ASREB Exam Study Guide Questions & Answers Already
Graded A+
A 3.45 acre lot sells for 50 cents per square foot. What is the selling price?
$75,141
A blind ad refers to an ad that
Gives no indication that the property is listed with a broker
A borrower is required to put 10% down for the purchase of a property. The 10%
down would be considered?
Equity
A broker, acting as a property manager, would be what type of agent?
General
A buyer pays 20% down and obtains a real estate mortgage. The buyer makes no
further payments. What clause would the lender now exercise?
Acceleration
When a new home is still under construction, the County Assessor may...
Increase the full cash value
A contact has been signed, but title has not yet passed. The contract is...
Executory
A handicapped person is leasing a house that requires modification. Which of the
following is TRUE about the modifications?
The lessor can require the lessee to reasonably restore the property at the end of the
lease.
A holdover tenant would have a(n)...
Estate at sufferance
Which of these property classifications is used for vacant land?
Class 2
A house costs $100,000. The buyer is making a down payment of $32,000 and
getting a 68,000 loan. If there are 4 points, how much money will be paid out of
the closing for the points?
$2,720
A lender refuses to loan or limits loans in a certain minority neighborhood. This
action is called...
Redlining
A lessee puts in a bookcase for commercial use; at the end of the lease the
bookcase is removed. The bookcase would be considered...
A trade fixture
To finance the infrastructure for a subdivision development, Arizona law allows
the formation of...
Community Facilities Districts
A listing broker receives several offers at the same time. The broker should...
Present all the offers
A Loan Estimate must be given to a borrower within three business days...
Of loan application
, A party lives on a property without permission of the owner. After the legally
required time period, if the occupant receives title to the property ti was done so
through...
Adverse possession
In what situation would a short sale be likely?
The loan balance is greater than the property value
A real estate mortgage would be a(n)
Voluntary lien
A real estate sale was closed on March 21. The assessed value of the property is
$72,500 and the tax rate is $1.75 per $100 of assessed value. What is the proper
entry on the seller's settlement statement if the buyer owns day of closing and we
are using a calendar year?
$274.60 debit
A right of way over Parcel A to Parcel B identifies Parcel B as the...
Dominant Tenement
A company that acts as an intermediary between a lender and an appraiser is
a(n)...
Appraisal management company
A seller lists a property with a brokerage, sells it himself, and does not have to
pay commission. What kind of listing did the seller sign?
Exclusive Agency
A seller needs to pay an estimated $2,000 in closing costs, $150,000 on his
current mortgage, and wants $58,000 in cash for a down payment on another
house. His listing agreement obligates him to pay 7% commission to the
brokerage. What is the minimum selling price he can accept? (Round your
answer up to the nearest dollar.)
$225,807
A seller wants to list a four plex and live in one unit, but doesn't want any children
in the units. What should the agent do?
Refuse the listing; it violates fair housing
A valid contract must have...
Offer and acceptance
If the percentage of renters in a community exceeds 50%, many lenders require
that the homeowners' association reserves be what percentage of HOA budgeted
income?
20%
After a deed of trust foreclosure sale, which of the following is TRUE?
A trustee's deed is given to the new owner
After a mortgage foreclosure, if the sale amount was insufficient to cover the
debt, the lender may ask for a(n)...
Deficiency judgment
All of the following would be considered appurtenant in real estate transaction
EXCEPT
Annual crops
Graded A+
A 3.45 acre lot sells for 50 cents per square foot. What is the selling price?
$75,141
A blind ad refers to an ad that
Gives no indication that the property is listed with a broker
A borrower is required to put 10% down for the purchase of a property. The 10%
down would be considered?
Equity
A broker, acting as a property manager, would be what type of agent?
General
A buyer pays 20% down and obtains a real estate mortgage. The buyer makes no
further payments. What clause would the lender now exercise?
Acceleration
When a new home is still under construction, the County Assessor may...
Increase the full cash value
A contact has been signed, but title has not yet passed. The contract is...
Executory
A handicapped person is leasing a house that requires modification. Which of the
following is TRUE about the modifications?
The lessor can require the lessee to reasonably restore the property at the end of the
lease.
A holdover tenant would have a(n)...
Estate at sufferance
Which of these property classifications is used for vacant land?
Class 2
A house costs $100,000. The buyer is making a down payment of $32,000 and
getting a 68,000 loan. If there are 4 points, how much money will be paid out of
the closing for the points?
$2,720
A lender refuses to loan or limits loans in a certain minority neighborhood. This
action is called...
Redlining
A lessee puts in a bookcase for commercial use; at the end of the lease the
bookcase is removed. The bookcase would be considered...
A trade fixture
To finance the infrastructure for a subdivision development, Arizona law allows
the formation of...
Community Facilities Districts
A listing broker receives several offers at the same time. The broker should...
Present all the offers
A Loan Estimate must be given to a borrower within three business days...
Of loan application
, A party lives on a property without permission of the owner. After the legally
required time period, if the occupant receives title to the property ti was done so
through...
Adverse possession
In what situation would a short sale be likely?
The loan balance is greater than the property value
A real estate mortgage would be a(n)
Voluntary lien
A real estate sale was closed on March 21. The assessed value of the property is
$72,500 and the tax rate is $1.75 per $100 of assessed value. What is the proper
entry on the seller's settlement statement if the buyer owns day of closing and we
are using a calendar year?
$274.60 debit
A right of way over Parcel A to Parcel B identifies Parcel B as the...
Dominant Tenement
A company that acts as an intermediary between a lender and an appraiser is
a(n)...
Appraisal management company
A seller lists a property with a brokerage, sells it himself, and does not have to
pay commission. What kind of listing did the seller sign?
Exclusive Agency
A seller needs to pay an estimated $2,000 in closing costs, $150,000 on his
current mortgage, and wants $58,000 in cash for a down payment on another
house. His listing agreement obligates him to pay 7% commission to the
brokerage. What is the minimum selling price he can accept? (Round your
answer up to the nearest dollar.)
$225,807
A seller wants to list a four plex and live in one unit, but doesn't want any children
in the units. What should the agent do?
Refuse the listing; it violates fair housing
A valid contract must have...
Offer and acceptance
If the percentage of renters in a community exceeds 50%, many lenders require
that the homeowners' association reserves be what percentage of HOA budgeted
income?
20%
After a deed of trust foreclosure sale, which of the following is TRUE?
A trustee's deed is given to the new owner
After a mortgage foreclosure, if the sale amount was insufficient to cover the
debt, the lender may ask for a(n)...
Deficiency judgment
All of the following would be considered appurtenant in real estate transaction
EXCEPT
Annual crops
