ASREB (Arizona School of Real Estate and Business) Exam
Review Guide Questions and Answers 2025/2026
What type of notice results from publicly recording a title transfer correct answer
Constructive notice - The purpose of recording is to give the public constructive notice
of a transfer of ownership. Recording doesn't transfer title; it informs the public that a
transfer of title has occurred
If an Arizona licensee misses the deadline for the continuing education requirements,
the Arizona real estate commissioner can grant a waiver or additional time if the
licensee shows
Good cause - The real estate commissioner reserves the right to waive all or a portion
of a licensee's CE requirement or grant additional time if the licensee submits a written
request showing good cause for the waiver/additional time.
Which of the following is NOT an acceptable property management trust account title
correct answer
Arizona Property Management Account - Acceptable wordings to include in a trust
account title are: trust account, fiduciary account, or in trust /trustee/fiduciary for (owner
or entity name).
Which of the following is not a component of waste that needs to be periodically
removed by professional septic pumping companies correct answer
Water - Along with the collected solids, the greases and oils that rise to the top of the
tank are periodically removed by professional septic pumping companies and taken to
an approved disposal site
Jennings has received a Closing Disclosure from his lender. What's the purpose of this
form correct answer
,To detail all costs Jennings will owe at closing - The Closing Disclosure, provided at
least three business days before closing, details the buyer's closing costs, as well as
other loan terms, such as the projected monthly payment.
When a property is sold at an Arizona non-judicial foreclosure, the auction is called a
______.
Trustee's sale - When the non-judicial process is used, the foreclosure sale is called a
trustee's sale.
Arizona Administrative Code rules apply to what sort of real estate advertisements
correct answer
Arizona Administrative Code rules apply to ALL real estate advertisements. - Online,
Print, Private etc
The Arizona homestead exemption allows homeowners to exempt up to $150,000 of the
value of their primary residence (homestead) from seizure for payment of debts, but it
doesn't exempt all types of debts. Which of the following types of judgment liens could it
be used for correct answer
A judgment lien for a store credit card - The Arizona homestead exemption doesn't
protect against debts with a "special relationship to the property," such as a mortgage,
deed of trust, materialmen's lien, government tax liens, or liens for past due child
support/spousal maintenance.
Lucy inherited some land. When she makes the drive to check on it about two years
later, she finds that, to her surprise, someone is living in a small cottage on that
property. What's this an example of correct answer
Adverse possession - Adverse possession means that someone lives on, or possesses,
the property without the owner's permission.
, If Arizona licensee Lucas is convicted of a misdemeanor, what must he do in
accordance with Arizona license law correct answer
Notify the Arizona Department of Real Estate. - Licensees are required to notify the
Arizona Department of Real Estate when changes that affect their license occur,
including changes in personal information and judgments like misdemeanor and felony
convictions
Your client has just bought a property that includes a well that pumps 45 gallons a
minute. What kind of well is it correct answer
Non-exempt - Any well that pumps more than 35 gallons a minute is non-exempt.
All Arizona real estate employment agreements must be in writing, written in clear and
unambiguous language, stipulate all terms of the agreement (including compensation),
have a beginning and ending date, and ______.
Be signed by all parties - All Arizona real estate employment agreements must be
written in clear, unambiguous language, stipulate all agreement terms (including
compensation), have a beginning and ending date, and be signed by all parties
Liam is a contractor who discloses his right to place a lien on the properties where he
works in the event of non-payment. What type of lien is this correct answer
Mechanic's - A mechanic's lien is a specific lien that can be placed against the property
that received the benefit of workmanship. It protects contractors in the event the
homeowner does not pay them for their work
The transfer of land through eminent domain or condemnation is known as what
correct answer
Involuntary alienation - Eminent domain and condemnation are considered involuntary
alienation
Review Guide Questions and Answers 2025/2026
What type of notice results from publicly recording a title transfer correct answer
Constructive notice - The purpose of recording is to give the public constructive notice
of a transfer of ownership. Recording doesn't transfer title; it informs the public that a
transfer of title has occurred
If an Arizona licensee misses the deadline for the continuing education requirements,
the Arizona real estate commissioner can grant a waiver or additional time if the
licensee shows
Good cause - The real estate commissioner reserves the right to waive all or a portion
of a licensee's CE requirement or grant additional time if the licensee submits a written
request showing good cause for the waiver/additional time.
Which of the following is NOT an acceptable property management trust account title
correct answer
Arizona Property Management Account - Acceptable wordings to include in a trust
account title are: trust account, fiduciary account, or in trust /trustee/fiduciary for (owner
or entity name).
Which of the following is not a component of waste that needs to be periodically
removed by professional septic pumping companies correct answer
Water - Along with the collected solids, the greases and oils that rise to the top of the
tank are periodically removed by professional septic pumping companies and taken to
an approved disposal site
Jennings has received a Closing Disclosure from his lender. What's the purpose of this
form correct answer
,To detail all costs Jennings will owe at closing - The Closing Disclosure, provided at
least three business days before closing, details the buyer's closing costs, as well as
other loan terms, such as the projected monthly payment.
When a property is sold at an Arizona non-judicial foreclosure, the auction is called a
______.
Trustee's sale - When the non-judicial process is used, the foreclosure sale is called a
trustee's sale.
Arizona Administrative Code rules apply to what sort of real estate advertisements
correct answer
Arizona Administrative Code rules apply to ALL real estate advertisements. - Online,
Print, Private etc
The Arizona homestead exemption allows homeowners to exempt up to $150,000 of the
value of their primary residence (homestead) from seizure for payment of debts, but it
doesn't exempt all types of debts. Which of the following types of judgment liens could it
be used for correct answer
A judgment lien for a store credit card - The Arizona homestead exemption doesn't
protect against debts with a "special relationship to the property," such as a mortgage,
deed of trust, materialmen's lien, government tax liens, or liens for past due child
support/spousal maintenance.
Lucy inherited some land. When she makes the drive to check on it about two years
later, she finds that, to her surprise, someone is living in a small cottage on that
property. What's this an example of correct answer
Adverse possession - Adverse possession means that someone lives on, or possesses,
the property without the owner's permission.
, If Arizona licensee Lucas is convicted of a misdemeanor, what must he do in
accordance with Arizona license law correct answer
Notify the Arizona Department of Real Estate. - Licensees are required to notify the
Arizona Department of Real Estate when changes that affect their license occur,
including changes in personal information and judgments like misdemeanor and felony
convictions
Your client has just bought a property that includes a well that pumps 45 gallons a
minute. What kind of well is it correct answer
Non-exempt - Any well that pumps more than 35 gallons a minute is non-exempt.
All Arizona real estate employment agreements must be in writing, written in clear and
unambiguous language, stipulate all terms of the agreement (including compensation),
have a beginning and ending date, and ______.
Be signed by all parties - All Arizona real estate employment agreements must be
written in clear, unambiguous language, stipulate all agreement terms (including
compensation), have a beginning and ending date, and be signed by all parties
Liam is a contractor who discloses his right to place a lien on the properties where he
works in the event of non-payment. What type of lien is this correct answer
Mechanic's - A mechanic's lien is a specific lien that can be placed against the property
that received the benefit of workmanship. It protects contractors in the event the
homeowner does not pay them for their work
The transfer of land through eminent domain or condemnation is known as what
correct answer
Involuntary alienation - Eminent domain and condemnation are considered involuntary
alienation
