AZ Real Estate_03 Questions With Complete Solutions
_______ policies provide extra coverage beyond those offered
by primary policies. Correct Answers Umbrella
A ______ is a contractual agreement in which the buyer pays the
seller the purchase price over time in a series of installments
until the contract has been paid in full. Correct Answers Land
contract
A ______ is a method of conveying real property from one party
to another. Correct Answers Deed
A buyer client is preparing an offer on a property. He wants to
make sure his offer stands out above all others and is accepted,
so he discusses waiving the inspection contingency. What
should the agent do? Correct Answers Encourage the buyer to
get an inspection, and if he still wants to waive it, put it in
writing that you advised against waiving the inspection and have
him sign.
A buyer is purchasing a property for $400,000. His lender's
loan-to-value ratio is 80%. How much is the buyer financing?
Correct Answers $320,000
A compensation model in which a licensee pays a monthly fee
to be affiliated with a firm is called a ______ model. Correct
Answers Desk fee
A creditor holding a junior lien on an Arizona property that's
being foreclosed on judicially has which of these rights?
,Correct Answers To pay off all amounts owed to the senior
lender and then continue with the foreclosure
A four-bedroom, four-bath, 4,875-square-foot house was listed
at $445,000. Andreas, the seller, accepted an offer that was 95%
of the listing price. What price per square foot did he get for the
house? Correct Answers $86.72
A homeowner has $80,000 of principal left to pay on her
mortgage. Her home was recently appraised at $156,000, which
is $13,000 more than what she purchased it for. How much
equity does she have in her home? Correct Answers $76,000
A homeowner sells his house for $325,000 more than he bought
it for. When he files his income taxes, how much of this profit
may he exclude from his capital gains if he's filing as a single
taxpayer? Correct Answers $250,000
A licensee is to keep a listing in house, and is not cooperating or
compensating other brokers. What type of a listing is this?
Correct Answers Office exclusive
A parcel of land measures one half mile by 3,000 feet. If price
per acre is $4,200, what's the list price for this parcel? Round to
10ths of an acre for your calculation. Correct Answers
$763,560
A piece of land that's been split into lots where homes will be
built is called a ______. Correct Answers Subdivision
,A professional corporation is like a regular corporation except
that each of the professional corporation's officers, directors, and
shareholders ______. Correct Answers Must hold an active real
estate license
A property is 1,920 acres. How many square miles is this?
Correct Answers Three
A property is 21,780 square feet. How many acres is this?
Correct Answers Half an acre
A small duplex sold for $550,000. Each unit can gross $2,500 in
monthly rent for the owner, and there are no additional income
sources from the property. What's the GRM? Correct Answers
110
A surveyor created a lot and block survey for a new residential
development. The first thing she did when she surveyed the new
neighborhood was to reference a metes and bounds land
description. From there, she divided the land into numbered lots
and blocks. This output is known as a ______. Correct Answers
Plat map
A(n) _____ septic system mixes air into the tank's water to
speed up the waste breakdown process. Correct Answers
Aerobic unit
According to Arizona's solar energy exemption, ______.
Correct Answers HOAs can't prevent homeowners of real
property from installing/using solar energy devices
, According to federal law, which one of the following items may
legally be disposed of in a landfill? Correct Answers Tires
According to the statute of frauds, which of the following
agreements needs to be in writing to be legally enforceable?
Correct Answers Pam agreed to rent her house to Miguel for
three years.
Accrued expenses are prorated items that are paid at closing by
whom? Correct Answers The seller
Adjustments to closing costs are prorated as of what date?
Correct Answers Closing date
Aerobic unit Correct Answers An aerobic unit septic system
mixes air into the tank's water, which allows the growth of
oxygen-loving bacteria. These bacteria munch on the waste and
break it down faster.
After a life estate holder dies and ownership rights have either
reverted to the original owner or have been transferred to a
remainderman, with what type of estate is the property held?
Correct Answers Fee simple
Aldrich is conveying marketable title to a property buyer.
Should he also furnish a title insurance policy? Correct Answers
Yes, because title defects not revealed in a title search can crop
up even with marketable title.
All Arizona real estate employment agreements must be in
writing, written in clear and unambiguous language, stipulate all
_______ policies provide extra coverage beyond those offered
by primary policies. Correct Answers Umbrella
A ______ is a contractual agreement in which the buyer pays the
seller the purchase price over time in a series of installments
until the contract has been paid in full. Correct Answers Land
contract
A ______ is a method of conveying real property from one party
to another. Correct Answers Deed
A buyer client is preparing an offer on a property. He wants to
make sure his offer stands out above all others and is accepted,
so he discusses waiving the inspection contingency. What
should the agent do? Correct Answers Encourage the buyer to
get an inspection, and if he still wants to waive it, put it in
writing that you advised against waiving the inspection and have
him sign.
A buyer is purchasing a property for $400,000. His lender's
loan-to-value ratio is 80%. How much is the buyer financing?
Correct Answers $320,000
A compensation model in which a licensee pays a monthly fee
to be affiliated with a firm is called a ______ model. Correct
Answers Desk fee
A creditor holding a junior lien on an Arizona property that's
being foreclosed on judicially has which of these rights?
,Correct Answers To pay off all amounts owed to the senior
lender and then continue with the foreclosure
A four-bedroom, four-bath, 4,875-square-foot house was listed
at $445,000. Andreas, the seller, accepted an offer that was 95%
of the listing price. What price per square foot did he get for the
house? Correct Answers $86.72
A homeowner has $80,000 of principal left to pay on her
mortgage. Her home was recently appraised at $156,000, which
is $13,000 more than what she purchased it for. How much
equity does she have in her home? Correct Answers $76,000
A homeowner sells his house for $325,000 more than he bought
it for. When he files his income taxes, how much of this profit
may he exclude from his capital gains if he's filing as a single
taxpayer? Correct Answers $250,000
A licensee is to keep a listing in house, and is not cooperating or
compensating other brokers. What type of a listing is this?
Correct Answers Office exclusive
A parcel of land measures one half mile by 3,000 feet. If price
per acre is $4,200, what's the list price for this parcel? Round to
10ths of an acre for your calculation. Correct Answers
$763,560
A piece of land that's been split into lots where homes will be
built is called a ______. Correct Answers Subdivision
,A professional corporation is like a regular corporation except
that each of the professional corporation's officers, directors, and
shareholders ______. Correct Answers Must hold an active real
estate license
A property is 1,920 acres. How many square miles is this?
Correct Answers Three
A property is 21,780 square feet. How many acres is this?
Correct Answers Half an acre
A small duplex sold for $550,000. Each unit can gross $2,500 in
monthly rent for the owner, and there are no additional income
sources from the property. What's the GRM? Correct Answers
110
A surveyor created a lot and block survey for a new residential
development. The first thing she did when she surveyed the new
neighborhood was to reference a metes and bounds land
description. From there, she divided the land into numbered lots
and blocks. This output is known as a ______. Correct Answers
Plat map
A(n) _____ septic system mixes air into the tank's water to
speed up the waste breakdown process. Correct Answers
Aerobic unit
According to Arizona's solar energy exemption, ______.
Correct Answers HOAs can't prevent homeowners of real
property from installing/using solar energy devices
, According to federal law, which one of the following items may
legally be disposed of in a landfill? Correct Answers Tires
According to the statute of frauds, which of the following
agreements needs to be in writing to be legally enforceable?
Correct Answers Pam agreed to rent her house to Miguel for
three years.
Accrued expenses are prorated items that are paid at closing by
whom? Correct Answers The seller
Adjustments to closing costs are prorated as of what date?
Correct Answers Closing date
Aerobic unit Correct Answers An aerobic unit septic system
mixes air into the tank's water, which allows the growth of
oxygen-loving bacteria. These bacteria munch on the waste and
break it down faster.
After a life estate holder dies and ownership rights have either
reverted to the original owner or have been transferred to a
remainderman, with what type of estate is the property held?
Correct Answers Fee simple
Aldrich is conveying marketable title to a property buyer.
Should he also furnish a title insurance policy? Correct Answers
Yes, because title defects not revealed in a title search can crop
up even with marketable title.
All Arizona real estate employment agreements must be in
writing, written in clear and unambiguous language, stipulate all
