ASREB (Arizona School of Real Estate and Business)
Review Exam Questions with 100% satisfaction guarantee
Answers 2025/2026
Annexation - correct answer Attaching personal property to land so that the law views
it as part of the real property
Annual Percentage Rate (APR) - correct answer The relationship between the cost of
borrowing and the total amount financed, represented as a percentage
Appurtenance - correct answer Something that belongs to property and passes with
property, but need not be attached to it (e.g. outbuildings, easements). An appurtenance
"runs with the land."
Arbitration - correct answer A method for resolving disputes out of court whereby an
impartial third party renders a binding decision. This is the method by which disputes
between REALTOR brokers may be resolved
Arizona Department of Environmental Quality (ADEQ) - correct answer The state
department tasked with protecting and enhancing public health and the environment in
the state; enforces the state's environmental laws and delegated federal programs to
prevent air, water and land pollution and ensure cleanup.
Arizona Department of Real Estate (ADRE) - correct answer The state agency that
regulates real estate, cemetery and membership camping brokers and salespersons.
The Department oversees the activities of licensees, investigates complaints and
participates in administrative hearings. It also regulates the sale of subdivisions,
unsubdivided lands, timeshares, condominiums, membership campgrounds and
cemeteries.
Arizona Department of Water Resources (ADWR) - correct answer The state
department created in 1980 to secure long-term dependable water supplies for
Arizona's communities; enforces the state's groundwater code and surface water rights.
,Arizona Revised Statutes (A.R.S.) - correct answer The codified collection of laws that
have been passed by the Arizona State Legislature. The part that talks about real estate
is Title 32 chapter 20z
Arm's Length Transaction - correct answer A transaction that occurred under typical
conditions in the marketplace, with each of the parties acting in their own best interests
Arrears - correct answer Owing payment on things for which one has the use of but
has not yet paid for, such as property taxes that are paid in arrears, or the state being in
arrears with a debt obligation
Article XXVI - correct answer Article of the Arizona Constitution that permits licensed,
active real estate brokers and agents to prepare the documents necessary in a real
estate transaction handled by their brokerage without charging a fee
Asbestos - correct answer Fibrous material derived from a naturally occurring group of
minerals commonly used in insulation. Asbestos fibers released into the air are
carcinogenic.
Assemblage - correct answer The combining of two or more parcels of land into one
larger parcel, usually to increase the usefulness of the land.
Assessed Value - correct answer For property tax purposes, a percentage of the
market value. In Arizona, the percentage for residential property is 10%, raw land is
15% and commercial property is 18%.
Assignment - correct answer 1. The transfer of one person's interests under a contract
to another. 2. The transfer of tenant's right of possession, or other interest, in leased
property to another person for the remainder of the lease term. In both ceases,
assignment does not release the assignor from the obligations stated in the contract
Assumable Loan - correct answer A financing arrangement in which the outstanding
loan amount can be transferred to someone else.
,Assumption of Mortgage - correct answer An agreement by a buyer to assume the
liability under an existing note secured by a mortgage
Assured Water Supply - correct answer The demonstration that sufficient water of
adequate quality will be continuously available to satisfy the needs of the proposed
development for at least 100 years; required from developers within an Active
Management Area (AMA).
Attachment - correct answer Court-ordered seizure of a defendant's property to satisfy
a judgement. In the case of real property, attachment creates a lien.
Attachment, Man-made - correct answer An item of personal property that has been
attached to or closely associated with real property in such a way that it is now legally
part of the real property. Also call FIXTURE
Attachment, Natural - correct answer Things growing on land, such as trees or shrubs.
Also called EMBLEMENTS or FRUCTUS NATURALES
Attorney-at-Law - correct answer An individual licensed to practice law for the public
Attorney-in-Fact - correct answer A person specifically designated in an instrument
(e.g. power of attorney) to do something legally for another in his stead. An attorney-in-
fact has a fiduciary relationship with the principal and need not be an attorney-at-law
Automatic Stay - correct answer An injunction that automatically stops lawsuits,
foreclosures, garnishments and all collection activity against the debtor the moment a
bankruptcy petition is filed
Avulsion - correct answer The erosion or tearing away of land through natural causes,
such as flooding, which may remove soil or cave in the banks of a river
Bill of Sale - correct answer An instrument in writing that transfers ownership of
tangible personal property
, Condemnation - correct answer The act or process of taking private property for public
use through the government's power of eminent domain
In order to record a deed, which of the following would be required?
A. Signed by the grantee
B. Signed and delivered
C. Signed and acknowledged
D. Signed and dated - correct answer C. Signed and delivered
In Arizona, a deed is acknowledged to?
A. Show the intent of the grantee
B. Confirm the buyer is an owner occupant
C. Meet the recordation requirements
D. Meet the statute of frauds - correct answer C. Meet the recordation requirements
When a document is acknowledged, it shows?
A. The document was recorded
B. The document was released
C. The document was drafted
D. The document was signed of your own free will - correct answer D. The document
was signed of your own free will
A valid deed must contain all of the following EXCEPT?
A. Legal Description
B. Signed by Grantor
C. Signed by Grantee
D. Consideration - correct answer C. Signed by Grantee
Review Exam Questions with 100% satisfaction guarantee
Answers 2025/2026
Annexation - correct answer Attaching personal property to land so that the law views
it as part of the real property
Annual Percentage Rate (APR) - correct answer The relationship between the cost of
borrowing and the total amount financed, represented as a percentage
Appurtenance - correct answer Something that belongs to property and passes with
property, but need not be attached to it (e.g. outbuildings, easements). An appurtenance
"runs with the land."
Arbitration - correct answer A method for resolving disputes out of court whereby an
impartial third party renders a binding decision. This is the method by which disputes
between REALTOR brokers may be resolved
Arizona Department of Environmental Quality (ADEQ) - correct answer The state
department tasked with protecting and enhancing public health and the environment in
the state; enforces the state's environmental laws and delegated federal programs to
prevent air, water and land pollution and ensure cleanup.
Arizona Department of Real Estate (ADRE) - correct answer The state agency that
regulates real estate, cemetery and membership camping brokers and salespersons.
The Department oversees the activities of licensees, investigates complaints and
participates in administrative hearings. It also regulates the sale of subdivisions,
unsubdivided lands, timeshares, condominiums, membership campgrounds and
cemeteries.
Arizona Department of Water Resources (ADWR) - correct answer The state
department created in 1980 to secure long-term dependable water supplies for
Arizona's communities; enforces the state's groundwater code and surface water rights.
,Arizona Revised Statutes (A.R.S.) - correct answer The codified collection of laws that
have been passed by the Arizona State Legislature. The part that talks about real estate
is Title 32 chapter 20z
Arm's Length Transaction - correct answer A transaction that occurred under typical
conditions in the marketplace, with each of the parties acting in their own best interests
Arrears - correct answer Owing payment on things for which one has the use of but
has not yet paid for, such as property taxes that are paid in arrears, or the state being in
arrears with a debt obligation
Article XXVI - correct answer Article of the Arizona Constitution that permits licensed,
active real estate brokers and agents to prepare the documents necessary in a real
estate transaction handled by their brokerage without charging a fee
Asbestos - correct answer Fibrous material derived from a naturally occurring group of
minerals commonly used in insulation. Asbestos fibers released into the air are
carcinogenic.
Assemblage - correct answer The combining of two or more parcels of land into one
larger parcel, usually to increase the usefulness of the land.
Assessed Value - correct answer For property tax purposes, a percentage of the
market value. In Arizona, the percentage for residential property is 10%, raw land is
15% and commercial property is 18%.
Assignment - correct answer 1. The transfer of one person's interests under a contract
to another. 2. The transfer of tenant's right of possession, or other interest, in leased
property to another person for the remainder of the lease term. In both ceases,
assignment does not release the assignor from the obligations stated in the contract
Assumable Loan - correct answer A financing arrangement in which the outstanding
loan amount can be transferred to someone else.
,Assumption of Mortgage - correct answer An agreement by a buyer to assume the
liability under an existing note secured by a mortgage
Assured Water Supply - correct answer The demonstration that sufficient water of
adequate quality will be continuously available to satisfy the needs of the proposed
development for at least 100 years; required from developers within an Active
Management Area (AMA).
Attachment - correct answer Court-ordered seizure of a defendant's property to satisfy
a judgement. In the case of real property, attachment creates a lien.
Attachment, Man-made - correct answer An item of personal property that has been
attached to or closely associated with real property in such a way that it is now legally
part of the real property. Also call FIXTURE
Attachment, Natural - correct answer Things growing on land, such as trees or shrubs.
Also called EMBLEMENTS or FRUCTUS NATURALES
Attorney-at-Law - correct answer An individual licensed to practice law for the public
Attorney-in-Fact - correct answer A person specifically designated in an instrument
(e.g. power of attorney) to do something legally for another in his stead. An attorney-in-
fact has a fiduciary relationship with the principal and need not be an attorney-at-law
Automatic Stay - correct answer An injunction that automatically stops lawsuits,
foreclosures, garnishments and all collection activity against the debtor the moment a
bankruptcy petition is filed
Avulsion - correct answer The erosion or tearing away of land through natural causes,
such as flooding, which may remove soil or cave in the banks of a river
Bill of Sale - correct answer An instrument in writing that transfers ownership of
tangible personal property
, Condemnation - correct answer The act or process of taking private property for public
use through the government's power of eminent domain
In order to record a deed, which of the following would be required?
A. Signed by the grantee
B. Signed and delivered
C. Signed and acknowledged
D. Signed and dated - correct answer C. Signed and delivered
In Arizona, a deed is acknowledged to?
A. Show the intent of the grantee
B. Confirm the buyer is an owner occupant
C. Meet the recordation requirements
D. Meet the statute of frauds - correct answer C. Meet the recordation requirements
When a document is acknowledged, it shows?
A. The document was recorded
B. The document was released
C. The document was drafted
D. The document was signed of your own free will - correct answer D. The document
was signed of your own free will
A valid deed must contain all of the following EXCEPT?
A. Legal Description
B. Signed by Grantor
C. Signed by Grantee
D. Consideration - correct answer C. Signed by Grantee
