ASREB Practice Exam (2025)
Actual Exam Questions and
Answers A+ Graded
A .3.45-acre .lot .sells .for .50 .cents .per .square .foot. .What .is .the .selling .price? .
A) .$37,570
B) .$75,141
C) .$76,230
D) .$78,712 .- .CORRECT .ANSWER-B
3.45 .acres .x .43,560 .= .150,282 .SF
150,282 .SF .x .$0.50 .= .$75,141
A .blind .ad .refers .to .an .ad .that
A) .provides .no .price. .
B) .provides .no .address.
C) .gives .no .indication .that .the .property .is .listed .with .a .broker.
D) .gives .no .indication .that .the .property .has .bene .sold .or .not. .- .CORRECT
.ANSWER-C
A .borrower .is .required .to .put .10% .down .for .the .purchase .of .a .property. .The
.10% .down .would .be .considered
A) .equity. .
B) .boot.
C) .tax .shelter. .
D) .leverage. .- .CORRECT .ANSWER-A
A .broker, .acting .as .a .property .manager, .would .be .what .type .of .agent?
A) .special
B) .general
C) .implied .
D) .ostensible .- .CORRECT .ANSWER-B
,A .buyer .pays .20% .down .and .obtains .a .real .estate .mortgage. .The .buyer .makes
.no .further .payments. .What .clause .would .the .lender .now .exercise?
A) .alienation
B) .habendum
C) .novation
D) .acceleration .- .CORRECT .ANSWER-D
When .a .new .home .is .still .under .construction, .the .County .Assessor .may .
A) .increase .the .assessed .value .ration. .
B) .increase .the .full .cash .value. .
C) .decrease .the .tax .rate. .
D) .appeal .the .limited .property .value. .- .CORRECT .ANSWER-B
A .contract .has .been .signed, .but .title .has .not .yet .been .passed. .The .contract .is .
A) .executed.
B) .executory. .
C) .recorded
D) .estopped. .- .CORRECT .ANSWER-B
A .handicapped .person .is .leasing .a .house .that .requires .modification. .Which .of
.the .following .is .TRUE .about .the .modification?
A) .The .lessor .may .forbid .handicapped .modifications. .
B) .The .lessor .can .require .the .lessee .to .reasonably .restore .the .property .at .the
.end .of .the .lease. .
C) .The .lessor .must .pay .for .the .modifications.
D) .The .lessor .can .increase .the .rent .due .to .the .risk .of .the .handicapped .person.
.- .CORRECT .ANSWER-B
A .holdover .tenant .would .have .a(n)
A) .estate .at .sufferance.
B) .estate .at .well.
C) .freehold .estate.
D) .remainder .estate. .- .CORRECT .ANSWER-A
Which .of .these .property .classifications .is .used .for .vacant .land?
A) .Class .1
B) .Class .2
C) .Class .3
D) .Class .4 .- .CORRECT .ANSWER-B
A .house .costs .$100,000. .The .buyer .is .making .a .down .payment .of .$32,000 .and
.getting .a .$68,000 .loan. .If .there .are .4 .points, .how .much .money .will .be .paid .out
.of .the .closing .for .the .points?
,A) .$400
B) .$1,280
C) .$2,720
D) .$4,000 .- .CORRECT .ANSWER-C
$68,000 .X .0.04 .= .$2,720
A .lender .refuses .to .loan .or .limits .loans .in .a .certain .minority .neighborhood.
.This .action .is .called
A) .steering. .
B) .blockbusting.
C) .redlining.
D) .territory .allocation. .- .CORRECT .ANSWER-C
A .lessee .puts .in .a .bookcase .for .commercial .use; .at .the .end .of .the .lease .the
.bookcase .is .removed. .The .bookcase .would .be .considered
A) .real .property. .
B) .trade .fixture. .
C) .appurtenant. .
D) .chattel .real. .- .CORRECT .ANSWER-B
To .finance .the .infrastructure .for .a .subdivision .development, .Arizona .law .allows
.the .formation .of .
A) .Homeowner's .Associations. .
B) .Community .Facilities .Districts. .
C) .Planned .Communities.
D) .Planned .Unit .Developments .- .CORRECT .ANSWER-B
A .listing .broker .receives .several .offers .at .the .same .time. .The .broker .should
A) .present .only .the .best. .
B) .present .all .the .offers.
C) .present .the .three .best.
D) .wait .for .more .offers .before .presenting .to .the .seller. .- .CORRECT .ANSWER-B
A .Loan .Estimate .must .be .given .to .a .borrower .within .three .business .days .
A) .of .loan .application.
B) .after .the .buyer's .request.
C) .after .closing.
D) .prior .to .closing. .- .CORRECT .ANSWER-A
A .party .lives .on .a .property .without .permission .of .the .owner. .After .the .legally
.required .time .period, .if .the .occupant .receives .title .to .the .property .it .was .done
.so .through
, A) .easement .by .prescription.
B) .adverse .possession.
C) .escheat.
D) .eminent .domain. .- .CORRECT .ANSWER-B
In .what .situation .would .a .short .sale .be .likely?
A) .The .loan .balance .is .greater .than .the .property .value. .
B) .The .loan .balance .is .less .than .the .property .value.
C) .The .loan .has .a .non-recourse .provision.
D) .The .total .of .all .liens .is .less .than .the .property .value. .- .CORRECT .ANSWER-A
A .real .estate .mortgage .would .be .a(n)
A) .involuntary .lien.
B) .general .lien.
C) .voluntary .lien.
D) .statutory .lien. .- .CORRECT .ANSWER-C
A .real .estate .sale .was .closed .on .March .21. .The .assessed .value .of .the .property
.is .$72,500 .and .the .tax .rate .is .$1.75 .per .$100 .of .assessed .value. .What .is .the
.proper .entry .on .the .seller's .settlement .statement .if .the .buyer .owns .day .of
.closing .and .we .are .using .a .calendar .year?
A) .$278.08 .debit
B) .$278.08 .credit
C) .$274.60 .debit
D) .$274.60 .credit .- .CORRECT .ANSWER-C
$72,500/$100 .= .725 .units
$1.75 .x .725 .units .= .$1,268.75
$1,268.75/365 .= .$3.4760/day
Jan=31 .+ .Feb=28 .+ .Mar=2- .= .79 .days
$3.4760 .x .79 .days .= .$274.60 .debit .seller
A .right .of .way .over .Parcel .A .to .Parcel .B .identifies .Parcel .B .as .the .
A) .servient .tenement. .
B) .dominant .tenement.
C) .appurtenant .estate.
D) .encroachment .estate. .- .CORRECT .ANSWER-B
A .company .that .acts .as .an .intermediary .between .a .lender .and .an .appraiser .is
.a(n)
A) .full .service .appraisal .company.
B) .real .estate .brokerage .company.
C) .appraisal .management .company.
Actual Exam Questions and
Answers A+ Graded
A .3.45-acre .lot .sells .for .50 .cents .per .square .foot. .What .is .the .selling .price? .
A) .$37,570
B) .$75,141
C) .$76,230
D) .$78,712 .- .CORRECT .ANSWER-B
3.45 .acres .x .43,560 .= .150,282 .SF
150,282 .SF .x .$0.50 .= .$75,141
A .blind .ad .refers .to .an .ad .that
A) .provides .no .price. .
B) .provides .no .address.
C) .gives .no .indication .that .the .property .is .listed .with .a .broker.
D) .gives .no .indication .that .the .property .has .bene .sold .or .not. .- .CORRECT
.ANSWER-C
A .borrower .is .required .to .put .10% .down .for .the .purchase .of .a .property. .The
.10% .down .would .be .considered
A) .equity. .
B) .boot.
C) .tax .shelter. .
D) .leverage. .- .CORRECT .ANSWER-A
A .broker, .acting .as .a .property .manager, .would .be .what .type .of .agent?
A) .special
B) .general
C) .implied .
D) .ostensible .- .CORRECT .ANSWER-B
,A .buyer .pays .20% .down .and .obtains .a .real .estate .mortgage. .The .buyer .makes
.no .further .payments. .What .clause .would .the .lender .now .exercise?
A) .alienation
B) .habendum
C) .novation
D) .acceleration .- .CORRECT .ANSWER-D
When .a .new .home .is .still .under .construction, .the .County .Assessor .may .
A) .increase .the .assessed .value .ration. .
B) .increase .the .full .cash .value. .
C) .decrease .the .tax .rate. .
D) .appeal .the .limited .property .value. .- .CORRECT .ANSWER-B
A .contract .has .been .signed, .but .title .has .not .yet .been .passed. .The .contract .is .
A) .executed.
B) .executory. .
C) .recorded
D) .estopped. .- .CORRECT .ANSWER-B
A .handicapped .person .is .leasing .a .house .that .requires .modification. .Which .of
.the .following .is .TRUE .about .the .modification?
A) .The .lessor .may .forbid .handicapped .modifications. .
B) .The .lessor .can .require .the .lessee .to .reasonably .restore .the .property .at .the
.end .of .the .lease. .
C) .The .lessor .must .pay .for .the .modifications.
D) .The .lessor .can .increase .the .rent .due .to .the .risk .of .the .handicapped .person.
.- .CORRECT .ANSWER-B
A .holdover .tenant .would .have .a(n)
A) .estate .at .sufferance.
B) .estate .at .well.
C) .freehold .estate.
D) .remainder .estate. .- .CORRECT .ANSWER-A
Which .of .these .property .classifications .is .used .for .vacant .land?
A) .Class .1
B) .Class .2
C) .Class .3
D) .Class .4 .- .CORRECT .ANSWER-B
A .house .costs .$100,000. .The .buyer .is .making .a .down .payment .of .$32,000 .and
.getting .a .$68,000 .loan. .If .there .are .4 .points, .how .much .money .will .be .paid .out
.of .the .closing .for .the .points?
,A) .$400
B) .$1,280
C) .$2,720
D) .$4,000 .- .CORRECT .ANSWER-C
$68,000 .X .0.04 .= .$2,720
A .lender .refuses .to .loan .or .limits .loans .in .a .certain .minority .neighborhood.
.This .action .is .called
A) .steering. .
B) .blockbusting.
C) .redlining.
D) .territory .allocation. .- .CORRECT .ANSWER-C
A .lessee .puts .in .a .bookcase .for .commercial .use; .at .the .end .of .the .lease .the
.bookcase .is .removed. .The .bookcase .would .be .considered
A) .real .property. .
B) .trade .fixture. .
C) .appurtenant. .
D) .chattel .real. .- .CORRECT .ANSWER-B
To .finance .the .infrastructure .for .a .subdivision .development, .Arizona .law .allows
.the .formation .of .
A) .Homeowner's .Associations. .
B) .Community .Facilities .Districts. .
C) .Planned .Communities.
D) .Planned .Unit .Developments .- .CORRECT .ANSWER-B
A .listing .broker .receives .several .offers .at .the .same .time. .The .broker .should
A) .present .only .the .best. .
B) .present .all .the .offers.
C) .present .the .three .best.
D) .wait .for .more .offers .before .presenting .to .the .seller. .- .CORRECT .ANSWER-B
A .Loan .Estimate .must .be .given .to .a .borrower .within .three .business .days .
A) .of .loan .application.
B) .after .the .buyer's .request.
C) .after .closing.
D) .prior .to .closing. .- .CORRECT .ANSWER-A
A .party .lives .on .a .property .without .permission .of .the .owner. .After .the .legally
.required .time .period, .if .the .occupant .receives .title .to .the .property .it .was .done
.so .through
, A) .easement .by .prescription.
B) .adverse .possession.
C) .escheat.
D) .eminent .domain. .- .CORRECT .ANSWER-B
In .what .situation .would .a .short .sale .be .likely?
A) .The .loan .balance .is .greater .than .the .property .value. .
B) .The .loan .balance .is .less .than .the .property .value.
C) .The .loan .has .a .non-recourse .provision.
D) .The .total .of .all .liens .is .less .than .the .property .value. .- .CORRECT .ANSWER-A
A .real .estate .mortgage .would .be .a(n)
A) .involuntary .lien.
B) .general .lien.
C) .voluntary .lien.
D) .statutory .lien. .- .CORRECT .ANSWER-C
A .real .estate .sale .was .closed .on .March .21. .The .assessed .value .of .the .property
.is .$72,500 .and .the .tax .rate .is .$1.75 .per .$100 .of .assessed .value. .What .is .the
.proper .entry .on .the .seller's .settlement .statement .if .the .buyer .owns .day .of
.closing .and .we .are .using .a .calendar .year?
A) .$278.08 .debit
B) .$278.08 .credit
C) .$274.60 .debit
D) .$274.60 .credit .- .CORRECT .ANSWER-C
$72,500/$100 .= .725 .units
$1.75 .x .725 .units .= .$1,268.75
$1,268.75/365 .= .$3.4760/day
Jan=31 .+ .Feb=28 .+ .Mar=2- .= .79 .days
$3.4760 .x .79 .days .= .$274.60 .debit .seller
A .right .of .way .over .Parcel .A .to .Parcel .B .identifies .Parcel .B .as .the .
A) .servient .tenement. .
B) .dominant .tenement.
C) .appurtenant .estate.
D) .encroachment .estate. .- .CORRECT .ANSWER-B
A .company .that .acts .as .an .intermediary .between .a .lender .and .an .appraiser .is
.a(n)
A) .full .service .appraisal .company.
B) .real .estate .brokerage .company.
C) .appraisal .management .company.
