ASREB (Arizona School of Real Estate and Business)
Preliminary baseline training Questions and all Questions
Accurately Answered Latest 2025/2026
What's the term for someone who's been given authority to act on behalf of someone
else?
-Agent
-Client
-Mortgage lender
-Trustor - correct answer Agent
Over how many years is a commercial property depreciated?
-27.5 years
-29 years
-39 years
-40 years - correct answer 39 years
Angelique, a foreign investor, is getting ready to sell her urban condo. What percentage
of withholding of the sales price will FIRPTA require? - correct answer 15%
Which act states that communities and facilities that meet certain criteria for providing
housing to older persons are legally exempt from familial status discrimination?
-Fair Housing Amendments Act of 1988
-Federal Fair Housing Act of 1968
-Housing and Community Development Act of 1974
-Housing for Older Persons Act of 1995 - correct answer Housing for Older Persons
Act of 1995
Which of the following is the best example of the economic principal of leveraging, as it
applies to a real estate transaction?
-Completing the loan process
,-Making a down payment
-Making the loan payments
-Purchasing title insurance - correct answer Making a down payment
Buying at one price and immediately trying to sell it at a higher price is known as
_______.
-Exchanging
-Flipping
-Switching
-Trading - correct answer Flipping
Who is responsible for requesting a loan payoff statement before closing?
-The buyer
-The seller
-The lender
-The title insurance representative - correct answer The seller
Which ownership type is defined by four unities: time, title, interest, and possession?
-Freehold estate
-Joint tenancy
-Tenancy by the entirety
-Tenancy in common - correct answer Joint tenancy
When an owner of unsubdivided land in Arizona is denied a public report and has filed
an objection and hearing request, how long does the commission have to schedule a
hearing with the owner?
-14 days
-20 days
-30 days
,-7 days - correct answer 20 days
Murphey's farm has been in his family for generations, since his great-great-great-
grandfather received it as a land grant in 1862. What's the beginning point of this
property's chain of title?
-Murpheys grandfather, the previous owner
-Murpheys great great great grandfather
-Murphey, the current owner
-The federal government that originally granted the land - correct answer Murphey, the
current owner (chain of title always begins with the current owner and goes back in
time)
What is the oldest type of legal description used in the U.S.?
-Assessor's parcel number
-Lot, block, tract
-Metes and bounds
-Rectangular government survey - correct answer Metes and bounds
Which of the following leases is more commonly used with retail properties, such as
shopping centers and malls?
-Ground leases
-Index leases
-Percentage leases
-Reappraisal leases - correct answer Percentage leases
What's the Uniform Commercial Code?
-A set of business laws created to regulate commercial transactions, including contracts
dealing with personal property
-A set of business laws created to regulate financial contracts dealing with real estate
-A set of standards created to create a uniform way in which all commercial real estate
transactions must be conducted
, -A set of standards for commercial business code of ethics - correct answer A set of
business laws created to regulate commercial transactions, including contracts dealing
with personal property
In property ownership, what is an undivided interest?
-Ownership that includes all surface, subsurface, and air rights
-Sole ownership
-The right of each co owner to use the entire property
-The right to transfer an interest in property to another - correct answer The right of
each co owner to use the entire property
The Crows gave their son, Gibson, the family property, so long as he doesn't join his
friend's rock band. If he joins the band, the property goes back to them. What type of
estate is this?
-Fee simple absolute
-Fee simple defendable
-Fee simple determinable
-Fee simple subject to a condition subsequent - correct answer Fee simple
determinable
Under which of the following clauses are the costs of building maintenance over a
specified level are passed on to the tenant?
-Escalator clause
-Expense stop clause
-Lease option clause
-Tax stop clause - correct answer Expense stop clause
How are creditors holding junior liens on Arizona property paid after a foreclosure sale?
-By the borrower, if that party receives any proceeds from the foreclosure sale
-By the lender, if the proceeds of the foreclosure sale exceed the amount owed on the
loan
Preliminary baseline training Questions and all Questions
Accurately Answered Latest 2025/2026
What's the term for someone who's been given authority to act on behalf of someone
else?
-Agent
-Client
-Mortgage lender
-Trustor - correct answer Agent
Over how many years is a commercial property depreciated?
-27.5 years
-29 years
-39 years
-40 years - correct answer 39 years
Angelique, a foreign investor, is getting ready to sell her urban condo. What percentage
of withholding of the sales price will FIRPTA require? - correct answer 15%
Which act states that communities and facilities that meet certain criteria for providing
housing to older persons are legally exempt from familial status discrimination?
-Fair Housing Amendments Act of 1988
-Federal Fair Housing Act of 1968
-Housing and Community Development Act of 1974
-Housing for Older Persons Act of 1995 - correct answer Housing for Older Persons
Act of 1995
Which of the following is the best example of the economic principal of leveraging, as it
applies to a real estate transaction?
-Completing the loan process
,-Making a down payment
-Making the loan payments
-Purchasing title insurance - correct answer Making a down payment
Buying at one price and immediately trying to sell it at a higher price is known as
_______.
-Exchanging
-Flipping
-Switching
-Trading - correct answer Flipping
Who is responsible for requesting a loan payoff statement before closing?
-The buyer
-The seller
-The lender
-The title insurance representative - correct answer The seller
Which ownership type is defined by four unities: time, title, interest, and possession?
-Freehold estate
-Joint tenancy
-Tenancy by the entirety
-Tenancy in common - correct answer Joint tenancy
When an owner of unsubdivided land in Arizona is denied a public report and has filed
an objection and hearing request, how long does the commission have to schedule a
hearing with the owner?
-14 days
-20 days
-30 days
,-7 days - correct answer 20 days
Murphey's farm has been in his family for generations, since his great-great-great-
grandfather received it as a land grant in 1862. What's the beginning point of this
property's chain of title?
-Murpheys grandfather, the previous owner
-Murpheys great great great grandfather
-Murphey, the current owner
-The federal government that originally granted the land - correct answer Murphey, the
current owner (chain of title always begins with the current owner and goes back in
time)
What is the oldest type of legal description used in the U.S.?
-Assessor's parcel number
-Lot, block, tract
-Metes and bounds
-Rectangular government survey - correct answer Metes and bounds
Which of the following leases is more commonly used with retail properties, such as
shopping centers and malls?
-Ground leases
-Index leases
-Percentage leases
-Reappraisal leases - correct answer Percentage leases
What's the Uniform Commercial Code?
-A set of business laws created to regulate commercial transactions, including contracts
dealing with personal property
-A set of business laws created to regulate financial contracts dealing with real estate
-A set of standards created to create a uniform way in which all commercial real estate
transactions must be conducted
, -A set of standards for commercial business code of ethics - correct answer A set of
business laws created to regulate commercial transactions, including contracts dealing
with personal property
In property ownership, what is an undivided interest?
-Ownership that includes all surface, subsurface, and air rights
-Sole ownership
-The right of each co owner to use the entire property
-The right to transfer an interest in property to another - correct answer The right of
each co owner to use the entire property
The Crows gave their son, Gibson, the family property, so long as he doesn't join his
friend's rock band. If he joins the band, the property goes back to them. What type of
estate is this?
-Fee simple absolute
-Fee simple defendable
-Fee simple determinable
-Fee simple subject to a condition subsequent - correct answer Fee simple
determinable
Under which of the following clauses are the costs of building maintenance over a
specified level are passed on to the tenant?
-Escalator clause
-Expense stop clause
-Lease option clause
-Tax stop clause - correct answer Expense stop clause
How are creditors holding junior liens on Arizona property paid after a foreclosure sale?
-By the borrower, if that party receives any proceeds from the foreclosure sale
-By the lender, if the proceeds of the foreclosure sale exceed the amount owed on the
loan
