A borrower is required to put 10% down for the purchase of a property. The 10% down would be
considered: - Equity
A borrower would obtain funds for an FHA loan from: - Primary market
A broker acting as a property manager for an owner would consider his relationship to be: -
Fiduciary
A broker ...
Arizona School of Real Estate And
Business- Sales Exam
A borrower is required to put 10% down for the purchase of a property. The 10% down would be
considered: - Equity
A borrower would obtain funds for an FHA loan from: - Primary market
A broker acting as a property manager for an owner would consider his relationship to be: -
Fiduciary
A broker and an unlicensed buyer are looking at the same house. What must the broker disclose? -
He can buy the property if he discloses that he has a license
A broker does not disclose to the buyer that the seller has the HIV virus. Which of the following is true: -
Broker is protected by the 1988 fair housing act
A broker has a listing and the seller doesn't want the broker to disclose to the buyers that the seller is
going through a divorce. What should the broker do? - Keep the information confidential
A broker is a property manager for an owner and collects the monthly rents. The owner dies. What is the
status of the property management agreement: - Terminated upon death of owner
A broker lists a property for sale, but the broker has never advertised, shown the property, or
communicated to the seller in any way. The seller has a right to conclude that the broker: - Has
breached fiduciary and abandoned the listing
A broker lists the property with provisions of subagency. Another broker accepts the term of the listing
broker's offer to cooperate. The co-operating broker is acting as: - Subagent to the seller
,A broker relationship to a seller would most likely be: - Special
1866 Civil Rights Act prohibits discrimination by: - Race
A broker tells a buyer that a drug bust occurred in the neighborhood. This statement would be -
Permissable
A broker- principal relationship is best described as: - Fiduciary
A broker, acting as a property manager, would be what type of agent? - General
A broker's duty to a third party would be: - Honesty
A building has a total economic life of 30 years. The building is now 6 years old and has a depreciated
value of $375,000. What was the value of the building when it was new? - $468,750
A buyer assumes a loan and agrees to pay, Who is ultimately responsible: - the seller
A buyer buys a leasehold interest in an apartment building. This interest is most likely: - Stock in a
co-op
A buyer buys a property for $180,000. The property has a First Deed of Trust for $135,000 and a second
Deed of Trust for $100,000. The buyer will assume the second, but requires that the first be paid in full.
What is the order of recordation? - record the deed of reconveyance then the general warranty
deed
A buyer is buying a business that includes real and personal property. The type of loan the buyer would
obtain is called: - package
A buyer pays 20% down and obtains a real estate mortgage. The buyers makes no further payments.
What clause would the lender now exercise? - Acceleration
,A buyer sees a worn path across the property he is interested in buying. The buyer should be concerned
about: - easement by prescription
A buyer wishes to buy an older home in a low income area. This home is in need of rehabilitation but has
a good future due to growing economy. Which of the following loans would best suit the buyer's needs?
- FHA 203K
A buyer wishes to have the right to buy a property at a certain time and certain price. This right is called:
- Option to buy
A buyer's broker has a client interested in buying a parcel of land that is presently listed with another
brokerage. The buyers broker has a duty to: - Obtain the lowest price for the buyer
A chronological summary of title is called: - abstract of title
A clause in a deed which specifies the degree of property conveyed is called: - habendum
A clause in a lease that would allow adjustments of payments either up or down would be called? -
An escalator
A co-op charges taxes based on: - Pro rata share
A co-op would be what type of ownership: - Stock
A commercial building is being rented to a business that serves the public. Which of the following is
true? - The building is subject to the Americans with Disabilities Act
A commercial building is sold in a foreclosure for $100,000 less than the balance due the lender. Which
of the following is true? - The lender can obtain a deficiency judgment against the borrower
, A company is the only business in a small building. The building has handicapped parking, a wide
entrance, and three steps with rails. What must the business do to comply with the ADA? - A ramp
needs to be installed
A complex meets the 62 year age requirement and the housing for old person exemption. A resident has
a grandchild that would like to move into the complex. What is the status of the grandchild: - The
grandchild would not be allowed to stay due to the 62 year old exemption
A condo owner fails to pay his property taxes. The taxes are levied against which of the following: -
The condo unit
A construction loan is generally considered a: - Short term- interim
A contract does not have a legal description, the contract would be: - Unenforcable
A corporation wishes to raise new money without creating any new debt. They would be advised to: -
Sell stock
A court case that tested the constitutionality of the Federal Fair Housing laws was: - Jones vs.
Meyers
A covenant against encumbrances insured against all of the following except: - zoning to restrict
the use of the property
A deed does not guarantee against which of the following - zoning laws
A deed is in escrow and signed by the grantor who dies before close of escrow. What is the status of the
deed? - valid
A defeasance clause would be found in a: - mortgage
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