AZ REAL ESTATE EXAM (STATE-
SPECIFIC PORTION) QUESTIONS WITH
VERIFIED ANSWERS
~ A joint tenancy deed requires the signatures of:
- All grantors.
- All grantees.
- Grantors and grantees.
- Grantor, grantee, and mortgagee. - ANSWER-- Grantors and grantees
~ When could a person receive legal title to the property under an Agreement for
Sale?
- Upon paying 30 percent of the price with 20-day notice to vendor.
- Upon the last payment.
- Upon paying 50 percent of purchase price.
- When the agreement was recorded. - ANSWER-- Upon the last payment
~ Ten individuals form a corporation to purchase a parcel of real estate. How would
title be held?
- In severalty.
- As tenants in common.
- As joint tenants.
- In tenancy by entire-ties. - ANSWER-- In severalty
~ A mechanic's lien is NOT available to a person who:
- Graded the site for construction.
- Supplied the lumber but did not perform any labor.
- Provided the furniture for a model house.
- Performed labor under a subcontract rather than a direct contract with the owner. -
ANSWER-- Provided the furniture for a model house
~ A transaction is closed on February 15, 20XX, and the buyer does not record the
deed until April 24, 20XX. A judgment for $1,200 is filed against the grantor on April
21, 20XX. The judgment:
- Is a lien against the property.
- Is invalid against the property.
- Constitutes a judgment inchoate.
- Is a judgment reversion. - ANSWER-- Is a lien against the property
~ Equitable title under a purchase contract would refer to:
- Seller's interest.
- Buyer's interest.
- Broker's interest.
- Buyer's and seller's interest. - ANSWER-- Buyer's interest
~ A declaration of homestead may be terminated for all of the following, EXCEPT:
- Filing an abandonment of homestead.
, - Death of one spouse.
- Moving out of the property.
- Converting the property to a rental. - ANSWER-- Death of one spouse
~ In Arizona, the deed that is most commonly given by sellers to buyers is a:
- Warranty deed.
- Special warranty deed.
- Bargain and sale deed.
- Quitclaim deed. - ANSWER-- Warranty deed
~ In Arizona, the document that is signed by the buyer and seller stating the sales
price and that MUST accompany the deed for recordation is a(n):
- Certificate of title.
- Affidavit of title.
- Affidavit of value.
- Estoppel certificate. - ANSWER-- Affidavit of value
~ An Arizona homestead is valid for:
- $50,000.
- $100,00.
- $125,000.
- $150,000. - ANSWER-- $150,000
~ The seller of a condominium unit has the responsibility to deliver information the
buyer, such as the operating budget of the HOA, when:
- The HOA has 50 or more units.
- The HOA has a management company.
- The HOA is self-managed.
- The HOA has less than 50 units. - ANSWER-- The HOA has less than 50 units
~ Time sharing is associated with which of the following?
- Cooperatives.
- Profits.
- Joint ventures.
- Condominiums. - ANSWER-- Condominiums
~ Fraud is:
- Deception not intended to harm.
- Deception intended to harm.
- The same as misrepresentation.
- Similar to puffing. - ANSWER-- Deception intended to harm
~ An offer has been accepted on a 10-acre parcel, when the broker learns that the
buyer has been buying up land in the area at a much higher price. The broker should
- Notify the seller of the facts.
- Recommend that the seller breach the contract.
- Do nothing, as the seller is obligated to convey.
- Do nothing, as agency has been terminated with the procurement of the buyer. -
ANSWER-- Notify the seller of the facts
SPECIFIC PORTION) QUESTIONS WITH
VERIFIED ANSWERS
~ A joint tenancy deed requires the signatures of:
- All grantors.
- All grantees.
- Grantors and grantees.
- Grantor, grantee, and mortgagee. - ANSWER-- Grantors and grantees
~ When could a person receive legal title to the property under an Agreement for
Sale?
- Upon paying 30 percent of the price with 20-day notice to vendor.
- Upon the last payment.
- Upon paying 50 percent of purchase price.
- When the agreement was recorded. - ANSWER-- Upon the last payment
~ Ten individuals form a corporation to purchase a parcel of real estate. How would
title be held?
- In severalty.
- As tenants in common.
- As joint tenants.
- In tenancy by entire-ties. - ANSWER-- In severalty
~ A mechanic's lien is NOT available to a person who:
- Graded the site for construction.
- Supplied the lumber but did not perform any labor.
- Provided the furniture for a model house.
- Performed labor under a subcontract rather than a direct contract with the owner. -
ANSWER-- Provided the furniture for a model house
~ A transaction is closed on February 15, 20XX, and the buyer does not record the
deed until April 24, 20XX. A judgment for $1,200 is filed against the grantor on April
21, 20XX. The judgment:
- Is a lien against the property.
- Is invalid against the property.
- Constitutes a judgment inchoate.
- Is a judgment reversion. - ANSWER-- Is a lien against the property
~ Equitable title under a purchase contract would refer to:
- Seller's interest.
- Buyer's interest.
- Broker's interest.
- Buyer's and seller's interest. - ANSWER-- Buyer's interest
~ A declaration of homestead may be terminated for all of the following, EXCEPT:
- Filing an abandonment of homestead.
, - Death of one spouse.
- Moving out of the property.
- Converting the property to a rental. - ANSWER-- Death of one spouse
~ In Arizona, the deed that is most commonly given by sellers to buyers is a:
- Warranty deed.
- Special warranty deed.
- Bargain and sale deed.
- Quitclaim deed. - ANSWER-- Warranty deed
~ In Arizona, the document that is signed by the buyer and seller stating the sales
price and that MUST accompany the deed for recordation is a(n):
- Certificate of title.
- Affidavit of title.
- Affidavit of value.
- Estoppel certificate. - ANSWER-- Affidavit of value
~ An Arizona homestead is valid for:
- $50,000.
- $100,00.
- $125,000.
- $150,000. - ANSWER-- $150,000
~ The seller of a condominium unit has the responsibility to deliver information the
buyer, such as the operating budget of the HOA, when:
- The HOA has 50 or more units.
- The HOA has a management company.
- The HOA is self-managed.
- The HOA has less than 50 units. - ANSWER-- The HOA has less than 50 units
~ Time sharing is associated with which of the following?
- Cooperatives.
- Profits.
- Joint ventures.
- Condominiums. - ANSWER-- Condominiums
~ Fraud is:
- Deception not intended to harm.
- Deception intended to harm.
- The same as misrepresentation.
- Similar to puffing. - ANSWER-- Deception intended to harm
~ An offer has been accepted on a 10-acre parcel, when the broker learns that the
buyer has been buying up land in the area at a much higher price. The broker should
- Notify the seller of the facts.
- Recommend that the seller breach the contract.
- Do nothing, as the seller is obligated to convey.
- Do nothing, as agency has been terminated with the procurement of the buyer. -
ANSWER-- Notify the seller of the facts
