ASREB (Arizona School of Real Estate and Business)
Chapter 10 Exam preparation training Questions and
Answers 2025/2026
In order to be considered bulk land, a parcel must have?
A. no more than 36 acres
B. between 36 and 159 acre
C. at least 160 acres
D. no more than 360 acres - correct answer C. at least 160 acres
Arizona law defines a subdivision as land that is divided or proposed to be divided for
sale or lease into?
A. 6 or more lots regardless of size.
B. 6 or more lots of more then 36 acres.
C. 6 or more lots of less than 36 acres each.
D. more than 50 lots. - correct answer C. 6 or more lots of less than 36 acres each.
When Ursula bought one of the 50 homes on half-acre lots in Sunrise subdivision, the
developer did not give her a Public Report. Ursula?
A. can void the home purchase for up to 7 days
B. can void the home purchase for up to 30 days
C. can void the home purchase for up to three years
D. has no right to void the home purchase but can sue for damages - correct answer
C. can void the home purchase for up to three years
When Ace Development offers lots in Royal Cactus subdivision for sale, what is the
maximum deposit it can accept for a lot reservation?
, A. $2,500
B. $5,000
C. $10,000
D. There is no maximum limit. - correct answer B. $5,000
What can a developer do without a Public Report?
A. take lot reservations
B. sales contracts
C. close escrow
D. accept non-refundable deposits - correct answer A. take lot reservations
What is the maximum age of public report in order to qualify for a subsequent owner
exemption?
A. 1 year
B. 2 years
C. 5 years
D. 6 years - correct answer C. 5 years
Which of the following is FALSE regarding an Affidavit of Disclosure?
A. The buyer has a five-day right to rescind after receipt of the disclosure
B. The disclosure applies if five or fewer parcels in unincorporated areas not located in
a subdivision are sold, regardless of property type
C. The Affidavit of Disclosure applies to subdivided property
D. The Affidavit of Disclosure will be recorded with the deed - correct answer C. The
Affidavit of Disclosure applies to subdivided property
Chapter 10 Exam preparation training Questions and
Answers 2025/2026
In order to be considered bulk land, a parcel must have?
A. no more than 36 acres
B. between 36 and 159 acre
C. at least 160 acres
D. no more than 360 acres - correct answer C. at least 160 acres
Arizona law defines a subdivision as land that is divided or proposed to be divided for
sale or lease into?
A. 6 or more lots regardless of size.
B. 6 or more lots of more then 36 acres.
C. 6 or more lots of less than 36 acres each.
D. more than 50 lots. - correct answer C. 6 or more lots of less than 36 acres each.
When Ursula bought one of the 50 homes on half-acre lots in Sunrise subdivision, the
developer did not give her a Public Report. Ursula?
A. can void the home purchase for up to 7 days
B. can void the home purchase for up to 30 days
C. can void the home purchase for up to three years
D. has no right to void the home purchase but can sue for damages - correct answer
C. can void the home purchase for up to three years
When Ace Development offers lots in Royal Cactus subdivision for sale, what is the
maximum deposit it can accept for a lot reservation?
, A. $2,500
B. $5,000
C. $10,000
D. There is no maximum limit. - correct answer B. $5,000
What can a developer do without a Public Report?
A. take lot reservations
B. sales contracts
C. close escrow
D. accept non-refundable deposits - correct answer A. take lot reservations
What is the maximum age of public report in order to qualify for a subsequent owner
exemption?
A. 1 year
B. 2 years
C. 5 years
D. 6 years - correct answer C. 5 years
Which of the following is FALSE regarding an Affidavit of Disclosure?
A. The buyer has a five-day right to rescind after receipt of the disclosure
B. The disclosure applies if five or fewer parcels in unincorporated areas not located in
a subdivision are sold, regardless of property type
C. The Affidavit of Disclosure applies to subdivided property
D. The Affidavit of Disclosure will be recorded with the deed - correct answer C. The
Affidavit of Disclosure applies to subdivided property
