Exam (elaborations)
AZ REAL ESTATE PRACTICE EXAM
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AZ REAL ESTATE PRACTICE EXAM
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AZ REAL ESTATE PRACTICE EXAMA 3.45-acre What is the selling price? lot sells for so cents per square foot.
A. 537,570
B. $75,141
C. 576,230
D. $78,712 - Answers -B
A blind ad refers to an ad that:
A. provides no price.
B. provides no address.
C. gives no with a broker. indication that the property is listed
D. gives no been sold or not indication that the property has - Answers -C
purchase of a property. A borrower is required to put 10% down The 10% down for the
considered would be A equity. B. boot. C. tax shelter. D. leverage. - Answers -A
A broker, acting as a property manager, would be what type of agent? A. special B.
general C. implied D. ostensible - Answers -B
A buyer pays 20% down and obtains a real payments. What clause estate mortgage.
The buyer makes no further would the lender now exercise? A. alienation B. habendum
C. C. novation D. acceleration - Answers -D
When a new home is still under construction, the County Assessor may value ratio. A.
increase the assessed B. increase the full cash value. C. decrease the tax rate. D.
appeal the limited property value. - Answers -B
A contact has been signed, passed. The contract is but title has not ves A. executed. B.
executory. C recorded. D. estopped. - Answers -B
A handicapped requires modification. person is leasing Which of the modifications? a
house thet TRUE about the followinn i A The lessor my forbid handicapped
modifications. B. The lessor can reasonably require the lessee to restore the property at
the end ed the lease. C. The lessor P. The lessor can must pay for the modifications
increase the rent due to the risk of the handicapped person. - Answers -B
A holdover tenant would have a(n) A. estate at sufferance. B. estate at will. C freehold
estate. D. remainder estate. - Answers -A
Which of these property classifications is used for vacant land? A. Class 1 B. Class 2 C.
Class 3 D. Class 4 - Answers -B
, A house costs down payment of $32,000 loan. If there $100,000. The buyer is making a
and getting a $68,000 are 4 points, how much money will be paid out of the closing for
the points? A. $400 B. $1,280 C. $2,720 D. $4,000 - Answers -C
A lender refuses to loan certain minority neighborhood. or limits loans in a This action is
called A steering. B. blockbusting. C. redlining D. territory allocation. - Answers -C
A lessee puts in a bookcase for commercial use: at the end of the lease the The
bookcase would be considered bookcase is removed. A. real property. B. a trade
fixture. C. appurtenant. D. chattel real. - Answers -B
To finance the infrastructure for a subdivision development, Arizona law allows the
formation of A. Homeowners' Associations. B. Community Facilities Districts. C.
Planned Communities. D. Planned Unit Developments. - Answers -B
A listing broker receives several offers at the same time. The broker should A. present
only the best. B. present all the offers. C. present the three best. D. wait for more offers
before presenting to the seller. - Answers -B
A Loan Estimate must be given to a borrower within three business days A. of loan
application. B. after the buyer's request. C. after closing. D. prior to closing. - Answers -
A
A party lives on a property without permission. of the owner. After the legally required
time period, if the occupant receives title to the property it was done so through A.
easement by prescription. B. adverse possession. C. escheat. D. eminent domain. -
Answers -B
In what situation would a short sale be likely? A. The loan balance is greater than the
property value. B. The loan balance is less than the property value. C. The loan has a
non-recourse provision. D. The total of all liens is less than the property value. -
Answers -A
If the percentage of renters in a community exceeds 50%, many lenders require that the
homeowners'association reserves be what percentage of HOA budgeted income? A.
5% B. 10% C. C. 15% D. 20% - Answers -D
After a deed of trust foreclosure sale, which of the following is TRUE? A. A deed of
reconveyance is given to the trustor. B. The note is marked paid and returned to the
trustor. C. A trustee's deed is given to the new owner. D. The trust deed is returned to
the trustor. - Answers -C
After a mortgage foreclosure, if the sale amount was insufficient to cover the debt, the
lender may ask for a(n) A. deficiency judgment. B. assessment. C. assignment of rents.
D. deed in lieu of foreclosure. - Answers -A
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