ASREB (Arizona School of Real Estate and Business)
Practice Exam Questions and complete solution Guaranteed
Success 2025/2026
Valid contract must have - correct answer Offer and acceptance
If verbal contract for the purchase of real estate is - correct answer Unenforceable
After deed of trust foreclosure sale, which of the following is true - correct answer A
trustees deed is given to the new owner
After a mortgage foreclosure, if the sale amount wasn't sufficient to cover the deck, the
lender may ask for a(n) - correct answer Deficiency judgment
All of the following would be considered appurtenant in a real estate transaction except -
correct answer Annual crops
An appraiser determines that the three unit residential rental property take $600 each
month in rent per unit. She estimates expenses of $1800 per year. She also determines,
based on current market data, that the GRM should be 121. What is the estimate of
value for the subject property - correct answer $199,650
And option once exercised is considered - correct answer Unilateral executed
As of June 30 on any year, what must be the balance of the real estate recovery fun 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 expect to return of 8% on his investments and is considering a property with an
asking price of $670,000. Directed show a potential income of $6200 a month,
expenses of $1500 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 attending can exercise the self-help for minor defects provision, the tenant must
give the owner how many days to cure the defect - correct answer 10 days
Boot is defined as - correct answer Personal property given to make up the difference
in equity
Federal law requires the disclosure of lead based paint in residential transactions if the
property was built prior to - correct answer 1978
How can a buyer be best assured of getting his earnest money back of his loan is not
approved - correct answer Place a contingency clause in the contract
How long does a subcontractor have to file a mechanics lien - correct answer 120 days
after completion of work
A legal description reads as follows: the NW 1/4 of section 2 and the W 1/2 of the SW
1/4 of section 35. How many acres are in this - correct answer 240 acres
How many brokers can a licensee work for at the same time - correct answer One at a
time, Ain general real estate
How many days does a 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 guarantee loan - correct answer 0%
Practice Exam Questions and complete solution Guaranteed
Success 2025/2026
Valid contract must have - correct answer Offer and acceptance
If verbal contract for the purchase of real estate is - correct answer Unenforceable
After deed of trust foreclosure sale, which of the following is true - correct answer A
trustees deed is given to the new owner
After a mortgage foreclosure, if the sale amount wasn't sufficient to cover the deck, the
lender may ask for a(n) - correct answer Deficiency judgment
All of the following would be considered appurtenant in a real estate transaction except -
correct answer Annual crops
An appraiser determines that the three unit residential rental property take $600 each
month in rent per unit. She estimates expenses of $1800 per year. She also determines,
based on current market data, that the GRM should be 121. What is the estimate of
value for the subject property - correct answer $199,650
And option once exercised is considered - correct answer Unilateral executed
As of June 30 on any year, what must be the balance of the real estate recovery fun 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 expect to return of 8% on his investments and is considering a property with an
asking price of $670,000. Directed show a potential income of $6200 a month,
expenses of $1500 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 attending can exercise the self-help for minor defects provision, the tenant must
give the owner how many days to cure the defect - correct answer 10 days
Boot is defined as - correct answer Personal property given to make up the difference
in equity
Federal law requires the disclosure of lead based paint in residential transactions if the
property was built prior to - correct answer 1978
How can a buyer be best assured of getting his earnest money back of his loan is not
approved - correct answer Place a contingency clause in the contract
How long does a subcontractor have to file a mechanics lien - correct answer 120 days
after completion of work
A legal description reads as follows: the NW 1/4 of section 2 and the W 1/2 of the SW
1/4 of section 35. How many acres are in this - correct answer 240 acres
How many brokers can a licensee work for at the same time - correct answer One at a
time, Ain general real estate
How many days does a 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 guarantee loan - correct answer 0%
