ARIZONA REAL ESTATE EXAM 2026
STUDY GUIDE TEST PAPER
QUESTIONS AND SOLUTIONS
GRADED A+
◉ Vendee. Answer: The buyer is a seller carry back financing
◉ Seller carry back financing. Answer: Paying the seller back - not a
loan from a bank
◉ Agreement for sale also know as a. Answer: Land contract
◉ Agreement for sale. Answer: 1 document no separate note
◉ Agreement for sale foreclosure timelines. Answer: O-20% = 30 day
foreclosure
20-30% = 60 day foreclosure
30-50% = 120 day foreclosure
50%+ = 270 day foreclosure
◉ Incohate. Answer: Incomplete
◉ Mechanics Lien (type). Answer: Specific Lien
,◉ Mechanics Lien (timeline). Answer: 20 day - pre Lien notice
120 day - from completion to file
180 day- from beginning to file lawsuit
If u do not file in 180 day in Laches - waited too long
Residential - only the general can file
Commercial - any of the contractors can file
◉ Real Estate Recovery Fund balance. Answer: Needs to be $600,000 in
recovery fund by June 30th
◉ Recovery Fee Fees. Answer: Agent - $10 fee
Broker - $20 fee
If it falls below the year that you renew you pay the fee again
◉ Recovery Fund Protection. Answer: Each agent is protected for
$90,000
$30,000 can be paid per transaction
Once $1 is paid out of the fund on your behalf your license is terminated
- if you pay everything back plus 10% your license can be denied for
reinstatement for 5 years
◉ What is your Client/Principle due?. Answer: Fiduciary responsibility
◉ What is the Customer Due?. Answer: Truth, Honesty and Disclosure
, ◉ Principle. Answer: The person who gives authority to an agent -
thereby creating a fiduciary relationship
◉ Client. Answer: Someone who is represented by an agent
◉ Customer. Answer: A party to a transaction who is not a principle
◉ Confidentiality =. Answer: Loyalty
◉ General agent. Answer: An agent who does many different things for
a client - represents client in all RE matters - a property manager - an
agent to a broker
◉ Special or Specific agent. Answer: An agent representing one special
thing.
◉ Universal agent. Answer: Power of attorney (power) Attorney in fact
(person)
◉ Unilateral Contract. Answer: An option or First right of refusal
◉ Open contract. Answer: Unilateral listing, whoever brings the buyer
wins, uses many different brokers, procuring cause-you are the reason
for the sale. Least protection for the broker
STUDY GUIDE TEST PAPER
QUESTIONS AND SOLUTIONS
GRADED A+
◉ Vendee. Answer: The buyer is a seller carry back financing
◉ Seller carry back financing. Answer: Paying the seller back - not a
loan from a bank
◉ Agreement for sale also know as a. Answer: Land contract
◉ Agreement for sale. Answer: 1 document no separate note
◉ Agreement for sale foreclosure timelines. Answer: O-20% = 30 day
foreclosure
20-30% = 60 day foreclosure
30-50% = 120 day foreclosure
50%+ = 270 day foreclosure
◉ Incohate. Answer: Incomplete
◉ Mechanics Lien (type). Answer: Specific Lien
,◉ Mechanics Lien (timeline). Answer: 20 day - pre Lien notice
120 day - from completion to file
180 day- from beginning to file lawsuit
If u do not file in 180 day in Laches - waited too long
Residential - only the general can file
Commercial - any of the contractors can file
◉ Real Estate Recovery Fund balance. Answer: Needs to be $600,000 in
recovery fund by June 30th
◉ Recovery Fee Fees. Answer: Agent - $10 fee
Broker - $20 fee
If it falls below the year that you renew you pay the fee again
◉ Recovery Fund Protection. Answer: Each agent is protected for
$90,000
$30,000 can be paid per transaction
Once $1 is paid out of the fund on your behalf your license is terminated
- if you pay everything back plus 10% your license can be denied for
reinstatement for 5 years
◉ What is your Client/Principle due?. Answer: Fiduciary responsibility
◉ What is the Customer Due?. Answer: Truth, Honesty and Disclosure
, ◉ Principle. Answer: The person who gives authority to an agent -
thereby creating a fiduciary relationship
◉ Client. Answer: Someone who is represented by an agent
◉ Customer. Answer: A party to a transaction who is not a principle
◉ Confidentiality =. Answer: Loyalty
◉ General agent. Answer: An agent who does many different things for
a client - represents client in all RE matters - a property manager - an
agent to a broker
◉ Special or Specific agent. Answer: An agent representing one special
thing.
◉ Universal agent. Answer: Power of attorney (power) Attorney in fact
(person)
◉ Unilateral Contract. Answer: An option or First right of refusal
◉ Open contract. Answer: Unilateral listing, whoever brings the buyer
wins, uses many different brokers, procuring cause-you are the reason
for the sale. Least protection for the broker
