Exam (elaborations)
AZ REAL ESTATE STATE PRACTICE EXAM
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AZ REAL ESTATE STATE PRACTICE EXAM
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AZ REAL ESTATE STATE PRACTICE EXAM_________of the Arizona Constitution gives licensees the authority to prepare all types
of real estate contract - Answers -Article XXVI
The______ requires real estate contracts to be in writing to be enforceable - Answers -
Statute of Frauds
The________ are not law but have the force and effect of law on real
Estate licensees. - Answers -Commissioner's Rules
A real estate broker is defined in law as someone who performs real estate services for
another and for - Answers -Compensation
Failure of a broker to notify the Commissioner of a change of business address
automatically.... - Answers -terminates the broker's license
A ______license must be displayed in the office - Answers -Broker's
A ______license must be available for review by the public. - Answers -Salesperson
If a designated broker is unable to act within ___the broker may designate a licensee
employed by the broker or another designated broker to act on the broker's behalf. The
designation shall not exceed _____days in duration. - Answers -24hrs/30days
When depositing a client's monies in a trust account, the broker's name does not need
To be on the deposit slip. True or False - Answers -True
Complete records of monies received by a broker must be maintained in the______ -
Answers -Main Office or Branch Office
Rejected offers to purchase real property must be retained by the broker for at least -
Answers -At least 1yr
To begin the action for commission, a licensee must
_________the time the claim for commission arose. - Answers -prove that they were
licensed at
An unlicensed person who takes compensation for real estate services is guilty of a -
Answers -Felony
The payoff of a mortgage loan is also called: - Answers -Defeasance
When a note and mortgage are paid off, the lender must deliver a _______ within
_______days. - Answers -A satisfaction of mortgage /30 days
,When a mortgage is in default, the lender's only remedy is a ____ - Answers -Judicial
foreclosure
Judicial Foreclosure - Answers -allows the property to be sold by court order after the
mortgagee has given sufficient public notice
Under a judicial foreclosure, the sale is known as a - Answers -Sheriff's Sale
Arizona focuses on ____________________ as a nontraditional form of real property? -
Answers -Timeshares
Timeshare solicitors are permitted to do what - Answers -Solicit over the phone
How much may a licensee be administratively fined per offense? - Answers -$1000
When was Title X Lead-Based Paint Poisoning Prevention Act passed? - Answers -
1992
Who implements CERCLA - Answers -(Arizona Department of Environmental Quality
Which is a stigmatized property - Answers -Undesirable reputation
Who is responsible for the accuracy of a closing? - Answers -Escrow agent/title
company
Who is responsible for the earnest money until the offer is accepted? - Answers -Broker
Once an offer is accepted, what rights does the buyer have in the property? - Answers -
Equitable Title
What is the purpose of the SPDS? - Answers -Provides information essential to the
condition of the property
What is required to be in a listing agreement? - Answers -Street Address
The document that is used to indicate that a deed of trust has been paid off is known as
A : - Answers -Deed of Reconveyance
One of the appurtenances to a parcel of land would be a/an: - Answers -bundle of rights
Where would the exceptions and reservations appear on a title report - Answers -
Schedule B reflects exceptions and reservations.
A buyer executes a chattel mortgage in favor of a lender. What type of property would
be covered by a chattel mortgage? - Answers -Office Furniture and Equipment
, What would not apply to community property with right of survivorship? - Answers -
Willing to a third party
A parcel of land that separates two other parcels (i.e. A parcel between a residential
and commercial strip of land) is called a/an: - Answers -Buffer Zone
A valid exercise of the government's police power to restrict an owner's use and
enjoyment of his property would include which of the following - Answers -Building
Codes
The term dedication refers to - Answers -Transfer of real property from a private owner
to a public agency
Which of the following would be considered a security - Answers -Single family homes
in an investment pool
Which of the following describes the term appreciation? - Answers -An increase in the
value of property
When ownership of a mortgage is transferred from one company or individual to
another, it is called - Answers -An assignment
A mortgage loan which requires the remaining balance be paid at a specific point in time
is called - Answers -A Balloon Mortgage
A title which is free of liens or legal questions as to ownership of the property is called a
__________ title.
A. Good
B. Cloudy
C. Clear
D. Free - Answers -C) Clear
What is the collateral in a home loan? - Answers -The property itself
The adjustment date on an adjustable rate mortgage is - Answers -The date the interest
rate changes
To collect from the recovery fund, the law suit must be filed against the licensee
within_____? - Answers -5yrs
A manager of one property or an on-site leasing agent may receive ____that may not
be paid more frequently than monthly and cannot exceed
One-half of their regular compensation - Answers -Performance bonuses
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