ASREB (Arizona School of Real Estate and Business)
Training Exam Questions and Approved Performance Metrics
2025/2026
Which of the following requires probate? - correct answer Tenancy in common
What happens when a brokers license expires? - correct answer The salespeople
must find another broker
An area or easement that restricts and preserves land in an undeveloped state is? -
correct answer Natural area open space
What is the redemption period in a mortgage foreclosure? - correct answer 6 months
Which of the following organizations represents licensees? - correct answer National
Association of REALTORS
A broker and an unlicensed buyer are looking to buy the same house. What must a
broker disclose? - correct answer He can buy the property if he discloses he has a
license
To have a trustee sale the beneficiary notifies the: - correct answer Trustee
in order to be ENFORCEABLE, an exclusive listing - correct answer must be signed by
the owner and broker
Which of the following is a limitation of use of property by the government? - correct
answer Police power
A broker is a property manager for an owner and collects monthly rents. The owner
dies. What is the status of the property management agreement? - correct answer
Terminated upon death of the owner
,What items would be exceptions to ALTA policy? - correct answer Zoning
Which of the following is required in a dual agency disclosure? - correct answer A
sales person in a branch office of a company that represents the buyer and an
associate company that represents the seller
A real estate licensee would like to hold a membership camping license, which of the
following is true? - correct answer It is lawful to hold both licenses concurrently
Two people own a property, one passes away. How is title held if the heirs received no
interest in the property? - correct answer Joint tenancy
A house rents for $980 per month. Property sold and closes escrow April 15th. What is
the proration of rent at closing? - correct answer Credit buyer $522.67
Taxes are $915 per year. Seller paid the first half. COE is on November 16th. What is
the proration using a statutory year? - correct answer $343 debit seller
What is paid at close of escrow? - correct answer Title insurance
Which of the following would be a covenant in a deed: - correct answer Quiet
enjoyment
When a minor enters into a real estate contract, the status of the contract is: - correct
answer Voidable by minor
A deed must be signed by the: - correct answer Grantor
If a seller is listing property and selling it himself without paying commission this means
the seller signed an: - correct answer Exclusive Agency
, Exclusive right to sell is: - correct answer An executory bilateral contract
At a mortgage foreclosure sale, if the property is ABANDONED, the period of
redemption is: - correct answer 30 days
Person named in an insurance policy that receives insurance proceeds if property is
damaged is: - correct answer Loss payee
A 3.45 acre lot sells for $.50 per square foot. What is the selling price? - correct
answer $75,141
When are Arizona property taxes levied? - correct answer Semi annually
When are real estate taxes levied? - correct answer Annually
An option once exercised is considered: - correct answer unilateral executed
A broker has what duty to a third-party? - correct answer Honesty, and to disclose all
material facts
A defeasance clause in a Deed of Trust allows for: - correct answer Cancellation of the
lender's claim upon full note payment
A buyer and seller wish to cancel a contract, who signs the cancellation? - correct
answer Buyer and seller
Which of the following is a specific lien regarding real estate? - correct answer Special
assessment
Training Exam Questions and Approved Performance Metrics
2025/2026
Which of the following requires probate? - correct answer Tenancy in common
What happens when a brokers license expires? - correct answer The salespeople
must find another broker
An area or easement that restricts and preserves land in an undeveloped state is? -
correct answer Natural area open space
What is the redemption period in a mortgage foreclosure? - correct answer 6 months
Which of the following organizations represents licensees? - correct answer National
Association of REALTORS
A broker and an unlicensed buyer are looking to buy the same house. What must a
broker disclose? - correct answer He can buy the property if he discloses he has a
license
To have a trustee sale the beneficiary notifies the: - correct answer Trustee
in order to be ENFORCEABLE, an exclusive listing - correct answer must be signed by
the owner and broker
Which of the following is a limitation of use of property by the government? - correct
answer Police power
A broker is a property manager for an owner and collects monthly rents. The owner
dies. What is the status of the property management agreement? - correct answer
Terminated upon death of the owner
,What items would be exceptions to ALTA policy? - correct answer Zoning
Which of the following is required in a dual agency disclosure? - correct answer A
sales person in a branch office of a company that represents the buyer and an
associate company that represents the seller
A real estate licensee would like to hold a membership camping license, which of the
following is true? - correct answer It is lawful to hold both licenses concurrently
Two people own a property, one passes away. How is title held if the heirs received no
interest in the property? - correct answer Joint tenancy
A house rents for $980 per month. Property sold and closes escrow April 15th. What is
the proration of rent at closing? - correct answer Credit buyer $522.67
Taxes are $915 per year. Seller paid the first half. COE is on November 16th. What is
the proration using a statutory year? - correct answer $343 debit seller
What is paid at close of escrow? - correct answer Title insurance
Which of the following would be a covenant in a deed: - correct answer Quiet
enjoyment
When a minor enters into a real estate contract, the status of the contract is: - correct
answer Voidable by minor
A deed must be signed by the: - correct answer Grantor
If a seller is listing property and selling it himself without paying commission this means
the seller signed an: - correct answer Exclusive Agency
, Exclusive right to sell is: - correct answer An executory bilateral contract
At a mortgage foreclosure sale, if the property is ABANDONED, the period of
redemption is: - correct answer 30 days
Person named in an insurance policy that receives insurance proceeds if property is
damaged is: - correct answer Loss payee
A 3.45 acre lot sells for $.50 per square foot. What is the selling price? - correct
answer $75,141
When are Arizona property taxes levied? - correct answer Semi annually
When are real estate taxes levied? - correct answer Annually
An option once exercised is considered: - correct answer unilateral executed
A broker has what duty to a third-party? - correct answer Honesty, and to disclose all
material facts
A defeasance clause in a Deed of Trust allows for: - correct answer Cancellation of the
lender's claim upon full note payment
A buyer and seller wish to cancel a contract, who signs the cancellation? - correct
answer Buyer and seller
Which of the following is a specific lien regarding real estate? - correct answer Special
assessment
