ASREB (Arizona School of Real Estate and Business) | Midterm Exam
Solver Pack: Certified Problem-Solving Questions with Accurate
Answers 2025/2026
1. When does "agency" occur?
A. When one is hired to act on behalf of another
B. When a brokerage office opens
C. When a broker attains licensure
D. When a salesperson attains licensure - correct answer A. When one is hired to act
on behalf of another
2. After a rate lock expires, the mortgage broker/consultant may negotiate a:
A. lock extension
B. rate lock renewal
C. prequalification
D. "lock-in" - correct answer A. lock extension
3. If a licensee has violated the license law, DOS may impose:
A. a fine of up to $10,000
B. a fine of no more than $100
C. a fine of up to $1000
D. imprisonment for up to five years - correct answer C. a fine of up to $1000
4. If a licensee becomes a partner in a real estate firm, he must have a(n):
A. salesperson's license
B. broker license
C. associate broker license
D. minimum of two years' experience as a broker - correct answer B. broker license
,5. Which of the following duties does NOT require a real estate license?
A. negotiating the exchange of real property for others
B. renting units for several different owners
C. auctioning real property
D. sale of a business where there is no real property - correct answer D. sale of a
business where there is no real property
6. An apartment sharing agent is licensed by
A. Department of Law
B. New York Attorney General's office
C. Department of State
D. Division of Housing and Community Renewal - correct answer C. Department of
State
7. A business activity where there is a monopoly or conspiracy that negatively impacts
another individual or company to do business is called a(n):
A. estoppel
B. illegal use of the rule of reason
C. kickback
D. restraint of trade - correct answer D. restraint of trade
8. When arranging to show a property to new customers, it is best to first meet them:
A. at the office
B. at the property to be shown
C. at their current home
D. wherever it is most convenient to them - correct answer A. at the office
9. An agency relationship created by an oral or written agreement between principal and
agent is known as:
A. implied agency
, B. express agency
C. ratification
D. estoppel - correct answer B. express agency
10. Sally, a salesperson, represents the sellers. She has, however, suggested to the
buyers that she is trying to obtain the full amount of the listing price as there are several
other lower offers on the property. In this scenario:
A. Sally is acting appropriately as agent of the seller
B. a possible dual agency situation has arisen
C. an agency by ratification has arisen
D. Sally has now switched her representation to the buyers only - correct answer B. a
possible dual agency situation has arisen
11. To die, leaving no will, one is said to die:
A. testate
B. escheated
C. intestate
D. alienated - correct answer C. intestate
12. Personal property is also called:
A. realty
B. chattel
C. consideration
D. commodity - correct answer B. chattel
13. A freehold estate limited by the holder's own lifetime is a:
A. life estate
B. life estate pur autre vie
C. life estate in remainder
Solver Pack: Certified Problem-Solving Questions with Accurate
Answers 2025/2026
1. When does "agency" occur?
A. When one is hired to act on behalf of another
B. When a brokerage office opens
C. When a broker attains licensure
D. When a salesperson attains licensure - correct answer A. When one is hired to act
on behalf of another
2. After a rate lock expires, the mortgage broker/consultant may negotiate a:
A. lock extension
B. rate lock renewal
C. prequalification
D. "lock-in" - correct answer A. lock extension
3. If a licensee has violated the license law, DOS may impose:
A. a fine of up to $10,000
B. a fine of no more than $100
C. a fine of up to $1000
D. imprisonment for up to five years - correct answer C. a fine of up to $1000
4. If a licensee becomes a partner in a real estate firm, he must have a(n):
A. salesperson's license
B. broker license
C. associate broker license
D. minimum of two years' experience as a broker - correct answer B. broker license
,5. Which of the following duties does NOT require a real estate license?
A. negotiating the exchange of real property for others
B. renting units for several different owners
C. auctioning real property
D. sale of a business where there is no real property - correct answer D. sale of a
business where there is no real property
6. An apartment sharing agent is licensed by
A. Department of Law
B. New York Attorney General's office
C. Department of State
D. Division of Housing and Community Renewal - correct answer C. Department of
State
7. A business activity where there is a monopoly or conspiracy that negatively impacts
another individual or company to do business is called a(n):
A. estoppel
B. illegal use of the rule of reason
C. kickback
D. restraint of trade - correct answer D. restraint of trade
8. When arranging to show a property to new customers, it is best to first meet them:
A. at the office
B. at the property to be shown
C. at their current home
D. wherever it is most convenient to them - correct answer A. at the office
9. An agency relationship created by an oral or written agreement between principal and
agent is known as:
A. implied agency
, B. express agency
C. ratification
D. estoppel - correct answer B. express agency
10. Sally, a salesperson, represents the sellers. She has, however, suggested to the
buyers that she is trying to obtain the full amount of the listing price as there are several
other lower offers on the property. In this scenario:
A. Sally is acting appropriately as agent of the seller
B. a possible dual agency situation has arisen
C. an agency by ratification has arisen
D. Sally has now switched her representation to the buyers only - correct answer B. a
possible dual agency situation has arisen
11. To die, leaving no will, one is said to die:
A. testate
B. escheated
C. intestate
D. alienated - correct answer C. intestate
12. Personal property is also called:
A. realty
B. chattel
C. consideration
D. commodity - correct answer B. chattel
13. A freehold estate limited by the holder's own lifetime is a:
A. life estate
B. life estate pur autre vie
C. life estate in remainder
