ASREB (Arizona School of Real Estate and Business)
Fundamentals Common practice test Questions and
Answers; verified and accurate 2025
An option once exercised is considered: - correct answer unilateral executed
As of June 30th of any year, what must be the balance in the Real Estate Recovery
Fund to avoid additional fees to licensees? - correct answer $600,000
At what point does recordation take place? - correct answer when a docket and page
number are assigned
B expects a return of 8% on his investments and is considering a property with an
asking price of $670,000. The records show a potential income of $6,200 a month,
expenses of $1,500 a month, and a vacancy factor of 10%. With this information in
mind, what would be the estimate of value? - correct answer $612,000
Before a tenant can exercise the self-help for minor defect provision, the tenant must
give the owner how many days to cure the defect: - correct answer 10 days
What is required at the time an Affidavit of Affixture is recorded? - correct answer The
titles to the mobile home must be surrendered
A broker has what duty to a third party? - correct answer Full disclosure of all material
facts
A federal rent subsidy program is known as - correct answer Section 8
How can a buyer best be assured of getting his earnest money back if his loan is not
approved? - correct answer Place a contingency clause in the contract
, In a non-judicial trust deed foreclosure, how long must the trustee wait before
conducting the foreclosure auction: - correct answer At least 90 days
A legal description reads as follows: "The NE 1/4 of Section 2 and the W 1/2 of the SW
1/4 of Section 35". How many acres is this? - correct answer 160 acres
If a tenant abandons a residential apartment, the landlord must do all of the following
EXCEPT - correct answer Sell the tenant's personal property after holding it for 10
days
How many days does the landlord have to give the tenant a full accounting of the
security deposit upon termination of tenancy? - correct answer 14 days
How many townships are in a 24-mile square? - correct answer 16
How much of a down payment is required for a VA guaranteed loan? - correct answer
0%
Past due taxes would appear on a title report as a(n) - correct answer encumbrance
If a buyer buys a parcel of land in which the public report was required but was not
issued, the buyer may void the sale within - correct answer 3 years
If there are material changes from an original Public Report, the Commissioner may
require the subdivider to create an: - correct answer amended public report
If a cap rates in an area going up, how does this influence value? - correct answer
Value goes down
The state obtains the property of someone who dies intestate through: - correct
answer Escheat
Fundamentals Common practice test Questions and
Answers; verified and accurate 2025
An option once exercised is considered: - correct answer unilateral executed
As of June 30th of any year, what must be the balance in the Real Estate Recovery
Fund to avoid additional fees to licensees? - correct answer $600,000
At what point does recordation take place? - correct answer when a docket and page
number are assigned
B expects a return of 8% on his investments and is considering a property with an
asking price of $670,000. The records show a potential income of $6,200 a month,
expenses of $1,500 a month, and a vacancy factor of 10%. With this information in
mind, what would be the estimate of value? - correct answer $612,000
Before a tenant can exercise the self-help for minor defect provision, the tenant must
give the owner how many days to cure the defect: - correct answer 10 days
What is required at the time an Affidavit of Affixture is recorded? - correct answer The
titles to the mobile home must be surrendered
A broker has what duty to a third party? - correct answer Full disclosure of all material
facts
A federal rent subsidy program is known as - correct answer Section 8
How can a buyer best be assured of getting his earnest money back if his loan is not
approved? - correct answer Place a contingency clause in the contract
, In a non-judicial trust deed foreclosure, how long must the trustee wait before
conducting the foreclosure auction: - correct answer At least 90 days
A legal description reads as follows: "The NE 1/4 of Section 2 and the W 1/2 of the SW
1/4 of Section 35". How many acres is this? - correct answer 160 acres
If a tenant abandons a residential apartment, the landlord must do all of the following
EXCEPT - correct answer Sell the tenant's personal property after holding it for 10
days
How many days does the landlord have to give the tenant a full accounting of the
security deposit upon termination of tenancy? - correct answer 14 days
How many townships are in a 24-mile square? - correct answer 16
How much of a down payment is required for a VA guaranteed loan? - correct answer
0%
Past due taxes would appear on a title report as a(n) - correct answer encumbrance
If a buyer buys a parcel of land in which the public report was required but was not
issued, the buyer may void the sale within - correct answer 3 years
If there are material changes from an original Public Report, the Commissioner may
require the subdivider to create an: - correct answer amended public report
If a cap rates in an area going up, how does this influence value? - correct answer
Value goes down
The state obtains the property of someone who dies intestate through: - correct
answer Escheat
