ASREB (2025) Actual Exam
Questions and Answers A+ Graded
A.A.C. .- .CORRECT .ANSWER-Arizona .Administrative .Code .(laws .of .my .license) .-
.originates .from .Arizona .State .Law- .Commissioner's .Rules
A.R.S. .- .CORRECT .ANSWER-Arizona .Revised .Statutes
Abandonment .of .Homestead .- .CORRECT .ANSWER-The .two .most .common .ways
.of .abandoning .a .declared .homestead .are .either .1) .through .the .use .of .a
.declaration .of .abandonment, .or .2) .by .operation .of .law.
Abatement .- .CORRECT .ANSWER-To .reduce .an .amount .such .as .the .removal .or
.the .encapsulation .of .asbestos.
Abstract .of .Judgment, .Law .- .CORRECT .ANSWER-The .summary .of .a .court
.judgment .that .creates .a .lien .against .a .property .when .filed .with .the .county
.recorder.
Abstract .of .Title .- .CORRECT .ANSWER-The .summary .of .all .documents .that
.appear .on .public .record .effecting .real .property.
Abutting .Land .- .CORRECT .ANSWER-Parcels .of .land .having .common
.boundaries.
Accelerated .Cost .Recovery .System .- .CORRECT .ANSWER-A .tax .calculation .that
.provides .greater .depreciation .in .the .early .years .of .ownership .of .real .estate .or
.personal .property.
Accelerated .Depreciation .- .CORRECT .ANSWER-A .bookkeeping .method .that
.depreciates .property .faster .in .the .early .years .of .ownership.
Acceleration .- .CORRECT .ANSWER-The .lender's .right .to .call .the .entire .loan .all
.due .and .payable .if .certain .conditions .are .violated.
Acceptance .- .CORRECT .ANSWER-An .agreement .binding .one .to .the .terms .of .an
.offer.
Accretion .- .CORRECT .ANSWER-The .gradual .buildup .of .land .by .wind .or .water.
,Accrued .Depreciation .- .CORRECT .ANSWER-The .accumulated .physical,
.economic .and .functional .depreciation .that .applies .to .a .property .as .of .a .specific
.date.
Accrued .Items .- .CORRECT .ANSWER-On .a .closing .statement, .items .of .expense
.that .are .incurred .but .not .yet .payable, .such .as .interest .on .a .mortgage .loan .or
.taxes .on .real .property.
Acknowledgment .- .CORRECT .ANSWER-Signing .a .legal .document .before .a
.notary .public .or .other .authorized .person.
Acre .- .CORRECT .ANSWER-43,560 .sq. .ft.: .If .it .were .in .the .shape .of .a .square .it
.would .measure .approx .208.71 .ft. .on .each .side.
Acre .Foot .- .CORRECT .ANSWER-One .acre .of .land .with .water .one .foot .deep:
.325,850 .gal. .of .water.
Actual .Age .- .CORRECT .ANSWER-The .chronological .age .of .a .structure.
Actual .Damages .- .CORRECT .ANSWER-Those .damages .that .a .court .of .law .will
.recognize .and .that .are .a .direct .result .of .a .wrong.
Actual .Delivery .- .CORRECT .ANSWER-The .Grantor .physically .hands .the .Deed .to
.the .Grantee.
Actual .Eviction .- .CORRECT .ANSWER-Direct .actions .of .a .landlord .to .remove .a
.tenant .from .the .premises .thru .legal .process.
Actual .Notice .- .CORRECT .ANSWER-Facts .that .are .known .to .be .true; .direct
.knowledge.
Actual .Theory .- .CORRECT .ANSWER-Theory .of .land .use .development .along
.major .highways.
Ad .Valorem .tax .- .CORRECT .ANSWER-A .tax .levied ."according .to .value".
.Arizona .property .taxes .are .based .on .Ad .Valorem.
ADA: .Americans .with .Disabilities .Act .- .CORRECT .ANSWER-Federal .law
.designated .to .eliminate .discrimination .against .individuals .with .disabilities .by
.requiring .equal .access .to .accomodations.
Addendum .- .CORRECT .ANSWER-An .addition .or .change .to .a .contract.
Additional .Principal .Payment .- .CORRECT .ANSWER-Extra .money .included .in .the
.monthly .payment .to .help .reduce .the .principal .and .shorten .the .term .of .the .loan.
.This .may .activate .a .prepayment .penalty .clause.
,Adjacent .- .CORRECT .ANSWER-1. .Lying .near, .close, .or .contiguous; .adjoining;
.neighboring: .a .motel .adjacent .to .the .highway. .2. .Just .before, .after, .or .facing: .a
.map .on .an .adjacent .page.
Adjustable-Rate .Mortgage .(ARM) .- .CORRECT .ANSWER-A .mortgage .loan .with
.the .interest .rate .on .the .note .periodically .adjusted .based .on .an .index .which
.reflects .the .cost .to .the .lender .of .borrowing .on .the .credit .markets.
Adjusted .Basis .- .CORRECT .ANSWER-Used .to .determine .gains .or .losses .when
.property .is .sold: .Original .cost .of .the .property, .plus .the .value .of .any .capital
.expenditures .for .improvements .to .the .property, .minus .the .depreciation. .(After
.calculating .the .adjusted .basis, .subtract .it .from .the .sales .price .of .the .property
.to .determine .gains .or .losses.)
Adjusted .Cost .Basis .- .CORRECT .ANSWER-The .cost .of .any .improvements .the
.seller .makes .to .the .property. .Deducting .the .cost .from .the .original .sales .price
.provides .the .profit .or .loss .of .a .home .when .it .is .sold.
Adjusted .Gross .Income .- .CORRECT .ANSWER-The .total .potential .gross .income
.minus .vacancy .and .credit .loss; .also .called .Effective .Gross .Income.
Adjusted .Purchase .Price .- .CORRECT .ANSWER-Original .purchase .price .plus
.capital .improvements.
Adjusted .Sales .Price .- .CORRECT .ANSWER-The .net .sales .price .of .a .piece .of
.property .where .the .commissions .and .other .closing .costs .are .subtracted .form
.the .actual .sales .price.
Administrative .Fine .- .CORRECT .ANSWER-Max .Fine .= .$1000 .per .offense
Administrator .- .CORRECT .ANSWER-An .individual .appointed .by .the .court .to
.handle .the .estate .of .a .party .who .dies .without .a .will.
Administrator's .Deed .- .CORRECT .ANSWER-A .deed .conveying .the .property .of
.one .who .died .without .a .will .( .intestate).
ADRE .- .CORRECT .ANSWER-Arizona .Department .of .Real .Estate
Adult .- .CORRECT .ANSWER-A .person .who .is .in .his .or .her .majority: .usually .18
.years .old.
Adverse .Possession .- .CORRECT .ANSWER-Acquiring .title .to .real .property .due
.to .continuous, .open .and .hostile .use .for .a .prescribed .length .of .time.
Adverse .Use .- .CORRECT .ANSWER-The .access .and .use .of .property .without .the
.owner's .consent.
, Advisory .Board .- .CORRECT .ANSWER-Arizona .Real .Estate .Advisory .Board
.regulates .those .engaged .in .the .real .estate .profession .in .Arizona: .comprised .of
.9 .members; .term .is .six .years; .no .compensation.
Affidavit .of .Disclosure .- .CORRECT .ANSWER-Az .Revised .Statutes .requires .the
.recording .of .an .Affidavit .of .Disclosure .for .the .sale .of ."Five .or .fewer .parcels .of
.land, .other .than .subdivided .land, .in .an .unincorporated .area .of .a .county." .It
.must .be .provided .at .7 .days .before .transfer .of .property .and .buyer .must
.acknowledge .receipt; .within .5 .days .of .receipt, .buyer .has .the .right .to .rescind.
Affidavit .of .Title .- .CORRECT .ANSWER-A .written .statement, .under .oath .by .a
.seller .or .grantor .of .real .property .and .acknowledge .by .a .notary .public, .in .which
.the .grantor .identifies .himself .and .indicates .marital .status, .certifies .that .the .title
.is .without .defects, .and .certifies .he .is .in .possession .of .the .property.
Affidavit .of .Value .- .CORRECT .ANSWER-A .sworn .document .that .identifies .the
.Grantor .and .Grantee .and .states .the .value .paid .for .real .property; .signed .by
.both .parties .and .notarized.
Affiliated .Business .Disclosure .- .CORRECT .ANSWER-A .disclosure .that .a
.company .or .individual .referring .settlement .services .has .either .an .affiliate
.relationship .with .or .a .direct .or .beneficial .ownership .interest .of .more .than .1%
.in .a .provider .of .settlement .services.
Affirmation .of .Value .- .CORRECT .ANSWER-A .declaration .that .a .certain .set .of
.facts .are .truthful: .In .this .case, .that .the .value .is.
Agency .- .CORRECT .ANSWER-A .legal .relationship .in .which .the .principal
.appoints .an .agent .to .act .in .his .behalf.
Agency .by .Ratification .- .CORRECT .ANSWER-Unauthorized .actions .of .an .agent
.that .are .later .approved .by .the .principal.
Agency .Coupled .With .An .Interest .- .CORRECT .ANSWER-An .agency .relationship
.in .which .the .agent .has .an .interest, .usually .financial, .in .the .subject .property.
Agency .Law .- .CORRECT .ANSWER-The .large .body .of .common .law .that .governs
.agency; .a .mixture .of .contract .law .and .tort .law.
Agent .- .CORRECT .ANSWER-One .who .is .authorized .to .act .for .a .principal.
Agent .by .Necessity .- .CORRECT .ANSWER-An .act .of .law .or .circumstances,
.requiring .a .Limited .Agent .to .act .beyond .his .authority. .Principal's .consent .not
.necessary.
Aggrieved .- .CORRECT .ANSWER-To .cause .grief .or .to .injure .one's .legal .rights.
Questions and Answers A+ Graded
A.A.C. .- .CORRECT .ANSWER-Arizona .Administrative .Code .(laws .of .my .license) .-
.originates .from .Arizona .State .Law- .Commissioner's .Rules
A.R.S. .- .CORRECT .ANSWER-Arizona .Revised .Statutes
Abandonment .of .Homestead .- .CORRECT .ANSWER-The .two .most .common .ways
.of .abandoning .a .declared .homestead .are .either .1) .through .the .use .of .a
.declaration .of .abandonment, .or .2) .by .operation .of .law.
Abatement .- .CORRECT .ANSWER-To .reduce .an .amount .such .as .the .removal .or
.the .encapsulation .of .asbestos.
Abstract .of .Judgment, .Law .- .CORRECT .ANSWER-The .summary .of .a .court
.judgment .that .creates .a .lien .against .a .property .when .filed .with .the .county
.recorder.
Abstract .of .Title .- .CORRECT .ANSWER-The .summary .of .all .documents .that
.appear .on .public .record .effecting .real .property.
Abutting .Land .- .CORRECT .ANSWER-Parcels .of .land .having .common
.boundaries.
Accelerated .Cost .Recovery .System .- .CORRECT .ANSWER-A .tax .calculation .that
.provides .greater .depreciation .in .the .early .years .of .ownership .of .real .estate .or
.personal .property.
Accelerated .Depreciation .- .CORRECT .ANSWER-A .bookkeeping .method .that
.depreciates .property .faster .in .the .early .years .of .ownership.
Acceleration .- .CORRECT .ANSWER-The .lender's .right .to .call .the .entire .loan .all
.due .and .payable .if .certain .conditions .are .violated.
Acceptance .- .CORRECT .ANSWER-An .agreement .binding .one .to .the .terms .of .an
.offer.
Accretion .- .CORRECT .ANSWER-The .gradual .buildup .of .land .by .wind .or .water.
,Accrued .Depreciation .- .CORRECT .ANSWER-The .accumulated .physical,
.economic .and .functional .depreciation .that .applies .to .a .property .as .of .a .specific
.date.
Accrued .Items .- .CORRECT .ANSWER-On .a .closing .statement, .items .of .expense
.that .are .incurred .but .not .yet .payable, .such .as .interest .on .a .mortgage .loan .or
.taxes .on .real .property.
Acknowledgment .- .CORRECT .ANSWER-Signing .a .legal .document .before .a
.notary .public .or .other .authorized .person.
Acre .- .CORRECT .ANSWER-43,560 .sq. .ft.: .If .it .were .in .the .shape .of .a .square .it
.would .measure .approx .208.71 .ft. .on .each .side.
Acre .Foot .- .CORRECT .ANSWER-One .acre .of .land .with .water .one .foot .deep:
.325,850 .gal. .of .water.
Actual .Age .- .CORRECT .ANSWER-The .chronological .age .of .a .structure.
Actual .Damages .- .CORRECT .ANSWER-Those .damages .that .a .court .of .law .will
.recognize .and .that .are .a .direct .result .of .a .wrong.
Actual .Delivery .- .CORRECT .ANSWER-The .Grantor .physically .hands .the .Deed .to
.the .Grantee.
Actual .Eviction .- .CORRECT .ANSWER-Direct .actions .of .a .landlord .to .remove .a
.tenant .from .the .premises .thru .legal .process.
Actual .Notice .- .CORRECT .ANSWER-Facts .that .are .known .to .be .true; .direct
.knowledge.
Actual .Theory .- .CORRECT .ANSWER-Theory .of .land .use .development .along
.major .highways.
Ad .Valorem .tax .- .CORRECT .ANSWER-A .tax .levied ."according .to .value".
.Arizona .property .taxes .are .based .on .Ad .Valorem.
ADA: .Americans .with .Disabilities .Act .- .CORRECT .ANSWER-Federal .law
.designated .to .eliminate .discrimination .against .individuals .with .disabilities .by
.requiring .equal .access .to .accomodations.
Addendum .- .CORRECT .ANSWER-An .addition .or .change .to .a .contract.
Additional .Principal .Payment .- .CORRECT .ANSWER-Extra .money .included .in .the
.monthly .payment .to .help .reduce .the .principal .and .shorten .the .term .of .the .loan.
.This .may .activate .a .prepayment .penalty .clause.
,Adjacent .- .CORRECT .ANSWER-1. .Lying .near, .close, .or .contiguous; .adjoining;
.neighboring: .a .motel .adjacent .to .the .highway. .2. .Just .before, .after, .or .facing: .a
.map .on .an .adjacent .page.
Adjustable-Rate .Mortgage .(ARM) .- .CORRECT .ANSWER-A .mortgage .loan .with
.the .interest .rate .on .the .note .periodically .adjusted .based .on .an .index .which
.reflects .the .cost .to .the .lender .of .borrowing .on .the .credit .markets.
Adjusted .Basis .- .CORRECT .ANSWER-Used .to .determine .gains .or .losses .when
.property .is .sold: .Original .cost .of .the .property, .plus .the .value .of .any .capital
.expenditures .for .improvements .to .the .property, .minus .the .depreciation. .(After
.calculating .the .adjusted .basis, .subtract .it .from .the .sales .price .of .the .property
.to .determine .gains .or .losses.)
Adjusted .Cost .Basis .- .CORRECT .ANSWER-The .cost .of .any .improvements .the
.seller .makes .to .the .property. .Deducting .the .cost .from .the .original .sales .price
.provides .the .profit .or .loss .of .a .home .when .it .is .sold.
Adjusted .Gross .Income .- .CORRECT .ANSWER-The .total .potential .gross .income
.minus .vacancy .and .credit .loss; .also .called .Effective .Gross .Income.
Adjusted .Purchase .Price .- .CORRECT .ANSWER-Original .purchase .price .plus
.capital .improvements.
Adjusted .Sales .Price .- .CORRECT .ANSWER-The .net .sales .price .of .a .piece .of
.property .where .the .commissions .and .other .closing .costs .are .subtracted .form
.the .actual .sales .price.
Administrative .Fine .- .CORRECT .ANSWER-Max .Fine .= .$1000 .per .offense
Administrator .- .CORRECT .ANSWER-An .individual .appointed .by .the .court .to
.handle .the .estate .of .a .party .who .dies .without .a .will.
Administrator's .Deed .- .CORRECT .ANSWER-A .deed .conveying .the .property .of
.one .who .died .without .a .will .( .intestate).
ADRE .- .CORRECT .ANSWER-Arizona .Department .of .Real .Estate
Adult .- .CORRECT .ANSWER-A .person .who .is .in .his .or .her .majority: .usually .18
.years .old.
Adverse .Possession .- .CORRECT .ANSWER-Acquiring .title .to .real .property .due
.to .continuous, .open .and .hostile .use .for .a .prescribed .length .of .time.
Adverse .Use .- .CORRECT .ANSWER-The .access .and .use .of .property .without .the
.owner's .consent.
, Advisory .Board .- .CORRECT .ANSWER-Arizona .Real .Estate .Advisory .Board
.regulates .those .engaged .in .the .real .estate .profession .in .Arizona: .comprised .of
.9 .members; .term .is .six .years; .no .compensation.
Affidavit .of .Disclosure .- .CORRECT .ANSWER-Az .Revised .Statutes .requires .the
.recording .of .an .Affidavit .of .Disclosure .for .the .sale .of ."Five .or .fewer .parcels .of
.land, .other .than .subdivided .land, .in .an .unincorporated .area .of .a .county." .It
.must .be .provided .at .7 .days .before .transfer .of .property .and .buyer .must
.acknowledge .receipt; .within .5 .days .of .receipt, .buyer .has .the .right .to .rescind.
Affidavit .of .Title .- .CORRECT .ANSWER-A .written .statement, .under .oath .by .a
.seller .or .grantor .of .real .property .and .acknowledge .by .a .notary .public, .in .which
.the .grantor .identifies .himself .and .indicates .marital .status, .certifies .that .the .title
.is .without .defects, .and .certifies .he .is .in .possession .of .the .property.
Affidavit .of .Value .- .CORRECT .ANSWER-A .sworn .document .that .identifies .the
.Grantor .and .Grantee .and .states .the .value .paid .for .real .property; .signed .by
.both .parties .and .notarized.
Affiliated .Business .Disclosure .- .CORRECT .ANSWER-A .disclosure .that .a
.company .or .individual .referring .settlement .services .has .either .an .affiliate
.relationship .with .or .a .direct .or .beneficial .ownership .interest .of .more .than .1%
.in .a .provider .of .settlement .services.
Affirmation .of .Value .- .CORRECT .ANSWER-A .declaration .that .a .certain .set .of
.facts .are .truthful: .In .this .case, .that .the .value .is.
Agency .- .CORRECT .ANSWER-A .legal .relationship .in .which .the .principal
.appoints .an .agent .to .act .in .his .behalf.
Agency .by .Ratification .- .CORRECT .ANSWER-Unauthorized .actions .of .an .agent
.that .are .later .approved .by .the .principal.
Agency .Coupled .With .An .Interest .- .CORRECT .ANSWER-An .agency .relationship
.in .which .the .agent .has .an .interest, .usually .financial, .in .the .subject .property.
Agency .Law .- .CORRECT .ANSWER-The .large .body .of .common .law .that .governs
.agency; .a .mixture .of .contract .law .and .tort .law.
Agent .- .CORRECT .ANSWER-One .who .is .authorized .to .act .for .a .principal.
Agent .by .Necessity .- .CORRECT .ANSWER-An .act .of .law .or .circumstances,
.requiring .a .Limited .Agent .to .act .beyond .his .authority. .Principal's .consent .not
.necessary.
Aggrieved .- .CORRECT .ANSWER-To .cause .grief .or .to .injure .one's .legal .rights.
