ASREB Exam Questions with solved
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? - ANSWER>>Estoppel
Amount stated in a purchase contract in case the buyer breaches is called: -
ANSWER>>Liquidated
In a sublease with a positive leasehold who benefits from excess rent? -
ANSWER>>Sub-lessor
Property taxes are 1,525. 1st half paid by seller closes November 2nd -
ANSWER>>512.57 Debit seller, credit buyer (518.07)
Deed of trust is created, it also needs: - ANSWER>>Note
Consumer financial protection bureau is governing - ANSWER>>Savings & Loan
Associations
Fixed rate 30 year loan is partially prepaid, has an effect on -
ANSWER>>Shortening the life of the loan
Buyers interest in a purchase contract is assigned to 3rd party, sellers' permission
- ANSWER>>Never Required
Apt. 2 units :900, 2550 - ANSWER>>2,030
90,000 1500 + 6% annum - ANSWER>>427.50
,Sell house for 113,000 7% VA Loan 110,000 2 ½ points termite inspection -
ANSWER>>29,840
Commissioner may issue cease and desist on all but - ANSWER>>Appeal to
Advisory Board
Low income loans - ANSWER>>GNMA
Closing statement not pro-rated - ANSWER>>Security deposit
What is not required on brokerage receipt - ANSWER>>brokerage name
Brokers are required to have all except: - ANSWER>>Trust Account
Not appear on public report - ANSWER>>Market Value
Taxes are 915 a year, seller paid 1st half on October 1, close escrow on 11/16 -
ANSWER>>340 Debit Seller
Relationship of Licensee to Broker - ANSWER>>General
Sell June 6th, Water Bill $86 and taxes are $778 - ANSWER>>437 Credit Seller, 492
Debit Buyer
Life Tenant Holds - ANSWER>>Fee Simple
Couplings - ANSWER>>Home Inspectors/Arizona Board of Technical Registration
When a broker moves their office the sign must be removed -
ANSWER>>Immediately
Property closes on June 15, using 365 days credit to the seller when 1200 was
paid - ANSWER>>657.54
, When you appraise land and ad it to the depreciated value of the improved
property, what appraisal approach is being used - ANSWER>>Cost
Term used by surveyors - ANSWER>>Benchmark
Right to license agents - ANSWER>>legislature
Law that requires non-resident aliens to pay gains - ANSWER>>FIRPTA
160,000 property Evans, Cains 155,000. Cain paid 5,000 taxes are assessed on -
ANSWER>>Evan pays 5,000
Sale leaseback occurs - ANSWER>>Buyer is landlord
Type of deed is not necessarily evidence of title - ANSWER>>Quite Claim Deed
Commerical lease what limits increases in cost - ANSWER>>Expense stop
Who pays discount points on VA loan - ANSWER>>Buyer
Rectangular property 8690 yards has 318 front feet. How deep? - ANSWER>>245
Feet
Which of the following is not fee simple absolute interest? - ANSWER>>Lessee
with long term lease
Buying rental property appraised using? - ANSWER>>Income Approach
Required to complete ADEQ notice on site wastewater facility - ANSWER>>Buyer
Assessments for PI Placed on Realty Based - ANSWER>>Pro Rata Share Cost of
Improvements
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? - ANSWER>>Estoppel
Amount stated in a purchase contract in case the buyer breaches is called: -
ANSWER>>Liquidated
In a sublease with a positive leasehold who benefits from excess rent? -
ANSWER>>Sub-lessor
Property taxes are 1,525. 1st half paid by seller closes November 2nd -
ANSWER>>512.57 Debit seller, credit buyer (518.07)
Deed of trust is created, it also needs: - ANSWER>>Note
Consumer financial protection bureau is governing - ANSWER>>Savings & Loan
Associations
Fixed rate 30 year loan is partially prepaid, has an effect on -
ANSWER>>Shortening the life of the loan
Buyers interest in a purchase contract is assigned to 3rd party, sellers' permission
- ANSWER>>Never Required
Apt. 2 units :900, 2550 - ANSWER>>2,030
90,000 1500 + 6% annum - ANSWER>>427.50
,Sell house for 113,000 7% VA Loan 110,000 2 ½ points termite inspection -
ANSWER>>29,840
Commissioner may issue cease and desist on all but - ANSWER>>Appeal to
Advisory Board
Low income loans - ANSWER>>GNMA
Closing statement not pro-rated - ANSWER>>Security deposit
What is not required on brokerage receipt - ANSWER>>brokerage name
Brokers are required to have all except: - ANSWER>>Trust Account
Not appear on public report - ANSWER>>Market Value
Taxes are 915 a year, seller paid 1st half on October 1, close escrow on 11/16 -
ANSWER>>340 Debit Seller
Relationship of Licensee to Broker - ANSWER>>General
Sell June 6th, Water Bill $86 and taxes are $778 - ANSWER>>437 Credit Seller, 492
Debit Buyer
Life Tenant Holds - ANSWER>>Fee Simple
Couplings - ANSWER>>Home Inspectors/Arizona Board of Technical Registration
When a broker moves their office the sign must be removed -
ANSWER>>Immediately
Property closes on June 15, using 365 days credit to the seller when 1200 was
paid - ANSWER>>657.54
, When you appraise land and ad it to the depreciated value of the improved
property, what appraisal approach is being used - ANSWER>>Cost
Term used by surveyors - ANSWER>>Benchmark
Right to license agents - ANSWER>>legislature
Law that requires non-resident aliens to pay gains - ANSWER>>FIRPTA
160,000 property Evans, Cains 155,000. Cain paid 5,000 taxes are assessed on -
ANSWER>>Evan pays 5,000
Sale leaseback occurs - ANSWER>>Buyer is landlord
Type of deed is not necessarily evidence of title - ANSWER>>Quite Claim Deed
Commerical lease what limits increases in cost - ANSWER>>Expense stop
Who pays discount points on VA loan - ANSWER>>Buyer
Rectangular property 8690 yards has 318 front feet. How deep? - ANSWER>>245
Feet
Which of the following is not fee simple absolute interest? - ANSWER>>Lessee
with long term lease
Buying rental property appraised using? - ANSWER>>Income Approach
Required to complete ADEQ notice on site wastewater facility - ANSWER>>Buyer
Assessments for PI Placed on Realty Based - ANSWER>>Pro Rata Share Cost of
Improvements
