Exam (elaborations)
ARIZONA REAL ESTATE PRE-LICENSE FINAL EXAM
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ARIZONA REAL ESTATE PRE-LICENSE FINAL EXAM
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ARIZONA REAL ESTATE PRE-LICENSE FINAL EXAMQ1) 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 - Answers -C. By type of property
Q2) Which of the following is included in the legal concept of land?
A. A corn crop
B. A lake
C. A felled tree
D. An abandoned vehicle - Answers -B. A lake
Q8) A condominium estate is distinguished by
A. ownership of a share in an association and a condominium lease on the owned unit.
B. tenancy in common interest in airspace and common areas of the property.
C. fee simple ownership of a unit and an undivided share of the common areas.
D. fee simple ownership of an equal share of the entire property. - Answers -C. fee
simple ownership of a unit and an undivided share of the common areas.
Q9) An easement by prescription requires that
A. the use be continuous, known, and permitted by the owner for a period of time.
B. the use be continuous, open, and hostile for a required period of time.
C. the owner of an adjoining property be landlocked.
D. the owner of the affected property be an adverse possessor. - Answers -B. the use
be continuous, open, and hostile for a required period of time.
Q10) In a lien-theory state
A. liens are recorded in trusts as opposed to title records.
B. the lender records a lien while the borrower retains title to the mortgaged property.
C. liened properties are foreclosed by strict foreclosure.
D. trustees retain title during a mortgage period. - Answers -B. the lender records a lien
while the borrower retains title to the mortgaged property.
Q11) Five liens have been recorded against a certain house, in the following order: first
mortgage, mechanic's lien, second mortgage, real estate tax lien, special assessment
lien. Which lien will be the last one to be paid from the proceeds of the sale of the
house?
A. Special assessment lien
B. Mechanic's lien
C. Second mortgage lien
D. Real estate tax lien - Answers -C. Second mortgage lien
,Q12) For a conveyance by deed between private parties to be valid, the deed must be
A. warranted by the grantor.
B. recorded by the grantee.
C. signed by the grantee.
D. accepted by the grantee. - Answers -D. accepted by the grantee.
Q13) If a person dies with legal heirs and has left no valid will, what happens to real
property owned by that person?
A. It is taken by the state according to the process called escheat.
B. It is probated according to the terms agreed to by the heirs.
C. It is probated and passes to the heirs by laws of descent.
D. It is conveyed to the highest bidder at a public auction. - Answers -C. It is probated
and passes to the heirs by laws of descent.
Q14) A miner openly lives and prospects on a 20,000-acre ranch. After twenty years,
the owner notices the miner and kicks him off the property. The miner makes a claim of
ownership to the property. This claim will likely be
A. upheld, because the possession was not concealed.
B. declined in favor of an easement by prescription.
C. declined, because the occupancy period was insufficient.
D. declined since the owner was not aware of the possession. - Answers -A. upheld,
because the possession was not concealed.
Q15) A tenant obtains a low rental rate for a building, but agrees to pay all operating
expenses. This is an example of a
A. net lease.
B. percentage lease.
C. gross lease.
D. proprietary lease. - Answers -A. net lease
Q16) In accordance with the statute of frauds,
A. leases in excess of one year must be recorded to be enforceable.
B. oral leases are not enforceable.
C. a five-year lease must be in writing to be enforceable.
D. an unwritten lease is fraudulent. - Answers -C. a five-year lease must be in writing to
be enforceable
Q17) A property owner in a development is required to have a shake roof. This
requirement is most likely to come from
A. a deed restriction.
B. a zoning ordinance.
C. a building code.
D. a condominium declaration. - Answers -A. a deed restriction.
Q18) A master plan can be best described as
, A. a forecast of existing land use patterns in a market.
B. a plat of subdivision preceding the design of a land use development.
C. a fusion of land use laws and local land use objectives and strategies.
D. none of the above. - Answers -C. a fusion of land use laws and local land use
objectives and strategies.
Q19) A zoning board of adjustment might give favorable consideration to a land use
variance if A. compliance would cause the owner undue and unjustified hardship.
A. compliance would cause the owner undue and unjustified hardship.
B. the appeal is prepared by professional land use attorneys employing the correct
procedures.
C. the owner can demonstrate a valid homestead exemption.
D. there is a grandfathering clause in the deed. - Answers -A. compliance would cause
the owner undue and unjustified hardship.
Q20) What are the dimensions of a township?
A. One mile square
B. Six miles by one mile
C. One mile by one mile
D. Six miles by six miles - Answers -D. Six miles by six miles
Q21) A tract of land is described as the W 1/2 of the N 1/2 of the NE 1/4 of Section 16.
What is its acreage?
A. 20 acres
B. 40 acres
C. 80 acres
D. 160 acres - Answers -B. 40 acres
Q22) As an economic product, real estate is unique because
A. it has appreciation value.
B. the demand must come to the supply.
C. it is quick to respond to supply-demand imbalances.
D. its appeal is predictable. - Answers -B. the demand must come to the supply
Q23) A critical determinant of commercial and residential property demand in a market
is
A. availability of land.
B. employment.
C. existing supply of properties.
D. per capita income. - Answers -B. employment
Q3) A property abuts a non-navigable stream. What does the owner own?
A. Land to the low-water mark
B. Underlying land to the middle of the waterway
C. Land to the high-water mark
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