Exam (elaborations)

Arizona Real Estate Practice Questions with Correct Answers

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Course
Real Estate

Institution
Real Estate

Arizona Real Estate Practice Questions with Correct Answers Within how many days after property transfer shall a buyer submit a completed transfer form and file with ADEQ - ANSWER-15 days An example of involuntary alienation is where title to real estate passes by: - ANSWER-Sheriff's deed What...

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Uploaded on November 4, 2024
Number of pages 61
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

arizona real estate practice questions with correc

Institution Real Estate
Course Real Estate

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024

Arizona Real Estate Practice Questions

with Correct Answers

Within how many days after property transfer shall a buyer submit a completed transfer form and file

with ADEQ - ANSWER✔✔-15 days

An example of involuntary alienation is where title to real estate passes by: - ANSWER✔✔-Sheriff's deed

What event will create an involuntary life estate? - ANSWER✔✔-Dower interest becoming cohate

A valid warranty deed must contain all of the following elements, except: - ANSWER✔✔-Signed by

grantee

The clause in a deed which sets forth or limits the extent of the interests in the title being conveyed is: -

ANSWER✔✔-The habendum clause

An instrument that conveys a grantor's interest is called a: - ANSWER✔✔-Deed

Which of the items listed below is an interest in real property but not an estate? - ANSWER✔✔-

Mortgage

What law creates an automatic lien on a commercial property, subject to the listing agreement? -

ANSWER✔✔-Broker lien law

An article may be changed from realty to personalty by: - ANSWER✔✔-Detachment

What is the purpose of a date in an appraisal report? - ANSWER✔✔-Define the market Conditions under

which the appraisal was made

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,Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024

The customary procedure for arriving at the fair market value of an office building for selling purposes is:

- ANSWER✔✔-Figure the adjusted gross income, deduct all costs of operation, and divide the net

operating income by the current rate of return for this type of investment

Market price is closest to: - ANSWER✔✔-The amount of money given in exchange for the property (value

in exchange)

Which of the following does not relate to appraising? - ANSWER✔✔-Establishing value

While determining the net operating income of an investment property, an appraiser will take into

account all of the following except: - ANSWER✔✔-Interest expense

Negligence that causes harm is a/an: - ANSWER✔✔-Tort

Which of the following would NOT terminate an agency relationship? - ANSWER✔✔-Accepting an offer

and opening escrow

Seller and buyer sign a purchase contract. The buyer wishes to give it to another party. This action is

called: - ANSWER✔✔-Assignment

A buyer and a seller were separated in negotiations by only five hundred dollars. The listing and sales

agent agree to reduce the commission by that amount to make the deal. Each agent gives their clients

two hundred and fifty dollars after closing. What unethical practices exist here? - ANSWER✔✔-

Undisclosed inducement and dividing commissions with non licensees

A real estate broker, in the typical agency relationship with a seller, is a/an: - ANSWER✔✔-Special agent

A lender is limited in the amount of reserves they may hold in a residential real estate transaction. This is

governed by: - ANSWER✔✔-RESPA

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,Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024

What regulation requires the lender to show the true interest rate? - ANSWER✔✔-Reg. Z

The effective rate of interest is best described as: - ANSWER✔✔-Annual percentage rate

The VA funding fee would change based on: - ANSWER✔✔-Loan to Value

Broker lists property for $180,000. The ad reads $10,000 down and 8% interest. This ad would violate: -

ANSWER✔✔-Reg. Z

What document lets a buyer and seller see the costs involved with closing the transaction? -

ANSWER✔✔-HUD-1 statement

A title company is employed by a lender to collect payments on a deed of trust, what is the title

company called? - ANSWER✔✔-Servicing agent

Permanent finance payments would include which of the following? - ANSWER✔✔-Principal and interest

What statement in an advertisement requires a full explanation? - ANSWER✔✔-Only $5,000 down

What law requires lenders to limit the amount of funds that can be held in reserves? - ANSWER✔✔-

RESPA

The mortgagor is: - ANSWER✔✔-The borrower

What is not an encumbrance? - ANSWER✔✔-Warranty deed

Real estate loan usury rates are set by: - ANSWER✔✔-State laws

Prorated taxes would be shown on the settlement statement as a: - ANSWER✔✔-Credit to buyer, debit

to seller

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, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024

A residential tenant with a month-to-month lease enjoys which leasehold estate? - ANSWER✔✔-Periodic

tenancy

In real estate terms, an estate for years also may be called: - ANSWER✔✔-A leasehold

Which of the following is not essential to a valid contract? - ANSWER✔✔-monetary consideration

Which of the following cannot be a trustee? - ANSWER✔✔-C.P.A.

An Arizona real estate licensee may not charge for document preparation according to: - ANSWER✔✔-

Arizona Constitution Article XXVI

Which of the following requires probate? - ANSWER✔✔-Tenancy in common

What would NOT apply to an easement appurtenant? - ANSWER✔✔-Prescription

An easement that conveys along with the title to a dominant estate is known as: - ANSWER✔✔-An

appurtenant easement

Termination of joint tenancy with rights of survivorship is accomplished by: - ANSWER✔✔-Deed by one

or more property owner

What agency oversees Active Management Areas and regulates ground water? - ANSWER✔✔-ADWR

How many acres are in the following description: NE4 SW4 and the SE4 NW4; SE4 SW4 NE4 Section 22: -

ANSWER✔✔-90

A property described as T5N, R4E of the GSRB&M is located between _____ and _____ miles north of

the base line. - ANSWER✔✔-24 and 30

The Gila and Salt River Baseline runs: - ANSWER✔✔-East and west

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