ASREB SCHOOL EXAM QUESTIONS AND ANSWERS
When a tenant moves out of a rental unit due to an electrical fire that was not
their fault this would be called?
Constructive eviction
A property manager is considered what type of agent?
General agent
If a dwelling is damaged or destroyed by fire how many days must the tenant give
the landlord to terminate the rental agreement?
14
A real estate broker is normally what type of agent?
Special
A broker's duty to a third party would be:
Honesty
An example of involuntary alienation is where title to real estate passes by:
Sheriff's deed
An option to purchase is what kind of contract?
Unilateral
Who pays the discount points on a VA loan?
Agreement of parties
A defeasance clause would MOST likely be found in:
A mortgage or trust deed
What type of property would have the highest tax rate?
Shopping Center
What is the priority of property tax liens?
Always in first position
How many townships are contained in a government survey "check"?
16
The buyer wants and 11% return. The property rents for $1500 per month, and
annual expenses are $4000. What is the price the buyer is willing to pay?
127,272
A rental property has a 6 rental units that rent for $700 each per month. Similar
property in the area is selling for $700,000. What would be the gross rent
multiplier for this type of property?
13.8
The discount points are 3%, which represent $2,700. The buyer down payment is
20%. What is the purchase price of the property?
$112,500
Payments on a "Deed of Trust" are due to the:
Beneficiary
You borrow $90,000 at 9% interest for 20 years. Monthly payment is $900,
principal and interest. What is the total amount of interest paid after 20 years?
$126,000
What determines the North and South boundaries in a government survey?
Baselines
To pledge something as collateral in a mortgage is best defined as:
, Hypothecation
The N 1/2 of the NW 1/4 of the SW 1/4 of Section 32 contains how many acres?
20 acres
The S 1/2 of the E 1/2 of the SE 1/4 of Section 4, and the W 1/2 of the SW 1/4 of the
NW 1/4 of Section 5 contains how many acres?
60 acres
When a broker misappropriates funds, this is called:
Conversion
A septic tank inspection report is valid for...
6 months
Which would be considered illegal property management activity?
A licensed associate broker managing property directly for an investor
Jim earns $75,000 a year. If he receives 75% of the 7% commissions paid to his
firm on his sales, what is his monthly dollar volume of sales this transaction
contribute to the company?
119,047
Property taxes are $1,525. The first half was paid by the seller. A sale closes Nov.
2nd. What is the debit and credit to buyer and seller on the settlement sheet?
$512.57 debit to seller, credit to buyer
A lot is originally purchased for $10,500. It is sold at a 20% loss and then re-sold
with a 10% commission. What was the net loss on the property?
$2,940
What is legal exaggeration called?
Puffing
Which of the following requires an AZ real estate license?
Selling timeshares
Counters, fixtures and display cases are conveyed by:
Bill of sale
The taxes for the year are $1824. The close of escrow is April 15th. What is the
proration at close of escrow?
$526.93 debit seller
The federal law that requires non-resident aliens to pay tax on gains from the sale
of US property is:
FIRPTA
Which of the following listed below best describes the purpose of a trustee?
Foreclose in a deed of trust
In an agency relationship, the primary ethical duty of a broker is to?
Represent the principal
The statue of frauds was brought into being to prevent:
Pergury
A real estate licensee would also like to hold a membership camping license.
Which of the following is true?
It is lawful to hold both licenses concurrently
A broker, acting as a property manager, would be what type of agent?
General
When a tenant moves out of a rental unit due to an electrical fire that was not
their fault this would be called?
Constructive eviction
A property manager is considered what type of agent?
General agent
If a dwelling is damaged or destroyed by fire how many days must the tenant give
the landlord to terminate the rental agreement?
14
A real estate broker is normally what type of agent?
Special
A broker's duty to a third party would be:
Honesty
An example of involuntary alienation is where title to real estate passes by:
Sheriff's deed
An option to purchase is what kind of contract?
Unilateral
Who pays the discount points on a VA loan?
Agreement of parties
A defeasance clause would MOST likely be found in:
A mortgage or trust deed
What type of property would have the highest tax rate?
Shopping Center
What is the priority of property tax liens?
Always in first position
How many townships are contained in a government survey "check"?
16
The buyer wants and 11% return. The property rents for $1500 per month, and
annual expenses are $4000. What is the price the buyer is willing to pay?
127,272
A rental property has a 6 rental units that rent for $700 each per month. Similar
property in the area is selling for $700,000. What would be the gross rent
multiplier for this type of property?
13.8
The discount points are 3%, which represent $2,700. The buyer down payment is
20%. What is the purchase price of the property?
$112,500
Payments on a "Deed of Trust" are due to the:
Beneficiary
You borrow $90,000 at 9% interest for 20 years. Monthly payment is $900,
principal and interest. What is the total amount of interest paid after 20 years?
$126,000
What determines the North and South boundaries in a government survey?
Baselines
To pledge something as collateral in a mortgage is best defined as:
, Hypothecation
The N 1/2 of the NW 1/4 of the SW 1/4 of Section 32 contains how many acres?
20 acres
The S 1/2 of the E 1/2 of the SE 1/4 of Section 4, and the W 1/2 of the SW 1/4 of the
NW 1/4 of Section 5 contains how many acres?
60 acres
When a broker misappropriates funds, this is called:
Conversion
A septic tank inspection report is valid for...
6 months
Which would be considered illegal property management activity?
A licensed associate broker managing property directly for an investor
Jim earns $75,000 a year. If he receives 75% of the 7% commissions paid to his
firm on his sales, what is his monthly dollar volume of sales this transaction
contribute to the company?
119,047
Property taxes are $1,525. The first half was paid by the seller. A sale closes Nov.
2nd. What is the debit and credit to buyer and seller on the settlement sheet?
$512.57 debit to seller, credit to buyer
A lot is originally purchased for $10,500. It is sold at a 20% loss and then re-sold
with a 10% commission. What was the net loss on the property?
$2,940
What is legal exaggeration called?
Puffing
Which of the following requires an AZ real estate license?
Selling timeshares
Counters, fixtures and display cases are conveyed by:
Bill of sale
The taxes for the year are $1824. The close of escrow is April 15th. What is the
proration at close of escrow?
$526.93 debit seller
The federal law that requires non-resident aliens to pay tax on gains from the sale
of US property is:
FIRPTA
Which of the following listed below best describes the purpose of a trustee?
Foreclose in a deed of trust
In an agency relationship, the primary ethical duty of a broker is to?
Represent the principal
The statue of frauds was brought into being to prevent:
Pergury
A real estate licensee would also like to hold a membership camping license.
Which of the following is true?
It is lawful to hold both licenses concurrently
A broker, acting as a property manager, would be what type of agent?
General
