'THE TEST' STUDY GUIDE
Brokers are required to keep a copy of all contracts for not less than
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5 years
MISSED ON EXAM
Broker Price Opinion (BPO)
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A BPO is used by lenders to determine value and marketability for a
property.
, *Note most common use is for lenders to evaluate property for marketing
purposes in selling REO, or real estate owned, properties.
MISSED ON EXAM
For a licensee to be paid commission a real estate license is required:
A) At close of escrow
B) At close of sale
C) When earnest money is accepted
D) When earnest money is recorded
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To be eligible for a sales commission, an individual must have an active real
estate license and be affiliated with a broker at the time the commission is
EARNED, not necessarily when the commission check is paid.
'THE TEST' STUDY GUIDE
The broker hires a salesperson enters a contract with the buyer and seller
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The salesperson may receive a commission
'THE TEST' STUDY GUIDE
Arizona real estate law requires the broker to keep records of all real estate
transactions handled by or through the broker for
,Give this one a try later!
Five years from the termination of transaction
'THE TEST' STUDY GUIDE
The distance around a quarter of section 16 any specific township would be
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2 miles
SESSION 1: LAND AND OWNERSHIP
When rights transfer with a deed, this is referred to as
A) chattel real.
B) reversionary rights.
C) leasehold.
D) bundle of rights.
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D
The bundle of rights a property owner has includes the right of disposition,
which allows the owner to transfer all or some of the rights to other people,
as with a deed.
, MISSED ON EXAM
When a landlord has the right to size tenants belongings for rents in arrears it is
called:
A) Forbearance
B) Actual eviction
C) Contraint
D) Constructive eviction
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B) Actual eviction
SUBROGATION
SUBORDINATION
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SUBROGATION
Legal term referring to the substitution of one claimant or creditor for
another, with the substituted party succeeding to the legal rights and
claims of the original claimant.
SUBORDINATION
A written agreement between lien holders on a property to change the
priority of mortgages, judgements, and other liens.
*A subordination clause is a contract clause that gives a mortgage
recorded at a later date the right to take priority over an earlier recorded
mortgage.
Brokers are required to keep a copy of all contracts for not less than
Give this one a try later!
5 years
MISSED ON EXAM
Broker Price Opinion (BPO)
Give this one a try later!
A BPO is used by lenders to determine value and marketability for a
property.
, *Note most common use is for lenders to evaluate property for marketing
purposes in selling REO, or real estate owned, properties.
MISSED ON EXAM
For a licensee to be paid commission a real estate license is required:
A) At close of escrow
B) At close of sale
C) When earnest money is accepted
D) When earnest money is recorded
Give this one a try later!
To be eligible for a sales commission, an individual must have an active real
estate license and be affiliated with a broker at the time the commission is
EARNED, not necessarily when the commission check is paid.
'THE TEST' STUDY GUIDE
The broker hires a salesperson enters a contract with the buyer and seller
Give this one a try later!
The salesperson may receive a commission
'THE TEST' STUDY GUIDE
Arizona real estate law requires the broker to keep records of all real estate
transactions handled by or through the broker for
,Give this one a try later!
Five years from the termination of transaction
'THE TEST' STUDY GUIDE
The distance around a quarter of section 16 any specific township would be
Give this one a try later!
2 miles
SESSION 1: LAND AND OWNERSHIP
When rights transfer with a deed, this is referred to as
A) chattel real.
B) reversionary rights.
C) leasehold.
D) bundle of rights.
Give this one a try later!
D
The bundle of rights a property owner has includes the right of disposition,
which allows the owner to transfer all or some of the rights to other people,
as with a deed.
, MISSED ON EXAM
When a landlord has the right to size tenants belongings for rents in arrears it is
called:
A) Forbearance
B) Actual eviction
C) Contraint
D) Constructive eviction
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B) Actual eviction
SUBROGATION
SUBORDINATION
Give this one a try later!
SUBROGATION
Legal term referring to the substitution of one claimant or creditor for
another, with the substituted party succeeding to the legal rights and
claims of the original claimant.
SUBORDINATION
A written agreement between lien holders on a property to change the
priority of mortgages, judgements, and other liens.
*A subordination clause is a contract clause that gives a mortgage
recorded at a later date the right to take priority over an earlier recorded
mortgage.
