AZ CE Shop Practice Test Exam Questions with Correct Answers
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Course
The CE shop real estate
Institution
The CE Shop Real Estate
Which of the following is true about mortgage brokers?
-They don't service the loan beyond placement
-They originate their own loans
-They've paid through fees from originating and servicing loans
-They service the loan for it's entire lifecycle - Answer-They don't service the loan beyond place...
AZ CE Shop Practice Test Exam
Questions with Correct Answers
Which of the following is true about mortgage brokers?
-They don't service the loan beyond placement
-They originate their own loans
-They've paid through fees from originating and servicing loans
-They service the loan for it's entire lifecycle - Answer-They don't service the loan
beyond placement
Janalynne is a designated broker setting up the main place of business for her
employing broker. Before officially opening for business, she'll make sure that the
__________ is on display in the office.
-Affiliated brokers license
-Articles of incorporation or similar business documentation
-Business plan
-Employing brokers or designated brokers license - Answer-Employing brokers or
designated brokers license
George is an Arizona salesperson representing a seller client in a real estate
transaction. His employing broker, Hannah, is preparing a written disclosure to give to
the transaction parties regarding who will receive compensation from the transaction.
When will Hannah need to provide the compensation disclosure?
-Before closing
-Before the final funds transfer
-Before the first offer is received
-Before the listing goes on the MLS - Answer-Before closing
Licensee Kennie Mae's neighbor, Buzz, wants to sell his house but doesn't want to sign
an agency agreement. Kennie Mae works with Buzz to list and show the property and
negotiate offers. After the property sells, Buzz discovers that Kennie Mae didn't present
all offers to him, and he sues Kennie Mae. Kennie Mae claims that because she didn't
have an agency agreement with Buzz, she wasn't required to perform all fiduciary
duties. What legal principle applies here?
-Agency after the fact, because Kennie Mae continued to perform tasks for Buzz
through the closing date
-Law of agency, because Kennie Mae defined her agency relationship with Buzz
through the tasks she performed
-The doctrine of estoppel keeps Kennie Mae from disavowing the agency relationship
because she provided agency tasks for Buzz
-The ratification doctrine states that Kennie Mae ratified her relationship with Buzz by
signing the closing paperwork - Answer-The doctrine of estoppel keeps Kennie Mae
from disavowing the agency relationship because she provided agency tasks for Buzz
,In Arizona, when a public report is issued on a proposed subdivision, how long does a
developer have to provide a copy to all reservation holders? - Answer-15 calendar days
Which range of credit scores represents the average score for Americans overall?
-580 to 669
-670 to 739
-740 to 799
-800 or higher - Answer-670 to 739
In order to maintain their licenses, employing brokers must appoint and maintain a(n)
-Branch manager
-Designated broker
-Officer in charge
-President - Answer-Designated broker
If an Arizona licensee misses the deadline for the continuing education requirements,
the Arizona real estate commissioner can grant a waiver or additional time if the
licensee shows ___________
-Financial responsibility
-Good cause
-Proof of enrollment
-Reasonable effort - Answer-Good cause
A _________ is a tract of land divided into lots or plats and used for building purposes.
-Plat
-Site plan
-Subdivision
-Topographic map - Answer-Subdivision
Which option is true if a deed is not recorded after closing?
-The buyer must pay a fine to the seller
-The entire closing is void
-The property's legal ownership can be challenged
-The title never changes hands from the seller to the buyer - Answer-The property's
legal ownership can be challenged
Hugh is representing Jacqueline in her purchase of a new condo. She wants to move in
before closing, and in order to fulfill his statutory duties, which of the following actions
would Hugh take?
-Recommend Jacqueline seek the advice of a lawyer
-Recommend Jacqueline speak with his designated broker
-Recommend that she wait until after closing to keep things simple
-Research the implications and report them back to her - Answer-Recommend
Jacqueline seek the advice of a lawyer
,Kurt bought a vacant lot in a development that was 85% completed. When he started
working with the builder to lay out where the house and driveway would lie, it was
determined that he would need an easement because his driveway would spill over onto
the adjacent lot by a few feet. What type of easement is this?
-Easement appurtenant
-Easement by necessity
-Easement by prescription
-Easement in gross - Answer-Easement appurtenant (dominant)
Which occupancy type is eligible for a VA loan?
-All occupancy types
-Investment property
-Owner occupied
-Second home - Answer-Owner occupied
Property management firms must keep all clients financial records for at least
_________ year(s) from the date each document was executed.
-Four
-One
-Three
-Two - Answer-Three
Who or what most likely establishes a covenant not to compete?
-Developer restrictive covenants
-Local building codes
-Local zoning restrictions
-Purchase or lease contract - Answer-Purchase or lease contract
Which of these situations represents a unilateral contract?
-Cain sells Trent his bike
-Maurice promises Shelton $100 if Shelton will sell his painting. Shelton agrees, but
Maurice doesn't pay Shelton
-Nathan and Sue exchange vows at their wedding
-Sherry promises to give Brent a ride home from work, and then doesn't show up -
Answer-Sherry promises to give Brent a ride home from work, and then doesn't show up
Ken, Barbie, and Skipper owned a property as a joint tenancy. When Skipper moved out
of state, she sold her interest to Midge. Two years later, Ken died. How is the interest in
the property divided? - Answer-Barbie owns two thirds and Midge owns one third
Individual property managers may be employed by an owner and manage ________
-A single property
-Multiple properties
-Properties within a single state
-Several connected properties - Answer-A single property
, A lender requests an appraisal of a property under foreclosure. What type of value is
the lender most likely to be interested in?
-Going concern value
-Insured value
-Investment value
-Liquidation value - Answer-Liquidation value
What is a real estate employment agreement in Arizona?
-An agreement between a licensee and the licensee's broker
-An agreement between two licensee's working with the same client
-A term for property management agreements
-A term for the listing agreement or buyer agency agreement - Answer-An term for the
listing agreement or buyer agency agreement
Homeowners Annette and Jeff are suing contractor Daniel for breach of contract. Where
might they be able to find an affidavit of suspended license to use as prima facie
evidence in the court proceedings?
-Arizona Administrative Office of the Courts
-Arizona Department of Real Estate
- Arizona Registrar of Contractors - Answer-Arizona Registrar of Contractors
Where can a party reviewing a title commitment find basic details about the transaction?
-Schedule A
-Schedule B-1
-Schedule B-2
-This is not contained in the title commitment - Answer-Schedule A
Who originates their own loans?
-Mortgage bankers
-Mortgage brokers
-Real estate brokers
-Real estate licensee - Answer-Mortgage bankers
Sunshine Surveyors Inc. created a lot and block survey for a new residential
development, Happy Acres. The first thing the surveyor did when he surveyed the new
neighborhood was to reference what type of description?
-Map
-Metes and bound description
-Monument
-Plat book - Answer-Metes and bounds description
Forecasting the income and expenses that we can reasonably expect to bring in and
pay out over a short term results in a budget that's every property managers dream.
That budget is __________
-A capital reserve
-An expense
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