ASREB (Arizona School of Real Estate and Business)
questions that simulate the exam room and job site and
answers; 2025/2026
If a purchaser of an unimproved lot or parcel has not inspected the lot or parcel before
the execution of the purchase agreement, the purchaser has a six-month period after
signing the purchase contract to inspect the lot or parcel. At the time of the inspection,
the purchaser has the right to unilaterally rescind the purchase agreement; or, the
purchaser must sign an affidavit stating that she has inspected the lot. Signing the
affidavit will negate any rescission right for non-inspection.
Reference: Real Estate Statutes
To spend a security deposit to repair damages to a residential unit after a tenant
vacates a rental unit, the property management firm representing the landlord must
itemize the damages on a written notice that must be given to the tenant within how
many days of the date the tenant turned over possession correct answer
- 14 business days -
The property management firm representing the landlord must refund all security
deposits to the tenant, less the amount of damages. The damages must be itemized on
a written notice that is sent to the tenant at the same time the security deposit refund
check is sent. The notice and check must be sent within 14 business days.
Reference: Property Management
An aggrieved person may file a complaint with the Arizona attorney general alleging
discriminatory housing practices within how long of the discriminatory event correct
answer
- One year -
An aggrieved person may file a complaint within one year of the alleged discriminatory
event. A complaint may be amended at any time. On the filing of a complaint, the
attorney general gives notice to the aggrieved person that the complaint has been
received, advises the aggrieved person of the time limits and choice of forums available
under the Arizona Fair Housing Act, and serves the respondent with the complaint and
order to respond.
Reference: Fair Housing and ADA
Which clause in a promissory note declares the entire debt due and payable upon
default by the borrower correct answer
- Acceleration clause -
,The acceleration clause is a provision in a promissory note that allows a lender to
demand payment of the total outstanding balance if the borrower defaults. It is
sometimes called a due on default clause.
Reference: Deed of Trust Foreclosure
An Arizona adverse possessor is eligible for a prescriptive easement after how many
years of open and notorious, continuous, and hostile use correct answer
- 10 years -
If the claimant has made use of another's land for 10 years, an easement by
prescription or a prescriptive easement may be acquired. The claimant's use must have
been continuous, nonexclusive (the owner isn't excluded from using that part of the
property), and without the owner's permission. The use must be visible, open, and
notorious, and the owner must have been able to learn of it.
Reference: Acquisitions/Transfer of Title
Which state agency reviews the applications for septic tanks correct answer
- The Arizona Department of Environmental Quality (ADEQ) -
The ADEQ must review and approve the application for a septic tank before a septic
tank can be installed.
Reference: Environmental Law
To qualify for a broker's license, a person must have _____ of active salesperson
experience.
- 3 years -
An applicant for a broker's license must take a 90-hour broker prelicensing course (not a
salesperson's course), have three years' experience as an active salesperson, and take
nine hours of a broker management clinic as conditions of licensure. The applicant must
also take a state-administered licensing exam and fulfill all of the application and
disclosure requirements.
Reference: Commissioner's Rules
The primary method of land description for subdivided property is
- the lot, block, and tract method. -
A lot, block, and tract land description is useless without a recorded plat map.
Reference: Land Descriptions
How many members of the Real Estate Advisory Board must be present to make a
quorum correct answer
, - Six members -
The board has 10 members. It takes six members of the board to make a quorum
(majority present and appearing for input).
Reference: Real Estate Statutes
JoAnn obtained a note and deed of trust loan from a bank to purchase her single-family
residence, which is located on a half-acre lot in Lake Havasu City, Arizona. She
defaulted on the loan, and her lender foreclosed. She owed $150,000. The property
sold at a foreclosure sale for $140,000. Which of the following statements is TRUE
correct answer
- The lender cannot get a deficiency judgment against JoAnn. -
Because JoAnn's lot was a residential lot and it was located on a half-acre lot, JoAnn's
lender cannot get a deficiency judgment. The statutory deficiency judgment applies only
for primary residences (including duplexes, triplexes, fourplexes, mobile homes,
condominiums, etc.). The primary residence must be situated on a lot that is 2½ acres
or less.
Reference: Deed of Trust Foreclosure
How long after the inspection is completed will a septic tank report of inspection expire
correct answer
- Six months -
Septic tank reports of inspection expire six months after the inspection is completed.
When a subdivider/developer sells property that is served by a septic tank (or onsite
wastewater treatment facility) and title transfers, the subdivider/developer might be
required to have the septic tank inspected before the transfer and deliver the report of
inspection to the buyer. This requirement would apply only if the property being
transferred has previously been occupied. If the subdivider/developer sells a property
with a newly constructed septic tank to the first occupants of the house, the requirement
does not apply.
Reference: Environmental Law
If the funds are not subject to dispute or contingency, within how many days must
property management trust funds be deposited correct answer
- Three banking days -
A property management designated broker must reconcile the trust account once per
month, and also provide a client ledger to the clients once per month.
Reference: Property Management
The highest assessment ratio would apply to which of the following correct answer
questions that simulate the exam room and job site and
answers; 2025/2026
If a purchaser of an unimproved lot or parcel has not inspected the lot or parcel before
the execution of the purchase agreement, the purchaser has a six-month period after
signing the purchase contract to inspect the lot or parcel. At the time of the inspection,
the purchaser has the right to unilaterally rescind the purchase agreement; or, the
purchaser must sign an affidavit stating that she has inspected the lot. Signing the
affidavit will negate any rescission right for non-inspection.
Reference: Real Estate Statutes
To spend a security deposit to repair damages to a residential unit after a tenant
vacates a rental unit, the property management firm representing the landlord must
itemize the damages on a written notice that must be given to the tenant within how
many days of the date the tenant turned over possession correct answer
- 14 business days -
The property management firm representing the landlord must refund all security
deposits to the tenant, less the amount of damages. The damages must be itemized on
a written notice that is sent to the tenant at the same time the security deposit refund
check is sent. The notice and check must be sent within 14 business days.
Reference: Property Management
An aggrieved person may file a complaint with the Arizona attorney general alleging
discriminatory housing practices within how long of the discriminatory event correct
answer
- One year -
An aggrieved person may file a complaint within one year of the alleged discriminatory
event. A complaint may be amended at any time. On the filing of a complaint, the
attorney general gives notice to the aggrieved person that the complaint has been
received, advises the aggrieved person of the time limits and choice of forums available
under the Arizona Fair Housing Act, and serves the respondent with the complaint and
order to respond.
Reference: Fair Housing and ADA
Which clause in a promissory note declares the entire debt due and payable upon
default by the borrower correct answer
- Acceleration clause -
,The acceleration clause is a provision in a promissory note that allows a lender to
demand payment of the total outstanding balance if the borrower defaults. It is
sometimes called a due on default clause.
Reference: Deed of Trust Foreclosure
An Arizona adverse possessor is eligible for a prescriptive easement after how many
years of open and notorious, continuous, and hostile use correct answer
- 10 years -
If the claimant has made use of another's land for 10 years, an easement by
prescription or a prescriptive easement may be acquired. The claimant's use must have
been continuous, nonexclusive (the owner isn't excluded from using that part of the
property), and without the owner's permission. The use must be visible, open, and
notorious, and the owner must have been able to learn of it.
Reference: Acquisitions/Transfer of Title
Which state agency reviews the applications for septic tanks correct answer
- The Arizona Department of Environmental Quality (ADEQ) -
The ADEQ must review and approve the application for a septic tank before a septic
tank can be installed.
Reference: Environmental Law
To qualify for a broker's license, a person must have _____ of active salesperson
experience.
- 3 years -
An applicant for a broker's license must take a 90-hour broker prelicensing course (not a
salesperson's course), have three years' experience as an active salesperson, and take
nine hours of a broker management clinic as conditions of licensure. The applicant must
also take a state-administered licensing exam and fulfill all of the application and
disclosure requirements.
Reference: Commissioner's Rules
The primary method of land description for subdivided property is
- the lot, block, and tract method. -
A lot, block, and tract land description is useless without a recorded plat map.
Reference: Land Descriptions
How many members of the Real Estate Advisory Board must be present to make a
quorum correct answer
, - Six members -
The board has 10 members. It takes six members of the board to make a quorum
(majority present and appearing for input).
Reference: Real Estate Statutes
JoAnn obtained a note and deed of trust loan from a bank to purchase her single-family
residence, which is located on a half-acre lot in Lake Havasu City, Arizona. She
defaulted on the loan, and her lender foreclosed. She owed $150,000. The property
sold at a foreclosure sale for $140,000. Which of the following statements is TRUE
correct answer
- The lender cannot get a deficiency judgment against JoAnn. -
Because JoAnn's lot was a residential lot and it was located on a half-acre lot, JoAnn's
lender cannot get a deficiency judgment. The statutory deficiency judgment applies only
for primary residences (including duplexes, triplexes, fourplexes, mobile homes,
condominiums, etc.). The primary residence must be situated on a lot that is 2½ acres
or less.
Reference: Deed of Trust Foreclosure
How long after the inspection is completed will a septic tank report of inspection expire
correct answer
- Six months -
Septic tank reports of inspection expire six months after the inspection is completed.
When a subdivider/developer sells property that is served by a septic tank (or onsite
wastewater treatment facility) and title transfers, the subdivider/developer might be
required to have the septic tank inspected before the transfer and deliver the report of
inspection to the buyer. This requirement would apply only if the property being
transferred has previously been occupied. If the subdivider/developer sells a property
with a newly constructed septic tank to the first occupants of the house, the requirement
does not apply.
Reference: Environmental Law
If the funds are not subject to dispute or contingency, within how many days must
property management trust funds be deposited correct answer
- Three banking days -
A property management designated broker must reconcile the trust account once per
month, and also provide a client ledger to the clients once per month.
Reference: Property Management
The highest assessment ratio would apply to which of the following correct answer
