ASREB Test Question Review With Correct Answers Rated 100% Correct!!

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 Seller tells the broker they would like to sell the property furnished. The agent should do all of the following except: Add personal property to the deed Boot is defined as: Personal property given to make up the difference in equity Homestead exemption protects which of the following? Unforeseen personal judgments A friable substance was found in a home built in 1977. All of the following would apply except: Re-painting with acrylic paint When a deed of trust is being foreclosed how long do you have to redeem it? None of the above Which of the following requires probate? Tenancy in common What happens when a brokers license expires? The salespeople must find another broker An area or easement that restricts and preserves land in an undeveloped state is? Natural area open space What is the redemption period in a mortgage foreclosure? 6 months Which of the following organizations represents licensees? National Association of REALTORS A broker and an unlicensed buyer are looking to buy the same house. What must a broker disclose? He can buy the property if he discloses he has a license To have a trustee sale the beneficiary notifies the: Trustee in order to be ENFORCEABLE, an exclusive listing must be signed by the owner and broker Which of the following is a limitation of use of property by the government? Police power A broker is a property manager for an owner and collects monthly rents. The owner dies. What is the status of the property management agreement? Terminated upon death of the owner What items would be exceptions to ALTA policy? Zoning Which of the following is required in a dual agency disclosure? A sales person in a branch office of a company that represents the buyer and an associate company that represents the seller A real estate licensee would like to hold a membership camping license, which of the following is true? It is lawful to hold both licenses concurrently Two people own a property, one passes away. How is title held if the heirs received no interest in the property? Joint tenancy