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ASREB Exam Questions and Answers Correct
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ASREB Exam Questions
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ASREB Exam QuestionsSalesperson is working for a principal, but the salesperson exceeds authority in
agreement. Principal does nothing to correct the actions, and the public is led to believe
the actions were okay. Agency? – answer Estoppel
Amount stated in a purchase contract in case the buyer breaches is called: - answer
Liquidated
In a sublease with a positive leasehold who benefits from excess rent? - answer Sub-
lessor
Property taxes are 1,525. 1st half paid by seller closes November 2nd - answer512.57
Debit seller, credit buyer (518.07)
Deed of trust is created, it also needs: - answer Note
Consumer financial protection bureau is governing - answer Savings & Loan
Associations
Fixed rate 30 year loan is partially prepaid, has an effect on - answerShortening the life
of the loan
Buyers interest in a purchase contract is assigned to 3rd party, sellers' permission -
answerNever Required
Apt. 2 units :900, 2550 - answer2,030
90,000 1500 + 6% annum - answer427.50
Sell house for 113,000 7% VA Loan 110,000 2 ½ points termite inspection -
answer29,840
Commissioner may issue cease and desist on all but - answerAppeal to Advisory Board
Low income loans - answerGNMA
Closing statement not pro-rated - answerSecurity deposit
What is not required on brokerage receipt - answerbrokerage name
Brokers are required to have all except: - answerTrust Account
,Not appear on public report - answerMarket Value
Taxes are 915 a year, seller paid 1st half on October 1, close escrow on 11/16 -
answer340 Debit Seller
Relationship of Licensee to Broker - answerGeneral
Sell June 6th, Water Bill $86 and taxes are $778 - answer437 Credit Seller, 492 Debit
Buyer
Life Tenant Holds - answerFee Simple
Couplings - answerHome Inspectors/Arizona Board of Technical Registration
When a broker moves their office the sign must be removed - answerImmediately
Property closes on June 15, using 365 days credit to the seller when 1200 was paid -
answer657.54
When you appraise land and ad it to the depreciated value of the improved property,
what appraisal approach is being used - answerCost
Term used by surveyors - answerBenchmark
Right to license agents - answerlegislature
Law that requires non-resident aliens to pay gains - answerFIRPTA
160,000 property Evans, Cains 155,000. Cain paid 5,000 taxes are assessed on -
answerEvan pays 5,000
Sale leaseback occurs - answerBuyer is landlord
Type of deed is not necessarily evidence of title - answerQuite Claim Deed
Commerical lease what limits increases in cost - answerExpense stop
Who pays discount points on VA loan - answerBuyer
Rectangular property 8690 yards has 318 front feet. How deep? - answer245 Feet
Which of the following is not fee simple absolute interest? - answerLessee with long
term lease
Buying rental property appraised using? - answerIncome Approach
, Required to complete ADEQ notice on site wastewater facility - answerBuyer
Assessments for PI Placed on Realty Based - answerPro Rata Share Cost of
Improvements
Real estate device which doesn't transfer legal title but does place equitable title to
buyer - answerAgreement for sale
Contiguous Means - answerParcels Land Connected
Bait and Switch - answerTruth in Lending Act
Highest Form - answerFee Simple
Listing my be assigned - answerBy listing Broker to another salesperson
Concept that info given a client's agent has been given to the client is known as -
answerImputed Notice
How many acres in SE4 SW4; NW4 and SE4; N2 S2 Section 22 - answer320
Which of the following isn't an appurtenance and doesn't pass with warranty deed -
answerTrade Fixture
Which of the following is not correct - answer1/4 miles = 1/16 section
Bought 189.500 paid 2700 closing cost put 30,000 in improvements, selling 249,000
with 5% commission - answer12,350
Licensed Mortgage Loan Originators registered - answerNation MLS
Lender required to give under RESPA - answerLoan estimate and disclosure
Loan that doesn't meet Frannie Mae or Freddie Mac Guidelines - answerNon-
conforming
Seller wants to net 175,000 after paying 6% to the listing - answer186,670
The homestead exemption protects which? - answerEquity in principal home
You borrow 90,000 at 9% for 20 years monthly payment is 900 total amount interested
after 20 years - answer126,000
House is rented for 980 a month. House is sold and closes April 15th. Pro ration -
answer522.7 debit seller and credit buyer
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