ASREB Test with 100% Correct Solutions
A borrower is required to put 10% down for the purchase of a property. The 10% down
would be considered... - Correct Answer ️️ -Equity
A broker, acting as a property manager, would be considered what type of agent? -
Correct Answer ️️ -General
A c...
ASREB Test with 100% Correct Solutions A borrower is required to put 10% down for the purchase of a property. The 10% down would be considered... - Correct Answer ✔️✔️-Equity A broker, acting as a property manager, would be considered what type of agent? - Correct Answer ✔️✔️-Gene ral A contract has been signed, but title has not yet been passed. The contract is... - Correct Answer ✔️✔️-Executory A house cost $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 points? - Correct Answer ✔️✔️-$2720 In what situation would a short sale be likely? - Correct Answer ✔️✔️-The loan balance is greater than the property value. The real estate mortgage would be a(n)... - Correct Answer ✔️✔️-Voluntary Lien A company that acts as an intermediacy between a lender and an appraiser is a(n)... - Correct Answer ✔️✔️-Appraisal Management Company A seller list a property with a brokerage, sell it himself, and does not have to pay a commission. What kin d of listing did the seller sign? - Correct Answer ✔️✔️-Exclusive Agency A seller wants to list a four plex and live in one unit, but doesn't want any children in the units. What should the agent do? - Correct Answer ✔️✔️-Refuse the listing; it violates fa ir housing If the percentage of renters in a community exceeds 50%, many lenders require that the homeowners' association reserves be what percentage of HOA budgeted income? - Correct Answer ✔️✔️-20% After a deed of trust foreclosure sale, which of the fol lowing is TRUE? - Correct Answer ✔️✔️-A trustee's deed is given to the new owner After a mortgage foreclosure, if the sale amount was insufficient to cover the debt, the lender may ask for a(n)... - Correct Answer ✔️✔️-deficiency judgment An option once ex ercised is considered... - Correct Answer ✔️✔️-Unilateral executed At what point does recordation take place? - Correct Answer ✔️✔️-When a docket and page number are assigned What is required at the time an Affidavit of Affixture is recorded? - Correct Ans wer ✔️✔️-
The titles to the mobile home must be surrendered A broker has what duty to a third party? - Correct Answer ✔️✔️-full disclosure of all material facts How can a buyer be assured of getting his earnest money back if his loan is not approved? - Correct Answer ✔️✔️-Place a contingency clause in the contract A legal description reads as follows: "The NW 1/4 of Section 2 and the W 1/2 of the SW 1/4 of section 35." How man acres is this? - Correct Answer ✔️✔️-240 acres If a tenant abandons a residential apartment, the landlord must do all of the following EXCEPT... - Correct Answer ✔️✔️-Sell the tenant's personal property after holding it for 10 days How many townships are in a 24 -mile square? - Correct Answer ✔️✔️-16 If there are material changes from an original Public Report, the Commissioner may required the subdivider to create a(n)... - Correct Answer ✔️✔️-amended Public Report If cap rates in an area are going up, how does this influence value? - Correct Answer ✔️✔️-Value goes down In Arizona, prope rty owned before marriage is sole and separate. Property acquired after marriage would be considered... - Correct Answer ✔️✔️-Community Property The right of an Arizona real estate licensee to prepare certain legal documents and forms comes from... - Corre ct Answer ✔️✔️-The Arizona Constitution What clarifies ADRE's position on statues or rules? - Correct Answer ✔️✔️-Substantive Policy Statements The concept that information given to a client's agent has been given to the client is known as - Correct Answer ✔️✔️-Imputed Notice On a settlement statement, rent paid in advance would be a... - Correct Answer ✔️✔️-
credit to the buyer, debit to the seller If the buyer of a property wants to remain anonymous, what terms should be used for that buyer's name in the p urchase contract? - Correct Answer ✔️✔️-Or Nominee Which of the following listings would NOT be entered into a multiple listing service? - Correct Answer ✔️✔️-pocket listing The main purpose of the Federal Housing Administration is to... - Correct Answer ✔️✔️-
insure loans The relationship between a broker and their salesperson is what type of agency? - Correct Answer ✔️✔️-General Which of the following is determined by measuring the exterior dimensions of a home including garages, patios and entryways? - Correct Answer ✔️✔️-Square footage under roof When a property that has a well is sold, what must be sent to ADWR? - Correct Answer ✔️✔️-Transfer of Well Rights Form Under what condition would a listing agreement NOT terminate? - Correct Answer ✔️✔️-
The sales person dies What document is recorded with the deed? - Correct Answer ✔️✔️-affidavit of value What is the maximum security deposit allowed under the Arizona Landlord Tenant Act? - Correct Answer ✔️✔️-1 1/2 month's rent Real estate licensees should safeguar d a client's or customer's personal information in order to prevent - Correct Answer ✔️✔️-identity theft If an owner improves a property, a licensed contractor is required to be used in all of these situations EXCEPT if the property - Correct Answer ✔️✔️-is owner -occupied for more than one year When a person buys a condo, how do they hold title to the common areas? - Correct Answer ✔️✔️-Tenancy in Common A person named in an insurance policy who will receive the insurance proceeds if the property is damaged is the - Correct Answer ✔️✔️-loss payee When a property located within a homeowners association is listed for sale, who is responsible for supplying the relevant documents to prospective buyer - Correct Answer ✔️✔️-The HOA, if there are more than 50 units
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