ARIZONA REAL ESTATE EXAM 2026
ACTUAL TEST PAPER QUESTIONS
AND ANSWERS GRADED A+
◉ Real estate recovery fund is _ per incident and _ tota. Answer: $30k
per incident, $90k total
◉ If your plan for unsubdivided land changes, what do you do first?.
Answer: notify commissioner
◉ Professional LLC. Answer: business entity, members have limited
liability, must be licensed to only work in licensed field
◉ how many licenses can you hold at a time?. Answer: only 1
◉ what must developers of timeshares provide to prospective buyers?.
Answer: a proposed or approved timeshare of public report to all
prospective buyers & terms of cancellation
◉ how many years do you have to file a complaint for unsubdivided
land. Answer: 3 years from date of contract execution
◉ how is a timeshare split?. Answer: 52 weeks
,◉ when would a lender require a mortgage insurance premium (MIP)?.
Answer: borrower has an FHA mortgage - they require this in case of
borrower default
◉ protecting tenants at foreclosure act. Answer: gives tenants facing
eviction sufficient time to relocate
◉ what does the property management proposal include. Answer: details
about property managers qualifications, duties to perform, and reports
that they will provide to owners
◉ what does the US department of housing and urban development
(HUD) provide?. Answer: provides funds for section 8 program - funds
are dic. to states and then they are managed at a local level
◉ how big is a section in a rectangular system?. Answer: 640 acres
◉ AZ Article X. Answer: states that land can only be sold to leased to
the highest and best bidder at a public auction. governs management and
disposal of lands granted to state by federal government "state & school
land"
◉ Gramm-Leach-Biley Act of 1999. Answer: protects consumers
finance information, privacy, security
,◉ how long to licensees have to produce records after an ADRE
request?. Answer: 24 hours
◉ Involuntary Alienation. Answer: eminent domain, condemnation
◉ eminent domain. Answer: Power of a government to take private
property for public use - i.e. to buildi a highway
◉ condemnation. Answer: legal process the government uses to exercise
eminent domain
◉ deed. Answer: the official document transferring ownership from
seller to buyer - must be delivered to the buyer in order to effect transfer
of title
◉ covenant of warranty. Answer: assures that the grantor will warrant
and defend the title against the lawful claims of others
◉ general warranty deed. Answer: Deed that offers the most protection
in which grantor fully warrants good clear title to the premises - must be
recorded after closing or else ownership can be challenged
◉ constructive notice. Answer: happens when the deed is recorded
◉ intestate succession. Answer: determines who the heir will be if
someone dies without a will (spouse, kids, etc.)
, ◉ title insurance. Answer: protects the buyer against losses from prior
unreported defects (wouldn't cover a verbal lease agreement)
◉ covenant of seisin. Answer: ensures that the grantor has the title and
the right to convey the property
◉ covenant of quiet enjoyment. Answer: a promise that the property will
not be disturbed by title defects
◉ natural processs. Answer: accession, accretion, avulsion, reliction
◉ regulatory taking. Answer: when the government, by means of a law
or regulation, deprives a property owner of all or some economic uses of
his or her property without physically taking the property - gov. has to
provide compensation, value diminished
◉ adverse possession. Answer: when the land of another private person
is adversely and exclusively possessed in an open and notorious way -
possessor must take action to obtain title
◉ holographic will. Answer: handwritten will
◉ statutory will. Answer: written by an attorney
ACTUAL TEST PAPER QUESTIONS
AND ANSWERS GRADED A+
◉ Real estate recovery fund is _ per incident and _ tota. Answer: $30k
per incident, $90k total
◉ If your plan for unsubdivided land changes, what do you do first?.
Answer: notify commissioner
◉ Professional LLC. Answer: business entity, members have limited
liability, must be licensed to only work in licensed field
◉ how many licenses can you hold at a time?. Answer: only 1
◉ what must developers of timeshares provide to prospective buyers?.
Answer: a proposed or approved timeshare of public report to all
prospective buyers & terms of cancellation
◉ how many years do you have to file a complaint for unsubdivided
land. Answer: 3 years from date of contract execution
◉ how is a timeshare split?. Answer: 52 weeks
,◉ when would a lender require a mortgage insurance premium (MIP)?.
Answer: borrower has an FHA mortgage - they require this in case of
borrower default
◉ protecting tenants at foreclosure act. Answer: gives tenants facing
eviction sufficient time to relocate
◉ what does the property management proposal include. Answer: details
about property managers qualifications, duties to perform, and reports
that they will provide to owners
◉ what does the US department of housing and urban development
(HUD) provide?. Answer: provides funds for section 8 program - funds
are dic. to states and then they are managed at a local level
◉ how big is a section in a rectangular system?. Answer: 640 acres
◉ AZ Article X. Answer: states that land can only be sold to leased to
the highest and best bidder at a public auction. governs management and
disposal of lands granted to state by federal government "state & school
land"
◉ Gramm-Leach-Biley Act of 1999. Answer: protects consumers
finance information, privacy, security
,◉ how long to licensees have to produce records after an ADRE
request?. Answer: 24 hours
◉ Involuntary Alienation. Answer: eminent domain, condemnation
◉ eminent domain. Answer: Power of a government to take private
property for public use - i.e. to buildi a highway
◉ condemnation. Answer: legal process the government uses to exercise
eminent domain
◉ deed. Answer: the official document transferring ownership from
seller to buyer - must be delivered to the buyer in order to effect transfer
of title
◉ covenant of warranty. Answer: assures that the grantor will warrant
and defend the title against the lawful claims of others
◉ general warranty deed. Answer: Deed that offers the most protection
in which grantor fully warrants good clear title to the premises - must be
recorded after closing or else ownership can be challenged
◉ constructive notice. Answer: happens when the deed is recorded
◉ intestate succession. Answer: determines who the heir will be if
someone dies without a will (spouse, kids, etc.)
, ◉ title insurance. Answer: protects the buyer against losses from prior
unreported defects (wouldn't cover a verbal lease agreement)
◉ covenant of seisin. Answer: ensures that the grantor has the title and
the right to convey the property
◉ covenant of quiet enjoyment. Answer: a promise that the property will
not be disturbed by title defects
◉ natural processs. Answer: accession, accretion, avulsion, reliction
◉ regulatory taking. Answer: when the government, by means of a law
or regulation, deprives a property owner of all or some economic uses of
his or her property without physically taking the property - gov. has to
provide compensation, value diminished
◉ adverse possession. Answer: when the land of another private person
is adversely and exclusively possessed in an open and notorious way -
possessor must take action to obtain title
◉ holographic will. Answer: handwritten will
◉ statutory will. Answer: written by an attorney
