Exam (elaborations)
ARIZONA REAL ESTATE EXAM
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ARIZONA REAL ESTATE EXAM
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ARIZONA REAL ESTATE EXAMArizona broker price opinions (BPOs) are perfectly legal if all of the following apply
EXCEPT - Answers -the opinion must be provided by an Arizona real estate broker.
What is the maximum dollar amount a subdivider/developer can accept for a lot
reservation? - Answers -$5,000
If the holder of a judgment against a real estate licensee is going to file a claim against
the Real Estate Recovery Fund, the judgment holder must file the claim within _____ of
obtaining the judgment. - Answers -two years
The grace period after a license in good standing expires is - Answers -one year.
An action by the purchaser to rescind a purchase of subdivided land which is without
permanent access to a public road must be brought within _____ of the date of
execution of the real estate sales contract by the purchaser. - Answers -three years
Arizona statutes provide that if within the statutory period (10 years) the owner of land
does not take legal action to eject a person adversely using a portion of the land, the
owner's possession rights are extinguished, and as an operation of law, a new
possession right is created in the adverse possessor. This new possession right to use
a portion of land is most commonly created with the recordation of - Answers -an
easement by prescription.
Dawn does not hold a real estate license, but she tends bar and gets to talk to a lot of
folks who are in the market to buy property. She provides the name of these prospects
to broker Dave, who pays her cash for the names and addresses. Is Dawn's conduct
considered brokering? - Answers -Yes, because Dawn is being compensated to assist
in the procuring of prospects.
The parties to a property management agreement are the owner of the leased property
and - Answers -the brokerage.
In Arizona, appraiser's licenses are issued for - Answers -2 years.
A property management broker must deposit trust funds that are not subject to dispute
or contingency - Answers -within three banking days.
A property management must firm keep copies of all financial records for - Answers -
three years.
A licensee must notify the Arizona Department of Real Estate (ADRE) of changes to
license information within - Answers -10 days of the event.
, In Arizona, the lender receives a deed of trust as security for a promissory note. The
borrower is the trustor and retains equitable title, the trustee is a disinterested third party
that holds legal title, and the lender is the beneficiary. Arizona can be BEST
characterized as what kind of state? - Answers -Title theory
Which of the following could NOT be a signor on the property management trust
account? - Answers -A licensed person who keeps the books for the firm who holds the
account but is licensed under a different brokerage.
A given real estate transaction closes on March 10 of the current year. Real Estate
taxes for the previous year were $2,015.00. Real estate taxes for the current year are
not yet set. Using a calendar-year formula, with the buyer being responsible for the day
of closing, the real estate taxes should be prorated as - Answers -Debit Seller - Credit
Buyer $375.36.
Which of the following statements about the transfer of well rights are TRUE?
If a person desires to move the use of the surface water rights to another location, it is
required that the person apply to the Arizona Department of Environmental Quality
(ADEQ) for permission to sever the rights from the original location and transfer it to a
new location.
The application for permission to sever and transfer well rights will not be approved if
the transfer will adversely affect other vested water rights.
Any irrigation district downstream of the water right must approve of the transfer before
the transfer can happen. - Answers -II and III
The designated broker must review and approve every employment contract (listings,
buyer-broker employment agreements, property management agreements) within -
Answers -10 business days.
Who would provide instructions regarding the signing of a deed of reconveyance? -
Answers -Beneficiary
What is the Arizona Equivalent to the Comprehensive Environmental Response,
Compensation, and Liability Act (CERCLA) Superfund? - Answers -The Water Quality
Assurance Revolving fund (WQARF)
The real estate recovery fund's liability shall not exceed - Answers -$30,000 for each
transaction.
The property management agreement between Acme Property Management and
property owner Butch terminates. Butch is requiring that Acme Property Management
immediately refund all monies on account for Butch's property. Within how many days
must Butch's money be refunded to him? - Answers -35 days
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