If a commission amount or percentage is NOT stated in the listing agreement: - ANSWER The broker would not be entitled to a commission
Most homes in AZ are cold with legal descriptions that state: - ANSWER Lot and block
In which of the following appraisal methods DOES an appraiser need to d...
AZ Real Estate Exam Final Correct 100%
If a commission amount or percentage is NOT stated in the listing agreement: - ANSWER The broker would not be entitled to a commission
Most homes in AZ are cold with legal descriptions that state: - ANSWER Lot and block
In which of the following appraisal methods DOES an appraiser need to determine a dollar amount for depreciation? - ANSWER Cost Approach
Rights of occupancy of an owner in a cooperative are based on: - ANSWER 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: - ANSWER 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: - ANSWER Equitable title
Depreciation for appraisal purpose is: - ANSWER Computed as part of the cost approach
In the use of a trust deed, which of the following MAY serve as a strustee? - ANSWER A member of the Arizona State Bar
How many townships are contained in a twenty-four mile square? - ANSWER 16
Blind ads do NOT: - ANSWER Indicate that the advertiser is an agent
In a real estate transaction, transfer of title from the seller to the buyer occurs at the time of: - ANSWER Delivery and acceptance of the deed
Recording does NOT give: - ANSWER Actual Notice
It is discovered after a sale that the parcel is 20 percent smaller than the owner represented it to be. The broker, who passed on the information to the buyer is: - ANSWER Liable if he knew or should have known of the difference
Condominium ownership is MOST commonly represented by a: - ANSWER Deed
"Puffing" relates to exaggerations not made as representations of fact. That is: - ANSWER Discouraged by the Arizona Department of Real Estate. If during negotiations one party crosses out or changes any wording in a contract: - ANSWER 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: - ANSWER 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: - ANSWER 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? - ANSWER 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? - ANSWER $59,862
To determine effective gross income, one would deduct which of the following from gross income? - ANSWER A vacancy and collection loss factor
What is the distance in miles from the principal meridian that describes Range 4 West? - ANSWER 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? - ANSWER The broker only
The commissioner may deny the issuance of a Public Report for a new subdivision, if the developer is unable to: - ANSWER Deliver title or interest contracted for:
The Federal Housing Administration is administered by: - ANSWER The Department of
Housing and Urban Development
Under a graduated payment mortgage, the monthly payment will: - ANSWER 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: - ANSWER A long-term proprietary lease
Title to real estate passes to the grantee at the time the deed is: - ANSWER Delivered and accepted
The mortgage MOST commonly uses: - ANSWER Simple interest
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