this would be ...
Would the sale of personal property include a...? Bill of Sales What gov't right requires compensation to private property owners? Escheat The state obtains Escheat Property after a person dies Transfer of real property requires a: Deed What is the economic characteristic of real property? Froz...
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Add to cartWould the sale of personal property include a...? Bill of Sales What gov't right requires compensation to private property owners? Escheat The state obtains Escheat Property after a person dies Transfer of real property requires a: Deed What is the economic characteristic of real property? Froz...
The word "ad valorem" best means: (a) The addition of value (b) An assessment (c) According to value (d) Worth is assumed (c) According to value Ad valorem property taxes are imposed on property owners by local government entities based on the property's assessed value. A body of federal ...
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Add to cartThe word "ad valorem" best means: (a) The addition of value (b) An assessment (c) According to value (d) Worth is assumed (c) According to value Ad valorem property taxes are imposed on property owners by local government entities based on the property's assessed value. A body of federal ...
Which of the following is false regarding an affidavit of disclosure? The affidavit of disclosure applies only to residential zone properties Arizona real estate laws state that a real estate commissioner may do each of the following except? Hold an active real estate license while acting as real...
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Add to cartWhich of the following is false regarding an affidavit of disclosure? The affidavit of disclosure applies only to residential zone properties Arizona real estate laws state that a real estate commissioner may do each of the following except? Hold an active real estate license while acting as real...
Real estate law is based on both statutory and common law Statutory law can be divided into Federal, state and local classifications Common law is based on tradition, custom and usage and is generally unwritten in statute or code. Common law was developed in England and transferred to the U...
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Add to cartReal estate law is based on both statutory and common law Statutory law can be divided into Federal, state and local classifications Common law is based on tradition, custom and usage and is generally unwritten in statute or code. Common law was developed in England and transferred to the U...
Residential properties in Arizona have an assessment ratio of ______. 10% Arizona licensed contractor DeAngelo was involved in a case against a consumer and can't pay the judgment amount awarded by the residential contractors recovery fund. What will happen to his contractor's license? His lice...
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Add to cartResidential properties in Arizona have an assessment ratio of ______. 10% Arizona licensed contractor DeAngelo was involved in a case against a consumer and can't pay the judgment amount awarded by the residential contractors recovery fund. What will happen to his contractor's license? His lice...
Arizona broker price opinions (BPOs) are perfectly legal if all of the following apply EXCEPT an Arizona real estate broker must provide the opinion. What maximum dollar amount can a subdivider/developer accept for a lot reservation? $5,000 If the holder of a judgment against a real estate li...
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Add to cartArizona broker price opinions (BPOs) are perfectly legal if all of the following apply EXCEPT an Arizona real estate broker must provide the opinion. What maximum dollar amount can a subdivider/developer accept for a lot reservation? $5,000 If the holder of a judgment against a real estate li...
Accession Acquiring property when trade fixtures are not removed on or before the last day the property is rented. They become real property of the landlord. Fixture An article/item that was once personal property but had been attached to land or a structure so it is now real property. Tests o...
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Add to cartAccession Acquiring property when trade fixtures are not removed on or before the last day the property is rented. They become real property of the landlord. Fixture An article/item that was once personal property but had been attached to land or a structure so it is now real property. Tests o...
REAL ESTATE CODE The cornerstone of the National Association of Realtors ethics training. Redemption period after non judicial foreclosure NO redemption Reinstate after default and trustee's sale has been recorded 90 days Redemption after a sheriffs sale is 6 months ARTICLE XXVI (26) - ...
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Add to cartREAL ESTATE CODE The cornerstone of the National Association of Realtors ethics training. Redemption period after non judicial foreclosure NO redemption Reinstate after default and trustee's sale has been recorded 90 days Redemption after a sheriffs sale is 6 months ARTICLE XXVI (26) - ...
A utility company wants an easement on land, but the landowner doesn't want his property encumbered. What would the owner give the utility? License If the buyer is assuming an existing loan on the property, which of the following is prorated at closing? Interest Any broker or salesperson who ...
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Add to cartA utility company wants an easement on land, but the landowner doesn't want his property encumbered. What would the owner give the utility? License If the buyer is assuming an existing loan on the property, which of the following is prorated at closing? Interest Any broker or salesperson who ...
Article 26 of the Arizona Constitution Gives licensees the authority to prepare all types of real estate contracts but only when preparation is incidental to their function as agent and agent does not charge for preparation. Statute of Frauds Requires real estate contracts to be in writing to be ...
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Add to cartArticle 26 of the Arizona Constitution Gives licensees the authority to prepare all types of real estate contracts but only when preparation is incidental to their function as agent and agent does not charge for preparation. Statute of Frauds Requires real estate contracts to be in writing to be ...
Q1) Which of the following ways of specializing is common in the real estate brokerage business? A. By type of mortgage financing required B. By years of experience in the business C. By type of property D. By background of client C. By type of property Q2) Which of the following is included ...
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Add to cartQ1) Which of the following ways of specializing is common in the real estate brokerage business? A. By type of mortgage financing required B. By years of experience in the business C. By type of property D. By background of client C. By type of property Q2) Which of the following is included ...
All of the following items would have bearing on whether an item is considered personal property EXCEPT: A. damage from removing the item from the property B. the manner of attachment C. any agreement between buyer and seller concerning the item D. the cost of the item D. The cost of the item...
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Add to cartAll of the following items would have bearing on whether an item is considered personal property EXCEPT: A. damage from removing the item from the property B. the manner of attachment C. any agreement between buyer and seller concerning the item D. the cost of the item D. The cost of the item...
When you are foreclosing on a tax lien, where would you go? A. County Assessor B. Small Claims Court C. Superior Court D. Justice of the Peace C. Superior Court What is the statutory redemption period on a tax lien foreclosure sale? A. Depends on the equity invested B. 90 days C. 6 months ...
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Add to cartWhen you are foreclosing on a tax lien, where would you go? A. County Assessor B. Small Claims Court C. Superior Court D. Justice of the Peace C. Superior Court What is the statutory redemption period on a tax lien foreclosure sale? A. Depends on the equity invested B. 90 days C. 6 months ...
Police power zoning enforcement Code enforcement City planning enforcement P.I.T.I. impound account required on all FHA and VA loans Principle Interest Tax Insurance Points lenders charge to increase their return Either 1% of loan amount or 1/8% of lenders investment Prior appropriation wa...
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Add to cartPolice power zoning enforcement Code enforcement City planning enforcement P.I.T.I. impound account required on all FHA and VA loans Principle Interest Tax Insurance Points lenders charge to increase their return Either 1% of loan amount or 1/8% of lenders investment Prior appropriation wa...
When does a salesperson have a listing? When the listing is signed. A salesperson and a co-operating salesperson are representing both the buyer and the seller, who would fiduciary be owed to? Both the buyer and the seller. What do the seller and the listing broker have to agree on when listin...
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Add to cartWhen does a salesperson have a listing? When the listing is signed. A salesperson and a co-operating salesperson are representing both the buyer and the seller, who would fiduciary be owed to? Both the buyer and the seller. What do the seller and the listing broker have to agree on when listin...
Which of the following is not properly included in the concept of the power of eminent domain:The right of government to confiscate property from the owner. This right falls under police power because confiscation doesn't allow for just compensation and eminent domain is a power with just compen...
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Add to cartWhich of the following is not properly included in the concept of the power of eminent domain:The right of government to confiscate property from the owner. This right falls under police power because confiscation doesn't allow for just compensation and eminent domain is a power with just compen...
~ The maximum amount of money that may be paid for any one licensee from the Recovery Fund is: - $20,000 - $30,000 - $40,000 - $90,000- $90,000 ~ By June 30, the Real Estate Recovery Fund MUST maintain a balance of: - $200,000 - $250,000 - $300,000 - $600,000- $600,000 ~ The real estat...
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Add to cart~ The maximum amount of money that may be paid for any one licensee from the Recovery Fund is: - $20,000 - $30,000 - $40,000 - $90,000- $90,000 ~ By June 30, the Real Estate Recovery Fund MUST maintain a balance of: - $200,000 - $250,000 - $300,000 - $600,000- $600,000 ~ The real estat...
When would a broker not be in violation if one of his agents violated the commissioner's rules? Notify the commissioner immediately How often is the assessed valuation of real estate adjusted by the county assessor? Annually A married couple in Arizona wants to purchase a home with only the w...
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Add to cartWhen would a broker not be in violation if one of his agents violated the commissioner's rules? Notify the commissioner immediately How often is the assessed valuation of real estate adjusted by the county assessor? Annually A married couple in Arizona wants to purchase a home with only the w...
What must subdivided lots have? Ingress & Egress What action takes place when a buyer defaults on a deed of trust? Notice of sale is sent to the owner/trustor from the Trustee What percentage would a owner-occupied residential house be assessed at? 10% In a property tax foreclosure a homeow...
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Add to cartWhat must subdivided lots have? Ingress & Egress What action takes place when a buyer defaults on a deed of trust? Notice of sale is sent to the owner/trustor from the Trustee What percentage would a owner-occupied residential house be assessed at? 10% In a property tax foreclosure a homeow...
A lease that provides the specified rent increases at set future dates is called: A) A percentage lease. B) A graduated lease. C) An interval lease. D) An adjustable lease. B) A graduated lease. A Quit Claim Deed is commonly used to: (a) Convey title (b) Secure a loan (c) Cloud the title t...
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Add to cartA lease that provides the specified rent increases at set future dates is called: A) A percentage lease. B) A graduated lease. C) An interval lease. D) An adjustable lease. B) A graduated lease. A Quit Claim Deed is commonly used to: (a) Convey title (b) Secure a loan (c) Cloud the title t...
A real estate sales contract is an expressed, ______________ contract. bilateral Regarding property management trust accounts, when must undisputed monies be deposited? Within 3 business days An oral or written contract in which the parties state the contract's terms and express their intenti...
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Add to cartA real estate sales contract is an expressed, ______________ contract. bilateral Regarding property management trust accounts, when must undisputed monies be deposited? Within 3 business days An oral or written contract in which the parties state the contract's terms and express their intenti...
What is not a specific lien? judgment Lien What is not a specific lien? judgment Lien What is not an encumbrance on real property? homestead right What is not an encumbrance on real property? homestead right the physical characteristics of land include: indestructibility the physical ...
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Add to cartWhat is not a specific lien? judgment Lien What is not a specific lien? judgment Lien What is not an encumbrance on real property? homestead right What is not an encumbrance on real property? homestead right the physical characteristics of land include: indestructibility the physical ...
A 3.45-acre What is the selling price? lot sells for so cents per square foot. A. 537,570 B. $75,141 C. 576,230 D. $78,712 B A blind ad refers to an ad that: A. provides no price. B. provides no address. C. gives no with a broker. indication that the property is listed D. gives n...
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Add to cartA 3.45-acre What is the selling price? lot sells for so cents per square foot. A. 537,570 B. $75,141 C. 576,230 D. $78,712 B A blind ad refers to an ad that: A. provides no price. B. provides no address. C. gives no with a broker. indication that the property is listed D. gives n...
Who regulates ground water in AZ? ADWR (Arizona Department of Water Resource) Who is responsible for pest management in AZ? Arizona Department of Agriculture What does the ADRE Enforce? Real Estate Statutes and Commissioner's Rules How long is a septic tank inspection good for? 6 Months ...
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Add to cartWho regulates ground water in AZ? ADWR (Arizona Department of Water Resource) Who is responsible for pest management in AZ? Arizona Department of Agriculture What does the ADRE Enforce? Real Estate Statutes and Commissioner's Rules How long is a septic tank inspection good for? 6 Months ...
Encumber, Access, Use, Transfer, Exclude are all __________ Bundle of Rights Real Property that you can touch is __________ Corporeal Real Property you can NOT touch is __________ Incorporeal Chattel is __________ Personal Property Adjoining landowners that have the right to use the wate...
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Add to cartEncumber, Access, Use, Transfer, Exclude are all __________ Bundle of Rights Real Property that you can touch is __________ Corporeal Real Property you can NOT touch is __________ Incorporeal Chattel is __________ Personal Property Adjoining landowners that have the right to use the wate...
Does the anti-deficiency statute apply to investment property? True. Does the anti-deficiency statute apply to second mortgages and deeds of trust? False. What are the two requirements of the property if the anti-deficiency statute is to apply? 2.5 acres or less. Utilized as a family home for ...
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Add to cartDoes the anti-deficiency statute apply to investment property? True. Does the anti-deficiency statute apply to second mortgages and deeds of trust? False. What are the two requirements of the property if the anti-deficiency statute is to apply? 2.5 acres or less. Utilized as a family home for ...
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...
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Add to cartWhat 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...
Within how many days after property transfer shall a buyer submit a completed transfer form and file with ADEQ 15 days An example of involuntary alienation is where title to real estate passes by: Sheriff's deed What event will create an involuntary life estate? Dower interest becoming cohate...
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Add to cartWithin how many days after property transfer shall a buyer submit a completed transfer form and file with ADEQ 15 days An example of involuntary alienation is where title to real estate passes by: Sheriff's deed What event will create an involuntary life estate? Dower interest becoming cohate...
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