ASREB (Arizona School of Real Estate and Business)
Appraisal Exam Assessment Questions and Correct Answers
with Rationales Latest Updates 2025/2026
what is the percentage for past due property taxes? - correct answer 16%
who gets paid first in an insurance payout? - correct answer the Loss Payee
how many years a does a person have to redeem their past due property taxes before it
can be sold? - correct answer 3 years
what is an unrepresented seller considered? - correct answer For Sale By Owner
what is estate for years? - correct answer specific start and stop time
who signs the deed of trust? - correct answer Trustor
what is estate at will? - correct answer has permission, either party can walk out, no
specific ending
when talking about a life estate, the vested will be______________ - correct answer
named
what is estate at sufferance? - correct answer no permission hold over tenant
who is responsible for determining the location of fissures? - correct answer the
licensee AND broker
what is periodic tenancy? - correct answer - month to month lease 30 days to cancel
- week to week 10 days to cancel
, when settling an estate does the date if the appraisal change? - correct answer yes,
it's usually back dated to a specific date depending on the scenario
what is community property? - correct answer NO survivorship, YES probate
(spouse can win half)
when a grace period has ended it is considered______________ - correct answer
terminated
what is community property? - correct answer YES survivorship NO probate
who limits liability on an estate? - correct answer the executor
What is joint tenancy? - correct answer ALWAYS survivorship
equal interest and wills dont matter
arbitration = ________________ - correct answer BINDING (remember the 2 B's)
what is tenancy in common? - correct answer NO survivorship. YES probate
unequal interest, state presumption if unmarried
litigation is in____________ - correct answer court
bargain and sale deed
( covenants and warranties) - correct answer 3 covenants and 0 warranties
who is considered the special agent? - correct answer the broker
Appraisal Exam Assessment Questions and Correct Answers
with Rationales Latest Updates 2025/2026
what is the percentage for past due property taxes? - correct answer 16%
who gets paid first in an insurance payout? - correct answer the Loss Payee
how many years a does a person have to redeem their past due property taxes before it
can be sold? - correct answer 3 years
what is an unrepresented seller considered? - correct answer For Sale By Owner
what is estate for years? - correct answer specific start and stop time
who signs the deed of trust? - correct answer Trustor
what is estate at will? - correct answer has permission, either party can walk out, no
specific ending
when talking about a life estate, the vested will be______________ - correct answer
named
what is estate at sufferance? - correct answer no permission hold over tenant
who is responsible for determining the location of fissures? - correct answer the
licensee AND broker
what is periodic tenancy? - correct answer - month to month lease 30 days to cancel
- week to week 10 days to cancel
, when settling an estate does the date if the appraisal change? - correct answer yes,
it's usually back dated to a specific date depending on the scenario
what is community property? - correct answer NO survivorship, YES probate
(spouse can win half)
when a grace period has ended it is considered______________ - correct answer
terminated
what is community property? - correct answer YES survivorship NO probate
who limits liability on an estate? - correct answer the executor
What is joint tenancy? - correct answer ALWAYS survivorship
equal interest and wills dont matter
arbitration = ________________ - correct answer BINDING (remember the 2 B's)
what is tenancy in common? - correct answer NO survivorship. YES probate
unequal interest, state presumption if unmarried
litigation is in____________ - correct answer court
bargain and sale deed
( covenants and warranties) - correct answer 3 covenants and 0 warranties
who is considered the special agent? - correct answer the broker
