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Chapter 10 ASREB Review Questions and Answers 100% Verified
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Chapter 10 ASREB Review
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Chapter 10 ASREB ReviewArticle XXVI of Arizona Constitution - answer permits licensed real estate brokers and
agents to prepare documents
What are real estate brokers and agents limited to in Article XXVI of the AZ
Constitution? - answer Limited to transactions handled by their brokerage firm
Can brokers and agents charge a fee for document preparation? - answer No
The statute of frauds constitutes that all real estate contracts must be what in order to
be enforceable? - answer written!!
Arizona Department of Real Estate (ADRE) - answer oversees licensure and regulation
investigates complaints, licensing, and education issues
Real Estate Commissioner - answer oversees licenses and licensees
position requires 5 years in banking, title, or real estate and 3 years in administration
A licensee may not charge for document preparation due to? - answer Arizona
Constitution Article XXVI
The right for a licensee to prepare contracts in Arizona comes from? - answerArizona
Constitution Article XXVI
What authority does the commissioner have? - answer-formulate commissioner rules
-issue policy statements
-issue RE licenses
-suspend or revoke licenses (after formal hearing)
-investigate a licensee
Can the real estate commissioner hold an active real estate license? - answerno
The real estate rules are formulated by the? - answercommissioner
The commissioner has the power to do all of the following EXCEPT?
a. prescribe rules and regulations
b. investigate signed written complaints
c. examine office records
d. create real estate statutes - answerD. create real estate statutes
Real Estate Advisory Board - answer-advises commissioner on real estate issues and
evaluated performance
, -authorized to issue notice of investigation
Who is the RE advisory board made of? - answer10 volunteer board members
appointed by the governor
How long do RE advisory board members serve for? - answer6 years
How often does the advisory board meet? - answerAt least quarterly
Who is the real estate advisory board appointed by? - answerThe governor
What is true regarding the real estate advisory board? - answerThey will advise and
evaluate the commissioner
Who is the ADRE notice of investigation issued to? - answerlicensee and employing
broker
How long does a licensee have to respond to a notice of investigation? - answer14 days
How long does a licensee have to respond to the arizona governors notice of hearing? -
answer20 days
When is a license required - answerfor anyone who performs or offers to perform real
estate brokerage-related acts for compensation or the expectation of compensation for
another person
Are applicants requires to live in AZ? - answerno
What are the 3 types of real estate licenes? - answer1. real estate entity
2. real estate broker (designated, self-employed, associate)
3. real estate salesperson
Are license applicants required to live in AZ - answerNo
What happens to licenses not being used? - answerThey go back to department of real
estate
How many licenses can be issued to a person at a time? - answerOne
How many employing brokers can a RE agent have at a time? - answer1
What kinds of licenses can a licensee hold at a time? - answercemetary, membership
camping, real estate
When is a trustee an exemption to having a license? - answerwhen a trustee is selling
under a deed of trust (foreclosure)
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