Exam (elaborations)
ARIZONA REAL ESTATE SALESPERSON EXAM
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ARIZONA REAL ESTATE SALESPERSON EXAM
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ARIZONA REAL ESTATE SALESPERSON EXAMWhat are the two requirements of the property if the anti-deficiency statute is to apply? -
Answers -2.5 acres or less. Utilized as a family home for a 1 or 2 family dwelling.
In a deed of trust, who is the "trustor?" - Answers -The person buying the house (the
purchaser).
Who has priority in liens even over a purchase money mortgage lien filed prior? -
Answers -Liens for unpaid property taxes and agricultural liens on crops.
Does an IRS lien filed in 2015 have priority over a mortgage filed in 2014? - Answers -
No. In Arizona, IRS liens do not have priority a mortgage/deed of trust filed prior to it.
Which listing gives the salesperson/broker a right a commission regardless of whether
the seller sells the property? - Answers -Exclusive right to sell.
What do the seller and listing broker have to agree upon when listing a property? -
Answers -The ending date of the listing.
A listing broker lists a property with sub-agency provisions. Another broker accepts the
listing broker's offer to cooperate. The co-operating broker is acting as the _____ to the
seller? - Answers -Subagent
A salesperson's right to a commission is based on - Answers -having a valid license.
Is a broker required to get the owner's approval to transfer a listing to another
salesperson? - Answers -No.
Is a salesperson the agent of the seller or of the broker? - Answers -Broker. (And the
broker is the agent for the seller).
Is a listing broker responsible for making a list of the personal property to be included in
a listing? - Answers -Yes.
In a normal real estate transaction, is the broker responsible for giving abstract of title
and opinion? - Answers -No.
If a seller tells a broker he doesn't want anything other than full price offers, should the
broker still present offers less than the listed (full) price? - Answers -Yes.
If an escrow is opened by a salesperson, but his broker's license is suspended
thereafter, may the salesperson still receive his commission? - Answers -Yes.
,Under an exclusive agency, if the seller sells the property himself, does the broker get a
commission? - Answers -No.
May a salesperson enter into dual agency (buyer and seller) if it is disclosed in writing to
both buyer and seller? - Answers -Yes.
A seller/broker relationship can be described as principal/______________? - Answers
-Agent.
A procuring cause dispute is most likely to occur with agents working with which type of
listing? - Answers -Open listing.
If a listing broker dies, can his son take over the listings by informing the sellers of the
transfer and asking the real estate department for approval? - Answers -No. He must re-
write and negotiate all listings.
Is the broker-seller relationship best defined as "contractual" or "fiduciary?" - Answers -
Fiduciary.
Does a lien for property taxes filed in 2015 have priority over a mortgage filed in 2014? -
Answers -Yes. In Arizona, state property tax liens do take priority over other liens.
What is the title of the person who supervises the estate of someone who died without a
will? - Answers -Administrator.
What is the title of the person who supervises the estate of someone who died with a
will? - Answers -Executor.
When are property taxes ASSESSED? - Answers -Once a year, January 1.
When are the two dates in Arizona in which property taxes are DUE for January 1? -
Answers -For January 1, 2015, they would be DUE on October 1, 2015 and March 1,
2016.
When are property taxes LATE for October 1, 2015 and March 1, 2016? - Answers -For
October 1, 2015, they are late on November 1, 2015. For March 1, 2016, they are late
May 1, 2016.
If a salesperson represents a seller in ALL real estate transactions, that is considered to
be what form of agency? - Answers -General agent.
A real estate salesperson (licensee) is what kind of agent as to his or her broker? -
Answers -General agent.
A seller gives her salesperson the right to sell and make other decisions regarding the
property is what kind of agent? - Answers -General agent.
,What are the 4 types of listings? - Answers -(1) Exclusive right to sell; (2) Exclusive
agency; (3) Open Listing; (4) Net listing.
If a seller lists a property with a broker, but sells it himself and pays no commission,
what sort of listing was this? - Answers -Exclusive agency.
Is an open listing between a seller and broker more bilateral or unilateral? - Answers -
Unilateral. It's an offer by the seller to any broker to sell the property, so it's one-sided.
Does a listing change because the salesperson has changed? - Answers -No.
Can a bankruptcy by a seller terminate a listing? - Answers -Yes.
What are the 6 duties owed by the listing broker to the seller/principal? - Answers -
Loyalty. Confidentiality. Disclosure. Obedience. Reasonable care and diligence.
Accountability.
Is "acquiescence" a duty owned by the broker to the principal? - Answers -No.
For an "exclusive agency" listing, it is true that it could not go into multiple listing? -
Answers -False.
Can brokers use a sub-agent in an "exclusive listing" and still be paid a commission? -
Answers -Yes.
In order to ensure getting paid a commission in an open listing, the broker must make
sure he has a __________? - Answers -Signed listing contract.
In an open listing, does the fact that the broker obtained the highest bid take
precedence over whether the broker has a signed listing contract in order to get his
commission? - Answers -No. The signed listing contract is what is key to a broker's
ability to collect a commission.
A seller tells a broker not to disclose he is going through with a divorce to the buyer?
Does the broker have to tell the buyer this if he is asked? - Answers -No. The broker
may decline to answer. But the broker cannot deny it, either. Just decline to answer.
The broker must keep the buyer's confidence but can't lie to the seller, so the broker
can only refuse to answer.
May a salesperson continue to work on a contract that is in escrow even though the
listing contract has expired? - Answers -Yes.
When a buyer signed a contract to purchase, what sort of title does he get? - Answers -
Equitable.
, Is a contract without a legal description of the property better described as "void"
(illegal) or "unenforceable?" - Answers -Unenforceable.
Does a property management agreement continue even after the death of the owner? -
Answers -No. Terminates upon death.
If a person (buyer) wants to buy a property in the future, but also wants the right to
decline the seller's offering price, that is called a ______________________? - Answers
-First right of refusal.
Do both the buyer and seller have to initial changes upon a counter offer? - Answers -
Yes.
What the primary difference between an option contract and a purchase contract? -
Answers -The option contract does not have to be consummated.
If a contract has been signed, but title has not passed, is the contract "executory" or
"executed?" - Answers -Executory (not sure why). Seems like signing means executed,
but because the title has not transferred, it's not done yet, so who knows.
Does an option to buy become binding when the option to buy is signed, or when the
option to buy is exercised? - Answers -When it is exercised.
If a husband or a wife fail to sign a realty contract, is it enforceable against either of
them? - Answers -No. It is unenforceable against both of them.
If, before the close of escrow, a contract is signed but the building burns down, is the
commission payable? - Answers -No. Has to be after escrow.
What does the "market data" approach to appraising use? - Answers -Building plus
value of the land.
What is the name for when a property increased in value without the owner doing
anything? - Answers -Unearned increment.
Is an offer by telephone that is accepted "executory" or "unenforceable?" - Answers -
Unenforceable. No offer for real estate can be oral, so it's not merely pendant; it's not
valid, and therefore, unenforceable.
A five bedroom house with a single bathroom would be? - Answers -Functionally
obsolete.
The "Market Data" approach is based on the principle of....? - Answers -Substitution.
Used for residential real estate, finding like properties.
The "highest and best use" is related to... - Answers -"greatest net return."
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