Exam (elaborations)
ASREB Test Questions and Answers 100% Solved
- Course
- Institution
Exam of 21 pages for the course ASREB at ASREB (ASREB Test)
[Show more]
Content preview
ASREB TestA 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? - answerThe 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)... -
answerAppraisal 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? - answerExclusive Agency
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? - answerRefuse 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? -
answer20%
After a deed of trust foreclosure sale, which of the following is TRUE? - answerA
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)... - answerdeficiency judgment
An option once exercised is considered... - answerUnilateral executed
At what point does recordation take place? - answerWhen a docket and page number
are assigned
,What is required at the time an Affidavit of Affixture is recorded? - answerThe titles to
the mobile home must be surrendered
A broker has what duty to a third party? - answerfull disclosure of all material facts
How can a buyer be assured of getting his earnest money back if his loan is not
approved? - answerPlace 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? - answer240 acres
If a tenant abandons a residential apartment, the landlord must do all of the following
EXCEPT... - answerSell the tenant's personal property after holding it for 10 days
How many townships are in a 24-mile square? - answer16
If there are material changes from an original Public Report, the Commissioner may
required the subdivider to create a(n)... - answeramended Public Report
If cap rates in an area are going up, how does this influence value? - answerValue goes
down
In Arizona, property owned before marriage is sole and separate. Property acquired
after marriage would be considered... - answerCommunity Property
The right of an Arizona real estate licensee to prepare certain legal documents and
forms comes from... - answerThe Arizona Constitution
What clarifies ADRE's position on statues or rules? - answerSubstantive Policy
Statements
The concept that information given to a client's agent has been given to the client is
known as - answerImputed Notice
On a settlement statement, rent paid in advance would be a... - answercredit 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? - answerOr Nominee
Which of the following listings would NOT be entered into a multiple listing service? -
answerpocket listing
The main purpose of the Federal Housing Administration is to... - answerinsure loans
, The relationship between a broker and their salesperson is what type of agency? -
answerGeneral
Which of the following is determined by measuring the exterior dimensions of a home
including garages, patios and entryways? - answerSquare footage under roof
When a property that has a well is sold, what must be sent to ADWR? - answerTransfer
of Well Rights Form
Under what condition would a listing agreement NOT terminate? - answerThe
salesperson dies
What document is recorded with the deed? - answeraffidavit of value
What is the maximum security deposit allowed under the Arizona Landlord Tenant Act?
- answer1 1/2 month's rent
Real estate licensees should safeguard a client's or customer's personal information in
order to prevent - answeridentity theft
If an owner improves a property, a licensed contractor is required to be used in all of
these situations EXCEPT if the property - answeris owner-occupied for more than one
year
When a person buys a condo, how do they hold title to the common areas? -
answerTenancy in Common
A person named in an insurance policy who will receive the insurance proceeds if the
property is damaged is the - answerloss payee
When a property located within a homeowners association is listed for sale, who is
responsible for supplying the relevant documents to prospective buyer - answerThe
HOA, if there are more than 50 units
At close of escrow, which of the following forms must be filed with the IRS - answer1099
S
Under what circumstances can an owner of a single-family residence depreciate the
property for tax purposes? - answerif the property is a rental
When land is purchased interstate, how long would a buyer have to rescind under
provisions of the Federal Interstate Land Sales Full Disclosure Act? - answerWithin 7
days of receiving a property report
A lender of a conventional loan would require private mortgage insurance (PMI) when
the loan-to-value is - answerMore than 80%
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller jw638729. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77858 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now