ASREB Test Question Review With Correct Answers
Rated 100% Correct!!
Within the Arizona Groundwater Code all of the following rights were created
EXCEPT?
Subdivision grandfather right
What is required to give someone the right to sign your name?
Power of Attorney
The buyer has an investment that has a feature of "a pass through certificate"
this investment is most likely a:
Ginnie Mae Security
When an occupant holds a long term proprietary lease this is referred to as:
Co-operative
Homeowners insurance on a closing statement will always be:
Debit to the buyer
In a listing of property for sale which item is not necessary for a valid exclusive
listing?
Address of property
What type of an estate would a tenant have?
Leasehold
When a brokerage is charged an administrative fine the amount of the fine is up
to:
$1,000
In a listing agreement the seller would be the:
Employer
An auctioneer may only auction real property in the state of Arizona if:
a. the property is foreclosure
b. the property is owned community property
c. the auctioneer is affiliated with a license broker
d. the property is owned with rights of survivorship
c. the auctioneer is affiliated with a license broker
In a sale of a mortgage document what is the relationship of the parties?
assignor to assignee
Which of the following is used to establish premiums for flood insurance?
Elevation certificate
A lender charges 2 points at a cost of $2800, the lender will loan 85% of the
purchase price. What is the purchase price?
$164,705
A licensee who has been notified by the Arizona Department of real estate that a
complaint has been issued has how many days to respond?
14 calendar days
A lot is originally purchased for $10,500. It is sold at a 20% loss and then resold
with a 10% commission. What was the net loss on the property?
$2,940
The term "capitalization rate" refers to:
, The net income divided by the price
What is the maximum dollar amount of improvements a fixer/flipper can make
without using a licensed contractor?
$1,000
A broker runs an ad for a salesperson to work certain hours/holidays. The
salesperson would most likely be considered:
Employee
When the note and security instrument are in one document, this would be a:
Land contract
The type of mortgage where the lender pays the borrower based on the equity of
a home is called?
Reverse annuity
Which of the following is not a type of insurance that protects a real estate broker
from liability?
Umbrella insurance
When property zoning is changed from single-family to commercial usage, this
change would be called:
Up zoning
When must a licensee report a criminal conviction to the real estate department?
10 days
If a buyer fails to perform under a real estate purchase contract, the sellers
recourse is:
A suit for damages, or call for forfeiture of the earnest money as liquidated damages
When an easement only has a servient tenement it would be an easement:
in gross
When can the tax on capital gains be deferred?
Property exchange
What clarifies ADRE position on statutes or rules?
Substantive policy statements
In order to obtain an easement by prescription you need:
To use the property
Two lots are sold for $180,500. One lot sold for 18% more than the other. What
was the amount of the more expensive lot?
$97,701.84
Who supervises a salesperson when they are managing properties owned by
another person?
Designated broker
East and west boundaries in a government survey are?
Baselines
Who gives instructions to sign the deed of reconveyance?
Beneficiary
An agent is getting ready to list a property the agent is interested in buying. What
should the agent do?
Tell the seller because it could affect the price the seller will accept
Most states discouraged net listings because?
Ineffective for the broker not to present the offer
Rated 100% Correct!!
Within the Arizona Groundwater Code all of the following rights were created
EXCEPT?
Subdivision grandfather right
What is required to give someone the right to sign your name?
Power of Attorney
The buyer has an investment that has a feature of "a pass through certificate"
this investment is most likely a:
Ginnie Mae Security
When an occupant holds a long term proprietary lease this is referred to as:
Co-operative
Homeowners insurance on a closing statement will always be:
Debit to the buyer
In a listing of property for sale which item is not necessary for a valid exclusive
listing?
Address of property
What type of an estate would a tenant have?
Leasehold
When a brokerage is charged an administrative fine the amount of the fine is up
to:
$1,000
In a listing agreement the seller would be the:
Employer
An auctioneer may only auction real property in the state of Arizona if:
a. the property is foreclosure
b. the property is owned community property
c. the auctioneer is affiliated with a license broker
d. the property is owned with rights of survivorship
c. the auctioneer is affiliated with a license broker
In a sale of a mortgage document what is the relationship of the parties?
assignor to assignee
Which of the following is used to establish premiums for flood insurance?
Elevation certificate
A lender charges 2 points at a cost of $2800, the lender will loan 85% of the
purchase price. What is the purchase price?
$164,705
A licensee who has been notified by the Arizona Department of real estate that a
complaint has been issued has how many days to respond?
14 calendar days
A lot is originally purchased for $10,500. It is sold at a 20% loss and then resold
with a 10% commission. What was the net loss on the property?
$2,940
The term "capitalization rate" refers to:
, The net income divided by the price
What is the maximum dollar amount of improvements a fixer/flipper can make
without using a licensed contractor?
$1,000
A broker runs an ad for a salesperson to work certain hours/holidays. The
salesperson would most likely be considered:
Employee
When the note and security instrument are in one document, this would be a:
Land contract
The type of mortgage where the lender pays the borrower based on the equity of
a home is called?
Reverse annuity
Which of the following is not a type of insurance that protects a real estate broker
from liability?
Umbrella insurance
When property zoning is changed from single-family to commercial usage, this
change would be called:
Up zoning
When must a licensee report a criminal conviction to the real estate department?
10 days
If a buyer fails to perform under a real estate purchase contract, the sellers
recourse is:
A suit for damages, or call for forfeiture of the earnest money as liquidated damages
When an easement only has a servient tenement it would be an easement:
in gross
When can the tax on capital gains be deferred?
Property exchange
What clarifies ADRE position on statutes or rules?
Substantive policy statements
In order to obtain an easement by prescription you need:
To use the property
Two lots are sold for $180,500. One lot sold for 18% more than the other. What
was the amount of the more expensive lot?
$97,701.84
Who supervises a salesperson when they are managing properties owned by
another person?
Designated broker
East and west boundaries in a government survey are?
Baselines
Who gives instructions to sign the deed of reconveyance?
Beneficiary
An agent is getting ready to list a property the agent is interested in buying. What
should the agent do?
Tell the seller because it could affect the price the seller will accept
Most states discouraged net listings because?
Ineffective for the broker not to present the offer
