ASREB (Arizona School of Real Estate and Business) test
knowledge training Questions and all Questions Accurately
Answered Latest 2025/2026
Irrigation grandfathered rights - correct answer run with the land
Arizona's anti-deficiency statutes - correct answer arizona has anti-deficiency statutes
that protect most residential property from a deficiency judgment after foreclosure.
Deficiency - correct answer a deficiency occurs when a home is sold through
foreclosure (judicial or trustee sale), the sale price is less than the amount owed by the
borrower/homeowner, and the borrower does not qualify for protection under arizona's
anti-deficiency statutes.
Deed restrictions - correct answer a deed restriction is something a private landowner
places on the use of the property. It's not a governmental restriction.
Bracketing - correct answer bracketing determines a probable range of property values
by comparing a group of comparable sales to the subject. The appraiser attempts to
include both superior and inferior units of comparison, such as age and transaction
price.
Who appoints the real estate commissioner in arizona?
Commission president
Director of commerce
Governor
Superintendent of real estate - correct answer governor
Net operating income (noi) - correct answer the income projected for an income-
producing property after deducting losses for vacancy and collection and operating
expenses. (subtracting total operating expenses from effective gross income)
, Limited property values are legally restricted to annual increases of ______.
10%
12%
5%
8% - correct answer 5%
The state calculates property taxes by assessing a property's limited property value
(lpv), which legally restricts annual increases to 5%. The lpv may not exceed the
property's market value.
Truth in lending act (tila) - correct answer tila seeks to ensure that consumers are well-
informed of the costs and requirements of obtaining a loan or credit.
Arizona real estate advisory board - correct answer the board consists of 10 governor-
appointed members who serve six-year terms. Real estate advisory board membership
terms are staggered so that three members' terms expire on january 31 of each odd-
numbered year.
Residential property insurance is only one type of property insurance available. What
type of insurance is available for rental and income properties, businesses, and
commercial enterprises?
Commercial general insurance (cgi) insurance
Commercial general liability (cgl) insurance
Commercial limited insurance (cli) insurance
Commercial limited liability (cll) insurance - correct answer commercial general liability
(cgl) insurance
Commercial general liability insurance is used for rental and income properties,
businesses, and commercial enterprises.
Statutory law - correct answer law passed by the u.s. congress or state legislatures
knowledge training Questions and all Questions Accurately
Answered Latest 2025/2026
Irrigation grandfathered rights - correct answer run with the land
Arizona's anti-deficiency statutes - correct answer arizona has anti-deficiency statutes
that protect most residential property from a deficiency judgment after foreclosure.
Deficiency - correct answer a deficiency occurs when a home is sold through
foreclosure (judicial or trustee sale), the sale price is less than the amount owed by the
borrower/homeowner, and the borrower does not qualify for protection under arizona's
anti-deficiency statutes.
Deed restrictions - correct answer a deed restriction is something a private landowner
places on the use of the property. It's not a governmental restriction.
Bracketing - correct answer bracketing determines a probable range of property values
by comparing a group of comparable sales to the subject. The appraiser attempts to
include both superior and inferior units of comparison, such as age and transaction
price.
Who appoints the real estate commissioner in arizona?
Commission president
Director of commerce
Governor
Superintendent of real estate - correct answer governor
Net operating income (noi) - correct answer the income projected for an income-
producing property after deducting losses for vacancy and collection and operating
expenses. (subtracting total operating expenses from effective gross income)
, Limited property values are legally restricted to annual increases of ______.
10%
12%
5%
8% - correct answer 5%
The state calculates property taxes by assessing a property's limited property value
(lpv), which legally restricts annual increases to 5%. The lpv may not exceed the
property's market value.
Truth in lending act (tila) - correct answer tila seeks to ensure that consumers are well-
informed of the costs and requirements of obtaining a loan or credit.
Arizona real estate advisory board - correct answer the board consists of 10 governor-
appointed members who serve six-year terms. Real estate advisory board membership
terms are staggered so that three members' terms expire on january 31 of each odd-
numbered year.
Residential property insurance is only one type of property insurance available. What
type of insurance is available for rental and income properties, businesses, and
commercial enterprises?
Commercial general insurance (cgi) insurance
Commercial general liability (cgl) insurance
Commercial limited insurance (cli) insurance
Commercial limited liability (cll) insurance - correct answer commercial general liability
(cgl) insurance
Commercial general liability insurance is used for rental and income properties,
businesses, and commercial enterprises.
Statutory law - correct answer law passed by the u.s. congress or state legislatures
