Compu cram practice exam || Questions and 100% Verified Answers.
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Compu cram practice
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Compu Cram Practice
The broker is required by Arizona law to reconcile his or her TRUST ACCOUNT: correct answers At least once a month
A sale of real property is being handled in the broker's office and there is no escrow called for in the contract. Broker prepares several documents necessary in the sale at a cost ...
Compu cram practice exam || Questions and 100% Verified Answers.
The broker is required by Arizona law to reconcile his or her TRUST ACCOUNT: correct answers At least once a month
A sale of real property is being handled in the broker's office and there is no escrow called for in the contract. Broker prepares several documents necessary in the sale at a cost of $35.00. Who can the broker charge for this cost? correct answers No one
T or F: Broker can only prepare documents in relation to an actual sale and CANNOT CHARGE
for document preparation. correct answers True
In Arizona, a person who subdivides and advertises property for sale, without first applying for a Public Report is guilty of a: correct answers Class 5 felony
A subdivider must comply with all of the following in advertising except: correct answers All homes are complete with appliances
All licensees shall promptly place all cash, checks or other items of value received as payment in
connection with a real estate transaction in the care of: correct answers An escrow agent
In the event that the Arizona department of real estate files a formal complaint against you, which of the following is true? correct answers You may be represented by an attorney
The recovery fund must have a minimum balance of $600,000 by which of the following dates? correct answers June 30th
A public report will be denied a developer for all of the following reasons except: correct answers Not providing detailed floor plans
How much money in the broker's trust account may be the broker's own money? correct answers $3,000
Tor F : The broker may have $3,000 or less of their own money in the broker's trust account. correct answers True
A timeshare would be required to have a public report if: correct answers There are twelve or more intervals
A broker's listing agreement expired two weeks ago, and the seller has re-listed with another agency. However, that broker now has an interested buyer. In showing the property to this prospective buyer, which of the following is true? correct answers Cant discuss any offers they had The lettering used for the name of the employing broker when advertising real property for sale or lease shall appear: correct answers in a clear and prominent manner
T or F: Once your listing expires you must promptly remove the sign and cease all marketing activities until the client gives you permission to continue. correct answers true
If a licensee is convicted of a misdemeanor or felony, he/she must notify the Arizona Department
of Real Estate within how many days? correct answers Ten
When any incentive is offered to visit any place where a sales presentation for a development is to be made, the developer shall disclose in writing all conditions, limitations, or recipient qualifications that will be applied: correct answers Before the recipient makes the trip
T or F: Agency law covers the broker-client relationship. correct answers True
When listing a property, a broker would be what type of agent to the seller? correct answers Special
Who can sign the contract for the seller? correct answers Attorney-In-Fact
Which of the following is NOT needed to have a valid listing/employment agreement? correct answers Legal description
If a disagreement occurs between buyer and seller at the time of escrow closing, where do the parties turn to settle their disagreement? correct answers Purchase contract
Coercion and duress were applied against one party in a contract. The contract was: correct answers voidable
A person is selected to settle a dispute between a buyer and seller. The decision will be binding on all parties. This person is called: correct answers Arbitrator
During the buyer's walkthrough, it was discovered that the washer was not in working order. The
buyer informs the seller that the washer will need to be repaired, since it was in working order at time of contract. Which of the following is true? correct answers The seller would be obligated to repair the washer.
A deed used to transfer title states that the conveyance will remain in effect "so long as the property is not used for the sale of alcoholic beverages." The buyer would receive what kind of estate? correct answers Fee simple defeasible estate
What would NOT apply to an easement appurtenant? correct answers Prescription
What would be considered personal property? correct answers Emblements
T or F: Emblements are considered personal property. correct answers true Which of the items listed below best describes a partition action? correct answers Divided co-
ownership
The area owned together by all owners of a condominium project and available for all owners' use is termed: correct answers Common area
An owner of a two-acre lot separates it and wants to give away one of the newly formed lots. What would they have to provide? correct answers Easement by necessity
A buyer of a residential unit receives stock as a form of ownership. This is best described as: correct answers Cooperative
T or F: Cooperative property is owned by the corporation and residents are shareholders who purchase stock. correct answers true
Depending on the "class" of real property, (i.e. residential, commercial, railroad, mines etc.), a tax assessment ratio is applied to the property's limited value by the County Assessor in order to determine: correct answers The assessed valuation of the subject property
When you are foreclosing on a tax lien, where would you go? correct answers Superior court
T or F To foreclose a tax lien, you must go to superior court correct answers TRUE
When are PROPERTY taxes payable? correct answers october and march
What is NOT part of a tax deferred exchange? correct answers Highest and best use
T or F: Highest and best is NOT part of a tax deferred exchange. correct answers True
T or F: Residential investment property has an economic life of 27.5 years. correct answers True
Which of the following relate to residential investment property depreciation? correct answers economic life of 27.5 years.
T or F: The insulation pumped into houses in 1970s was urea-formaldehyde insulation. correct answers True
T or F: the purpose of the superfund is that It allows the EPA to clean up abandoned waste sites and requires the responsible party to cover the costs of doing so correct answers true
Baselines run ______________ correct answers east and west
Meridians run _____________ correct answers north and south
The Gila and Salt River Baseline runs: correct answers east and west
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