ASREB (Arizona School of Real Estate and Business) |
Updated Study Guide Q&A: Complete with Marking Scheme
& Model Responses 2025/2026
What is the maximum interest rate that can be charged on an Arizona real estate loan? -
correct answer Whatever the parties agree to
A buyer and seller enter into a purchase contract, but the broker fails to initial the
contract within the required 10 business days. What is the status of the purchase
contract? - correct answer Valid
At the time the listing agreement is signed, a seller tells his agent that the roof leaks
during heavy rains; but they agree not to tell prospective buyers unless they ask. Six
months later, after the home is sold, the new buyer discovers the leak but acknowledges
she never asked specifically about the roof. What—if any—options are open to her as
the buyer? - correct answer She would have grounds for a lawsuit against both the
listing agent and the seller.
An officer or employee of a government agency who is not a contract or temporary
employee of the agency in the conduct of the officer's or employee's official duties may
do which of the following without a license? - correct answer Act as a broker or
salesperson in representing the government agency
How often must a designated broker reconcile the property management trust account
and provide a statement to the client? - correct answer Every month
A purchaser of a timeshare may unilaterally cancel the purchase agreement within -
correct answer 10 days after the purchaser signs the purchase agreement.
If the property has been abandoned, and the holder of the certificate of sale records a
notice of abandonment, the statutory redemption period for a sheriff's sale (judicial
foreclosure sale) can be reduced to what time frame? - correct answer 30 days
The statutory redemption period after judicial foreclosure sale to satisfy a judgment lien
(sheriff's sale) is - correct answer six months.
, Water rights for water that is pumped from the land that is under irrigation where the
water may not be transported for use on other lands are called - correct answer
grandfathered irrigation rights.
A subdivider who is proposing to sell lots in a subdivision that is located in an active
groundwater management area must provide certification from the Arizona Department
of Water Resources that a _____ is available. - correct answer 100-year water supply
In Arizona, the Gila and Salt River Baseline and Meridian is the intersection of the
principal meridian and the baseline. It is the initial point from which the rectangular
survey is conducted on all property in Arizona. Where is it located? - correct answer
About 15 miles southwest of Phoenix
After receiving notice of defects from a purchaser of a newly constructed home, how
long does the builder have to respond to the notice of defects? - correct answer 60
days
When multiple applications are pending for use of the same water resource, which of
the following receives first priority for a permit? - correct answer Domestic and
municipal uses
A licensee owes a fiduciary duty to the client and shall protect and promote - correct
answer the interests of the client.
The second half of the current year's real estate taxes are due on what date? - correct
answer March 1 of the following year
A property may be stigmatized if which of the following occurrences have ever
happened on the property? - correct answer Murder or suicide
How long must an adverse possessor be using the property before a prescriptive
easement becomes possible? - correct answer 10 years
Updated Study Guide Q&A: Complete with Marking Scheme
& Model Responses 2025/2026
What is the maximum interest rate that can be charged on an Arizona real estate loan? -
correct answer Whatever the parties agree to
A buyer and seller enter into a purchase contract, but the broker fails to initial the
contract within the required 10 business days. What is the status of the purchase
contract? - correct answer Valid
At the time the listing agreement is signed, a seller tells his agent that the roof leaks
during heavy rains; but they agree not to tell prospective buyers unless they ask. Six
months later, after the home is sold, the new buyer discovers the leak but acknowledges
she never asked specifically about the roof. What—if any—options are open to her as
the buyer? - correct answer She would have grounds for a lawsuit against both the
listing agent and the seller.
An officer or employee of a government agency who is not a contract or temporary
employee of the agency in the conduct of the officer's or employee's official duties may
do which of the following without a license? - correct answer Act as a broker or
salesperson in representing the government agency
How often must a designated broker reconcile the property management trust account
and provide a statement to the client? - correct answer Every month
A purchaser of a timeshare may unilaterally cancel the purchase agreement within -
correct answer 10 days after the purchaser signs the purchase agreement.
If the property has been abandoned, and the holder of the certificate of sale records a
notice of abandonment, the statutory redemption period for a sheriff's sale (judicial
foreclosure sale) can be reduced to what time frame? - correct answer 30 days
The statutory redemption period after judicial foreclosure sale to satisfy a judgment lien
(sheriff's sale) is - correct answer six months.
, Water rights for water that is pumped from the land that is under irrigation where the
water may not be transported for use on other lands are called - correct answer
grandfathered irrigation rights.
A subdivider who is proposing to sell lots in a subdivision that is located in an active
groundwater management area must provide certification from the Arizona Department
of Water Resources that a _____ is available. - correct answer 100-year water supply
In Arizona, the Gila and Salt River Baseline and Meridian is the intersection of the
principal meridian and the baseline. It is the initial point from which the rectangular
survey is conducted on all property in Arizona. Where is it located? - correct answer
About 15 miles southwest of Phoenix
After receiving notice of defects from a purchaser of a newly constructed home, how
long does the builder have to respond to the notice of defects? - correct answer 60
days
When multiple applications are pending for use of the same water resource, which of
the following receives first priority for a permit? - correct answer Domestic and
municipal uses
A licensee owes a fiduciary duty to the client and shall protect and promote - correct
answer the interests of the client.
The second half of the current year's real estate taxes are due on what date? - correct
answer March 1 of the following year
A property may be stigmatized if which of the following occurrences have ever
happened on the property? - correct answer Murder or suicide
How long must an adverse possessor be using the property before a prescriptive
easement becomes possible? - correct answer 10 years
