ASREB (Arizona School of Real Estate and Business) Exam
test preparation Questions and Must have solutions Updated
version 2025/2026
When are homeowners' associations required to meet? - correct answer Annually
A buyer executes a chattel mortgage (security agreement) in favor of a lender. What
type of property would be covered by a chattel mortgage? - correct answer Office
furniture and equipment
What form of real estate financing falls under federal securities laws? - correct answer
REIT
The second property tax installment (the second half of the current year's taxes) is due:
- correct answer March 1st of the following year
Rich buys a tract of land and receives an easement to cross Sam's property to access a
community lake. Rich is benefiting from the easement and thus has: - correct answer A
dominant estate
Wetlands would come under what control? - correct answer Police Power
When you are foreclosing on a tax lien, where would you go? - correct answer
Superior court
When real estate is depreciated for tax purposes, it must be: - correct answer
Improved property
How many times in 10 years could a single person sell their personal home and receive,
tax-free, a gain of $250,000? - correct answer 5 times
Which of the following would be considered an exempt domestic well? - correct answer
One with a maximum pumping capacity of 35 gallons per minute.
, Water table is defined as: - correct answer Level of which water will be located
When land is in an AMA, which of the following apply? - correct answer Overdraft of
the underground water supply may be occurring.
The hazardous material used to make insulation for heating ducts in houses is called: -
correct answer asbestos
The word friable would most likely apply to: - correct answer Asbestos
What is the distance between Section 5 and Section 31? - correct answer 4 miles. You
will have to draw out a township and number the sections beginning in the NE corner of
your township. Then pick the closest corner to the closest corner and count starting at 0
and each line is 1 mile. Stay on the section lines.
A section of land may be described as: - correct answer 1,760 yards by 1,760 yards. A
section is 5,280 feet x 5,280. 5, = 1,760 yards
What sections are NOT considered standard? - correct answer 18. Section 18 is a
fractional section.
What is the distance between the SE corner of Section 6 and the NE corner of section
12? - correct answer 5 miles. You will have to draw out a township and number the
sections. Once drawn out count from the NE corner to the NE corner. Remember to
start your count at 0 at the first NE corner.
Who is responsible for supplying the appropriate documents when a property is located
within a homeowner's association? - correct answer Association if more than 50 units.
If less than 50 units, the seller is required to provide the information
As defined in local zoning ordinances, the distances between lot lines and
improvements are known as: - correct answer Set back. A buffer zone is a piece of
test preparation Questions and Must have solutions Updated
version 2025/2026
When are homeowners' associations required to meet? - correct answer Annually
A buyer executes a chattel mortgage (security agreement) in favor of a lender. What
type of property would be covered by a chattel mortgage? - correct answer Office
furniture and equipment
What form of real estate financing falls under federal securities laws? - correct answer
REIT
The second property tax installment (the second half of the current year's taxes) is due:
- correct answer March 1st of the following year
Rich buys a tract of land and receives an easement to cross Sam's property to access a
community lake. Rich is benefiting from the easement and thus has: - correct answer A
dominant estate
Wetlands would come under what control? - correct answer Police Power
When you are foreclosing on a tax lien, where would you go? - correct answer
Superior court
When real estate is depreciated for tax purposes, it must be: - correct answer
Improved property
How many times in 10 years could a single person sell their personal home and receive,
tax-free, a gain of $250,000? - correct answer 5 times
Which of the following would be considered an exempt domestic well? - correct answer
One with a maximum pumping capacity of 35 gallons per minute.
, Water table is defined as: - correct answer Level of which water will be located
When land is in an AMA, which of the following apply? - correct answer Overdraft of
the underground water supply may be occurring.
The hazardous material used to make insulation for heating ducts in houses is called: -
correct answer asbestos
The word friable would most likely apply to: - correct answer Asbestos
What is the distance between Section 5 and Section 31? - correct answer 4 miles. You
will have to draw out a township and number the sections beginning in the NE corner of
your township. Then pick the closest corner to the closest corner and count starting at 0
and each line is 1 mile. Stay on the section lines.
A section of land may be described as: - correct answer 1,760 yards by 1,760 yards. A
section is 5,280 feet x 5,280. 5, = 1,760 yards
What sections are NOT considered standard? - correct answer 18. Section 18 is a
fractional section.
What is the distance between the SE corner of Section 6 and the NE corner of section
12? - correct answer 5 miles. You will have to draw out a township and number the
sections. Once drawn out count from the NE corner to the NE corner. Remember to
start your count at 0 at the first NE corner.
Who is responsible for supplying the appropriate documents when a property is located
within a homeowner's association? - correct answer Association if more than 50 units.
If less than 50 units, the seller is required to provide the information
As defined in local zoning ordinances, the distances between lot lines and
improvements are known as: - correct answer Set back. A buffer zone is a piece of
