Exam (elaborations)
AZ REAL ESTATE EXAM FINAL
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AZ REAL ESTATE EXAM FINAL
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AZ REAL ESTATE EXAM FINALIf a commission amount or percentage is NOT stated in the listing agreement: -
Answers -The broker would not be entitled to a commission
Most homes in AZ are cold with legal descriptions that state: - Answers -Lot and block
In which of the following appraisal methods DOES an appraiser need to determine a
dollar amount for depreciation? - Answers -Cost Approach
Rights of occupancy of an owner in a cooperative are based on: - Answers -A
proprietary lease
If an apartment building's zoning classification changes from multi family to detached
single family use only, the owners of the apartment building are permitted to: - Answers
-sell the apartment units as residential condominiums
Purchaser and seller have entered into a purchase contract and all parties have been
notified of acceptance. At this point the purchaser is deemed to have: - Answers -
Equitable title
Condominium ownership is MOST commonly represented by a: - Answers -Deed
"Puffing" relates to exaggerations not made as representations of fact. That is: -
Answers -Discouraged by the Arizona Department of Real Estate.
If during negotiations one party crosses out or changes any wording in a contract: -
Answers -Each party must initial the change in the margin for it to be valid
In Arizona, if a purchaser under a contract for deed is in default for failing to pay monies
due, the: - Answers -Seller may declare the interest of the buyer forfeit only after the
expiration of a reinstatement period prescribed by law
In order to file a valid claim against the Arizona Real Estate Recovery Fund, all of the
following conditions must exist EXCEPT: - Answers -The claimant must be an Arizona
resident
Fred's father grants him an estate in land, which is limited to the length of Fred's
lifetime. What type of interest does Fred's father retain in the land? - Answers -A
reversionary interest
On February 1, a mortgagor makes a $638 payment on her mortgage, which is at the
rate of 10%. The mortgagee allocates $500 to the payment of interest. What is the
principal balance due on the mortgage on February 2? - Answers -$59,862
, To determine effective gross income, one would deduct which of the following from
gross income? - Answers -A vacancy and collection loss factor
What is the distance in miles from the principal meridian that describes Range 4 West?
- Answers -18 to 24
The owner tells the broker that there is a sewer on the property. A buyer purchases the
property and discovers a septic tank on the property. Who is liable? - Answers -The
broker only
The commissioner may deny the issuance of a Public Report for a new subdivision, if
the developer is unable to: - Answers -Deliver title or interest contracted for:
The Federal Housing Administration is administered by: - Answers -The Department of
Housing and Urban Development
Under a graduated payment mortgage, the monthly payment will: - Answers -Increase
annually by a predetermined rate in the early years of the loan, then remain constant
When a party owns a cooperative, the rights are based on: - Answers -A long-term
proprietary lease
Title to real estate passes to the grantee at the time the deed is: - Answers -Delivered
and accepted
The mortgage MOST commonly uses: - Answers -Simple interest
When the owner of real estate conveys real property, he is called the: - Answers -
Grantor
The maintenance and repair costs for the common area expenses of a condominium
are allocated to unit owners and monthly assessments are paid after the assessments
are established by the Homeowners Association Board of Directors based on the: -
Answers -Annual budgets
There are two classifications of water law in Arizona. They are: - Answers -Ground and
surface
What type of loan can change in payment, interest rate and amount owed? - Answers -
Open-end mortgage
Under the Statute of Frauds, which of the following would NOT be covered? - Answers -
An agreement between two brokers to split commissions
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