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AZ CE Shop Practice Test Questions And Answers With Verified Solutions Already Passed!!!
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AZ CE Shop Practice Test Questions And Answers With Verified Solutions Already Passed!!!
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AZ CE Shop Practice Test QuestionsAnd Answers With Verified Solutions
Already Passed!!!
Which of the following is true about mortgage brokers?
-They don't service the loan beyond placement
-They originate their own loans
-They've paid through fees from originating and servicing loans
-They service the loan for it's entire lifecycle - ANSWER✔✔ They don't service
the loan beyond placement
Janalynne is a designated broker setting up the main place of business for her
employing broker. Before officially opening for business, she'll make sure that the
__________ is on display in the office.
-Affiliated brokers license
-Articles of incorporation or similar business documentation
-Business plan
-Employing brokers or designated brokers license - ANSWER✔✔ Employing
brokers or designated brokers license
George is an Arizona salesperson representing a seller client in a real estate
transaction. His employing broker, Hannah, is preparing a written disclosure to
give to the transaction parties regarding who will receive compensation from the
transaction. When will Hannah need to provide the compensation disclosure?
-Before closing
-Before the final funds transfer
-Before the first offer is received
-Before the listing goes on the MLS - ANSWER✔✔ Before closing
,Licensee Kennie Mae's neighbor, Buzz, wants to sell his house but doesn't want to
sign an agency agreement. Kennie Mae works with Buzz to list and show the
property and negotiate offers. After the property sells, Buzz discovers that Kennie
Mae didn't present all offers to him, and he sues Kennie Mae. Kennie Mae claims
that because she didn't have an agency agreement with Buzz, she wasn't required to
perform all fiduciary duties. What legal principle applies here?
-Agency after the fact, because Kennie Mae continued to perform tasks for Buzz
through the closing date
-Law of agency, because Kennie Mae defined her agency relationship with Buzz
through the tasks she performed
-The doctrine of estoppel keeps Kennie Mae from disavowing the agency
relationship because she provided agency tasks for Buzz
-The ratification doctrine states that Kennie Mae ratified her relationship with Buzz
by signing the closing paperwork - ANSWER✔✔ The doctrine of estoppel keeps
Kennie Mae from disavowing the agency relationship because she provided agency
tasks for Buzz
In Arizona, when a public report is issued on a proposed subdivision, how long
does a developer have to provide a copy to all reservation holders? - ANSWER✔✔
15 calendar days
Which range of credit scores represents the average score for Americans overall?
-580 to 669
-670 to 739
-740 to 799
-800 or higher - ANSWER✔✔ 670 to 739
,In order to maintain their licenses, employing brokers must appoint and maintain
a(n)
-Branch manager
-Designated broker
-Officer in charge
-President - ANSWER✔✔ Designated broker
If an Arizona licensee misses the deadline for the continuing education
requirements, the Arizona real estate commissioner can grant a waiver or
additional time if the licensee shows ___________
-Financial responsibility
-Good cause
-Proof of enrollment
-Reasonable effort - ANSWER✔✔ Good cause
A _________ is a tract of land divided into lots or plats and used for building
purposes.
-Plat
-Site plan
-Subdivision
-Topographic map - ANSWER✔✔ Subdivision
Which option is true if a deed is not recorded after closing?
-The buyer must pay a fine to the seller
-The entire closing is void
-The property's legal ownership can be challenged
, -The title never changes hands from the seller to the buyer - ANSWER✔✔ The
property's legal ownership can be challenged
Hugh is representing Jacqueline in her purchase of a new condo. She wants to
move in before closing, and in order to fulfill his statutory duties, which of the
following actions would Hugh take?
-Recommend Jacqueline seek the advice of a lawyer
-Recommend Jacqueline speak with his designated broker
-Recommend that she wait until after closing to keep things simple
-Research the implications and report them back to her - ANSWER✔✔
Recommend Jacqueline seek the advice of a lawyer
Kurt bought a vacant lot in a development that was 85% completed. When he
started working with the builder to lay out where the house and driveway would
lie, it was determined that he would need an easement because his driveway would
spill over onto the adjacent lot by a few feet. What type of easement is this?
-Easement appurtenant
-Easement by necessity
-Easement by prescription
-Easement in gross - ANSWER✔✔ Easement appurtenant (dominant)
Which occupancy type is eligible for a VA loan?
-All occupancy types
-Investment property
-Owner occupied
-Second home - ANSWER✔✔ Owner occupied
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