REAL ESTATE ( AZ SPECIFIC ) QUESTIONS WITH
COMPLETE SOLUTIONS
A broker goes on a cruise for ten days. Who can be left in
charge? Correct Answers Any real estate licensee employed by
the broker
A broker lists the Wilson's property, and only My. Wilson signs
the listing. The broker finds a buyer who is ready and willing to
buy the property under the terms of the listing. Mrs. Wilson
refuses to sign the sales contract. What is true regarding the
commission? Correct Answers Both Mr. and Mrs. Wilson are
responsible
A broker may collect a commission from both buyer and seller if
Correct Answers Written approval is given before execution
A broker may represent a buyer and seller in a real estate
transaction and receive a commission from both proved that
Correct Answers the broker has received written consent from
buyer and seller
A broker prepares documents at a cost of $35. What is true:
Correct Answers The broker can't charge for the service
A broker receives an oral offer over the telephone. What should
they do: Correct Answers The broker must present the oral
offer
,A buyer and seller enter into a purchase contract, but the broker
fails to initial the contract within the required 5 days. What is
the status of the purchase contract? Correct Answers Valid
A buyer buys a property under an Agreement for Sale with only
10 percent down. The buyer then leaves town and abandons the
property. What is true: Correct Answers Buyer will forfeit their
equity after a specific time period
A buyer is buying a home located within a homeowner's
association . The home has a violation that is not known by the
homeowner association and has not been disclosed to the buyer.
What is true regarding the violation? Correct Answers buyer
may be required to correct the violation
A buyer is obtaining a new loan to purchase property. The buyer
is most likely to accept title with what lien that is unpaid as of
close of escrow: Correct Answers Property taxes for the current
year for the property being sold
A buyer obtains a loan on a parcel of land secured by a Deed of
Trust. Later the buyer moves a mobile home on the lot and
defaults on the Deed of Trust. What is true: Correct Answers
Lender may foreclose on the land only
A claim against the recovery fund cannot be filed by Correct
Answers a corporation that was harmed by a licensee
A commercial project was in foreclosure, and after the sale the
mortgagee did not receive enough money to satisfy the note.
,What is true: Correct Answers The lender can sue the borrower
for deficiency judgment
A contractor starts work on May 1, 2000. He completes work on
August 15,2000 and records a mechanic's lien on October
10,2000. What is the effective date of the lien: Correct Answers
May 1st
A deed is acknowledged in Arizona to: Correct Answers Meet
state law
A defeasance clause in a Deed of Trust allows for: Correct
Answers Cancellation of the lender's claim upon full not
payment
A general contractor does work for a tenant in a commercial
leased space. The tenant fails to pay the contractor. What is true
regarding the machanics lien: Correct Answers The contractor
can only lien the leasehold interest
A land contract has an acceleration clause and is now in default.
What is true: Correct Answers Once the acceleration clause is
exercised, a lender would foreclose as a mortgage
A landlord wishes to show a party your apartment. He may do
so with: Correct Answers A 48 hour notice
A license is originally granted for ______ and renewed every
______. Correct Answers 2 years/ 4 years
, A licensee may NOT charge for document preparation as a
result of: Correct Answers Arizona Constitution Article XXVI
A listing agreement is known as Correct Answers A contract
for person and professional services
A Master Planned Community would best be described as
Correct Answers two or more platted subdivisions with CC&Rs
A mechanic's lien must be placed on title by a general contractor
within: Correct Answers 120 days after job is completed
A mechanics lien may be filed by
The utility company
Construction employee
The auto mechanic
The lumber supplier Correct Answers The lumber supplier
A notice of foreclosure under a Deed of Trust is given by whom:
Correct Answers Trustee
A person would qualify for a homestead when: Correct
Answers Upon taking ownership and moving in
A property has a first note the Deed of Trust for 20k, and a
second note and Deed of Trust for 10k. The first is in default,
and the lender agrees to take back a quitclaim deed. What is the
position of the 10k second: Correct Answers The second is
now in first position.
COMPLETE SOLUTIONS
A broker goes on a cruise for ten days. Who can be left in
charge? Correct Answers Any real estate licensee employed by
the broker
A broker lists the Wilson's property, and only My. Wilson signs
the listing. The broker finds a buyer who is ready and willing to
buy the property under the terms of the listing. Mrs. Wilson
refuses to sign the sales contract. What is true regarding the
commission? Correct Answers Both Mr. and Mrs. Wilson are
responsible
A broker may collect a commission from both buyer and seller if
Correct Answers Written approval is given before execution
A broker may represent a buyer and seller in a real estate
transaction and receive a commission from both proved that
Correct Answers the broker has received written consent from
buyer and seller
A broker prepares documents at a cost of $35. What is true:
Correct Answers The broker can't charge for the service
A broker receives an oral offer over the telephone. What should
they do: Correct Answers The broker must present the oral
offer
,A buyer and seller enter into a purchase contract, but the broker
fails to initial the contract within the required 5 days. What is
the status of the purchase contract? Correct Answers Valid
A buyer buys a property under an Agreement for Sale with only
10 percent down. The buyer then leaves town and abandons the
property. What is true: Correct Answers Buyer will forfeit their
equity after a specific time period
A buyer is buying a home located within a homeowner's
association . The home has a violation that is not known by the
homeowner association and has not been disclosed to the buyer.
What is true regarding the violation? Correct Answers buyer
may be required to correct the violation
A buyer is obtaining a new loan to purchase property. The buyer
is most likely to accept title with what lien that is unpaid as of
close of escrow: Correct Answers Property taxes for the current
year for the property being sold
A buyer obtains a loan on a parcel of land secured by a Deed of
Trust. Later the buyer moves a mobile home on the lot and
defaults on the Deed of Trust. What is true: Correct Answers
Lender may foreclose on the land only
A claim against the recovery fund cannot be filed by Correct
Answers a corporation that was harmed by a licensee
A commercial project was in foreclosure, and after the sale the
mortgagee did not receive enough money to satisfy the note.
,What is true: Correct Answers The lender can sue the borrower
for deficiency judgment
A contractor starts work on May 1, 2000. He completes work on
August 15,2000 and records a mechanic's lien on October
10,2000. What is the effective date of the lien: Correct Answers
May 1st
A deed is acknowledged in Arizona to: Correct Answers Meet
state law
A defeasance clause in a Deed of Trust allows for: Correct
Answers Cancellation of the lender's claim upon full not
payment
A general contractor does work for a tenant in a commercial
leased space. The tenant fails to pay the contractor. What is true
regarding the machanics lien: Correct Answers The contractor
can only lien the leasehold interest
A land contract has an acceleration clause and is now in default.
What is true: Correct Answers Once the acceleration clause is
exercised, a lender would foreclose as a mortgage
A landlord wishes to show a party your apartment. He may do
so with: Correct Answers A 48 hour notice
A license is originally granted for ______ and renewed every
______. Correct Answers 2 years/ 4 years
, A licensee may NOT charge for document preparation as a
result of: Correct Answers Arizona Constitution Article XXVI
A listing agreement is known as Correct Answers A contract
for person and professional services
A Master Planned Community would best be described as
Correct Answers two or more platted subdivisions with CC&Rs
A mechanic's lien must be placed on title by a general contractor
within: Correct Answers 120 days after job is completed
A mechanics lien may be filed by
The utility company
Construction employee
The auto mechanic
The lumber supplier Correct Answers The lumber supplier
A notice of foreclosure under a Deed of Trust is given by whom:
Correct Answers Trustee
A person would qualify for a homestead when: Correct
Answers Upon taking ownership and moving in
A property has a first note the Deed of Trust for 20k, and a
second note and Deed of Trust for 10k. The first is in default,
and the lender agrees to take back a quitclaim deed. What is the
position of the 10k second: Correct Answers The second is
now in first position.
