ASREB (Arizona School of Real Estate and Business) Study
Assessment Guide Exam Questions with all Questions
Accurately Answered Updated 2025/2026
Offer and Acceptance - correct answer All parties must fully understand and agree to
all terms freely
Open Listing - correct answer A non-exclusive listing, given by a seller to as many
brokers as he or she chooses. If the property is sold, a broker is only entitled to a
commission if he or she is the procuring cause of the sale.
Option - correct answer Gives the optionee the exclusive right to buy or lease a
property w/n a specified period for a specified price and terms
Option Money - correct answer Money given by the optionee to the optionor for the
option.
Pocket Listing - correct answer A property for which a broker holds a signed listing
agreement with a seller that is not entered into the multiple listing service (MLS).
right of first refusal - correct answer Allows the tenant the opportunity to buy the
property before the owner accepts an offer from another party.
Sherman Antitrust Act - correct answer Prohibits anti-competitive practices such as
price fixing, leading a consumer to believe commissions are nonnegotiable, market
allocation, and group boycotts of other companies listings
Statue of Frauds - correct answer a state law that requires that certain contracts be in
writing to be enforceable
Unilateral Contract - correct answer only one party makes a promise and the second
party is not obligated to act
Assessment Guide Exam Questions with all Questions
Accurately Answered Updated 2025/2026
Offer and Acceptance - correct answer All parties must fully understand and agree to
all terms freely
Open Listing - correct answer A non-exclusive listing, given by a seller to as many
brokers as he or she chooses. If the property is sold, a broker is only entitled to a
commission if he or she is the procuring cause of the sale.
Option - correct answer Gives the optionee the exclusive right to buy or lease a
property w/n a specified period for a specified price and terms
Option Money - correct answer Money given by the optionee to the optionor for the
option.
Pocket Listing - correct answer A property for which a broker holds a signed listing
agreement with a seller that is not entered into the multiple listing service (MLS).
right of first refusal - correct answer Allows the tenant the opportunity to buy the
property before the owner accepts an offer from another party.
Sherman Antitrust Act - correct answer Prohibits anti-competitive practices such as
price fixing, leading a consumer to believe commissions are nonnegotiable, market
allocation, and group boycotts of other companies listings
Statue of Frauds - correct answer a state law that requires that certain contracts be in
writing to be enforceable
Unilateral Contract - correct answer only one party makes a promise and the second
party is not obligated to act
