ARIZONA 6-HOUR CONTRACT
WRITING COURSE EXAM - STUDY SET
ACTUAL EXAM QUESTIONS AND
CORRECT DETAILED SOLUTIONS
NEW MODIFIED
What type of contingency in the purchase contract allows a buyer to terminate
the contract is the property doesn't appraise at the agreed -upon sale price?
A) Appraisal contingency
B) Financing contingency
C) Inspection contingency
D) Loan contingency - ✔✔✔ Correct Answer > A) Appraisal contingency
Which type of financing occurs when a seller helps to financing the transaction
by taking responsibility for a portion of the buyer's loan?
A) Assumable mortgage
B) Conventional mortgage
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,C) Seller carryback
D) USDA financing - ✔✔✔ Correct Answer > C) Seller carryback
Licensee Jonathan signed a listing agreement with a new client. Which of these
actions should Jonathan plan to perform next, before he publishes the listing on
the MLS?
A) Hold an open house.
B) Prepare a comparative market analysis.
C) Prepare a features list.
D) Schedule contractors for repair work. - ✔✔✔ Correct Answer > C)
Prepare a features list.
Jonathan needs to prepare a features list before he can publish the listing. The
comparative market analysis should already have been done, and the open house
and repair work, if any, come later.
Tanya is currently not complying with the purchase contract she has with
Richard. The cure period notice gives her three days to ______.
A) Comply or be in breach of the contract
B) Get her earnest money back
C) Sue Richard for specific damages
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,D) Undergo alternative dispute resolution - ✔✔✔ Correct Answer > A)
Comply or be in breach of the contract
Where can Arizona licensees find sample boilerplate transaction contracts to
use?
A) Nowhere
B) The Arizona Association of REALTORS® website
C) The Arizona Department of Real Estate website
D) The governor's office website - ✔✔✔ Correct Answer > B) The Arizona
Association of REALTORS® website
Who signs the Arizona Real Estate Agency Disclosure and Election form?
A) Both the buyers and the sellers in the same transaction
B) Only brokers
C) The buyer or the seller, but not both
D) The buyer's agent and the seller's agent - ✔✔✔ Correct Answer > C)
The buyer or the seller, but not both
The Arizona Real Estate Disclosure and Election form should not be signed by
both a buyer and a seller. It's one form per party.
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, Your buyer client, Percy, wants to start searching for his dream house and
knows he needs to obtain financing to accomplish that. What's his first step?
A) Complete a loan application.
B) Obtain a pre-qualification letter.
C) Sign a purchase agreement.
D) Write an offer. - ✔✔✔ Correct Answer > B) Obtain a pre-qualification
letter.
Pre-qualification requires that the applicant provide minimal information to the
lender. Completing the loan application is a much lengthier, complex process
and usually occurs after the applicant locates a property.
Jax represents Chloe, who has submitted an offer for Tristan's property. She has
offered to pay the purchase price in exchange for receiving the title to Tristan's
land. Who is the offeree in this situation?
A) Chloe
B) Jax
C) Tristan
D) Tristan's agent - ✔✔✔ Correct Answer > C) Tristan
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WRITING COURSE EXAM - STUDY SET
ACTUAL EXAM QUESTIONS AND
CORRECT DETAILED SOLUTIONS
NEW MODIFIED
What type of contingency in the purchase contract allows a buyer to terminate
the contract is the property doesn't appraise at the agreed -upon sale price?
A) Appraisal contingency
B) Financing contingency
C) Inspection contingency
D) Loan contingency - ✔✔✔ Correct Answer > A) Appraisal contingency
Which type of financing occurs when a seller helps to financing the transaction
by taking responsibility for a portion of the buyer's loan?
A) Assumable mortgage
B) Conventional mortgage
Page 1 of 71
,C) Seller carryback
D) USDA financing - ✔✔✔ Correct Answer > C) Seller carryback
Licensee Jonathan signed a listing agreement with a new client. Which of these
actions should Jonathan plan to perform next, before he publishes the listing on
the MLS?
A) Hold an open house.
B) Prepare a comparative market analysis.
C) Prepare a features list.
D) Schedule contractors for repair work. - ✔✔✔ Correct Answer > C)
Prepare a features list.
Jonathan needs to prepare a features list before he can publish the listing. The
comparative market analysis should already have been done, and the open house
and repair work, if any, come later.
Tanya is currently not complying with the purchase contract she has with
Richard. The cure period notice gives her three days to ______.
A) Comply or be in breach of the contract
B) Get her earnest money back
C) Sue Richard for specific damages
Page 2 of 71
,D) Undergo alternative dispute resolution - ✔✔✔ Correct Answer > A)
Comply or be in breach of the contract
Where can Arizona licensees find sample boilerplate transaction contracts to
use?
A) Nowhere
B) The Arizona Association of REALTORS® website
C) The Arizona Department of Real Estate website
D) The governor's office website - ✔✔✔ Correct Answer > B) The Arizona
Association of REALTORS® website
Who signs the Arizona Real Estate Agency Disclosure and Election form?
A) Both the buyers and the sellers in the same transaction
B) Only brokers
C) The buyer or the seller, but not both
D) The buyer's agent and the seller's agent - ✔✔✔ Correct Answer > C)
The buyer or the seller, but not both
The Arizona Real Estate Disclosure and Election form should not be signed by
both a buyer and a seller. It's one form per party.
Page 3 of 71
, Your buyer client, Percy, wants to start searching for his dream house and
knows he needs to obtain financing to accomplish that. What's his first step?
A) Complete a loan application.
B) Obtain a pre-qualification letter.
C) Sign a purchase agreement.
D) Write an offer. - ✔✔✔ Correct Answer > B) Obtain a pre-qualification
letter.
Pre-qualification requires that the applicant provide minimal information to the
lender. Completing the loan application is a much lengthier, complex process
and usually occurs after the applicant locates a property.
Jax represents Chloe, who has submitted an offer for Tristan's property. She has
offered to pay the purchase price in exchange for receiving the title to Tristan's
land. Who is the offeree in this situation?
A) Chloe
B) Jax
C) Tristan
D) Tristan's agent - ✔✔✔ Correct Answer > C) Tristan
Page 4 of 71
