ASREB (Arizona School of Real Estate and Business) Laws
Exam Questions and certified for accuracy solutions;
updated 2025/2026
When advertising a property, a broker must include in the ad: - correct answer The
name of the brokerage firm or broker
A broker receives earnest money from a buyer but instead of placing the money into the
trust account the broker pays company bills. This action is an example of: - correct
answer Conversion
When a salesperson receives earnest money he/she should: - correct answer Turn it
over to their broker
Arizona real estate law requires the broker to keep records of all real estate transaction
for: - correct answer Five year from the termination of the transaction
The real estate advisory board: - correct answer Will advise and evaluate the
commissioner
In filing a notice of intention to subdivide with the Real Estate Commissioner the
following need NOT be stated: - correct answer Floor plans for houses to be built
Once a real estate license is issued in Arizona, it: - correct answer Must be placed with
a broker in order to earn a commission
Arizona law defines a subdivision as land that is divided or proposed to be divided for
sale or lease into: - correct answer 6 or more lots of less than 36 acres each
When the designated broker is on a temporary absence, all the following are true: -
correct answer * The temporary absence is 30 days or less
* A salesperson may be appointed as a designated representative
, * Written evidence of a designated representative must be kept on file
A designated broker of a real estate company may: - correct answer Appoint a licensee
in the broker's employ to act for the broker during a temporary leave of absence
When a broker and a salesperson cannot resolve a dispute over a commission, their
recourse is to: - correct answer Bring an action in court
When a buyer purchases a parcel of unimproved land, there exist a right to rescind. The
following statement are correct: - correct answer The buyer has a 7 day unilateral right
to rescind if he has seen the property
When a broker's license is revoked, the licenses of the salesperson in the brokerage
agency are: - correct answer Automatically suspended
Once an applicant passes the real estate exam, the following statement are true: -
correct answer The applicant must obtain an active or inactive license within one year
of the test date
A timeshare is offering a gift to all prospective buyer. When would the buyer receive the
gift? - correct answer After the sale presentation
A subdivider must be able to give the purchaser: - correct answer Permanent access
If you do not review your license on time, your license will be: - correct answer Expired
Commingling is the opposite of: - correct answer Separation
The rules of the Real Estate Commissioner: - correct answer Have the force and effect
of law
Exam Questions and certified for accuracy solutions;
updated 2025/2026
When advertising a property, a broker must include in the ad: - correct answer The
name of the brokerage firm or broker
A broker receives earnest money from a buyer but instead of placing the money into the
trust account the broker pays company bills. This action is an example of: - correct
answer Conversion
When a salesperson receives earnest money he/she should: - correct answer Turn it
over to their broker
Arizona real estate law requires the broker to keep records of all real estate transaction
for: - correct answer Five year from the termination of the transaction
The real estate advisory board: - correct answer Will advise and evaluate the
commissioner
In filing a notice of intention to subdivide with the Real Estate Commissioner the
following need NOT be stated: - correct answer Floor plans for houses to be built
Once a real estate license is issued in Arizona, it: - correct answer Must be placed with
a broker in order to earn a commission
Arizona law defines a subdivision as land that is divided or proposed to be divided for
sale or lease into: - correct answer 6 or more lots of less than 36 acres each
When the designated broker is on a temporary absence, all the following are true: -
correct answer * The temporary absence is 30 days or less
* A salesperson may be appointed as a designated representative
, * Written evidence of a designated representative must be kept on file
A designated broker of a real estate company may: - correct answer Appoint a licensee
in the broker's employ to act for the broker during a temporary leave of absence
When a broker and a salesperson cannot resolve a dispute over a commission, their
recourse is to: - correct answer Bring an action in court
When a buyer purchases a parcel of unimproved land, there exist a right to rescind. The
following statement are correct: - correct answer The buyer has a 7 day unilateral right
to rescind if he has seen the property
When a broker's license is revoked, the licenses of the salesperson in the brokerage
agency are: - correct answer Automatically suspended
Once an applicant passes the real estate exam, the following statement are true: -
correct answer The applicant must obtain an active or inactive license within one year
of the test date
A timeshare is offering a gift to all prospective buyer. When would the buyer receive the
gift? - correct answer After the sale presentation
A subdivider must be able to give the purchaser: - correct answer Permanent access
If you do not review your license on time, your license will be: - correct answer Expired
Commingling is the opposite of: - correct answer Separation
The rules of the Real Estate Commissioner: - correct answer Have the force and effect
of law
