ASREB Exam Questions With Complete Solutions.
Salesperson is working for a principal, but the salesperson exceeds authority in
agreement. Principal does nothing to correct the actions, and the public is led to
believe the actions were okay. Agency?
Estoppel
Amount stated in a purchase contract in case the buyer breaches is called:
Liquidated
In a sublease with a positive leasehold who benefits from excess rent?
Sub-lessor
Property taxes are 1,525. 1st half paid by seller closes November 2nd
512.57 Debit seller, credit buyer (518.07)
Deed of trust is created, it also needs:
Note
Consumer financial protection bureau is governing
Savings & Loan Associations
Fixed rate 30 year loan is partially prepaid, has an effect on
Shortening the life of the loan
Buyers interest in a purchase contract is assigned to 3rd party, sellers'
permission
Never Required
Apt. 2 units :900, 2550
2,030
90,000 1500 + 6% annum
427.50
Sell house for 113,000 7% VA Loan 110,000 2 ½ points termite inspection
29,840
Commissioner may issue cease and desist on all but
Appeal to Advisory Board
Low income loans
GNMA
Closing statement not pro-rated
Security deposit
What is not required on brokerage receipt
brokerage name
Brokers are required to have all except:
Trust Account
Not appear on public report
Market Value
Taxes are 915 a year, seller paid 1st half on October 1, close escrow on 11/16
340 Debit Seller
Relationship of Licensee to Broker
General
Sell June 6th, Water Bill $86 and taxes are $778
437 Credit Seller, 492 Debit Buyer
,Life Tenant Holds
Fee Simple
Couplings
Home Inspectors/Arizona Board of Technical Registration
When a broker moves their office the sign must be removed
Immediately
Property closes on June 15, using 365 days credit to the seller when 1200 was
paid
657.54
When you appraise land and ad it to the depreciated value of the improved
property, what appraisal approach is being used
Cost
Term used by surveyors
Benchmark
Right to license agents
legislature
Law that requires non-resident aliens to pay gains
FIRPTA
160,000 property Evans, Cains 155,000. Cain paid 5,000 taxes are assessed on
Evan pays 5,000
Sale leaseback occurs
Buyer is landlord
Type of deed is not necessarily evidence of title
Quite Claim Deed
Commerical lease what limits increases in cost
Expense stop
Who pays discount points on VA loan
Buyer
Rectangular property 8690 yards has 318 front feet. How deep?
245 Feet
Which of the following is not fee simple absolute interest?
Lessee with long term lease
Buying rental property appraised using?
Income Approach
Required to complete ADEQ notice on site wastewater facility
Buyer
Assessments for PI Placed on Realty Based
Pro Rata Share Cost of Improvements
Real estate device which doesn't transfer legal title but does place equitable title
to buyer
Agreement for sale
Contiguous Means
Parcels Land Connected
Bait and Switch
Truth in Lending Act
Highest Form
, Fee Simple
Listing my be assigned
By listing Broker to another salesperson
Concept that info given a client's agent has been given to the client is known as
Imputed Notice
How many acres in SE4 SW4; NW4 and SE4; N2 S2 Section 22
320
Which of the following isn't an appurtenance and doesn't pass with warranty deed
Trade Fixture
Which of the following is not correct
1/4 miles = 1/16 section
Bought 189.500 paid 2700 closing cost put 30,000 in improvements, selling
249,000 with 5% commission
12,350
Licensed Mortgage Loan Originators registered
Nation MLS
Lender required to give under RESPA
Loan estimate and disclosure
Loan that doesn't meet Frannie Mae or Freddie Mac Guidelines
Non-conforming
Seller wants to net 175,000 after paying 6% to the listing
186,670
The homestead exemption protects which?
Equity in principal home
You borrow 90,000 at 9% for 20 years monthly payment is 900 total amount
interested after 20 years
126,000
House is rented for 980 a month. House is sold and closes April 15th. Pro ration
522.7 debit seller and credit buyer
Seller gives a salesperson the right to sell and make all other decisions regarding
the property
Ostensible
Sales person works for Broker A and has contracts in escrow. Sales person
leaves broker A and joins Broker B
Broker A pays salesperson directly
Who must sign the deed
Grantor
Which sections are contiguous to 6
1 and 7
Adverse Possession
Involuntary Alienation
If a loan is assumed, what happens to the ALTA policy
Still in effect
All of the following statements are true regarding depreciation except
Building can only be depreciated once
Option to purchase is what kind of contract
Salesperson is working for a principal, but the salesperson exceeds authority in
agreement. Principal does nothing to correct the actions, and the public is led to
believe the actions were okay. Agency?
Estoppel
Amount stated in a purchase contract in case the buyer breaches is called:
Liquidated
In a sublease with a positive leasehold who benefits from excess rent?
Sub-lessor
Property taxes are 1,525. 1st half paid by seller closes November 2nd
512.57 Debit seller, credit buyer (518.07)
Deed of trust is created, it also needs:
Note
Consumer financial protection bureau is governing
Savings & Loan Associations
Fixed rate 30 year loan is partially prepaid, has an effect on
Shortening the life of the loan
Buyers interest in a purchase contract is assigned to 3rd party, sellers'
permission
Never Required
Apt. 2 units :900, 2550
2,030
90,000 1500 + 6% annum
427.50
Sell house for 113,000 7% VA Loan 110,000 2 ½ points termite inspection
29,840
Commissioner may issue cease and desist on all but
Appeal to Advisory Board
Low income loans
GNMA
Closing statement not pro-rated
Security deposit
What is not required on brokerage receipt
brokerage name
Brokers are required to have all except:
Trust Account
Not appear on public report
Market Value
Taxes are 915 a year, seller paid 1st half on October 1, close escrow on 11/16
340 Debit Seller
Relationship of Licensee to Broker
General
Sell June 6th, Water Bill $86 and taxes are $778
437 Credit Seller, 492 Debit Buyer
,Life Tenant Holds
Fee Simple
Couplings
Home Inspectors/Arizona Board of Technical Registration
When a broker moves their office the sign must be removed
Immediately
Property closes on June 15, using 365 days credit to the seller when 1200 was
paid
657.54
When you appraise land and ad it to the depreciated value of the improved
property, what appraisal approach is being used
Cost
Term used by surveyors
Benchmark
Right to license agents
legislature
Law that requires non-resident aliens to pay gains
FIRPTA
160,000 property Evans, Cains 155,000. Cain paid 5,000 taxes are assessed on
Evan pays 5,000
Sale leaseback occurs
Buyer is landlord
Type of deed is not necessarily evidence of title
Quite Claim Deed
Commerical lease what limits increases in cost
Expense stop
Who pays discount points on VA loan
Buyer
Rectangular property 8690 yards has 318 front feet. How deep?
245 Feet
Which of the following is not fee simple absolute interest?
Lessee with long term lease
Buying rental property appraised using?
Income Approach
Required to complete ADEQ notice on site wastewater facility
Buyer
Assessments for PI Placed on Realty Based
Pro Rata Share Cost of Improvements
Real estate device which doesn't transfer legal title but does place equitable title
to buyer
Agreement for sale
Contiguous Means
Parcels Land Connected
Bait and Switch
Truth in Lending Act
Highest Form
, Fee Simple
Listing my be assigned
By listing Broker to another salesperson
Concept that info given a client's agent has been given to the client is known as
Imputed Notice
How many acres in SE4 SW4; NW4 and SE4; N2 S2 Section 22
320
Which of the following isn't an appurtenance and doesn't pass with warranty deed
Trade Fixture
Which of the following is not correct
1/4 miles = 1/16 section
Bought 189.500 paid 2700 closing cost put 30,000 in improvements, selling
249,000 with 5% commission
12,350
Licensed Mortgage Loan Originators registered
Nation MLS
Lender required to give under RESPA
Loan estimate and disclosure
Loan that doesn't meet Frannie Mae or Freddie Mac Guidelines
Non-conforming
Seller wants to net 175,000 after paying 6% to the listing
186,670
The homestead exemption protects which?
Equity in principal home
You borrow 90,000 at 9% for 20 years monthly payment is 900 total amount
interested after 20 years
126,000
House is rented for 980 a month. House is sold and closes April 15th. Pro ration
522.7 debit seller and credit buyer
Seller gives a salesperson the right to sell and make all other decisions regarding
the property
Ostensible
Sales person works for Broker A and has contracts in escrow. Sales person
leaves broker A and joins Broker B
Broker A pays salesperson directly
Who must sign the deed
Grantor
Which sections are contiguous to 6
1 and 7
Adverse Possession
Involuntary Alienation
If a loan is assumed, what happens to the ALTA policy
Still in effect
All of the following statements are true regarding depreciation except
Building can only be depreciated once
Option to purchase is what kind of contract
