AZ CE Shop Final Exam 2025
Administrative Law - ANSWER-The body of law created by administrative agencies (in
the form of rules, regulations, orders, and decisions) in order to carry out their duties
and responsibilities.
antittrust laws - ANSWER-Antitrust laws prohibit items such as price fixing, group
boycotting, market allocation, and tie-in arrangements. Setting standard industry
commission rates would be an example of price fixing.
Arizona Administrative Code - ANSWER-Aka commissioner's rules; the official
publication of Arizona's codified rules that carries the force of law without actually being
law
Arizona Homestead Exemption - ANSWER-The Arizona homestead exemption allows
homeowners to exempt up to $250,000 of the value in their primary residence
(homestead) from seizure for payment of certain types of debts, but not foreclosure.
Arizona Real Estate Advisory Board - ANSWER-The board consists of 10 governor-
appointed members who serve six-year terms. Real Estate Advisory Board membership
terms are staggered so that three members' terms expire on January 31 of each odd-
numbered year.
Arizona Revised Statutes - ANSWER-Laws enacted by the Arizona State Legislature;
may not violate the federal or state constitutions or federal law
Arizona State Constitution - ANSWER-Empowers licensed real estate brokers and
salespersons to draft or fill out, without charge, any and all real estate transaction
instruments
Arizona's anti-deficiency statutes - ANSWER-Arizona has anti-deficiency statutes that
protect most residential property from a deficiency judgment after foreclosure.
Bilateral Contract - ANSWER-promise for a promise
Bracketing - ANSWER-Bracketing determines a probable range of property values by
comparing a group of comparable sales to the subject. The appraiser attempts to
include both superior and inferior units of comparison, such as age and transaction
price.
Case Law - ANSWER-
Clear Cooperation Policy - ANSWER-a NAR-mandated policy that governs the public
marketing of listings and their entry into the multiple listing service
, The Clear Cooperation policy doesn't apply to certain properties, such as: commercial,
rentals, and new developments comprising multiple properties.
Community Property - ANSWER-property acquired during marriage and owned equally
by both spouses
condemnation - ANSWER-Condemnation is the process by which a government agency
can exercise the right to take private property and convert it to public use under eminent
domain
Consideration - ANSWER-something of value exchanged for something else of value
Even a promise—to do something or to not do something
Consitutional Law - ANSWER-law based on the provisions of state and federal
constitution
Deed in Lieu - ANSWER-Short for "deed in lieu of foreclosure," this conveys title to the
lender when the borrower is in default and wants to avoid foreclosure.
Deed Restrictions - ANSWER-A deed restriction is something a private landowner
places on the use of the property. It's not a governmental restriction.
deficiency - ANSWER-A deficiency occurs when a home is sold through foreclosure
(judicial or trustee sale), the sale price is less than the amount owed by the
borrower/homeowner, and the borrower does not qualify for protection under Arizona's
anti-deficiency statutes.
Designated Broker - ANSWER-One who supervises all activities of sales agents and is
liable for their actions
eminent domain - ANSWER-Eminent domain is the right of the government to take
private property and convert it to public use. The government appraises the condemned
property and the owner of the property is then offered the appraised value as just
compensation, which is a requirement of eminent domain.
eminent domain and Condemnation - ANSWER-Eminent domain is the right of the
government to take private property and convert it to public use. Condemnation is the
process by which a government agency can exercise this power.
Employing Broker - ANSWER-A broker who hires real estate agents to work under their
license/brokerage
Express Agency - ANSWER-An agency relationship based on a formal agreement
between the parties.
Administrative Law - ANSWER-The body of law created by administrative agencies (in
the form of rules, regulations, orders, and decisions) in order to carry out their duties
and responsibilities.
antittrust laws - ANSWER-Antitrust laws prohibit items such as price fixing, group
boycotting, market allocation, and tie-in arrangements. Setting standard industry
commission rates would be an example of price fixing.
Arizona Administrative Code - ANSWER-Aka commissioner's rules; the official
publication of Arizona's codified rules that carries the force of law without actually being
law
Arizona Homestead Exemption - ANSWER-The Arizona homestead exemption allows
homeowners to exempt up to $250,000 of the value in their primary residence
(homestead) from seizure for payment of certain types of debts, but not foreclosure.
Arizona Real Estate Advisory Board - ANSWER-The board consists of 10 governor-
appointed members who serve six-year terms. Real Estate Advisory Board membership
terms are staggered so that three members' terms expire on January 31 of each odd-
numbered year.
Arizona Revised Statutes - ANSWER-Laws enacted by the Arizona State Legislature;
may not violate the federal or state constitutions or federal law
Arizona State Constitution - ANSWER-Empowers licensed real estate brokers and
salespersons to draft or fill out, without charge, any and all real estate transaction
instruments
Arizona's anti-deficiency statutes - ANSWER-Arizona has anti-deficiency statutes that
protect most residential property from a deficiency judgment after foreclosure.
Bilateral Contract - ANSWER-promise for a promise
Bracketing - ANSWER-Bracketing determines a probable range of property values by
comparing a group of comparable sales to the subject. The appraiser attempts to
include both superior and inferior units of comparison, such as age and transaction
price.
Case Law - ANSWER-
Clear Cooperation Policy - ANSWER-a NAR-mandated policy that governs the public
marketing of listings and their entry into the multiple listing service
, The Clear Cooperation policy doesn't apply to certain properties, such as: commercial,
rentals, and new developments comprising multiple properties.
Community Property - ANSWER-property acquired during marriage and owned equally
by both spouses
condemnation - ANSWER-Condemnation is the process by which a government agency
can exercise the right to take private property and convert it to public use under eminent
domain
Consideration - ANSWER-something of value exchanged for something else of value
Even a promise—to do something or to not do something
Consitutional Law - ANSWER-law based on the provisions of state and federal
constitution
Deed in Lieu - ANSWER-Short for "deed in lieu of foreclosure," this conveys title to the
lender when the borrower is in default and wants to avoid foreclosure.
Deed Restrictions - ANSWER-A deed restriction is something a private landowner
places on the use of the property. It's not a governmental restriction.
deficiency - ANSWER-A deficiency occurs when a home is sold through foreclosure
(judicial or trustee sale), the sale price is less than the amount owed by the
borrower/homeowner, and the borrower does not qualify for protection under Arizona's
anti-deficiency statutes.
Designated Broker - ANSWER-One who supervises all activities of sales agents and is
liable for their actions
eminent domain - ANSWER-Eminent domain is the right of the government to take
private property and convert it to public use. The government appraises the condemned
property and the owner of the property is then offered the appraised value as just
compensation, which is a requirement of eminent domain.
eminent domain and Condemnation - ANSWER-Eminent domain is the right of the
government to take private property and convert it to public use. Condemnation is the
process by which a government agency can exercise this power.
Employing Broker - ANSWER-A broker who hires real estate agents to work under their
license/brokerage
Express Agency - ANSWER-An agency relationship based on a formal agreement
between the parties.
