ASREB Exam Questions and
Answers A+ Graded
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? .- .CORRECT .ANSWER-Estoppel
Amount .stated .in .a .purchase .contract .in .case .the .buyer .breaches .is .called: .-
.CORRECT .ANSWER-Liquidated
In .a .sublease .with .a .positive .leasehold .who .benefits .from .excess .rent? .-
.CORRECT .ANSWER-Sub-lessor
Property .taxes .are .1,525. .1st .half .paid .by .seller .closes .November .2nd .-
.CORRECT .ANSWER-512.57 .Debit .seller, .credit .buyer .(518.07)
Deed .of .trust .is .created, .it .also .needs: .- .CORRECT .ANSWER-Note
Consumer .financial .protection .bureau .is .governing .- .CORRECT .ANSWER-
Savings .& .Loan .Associations
Fixed .rate .30 .year .loan .is .partially .prepaid, .has .an .effect .on .- .CORRECT
.ANSWER-Shortening .the .life .of .the .loan
Buyers .interest .in .a .purchase .contract .is .assigned .to .3rd .party, .sellers'
.permission .- .CORRECT .ANSWER-Never .Required
Apt. .2 .units .:900, .2550 .- .CORRECT .ANSWER-2,030
90,000 .1500 .+ .6% .annum .- .CORRECT .ANSWER-427.50
Sell .house .for .113,000 .7% .VA .Loan .110,000 .2 .½ .points .termite .inspection .-
.CORRECT .ANSWER-29,840
Commissioner .may .issue .cease .and .desist .on .all .but .- .CORRECT .ANSWER-
Appeal .to .Advisory .Board
Low .income .loans .- .CORRECT .ANSWER-GNMA
Closing .statement .not .pro-rated .- .CORRECT .ANSWER-Security .deposit
,What .is .not .required .on .brokerage .receipt .- .CORRECT .ANSWER-brokerage
.name
Brokers .are .required .to .have .all .except: .- .CORRECT .ANSWER-Trust .Account
Not .appear .on .public .report .- .CORRECT .ANSWER-Market .Value
Taxes .are .915 .a .year, .seller .paid .1st .half .on .October .1, .close .escrow .on .11/16 .-
.CORRECT .ANSWER-340 .Debit .Seller
Relationship .of .Licensee .to .Broker .- .CORRECT .ANSWER-General
Sell .June .6th, .Water .Bill .$86 .and .taxes .are .$778 .- .CORRECT .ANSWER-437
.Credit .Seller, .492 .Debit .Buyer
Life .Tenant .Holds .- .CORRECT .ANSWER-Fee .Simple
Couplings .- .CORRECT .ANSWER-Home .Inspectors/Arizona .Board .of .Technical
.Registration
When .a .broker .moves .their .office .the .sign .must .be .removed .- .CORRECT
.ANSWER-Immediately
Property .closes .on .June .15, .using .365 .days .credit .to .the .seller .when .1200 .was
.paid .- .CORRECT .ANSWER-657.54
When .you .appraise .land .and .ad .it .to .the .depreciated .value .of .the .improved
.property, .what .appraisal .approach .is .being .used .- .CORRECT .ANSWER-Cost
Term .used .by .surveyors .- .CORRECT .ANSWER-Benchmark
Right .to .license .agents .- .CORRECT .ANSWER-legislature
Law .that .requires .non-resident .aliens .to .pay .gains .- .CORRECT .ANSWER-
FIRPTA
160,000 .property .Evans, .Cains .155,000. .Cain .paid .5,000 .taxes .are .assessed .on .-
.CORRECT .ANSWER-Evan .pays .5,000
Sale .leaseback .occurs .- .CORRECT .ANSWER-Buyer .is .landlord
Type .of .deed .is .not .necessarily .evidence .of .title .- .CORRECT .ANSWER-Quite
.Claim .Deed
Commerical .lease .what .limits .increases .in .cost .- .CORRECT .ANSWER-Expense
.stop
Who .pays .discount .points .on .VA .loan .- .CORRECT .ANSWER-Buyer
, Rectangular .property .8690 .yards .has .318 .front .feet. .How .deep? .- .CORRECT
.ANSWER-245 .Feet
Which .of .the .following .is .not .fee .simple .absolute .interest? .- .CORRECT
.ANSWER-Lessee .with .long .term .lease
Buying .rental .property .appraised .using? .- .CORRECT .ANSWER-Income
.Approach
Required .to .complete .ADEQ .notice .on .site .wastewater .facility .- .CORRECT
.ANSWER-Buyer
Assessments .for .PI .Placed .on .Realty .Based .- .CORRECT .ANSWER-Pro .Rata
.Share .Cost .of .Improvements
Real .estate .device .which .doesn't .transfer .legal .title .but .does .place .equitable
.title .to .buyer .- .CORRECT .ANSWER-Agreement .for .sale
Contiguous .Means .- .CORRECT .ANSWER-Parcels .Land .Connected
Bait .and .Switch .- .CORRECT .ANSWER-Truth .in .Lending .Act
Highest .Form .- .CORRECT .ANSWER-Fee .Simple
Listing .my .be .assigned .- .CORRECT .ANSWER-By .listing .Broker .to .another
.salesperson
Concept .that .info .given .a .client's .agent .has .been .given .to .the .client .is .known
.as .- .CORRECT .ANSWER-Imputed .Notice
How .many .acres .in .SE4 .SW4; .NW4 .and .SE4; .N2 .S2 .Section .22 .- .CORRECT
.ANSWER-320
Which .of .the .following .isn't .an .appurtenance .and .doesn't .pass .with .warranty
.deed .- .CORRECT .ANSWER-Trade .Fixture
Which .of .the .following .is .not .correct .- .CORRECT .ANSWER-1/4 .miles .= .1/16
.section
Bought .189.500 .paid .2700 .closing .cost .put .30,000 .in .improvements, .selling
.249,000 .with .5% .commission .- .CORRECT .ANSWER-12,350
Licensed .Mortgage .Loan .Originators .registered .- .CORRECT .ANSWER-Nation
.MLS
Lender .required .to .give .under .RESPA .- .CORRECT .ANSWER-Loan .estimate .and
.disclosure
Answers A+ Graded
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? .- .CORRECT .ANSWER-Estoppel
Amount .stated .in .a .purchase .contract .in .case .the .buyer .breaches .is .called: .-
.CORRECT .ANSWER-Liquidated
In .a .sublease .with .a .positive .leasehold .who .benefits .from .excess .rent? .-
.CORRECT .ANSWER-Sub-lessor
Property .taxes .are .1,525. .1st .half .paid .by .seller .closes .November .2nd .-
.CORRECT .ANSWER-512.57 .Debit .seller, .credit .buyer .(518.07)
Deed .of .trust .is .created, .it .also .needs: .- .CORRECT .ANSWER-Note
Consumer .financial .protection .bureau .is .governing .- .CORRECT .ANSWER-
Savings .& .Loan .Associations
Fixed .rate .30 .year .loan .is .partially .prepaid, .has .an .effect .on .- .CORRECT
.ANSWER-Shortening .the .life .of .the .loan
Buyers .interest .in .a .purchase .contract .is .assigned .to .3rd .party, .sellers'
.permission .- .CORRECT .ANSWER-Never .Required
Apt. .2 .units .:900, .2550 .- .CORRECT .ANSWER-2,030
90,000 .1500 .+ .6% .annum .- .CORRECT .ANSWER-427.50
Sell .house .for .113,000 .7% .VA .Loan .110,000 .2 .½ .points .termite .inspection .-
.CORRECT .ANSWER-29,840
Commissioner .may .issue .cease .and .desist .on .all .but .- .CORRECT .ANSWER-
Appeal .to .Advisory .Board
Low .income .loans .- .CORRECT .ANSWER-GNMA
Closing .statement .not .pro-rated .- .CORRECT .ANSWER-Security .deposit
,What .is .not .required .on .brokerage .receipt .- .CORRECT .ANSWER-brokerage
.name
Brokers .are .required .to .have .all .except: .- .CORRECT .ANSWER-Trust .Account
Not .appear .on .public .report .- .CORRECT .ANSWER-Market .Value
Taxes .are .915 .a .year, .seller .paid .1st .half .on .October .1, .close .escrow .on .11/16 .-
.CORRECT .ANSWER-340 .Debit .Seller
Relationship .of .Licensee .to .Broker .- .CORRECT .ANSWER-General
Sell .June .6th, .Water .Bill .$86 .and .taxes .are .$778 .- .CORRECT .ANSWER-437
.Credit .Seller, .492 .Debit .Buyer
Life .Tenant .Holds .- .CORRECT .ANSWER-Fee .Simple
Couplings .- .CORRECT .ANSWER-Home .Inspectors/Arizona .Board .of .Technical
.Registration
When .a .broker .moves .their .office .the .sign .must .be .removed .- .CORRECT
.ANSWER-Immediately
Property .closes .on .June .15, .using .365 .days .credit .to .the .seller .when .1200 .was
.paid .- .CORRECT .ANSWER-657.54
When .you .appraise .land .and .ad .it .to .the .depreciated .value .of .the .improved
.property, .what .appraisal .approach .is .being .used .- .CORRECT .ANSWER-Cost
Term .used .by .surveyors .- .CORRECT .ANSWER-Benchmark
Right .to .license .agents .- .CORRECT .ANSWER-legislature
Law .that .requires .non-resident .aliens .to .pay .gains .- .CORRECT .ANSWER-
FIRPTA
160,000 .property .Evans, .Cains .155,000. .Cain .paid .5,000 .taxes .are .assessed .on .-
.CORRECT .ANSWER-Evan .pays .5,000
Sale .leaseback .occurs .- .CORRECT .ANSWER-Buyer .is .landlord
Type .of .deed .is .not .necessarily .evidence .of .title .- .CORRECT .ANSWER-Quite
.Claim .Deed
Commerical .lease .what .limits .increases .in .cost .- .CORRECT .ANSWER-Expense
.stop
Who .pays .discount .points .on .VA .loan .- .CORRECT .ANSWER-Buyer
, Rectangular .property .8690 .yards .has .318 .front .feet. .How .deep? .- .CORRECT
.ANSWER-245 .Feet
Which .of .the .following .is .not .fee .simple .absolute .interest? .- .CORRECT
.ANSWER-Lessee .with .long .term .lease
Buying .rental .property .appraised .using? .- .CORRECT .ANSWER-Income
.Approach
Required .to .complete .ADEQ .notice .on .site .wastewater .facility .- .CORRECT
.ANSWER-Buyer
Assessments .for .PI .Placed .on .Realty .Based .- .CORRECT .ANSWER-Pro .Rata
.Share .Cost .of .Improvements
Real .estate .device .which .doesn't .transfer .legal .title .but .does .place .equitable
.title .to .buyer .- .CORRECT .ANSWER-Agreement .for .sale
Contiguous .Means .- .CORRECT .ANSWER-Parcels .Land .Connected
Bait .and .Switch .- .CORRECT .ANSWER-Truth .in .Lending .Act
Highest .Form .- .CORRECT .ANSWER-Fee .Simple
Listing .my .be .assigned .- .CORRECT .ANSWER-By .listing .Broker .to .another
.salesperson
Concept .that .info .given .a .client's .agent .has .been .given .to .the .client .is .known
.as .- .CORRECT .ANSWER-Imputed .Notice
How .many .acres .in .SE4 .SW4; .NW4 .and .SE4; .N2 .S2 .Section .22 .- .CORRECT
.ANSWER-320
Which .of .the .following .isn't .an .appurtenance .and .doesn't .pass .with .warranty
.deed .- .CORRECT .ANSWER-Trade .Fixture
Which .of .the .following .is .not .correct .- .CORRECT .ANSWER-1/4 .miles .= .1/16
.section
Bought .189.500 .paid .2700 .closing .cost .put .30,000 .in .improvements, .selling
.249,000 .with .5% .commission .- .CORRECT .ANSWER-12,350
Licensed .Mortgage .Loan .Originators .registered .- .CORRECT .ANSWER-Nation
.MLS
Lender .required .to .give .under .RESPA .- .CORRECT .ANSWER-Loan .estimate .and
.disclosure
