AZ CE Shop
Which of the following is true about mortgage brokers?
-They don't service the loan beyond placement
-They originate their own loans
-They've paid through fees from originating and servicing loans
-They service the loan for it's entire lifecycle correct answersThey don't
service the loan beyond placement
Janalynne is a designated broker setting up the main place of business
for her employing broker. Before officially opening for business, she'll
make sure that the
is on display in the office.
-Affiliated brokers license
-Articles of incorporation or similar business documentation
-Business plan
-Employing brokers or designated brokers license correct answersEmploying
brokers or designated brokers license
George is an Arizona salesperson representing a seller client in a real
estate transaction. His employing broker, Hannah, is preparing a written
disclosure to give to the transaction parties regarding who will receive
compensation from the transaction. When will Hannah need to provide the
compensation disclosure?
-Before closing
-Before the final funds transfer
-Before the first offer is received
-Before the listing goes on the MLS correct answersBefore closing
Licensee Kennie Mae's neighbor, Buzz, wants to sell his house but doesn't
want to sign an agency agreement. Kennie Mae works with Buzz to list and
show the property and negotiate offers. After the property sells, Buzz
discovers that Kennie Mae didn't present all offers to him, and he sues
Kennie Mae. Kennie Mae claims that because she didn't have an agency
agreement with Buzz, she wasn't required to perform all fiduciary duties.
What legal principle applies here?
-Agency after the fact, because Kennie Mae continued to perform
tasks for Buzz through the closing date
-Law of agency, because Kennie Mae defined her agency relationship
with Buzz
through the tasks she performed
-The doctrine of estoppel keeps Kennie Mae from disavowing the agency
relationship because she provided agency tasks for Buzz
-The ratification doctrine states that Kennie Mae ratified her relationship
with Buzz by
signing the closing paperwork correct answersThe doctrine of estoppel
keeps Kennie
,Mae from disavowing the agency relationship because she provided
agency tasks for Buzz
In Arizona, when a public report is issued on a proposed subdivision, how
long does a developer have to provide a copy to all reservation holders?
correct answers15 calendar days
Which range of credit scores represents the average score for Americans
overall?
-580 to 669
-670 to 739
-740 to 799
-800 or higher correct answers670 to 739
In order to maintain their licenses, employing brokers must appoint and
maintain a(n)
-Branch manager
-Designated broker
-Officer in charge
-President correct answersDesignated broker
If an Arizona licensee misses the deadline for the continuing education
requirements, the Arizona real estate commissioner can grant a waiver or
additional time if the licensee shows
-Financial responsibility
-Good cause
-Proof of enrollment
-Reasonable effort correct answersGood cause
A is a tract of land divided into lots or plats and used for
building purposes.
-Plat
-Site plan
-Subdivision
-Topographic map correct answersSubdivision
Which option is true if a deed is not recorded after closing?
-The buyer must pay a fine to the seller
-The entire closing is void
-The property's legal ownership can be challenged
-The title never changes hands from the seller to the buyer correct
answersThe property's legal ownership can be challenged
Hugh is representing Jacqueline in her purchase of a new condo. She wants
to move in before closing, and in order to fulfill his statutory duties, which of
the following actions would Hugh take?
-Recommend Jacqueline seek the advice of a lawyer
-Recommend Jacqueline speak with his designated broker
-Recommend that she wait until after closing to keep things simple
,-Research the implications and report them back to her correct
answersRecommend Jacqueline seek the advice of a lawyer
Kurt bought a vacant lot in a development that was 85% completed. When
he started working with the builder to lay out where the house and driveway
would lie, it was determined that he would need an easement because his
driveway would spill over onto the adjacent lot by a few feet. What type of
easement is this?
-Easement appurtenant
-Easement by necessity
-Easement by prescription
-Easement in gross correct answersEasement appurtenant (dominant)
Which occupancy type is eligible for a VA loan?
-All occupancy types
-Investment property
-Owner occupied
-Second home correct answersOwner occupied
Property management firms must keep all clients financial records for at least
year(s) from the date each document was executed.
-Four
-One
-Three
-Two correct answersThree
Who or what most likely establishes a covenant not to compete?
-Developer restrictive covenants
-Local building codes
-Local zoning restrictions
-Purchase or lease contract correct answersPurchase or lease contract
Which of these situations represents a unilateral contract?
-Cain sells Trent his bike
-Maurice promises Shelton $100 if Shelton will sell his painting. Shelton
agrees, but Maurice doesn't pay Shelton
-Nathan and Sue exchange vows at their wedding
-Sherry promises to give Brent a ride home from work, and then doesn't show
up correct answersSherry promises to give Brent a ride home from work, and
then doesn't show up
Ken, Barbie, and Skipper owned a property as a joint tenancy. When Skipper
moved out of state, she sold her interest to Midge. Two years later, Ken died.
How is the interest in the property divided? correct answersBarbie owns two
thirds and Midge owns one third
Individual property managers may be employed by an owner and manage
-A single property
, -Multiple properties
-Properties within a single state
-Several connected properties correct answersA single property
A lender requests an appraisal of a property under foreclosure. What type
of value is the lender most likely to be interested in?
-Going concern value
-Insured value
-Investment value
-Liquidation value correct answersLiquidation value
What is a real estate employment agreement in Arizona?
-An agreement between a licensee and the licensee's broker
-An agreement between two licensee's working with the same client
-A term for property management agreements
-A term for the listing agreement or buyer agency agreement correct
answersAn term for the listing agreement or buyer agency agreement
Homeowners Annette and Jeff are suing contractor Daniel for breach of
contract. Where might they be able to find an affidavit of suspended license
to use as prima facie evidence in the court proceedings?
-Arizona Administrative Office of the Courts
-Arizona Department of Real Estate
- Arizona Registrar of Contractors correct answersArizona Registrar of
Contractors
Where can a party reviewing a title commitment find basic details about the
transaction?
-Schedule A
-Schedule B-1
-Schedule B-2
-This is not contained in the title commitment correct answersSchedule A
Who originates their own loans?
-Mortgage bankers
-Mortgage brokers
-Real estate brokers
-Real estate licensee correct answersMortgage bankers
Sunshine Surveyors Inc. created a lot and block survey for a new residential
development, Happy Acres. The first thing the surveyor did when he
surveyed the new neighborhood was to reference what type of description?
-Map
-Metes and bound description
-Monument
-Plat book correct answersMetes and bounds description
Which of the following is true about mortgage brokers?
-They don't service the loan beyond placement
-They originate their own loans
-They've paid through fees from originating and servicing loans
-They service the loan for it's entire lifecycle correct answersThey don't
service the loan beyond placement
Janalynne is a designated broker setting up the main place of business
for her employing broker. Before officially opening for business, she'll
make sure that the
is on display in the office.
-Affiliated brokers license
-Articles of incorporation or similar business documentation
-Business plan
-Employing brokers or designated brokers license correct answersEmploying
brokers or designated brokers license
George is an Arizona salesperson representing a seller client in a real
estate transaction. His employing broker, Hannah, is preparing a written
disclosure to give to the transaction parties regarding who will receive
compensation from the transaction. When will Hannah need to provide the
compensation disclosure?
-Before closing
-Before the final funds transfer
-Before the first offer is received
-Before the listing goes on the MLS correct answersBefore closing
Licensee Kennie Mae's neighbor, Buzz, wants to sell his house but doesn't
want to sign an agency agreement. Kennie Mae works with Buzz to list and
show the property and negotiate offers. After the property sells, Buzz
discovers that Kennie Mae didn't present all offers to him, and he sues
Kennie Mae. Kennie Mae claims that because she didn't have an agency
agreement with Buzz, she wasn't required to perform all fiduciary duties.
What legal principle applies here?
-Agency after the fact, because Kennie Mae continued to perform
tasks for Buzz through the closing date
-Law of agency, because Kennie Mae defined her agency relationship
with Buzz
through the tasks she performed
-The doctrine of estoppel keeps Kennie Mae from disavowing the agency
relationship because she provided agency tasks for Buzz
-The ratification doctrine states that Kennie Mae ratified her relationship
with Buzz by
signing the closing paperwork correct answersThe doctrine of estoppel
keeps Kennie
,Mae from disavowing the agency relationship because she provided
agency tasks for Buzz
In Arizona, when a public report is issued on a proposed subdivision, how
long does a developer have to provide a copy to all reservation holders?
correct answers15 calendar days
Which range of credit scores represents the average score for Americans
overall?
-580 to 669
-670 to 739
-740 to 799
-800 or higher correct answers670 to 739
In order to maintain their licenses, employing brokers must appoint and
maintain a(n)
-Branch manager
-Designated broker
-Officer in charge
-President correct answersDesignated broker
If an Arizona licensee misses the deadline for the continuing education
requirements, the Arizona real estate commissioner can grant a waiver or
additional time if the licensee shows
-Financial responsibility
-Good cause
-Proof of enrollment
-Reasonable effort correct answersGood cause
A is a tract of land divided into lots or plats and used for
building purposes.
-Plat
-Site plan
-Subdivision
-Topographic map correct answersSubdivision
Which option is true if a deed is not recorded after closing?
-The buyer must pay a fine to the seller
-The entire closing is void
-The property's legal ownership can be challenged
-The title never changes hands from the seller to the buyer correct
answersThe property's legal ownership can be challenged
Hugh is representing Jacqueline in her purchase of a new condo. She wants
to move in before closing, and in order to fulfill his statutory duties, which of
the following actions would Hugh take?
-Recommend Jacqueline seek the advice of a lawyer
-Recommend Jacqueline speak with his designated broker
-Recommend that she wait until after closing to keep things simple
,-Research the implications and report them back to her correct
answersRecommend Jacqueline seek the advice of a lawyer
Kurt bought a vacant lot in a development that was 85% completed. When
he started working with the builder to lay out where the house and driveway
would lie, it was determined that he would need an easement because his
driveway would spill over onto the adjacent lot by a few feet. What type of
easement is this?
-Easement appurtenant
-Easement by necessity
-Easement by prescription
-Easement in gross correct answersEasement appurtenant (dominant)
Which occupancy type is eligible for a VA loan?
-All occupancy types
-Investment property
-Owner occupied
-Second home correct answersOwner occupied
Property management firms must keep all clients financial records for at least
year(s) from the date each document was executed.
-Four
-One
-Three
-Two correct answersThree
Who or what most likely establishes a covenant not to compete?
-Developer restrictive covenants
-Local building codes
-Local zoning restrictions
-Purchase or lease contract correct answersPurchase or lease contract
Which of these situations represents a unilateral contract?
-Cain sells Trent his bike
-Maurice promises Shelton $100 if Shelton will sell his painting. Shelton
agrees, but Maurice doesn't pay Shelton
-Nathan and Sue exchange vows at their wedding
-Sherry promises to give Brent a ride home from work, and then doesn't show
up correct answersSherry promises to give Brent a ride home from work, and
then doesn't show up
Ken, Barbie, and Skipper owned a property as a joint tenancy. When Skipper
moved out of state, she sold her interest to Midge. Two years later, Ken died.
How is the interest in the property divided? correct answersBarbie owns two
thirds and Midge owns one third
Individual property managers may be employed by an owner and manage
-A single property
, -Multiple properties
-Properties within a single state
-Several connected properties correct answersA single property
A lender requests an appraisal of a property under foreclosure. What type
of value is the lender most likely to be interested in?
-Going concern value
-Insured value
-Investment value
-Liquidation value correct answersLiquidation value
What is a real estate employment agreement in Arizona?
-An agreement between a licensee and the licensee's broker
-An agreement between two licensee's working with the same client
-A term for property management agreements
-A term for the listing agreement or buyer agency agreement correct
answersAn term for the listing agreement or buyer agency agreement
Homeowners Annette and Jeff are suing contractor Daniel for breach of
contract. Where might they be able to find an affidavit of suspended license
to use as prima facie evidence in the court proceedings?
-Arizona Administrative Office of the Courts
-Arizona Department of Real Estate
- Arizona Registrar of Contractors correct answersArizona Registrar of
Contractors
Where can a party reviewing a title commitment find basic details about the
transaction?
-Schedule A
-Schedule B-1
-Schedule B-2
-This is not contained in the title commitment correct answersSchedule A
Who originates their own loans?
-Mortgage bankers
-Mortgage brokers
-Real estate brokers
-Real estate licensee correct answersMortgage bankers
Sunshine Surveyors Inc. created a lot and block survey for a new residential
development, Happy Acres. The first thing the surveyor did when he
surveyed the new neighborhood was to reference what type of description?
-Map
-Metes and bound description
-Monument
-Plat book correct answersMetes and bounds description
