AZ CE Shop Final Exam 2025 With
100% Correct Answers
Inverse Condemnation - CORRECT ANSWER✔✔An action brought by a property owner seeking
just compensation for land taken for public use when the taker of the property does not intend
to bring eminent domain proceedings. Property is condemned because its use and value have
been diminished due to an adjacent property's public use.
eminent domain and Condemnation - CORRECT 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.
condemnation - CORRECT 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
eminent domain - CORRECT 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.
Arizona Revised Statutes - CORRECT ANSWER✔✔Laws enacted by the Arizona State Legislature;
may not violate the federal or state constitutions or federal law
Arizona Administrative Code - CORRECT ANSWER✔✔Aka commissioner's rules; the official
publication of Arizona's codified rules that carries the force of law without actually being law
Arizona State Constitution - CORRECT ANSWER✔✔Empowers licensed real estate brokers and
salespersons to draft or fill out, without charge, any and all real estate transaction instruments
, Judgement Lien - CORRECT ANSWER✔✔a lien placed on property to settle a judgement from a
lawsuit
If there is a judgment lien against her, the Arizona homestead exemption allows her to exempt
______. - CORRECT ANSWER✔✔Up to $150,000 of her primary residence's value from seizure
for payment of debts
If Johnson Marketing's capital gain on the sale of its business was $479,000, capital
improvements were $227,000, and the adjusted basis in the property was $976,000, what was
the sales price? (Sales price - adjusted basis = capital gain, so capital gain + adjusted basis =
sales price.)
$1.203 million
$1.455 million
$497,000
Not enough information to calculate - CORRECT ANSWER✔✔$1.455 Million
Real property ownership may offer significant tax advantages. Which one of the following is a
potential advantage?
Depreciation
Insurance expenses
Taxable gains
Transfer tax - CORRECT ANSWER✔✔Depreciation
Which laws prevent real estate licensees from setting a standard rate for commissions or
compensation?
Antitrust
Fair housing
100% Correct Answers
Inverse Condemnation - CORRECT ANSWER✔✔An action brought by a property owner seeking
just compensation for land taken for public use when the taker of the property does not intend
to bring eminent domain proceedings. Property is condemned because its use and value have
been diminished due to an adjacent property's public use.
eminent domain and Condemnation - CORRECT 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.
condemnation - CORRECT 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
eminent domain - CORRECT 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.
Arizona Revised Statutes - CORRECT ANSWER✔✔Laws enacted by the Arizona State Legislature;
may not violate the federal or state constitutions or federal law
Arizona Administrative Code - CORRECT ANSWER✔✔Aka commissioner's rules; the official
publication of Arizona's codified rules that carries the force of law without actually being law
Arizona State Constitution - CORRECT ANSWER✔✔Empowers licensed real estate brokers and
salespersons to draft or fill out, without charge, any and all real estate transaction instruments
, Judgement Lien - CORRECT ANSWER✔✔a lien placed on property to settle a judgement from a
lawsuit
If there is a judgment lien against her, the Arizona homestead exemption allows her to exempt
______. - CORRECT ANSWER✔✔Up to $150,000 of her primary residence's value from seizure
for payment of debts
If Johnson Marketing's capital gain on the sale of its business was $479,000, capital
improvements were $227,000, and the adjusted basis in the property was $976,000, what was
the sales price? (Sales price - adjusted basis = capital gain, so capital gain + adjusted basis =
sales price.)
$1.203 million
$1.455 million
$497,000
Not enough information to calculate - CORRECT ANSWER✔✔$1.455 Million
Real property ownership may offer significant tax advantages. Which one of the following is a
potential advantage?
Depreciation
Insurance expenses
Taxable gains
Transfer tax - CORRECT ANSWER✔✔Depreciation
Which laws prevent real estate licensees from setting a standard rate for commissions or
compensation?
Antitrust
Fair housing
