ASREB Test Questions and Answers 100% Verified
A borrower is required to put 10% down for the purchase of a property. The 10% down would
be considered... Answer-Equity
A broker, acting as a property manager, would be considered what type of agent?
Answer-General
A contract has been signed, ...
ASREB Test Questions and Answers 100% Verified
A borrower is required to put 10% down for the purchase of a property. The 10% down would
be considered... Answer-Equity
A broker, acting as a property manager, would be considered what type of agent?
Answer-General
A contract has been signed, but title has not yet been passed. The contract is... 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?
Answer-$2720
In what situation would a short sale be likely? Answer-The loan balance is greater than
the property value.
The real estate mortgage would be a(n)... Answer-Voluntary Lien
A company that acts as an intermediacy between a lender and an appraiser is a(n)...
Answer-Appraisal Management Company
A seller list a property with a brokerage, sell it himself, and does not have to pay a commission.
What kind of listing did the seller sign? Answer-Exclusive Agency
, ASREB Test Questions and Answers 100% Verified
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? Answer-Refuse the listing; it violates fair 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?
Answer-20%
After a deed of trust foreclosure sale, which of the following is TRUE? 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)... Answer-deficiency judgment
An option once exercised is considered... Answer-Unilateral executed
At what point does recordation take place? Answer-When a docket and page number are
assigned
What is required at the time an Affidavit of Affixture is recorded? Answer-The titles to
the mobile home must be surrendered
A broker has what duty to a third party? Answer-full disclosure of all material facts
, ASREB Test Questions and Answers 100% Verified
How can a buyer be assured of getting his earnest money back if his loan is not approved?
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? Answer-240 acres
If a tenant abandons a residential apartment, the landlord must do all of the following EXCEPT...
Answer-Sell the tenant's personal property after holding it for 10 days
How many townships are in a 24-mile square? Answer-16
If there are material changes from an original Public Report, the Commissioner may required
the subdivider to create a(n)... Answer-amended Public Report
If cap rates in an area are going up, how does this influence value? Answer-Value goes
down
In Arizona, property owned before marriage is sole and separate. Property acquired after
marriage would be considered... Answer-Community Property
The right of an Arizona real estate licensee to prepare certain legal documents and forms comes
from... Answer-The Arizona Constitution
, ASREB Test Questions and Answers 100% Verified
What clarifies ADRE's position on statues or rules? Answer-Substantive Policy Statements
The concept that information given to a client's agent has been given to the client is known as
Answer-Imputed Notice
On a settlement statement, rent paid in advance would be a... 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 purchase contract? Answer-Or Nominee
Which of the following listings would NOT be entered into a multiple listing service?
Answer-pocket listing
The main purpose of the Federal Housing Administration is to... Answer-insure loans
The relationship between a broker and their salesperson is what type of agency? Answer-
General
Which of the following is determined by measuring the exterior dimensions of a home including
garages, patios and entryways? Answer-Square footage under roof
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