ASREB Practice EXAM STUDY GUIDE ACTUAL
QUESTIONS AND CORRECT ANSWERS LATEST
UPDATE THIS YEAR
A contract between a buyer and seller has been signed. When the agreement is sent to the seller's
broker, the broker refuses to initial the agreement. In this situation:
A. the parties may proceed without the broker's consent
B. the agreement must be amended to make it acceptable to the broker
C. the transaction is cancelled, and the buyer gets the earnest money back
D. the closing is held up until the broker initials it
A. the parties may proceed without the broker's consent
Three people had invested $40,000 in a property. They later sued the broker and eventually the
recovery
fund paid the investors. The maximum amount the investors could receive is:
A. $60,000
B. $90,000
C. $30,000
D. $40,000
C. $30,000
1
,A licensee may have legal counsel representation at an Arizona Department of Real Estate hearing:
A. only when the license will be suspended
B. only when the license will be revoked
C. only when the hearing is about fraud or misrepresentation
D. at any time
D. At any time
If a licensee is subpoenaed to show the Department of Real Estate certain documents and the licensee
refuses, what court would the Commissioner go to in order to compel compliance?
A. Court of Administrative Hearings
B. Superior Court
C. Supreme Court
D. Civil Court
B. Superior Court
An applicant for a real estate salesperson's license must:
A. be an Arizona resident
B. be a United States citizen
C. have a high school diploma
D. complete a licensure disclosure form
D. complete a licensure disclosure form
2
,A salesperson sells a property to Buyer J and opens escrow. Prior to closing the salesperson's
employing broker has his license suspended for actions in another transaction. When the sale to Buyer
J closes,
which of the following statements regarding receipt of commissions is CORRECT?
A. Both the broker and salesperson are entitled to commissions
B. Neither the broker nor salesperson is entitled to commission
C. Commissions can only be paid when the broker's license is reinstated
D. Only the salesperson is entitled to a commission
A. Both the broker and salesperson are entitled to commissions
1. When a salesperson receives an earnest money deposit, what must the salesperson do?
A. Deliver it to the broker
B. Deposit it in the broker's trust account
C. Deposit it in their checking account
D. Turn it over to escrow
A. Deliver it to the broker
The Arizona Real Estate Department can issue a temporary broker's license in all of the following
situations EXCEPT in the:
A. death of the broker
B. illness of the broker
3
, C. insanity of the broker
D. extended vacation of the broker
D. extended vacation of the broker
When advertising via a web page, which of the following is true?
A. The broker's name must appear on the home page
B. The licensee's name must appear prominently on every page, without the viewer having to scroll
down to see it
C. The broker's name must appear prominently on every page, without the viewer having to scroll
down to see it
D. Arizona regulations do not apply if the web page advertising is targeting out-of-state residents
C. The broker's name must appear prominently on every page without the viewer having to scroll down
to see it.
All of the following contracts must be reviewed by the broker within 10 business days EXCEPT:
A. residential leases
B. commercial leases
C. all non-residential leases
D. purchase agreements
A. residential leases
4
QUESTIONS AND CORRECT ANSWERS LATEST
UPDATE THIS YEAR
A contract between a buyer and seller has been signed. When the agreement is sent to the seller's
broker, the broker refuses to initial the agreement. In this situation:
A. the parties may proceed without the broker's consent
B. the agreement must be amended to make it acceptable to the broker
C. the transaction is cancelled, and the buyer gets the earnest money back
D. the closing is held up until the broker initials it
A. the parties may proceed without the broker's consent
Three people had invested $40,000 in a property. They later sued the broker and eventually the
recovery
fund paid the investors. The maximum amount the investors could receive is:
A. $60,000
B. $90,000
C. $30,000
D. $40,000
C. $30,000
1
,A licensee may have legal counsel representation at an Arizona Department of Real Estate hearing:
A. only when the license will be suspended
B. only when the license will be revoked
C. only when the hearing is about fraud or misrepresentation
D. at any time
D. At any time
If a licensee is subpoenaed to show the Department of Real Estate certain documents and the licensee
refuses, what court would the Commissioner go to in order to compel compliance?
A. Court of Administrative Hearings
B. Superior Court
C. Supreme Court
D. Civil Court
B. Superior Court
An applicant for a real estate salesperson's license must:
A. be an Arizona resident
B. be a United States citizen
C. have a high school diploma
D. complete a licensure disclosure form
D. complete a licensure disclosure form
2
,A salesperson sells a property to Buyer J and opens escrow. Prior to closing the salesperson's
employing broker has his license suspended for actions in another transaction. When the sale to Buyer
J closes,
which of the following statements regarding receipt of commissions is CORRECT?
A. Both the broker and salesperson are entitled to commissions
B. Neither the broker nor salesperson is entitled to commission
C. Commissions can only be paid when the broker's license is reinstated
D. Only the salesperson is entitled to a commission
A. Both the broker and salesperson are entitled to commissions
1. When a salesperson receives an earnest money deposit, what must the salesperson do?
A. Deliver it to the broker
B. Deposit it in the broker's trust account
C. Deposit it in their checking account
D. Turn it over to escrow
A. Deliver it to the broker
The Arizona Real Estate Department can issue a temporary broker's license in all of the following
situations EXCEPT in the:
A. death of the broker
B. illness of the broker
3
, C. insanity of the broker
D. extended vacation of the broker
D. extended vacation of the broker
When advertising via a web page, which of the following is true?
A. The broker's name must appear on the home page
B. The licensee's name must appear prominently on every page, without the viewer having to scroll
down to see it
C. The broker's name must appear prominently on every page, without the viewer having to scroll
down to see it
D. Arizona regulations do not apply if the web page advertising is targeting out-of-state residents
C. The broker's name must appear prominently on every page without the viewer having to scroll down
to see it.
All of the following contracts must be reviewed by the broker within 10 business days EXCEPT:
A. residential leases
B. commercial leases
C. all non-residential leases
D. purchase agreements
A. residential leases
4
