ARIZONA 6-HOUR CONTRACT
WRITING COURSE EXAM
Janelle doesn't want to waste her time doing lots of work for no pay.
To that end, she's written into her buyer-broker agreements that the
buyers are obligated to buy a house within the contract term. Is this
legal?
A) As long as Janelle performs to the contract, she is entitled to a
commission.
B) No, the contract doesn't create an obligation for the buyers to make
a purchase.
C) Yes, if the contract is an exclusive right-to-buy agreement.
D) Yes, Janelle may write anything into the contract that she wants. -
ANSWERS-B) No, the contract doesn't create an obligation for the
buyers to make a purchase.
In what type of financing arrangement does the buyer of a property
take over payments on the seller's mortgage?
A) Assumable mortgage
B) Purchase money mortgage
C) Traditional mortgage financing
D) VA and FHA financing - ANSWERS-A) Assumable mortgage
,Beatrice knows she needs to present potential clients with the Real
Estate Agency Disclosure and Election form to make sure they
understand in what capacity she's representing them. She's just not
sure when to provide the form. What should you tell Beatrice to clear
up her confusion?
A) "Get your clients to sign the form after they've signed a listing or
buyer-broker agreement."
B) "Just make sure the form is completed before the transaction
closes. It doesn't really matter when."
C) "Providing the form is optional, and depends on the brokerage
firm's policies."
D) "The form needs to be completed before anyone signs an
employment agreement." - ANSWERS-D) "The form needs to be
completed before anyone signs an employment agreement."
The ADRE may NOT discipline licensees for ________.
A) Acting as disclosed dual agents
B) Misrepresentation
C) Negligence
D) Signing for a person after receiving express consent - ANSWERS-
A) Acting as disclosed dual agents
In what type of representation agreement does a broker represent both
the seller and the buyer in a transaction?
,A) Buyer's broker representation
B) Exclusive agency representation
C) Limited representation
D) Seller's broker representation - ANSWERS-C) Limited
representation
Limited representation occurs when a broker represents both the seller
and the buyer in the same transaction. Both parties must provide
written consent for this to occur.
The Arizona Department of Environmental Quality requires
alternative wastewater systems to be inspected within 20 days of
______.
A) Close of escrow
B) Contract acceptance
C) Financing approval
D) The appraisal - ANSWERS-B) Contract acceptance
The ADEQ requires alternative system inspection no later than 20
days after contract acceptance by an inspector qualified to inspect that
type of system.
Harriet has received the BINSR from a potential buyer. She now has
_____ to decide if she will correct the items disapproved by the buyer
or not.
, A) 10 days
B) Five days
C) Two days
D) Two weeks - ANSWERS-B) Five days
Jack and Jill were recently in a dispute where both ended up with
large attorney fees. The arbitrator eventually ruled in Jack's favor.
Who is responsible for paying the attorney fees and costs?
A) Each party will pay for his or her own attorney fees.
B) Jack and Jill will split the attorney fees 50/50.
C) Jack must pay for his own and Jill's attorney fees.
D) Jill must pay for her own and Jack's attorney fees. - ANSWERS-D)
Jill must pay for her own and Jack's attorney fees.
The prevailing party in any dispute or claim between the buyer and
seller shall be awarded reasonable attorney's fees and costs. Since the
arbitrator's filing decision was in Jack's favor, Jill is responsible for
paying all of Jack's attorney fees.
Steven signed a purchase contract with seller Amelia to buy her
house. Everything was going smoothly until Steven couldn't get
enough money together to qualify for financing. The transaction fell
through as a result. What is likely to happen now?
WRITING COURSE EXAM
Janelle doesn't want to waste her time doing lots of work for no pay.
To that end, she's written into her buyer-broker agreements that the
buyers are obligated to buy a house within the contract term. Is this
legal?
A) As long as Janelle performs to the contract, she is entitled to a
commission.
B) No, the contract doesn't create an obligation for the buyers to make
a purchase.
C) Yes, if the contract is an exclusive right-to-buy agreement.
D) Yes, Janelle may write anything into the contract that she wants. -
ANSWERS-B) No, the contract doesn't create an obligation for the
buyers to make a purchase.
In what type of financing arrangement does the buyer of a property
take over payments on the seller's mortgage?
A) Assumable mortgage
B) Purchase money mortgage
C) Traditional mortgage financing
D) VA and FHA financing - ANSWERS-A) Assumable mortgage
,Beatrice knows she needs to present potential clients with the Real
Estate Agency Disclosure and Election form to make sure they
understand in what capacity she's representing them. She's just not
sure when to provide the form. What should you tell Beatrice to clear
up her confusion?
A) "Get your clients to sign the form after they've signed a listing or
buyer-broker agreement."
B) "Just make sure the form is completed before the transaction
closes. It doesn't really matter when."
C) "Providing the form is optional, and depends on the brokerage
firm's policies."
D) "The form needs to be completed before anyone signs an
employment agreement." - ANSWERS-D) "The form needs to be
completed before anyone signs an employment agreement."
The ADRE may NOT discipline licensees for ________.
A) Acting as disclosed dual agents
B) Misrepresentation
C) Negligence
D) Signing for a person after receiving express consent - ANSWERS-
A) Acting as disclosed dual agents
In what type of representation agreement does a broker represent both
the seller and the buyer in a transaction?
,A) Buyer's broker representation
B) Exclusive agency representation
C) Limited representation
D) Seller's broker representation - ANSWERS-C) Limited
representation
Limited representation occurs when a broker represents both the seller
and the buyer in the same transaction. Both parties must provide
written consent for this to occur.
The Arizona Department of Environmental Quality requires
alternative wastewater systems to be inspected within 20 days of
______.
A) Close of escrow
B) Contract acceptance
C) Financing approval
D) The appraisal - ANSWERS-B) Contract acceptance
The ADEQ requires alternative system inspection no later than 20
days after contract acceptance by an inspector qualified to inspect that
type of system.
Harriet has received the BINSR from a potential buyer. She now has
_____ to decide if she will correct the items disapproved by the buyer
or not.
, A) 10 days
B) Five days
C) Two days
D) Two weeks - ANSWERS-B) Five days
Jack and Jill were recently in a dispute where both ended up with
large attorney fees. The arbitrator eventually ruled in Jack's favor.
Who is responsible for paying the attorney fees and costs?
A) Each party will pay for his or her own attorney fees.
B) Jack and Jill will split the attorney fees 50/50.
C) Jack must pay for his own and Jill's attorney fees.
D) Jill must pay for her own and Jack's attorney fees. - ANSWERS-D)
Jill must pay for her own and Jack's attorney fees.
The prevailing party in any dispute or claim between the buyer and
seller shall be awarded reasonable attorney's fees and costs. Since the
arbitrator's filing decision was in Jack's favor, Jill is responsible for
paying all of Jack's attorney fees.
Steven signed a purchase contract with seller Amelia to buy her
house. Everything was going smoothly until Steven couldn't get
enough money together to qualify for financing. The transaction fell
through as a result. What is likely to happen now?
