ASREB (Arizona School of Real Estate and Business) top
quality Exam Review guide Questions and Answers
2025/2026
The Domestic Water Well Addendum gives the seller ______ days from contract
acceptance to deliver the SPDS, including details about the well's use, to the buyer.
A) Five
B) Four
C) Three
D) Two - correct answer A) Five
Harvey, an Arizona listing agent, has been presented with an offer from a buyer's agent
for his client's property. Where should he look in order to see the buyer financing
information as part of the bid?
A) The Loan Estimate
B) The Loan Status Update
C) The Mortgage Verification
D) The Pre-Qualification Form - correct answer D) The Pre-Qualification Form
Which of the following best describes a lease agreement?
A) A legally binding, written contract between a landlord and a listing licensee
B) A legally binding, written contract between a landlord and a tenant
C) A legally binding, written contract between a tenant and a buyer licensee
D) A legally binding, written contract between a tenant and a listing licensee - correct
answer B) A legally binding, written contract between a landlord and a tenant
,Which of the following statements is true if a loan contingency is in effect in a sales
contract?
A) If the buyer can't meet the terms of the agreement due to the inability to obtain a
loan, the agreement is terminated.
B) If the buyer can't obtain a loan, the buyer's broker may loan the client the money so
that the deal can go through.
C) If the buyer can't obtain a loan, the seller may be forced to drop the price of the
property so that the buyer can afford to purchase the home with available funds.
D) If the buyer can't obtain a loan, the transaction is placed on hold until the buyer can
find another lender. - correct answer A) If the buyer can't meet the terms of the
agreement due to the inability to obtain a loan, the agreement is terminated.
Sellers are required to disclose _____.
A) Known material facts
B) The home's proximity to a registered sex offender
C) The owner's HIV status
D) Whether or not someone died on the property - correct answer A) Known material
facts
Broker Jamie just helped Vince buy his first house. After the transaction is completed,
how long does Jamie need to hold onto all documents pertaining to Vince's purchase?
A) 30 days
B) Five years
C) Six months
D) Two years - correct answer B) Five years
How long is the cure notice period (CPN) according to the Arizona purchase contract?
,A) Five days
B) One week
C) Three days
D) Two weeks - correct answer C) Three days
The CPN is three days, and gives the noncompliant party three days to comply or be in
breach of the contract.
What is the default length of the inspection period in Arizona?
A) 10 days
B) 14 days
C) 30 days
D) Five days - correct answer A) 10 days
The AAR purchase contract states that the "Buyers Inspection Period shall be ten (10)
days" after contract acceptance, unless otherwise specified in the contract.
Simone has three clients who want to buy the same house in Scottsdale. What must
she do in this situation?
A) Disclose the situation to all her clients and avoid giving any client details about
another client's offer.
B) Let all of her clients submit offers without telling them about the other offers.
C) Refer two of her clients to other licensees at her brokerage firm.
D) Tell her clients it's first come, first served, and only one client may put in an offer for
the property at a time. - correct answer A) Disclose the situation to all her clients and
avoid giving any client details about another client's offer.
Listing agreements provide an outline of broker obligations, which may include ______.
, A) Completing a property disclosure form
B) Creating an MLS listing
C) Providing expert opinions regarding material facts about the property
D) Providing keys to the property - correct answer B) Creating an MLS listing
The AAR purchase contract cover sheet encourages buyers to hire a qualified
professional to inspect aspects of the property, such as a(n) ______.
A) Appraiser
B) Attorney
C) Buyer's agent
D) Pest inspector - correct answer D) Pest inspector
The AAR purchase contract cover sheet encourages buyers to hire a qualified
professional to perform a home inspection on the property. In addition, depending on
the property condition, the buyer may also want to hire specialists to inspect certain
aspects of the property (e.g., mold inspector, pest inspector, pool inspector, roof
inspector, etc.)
Based on their credit rating and stated income, a lender pre-qualified Sam and Lisa for
a loan. Which statement is true?
A) As long as they've told the truth about their income, Sam and Lisa have a good
chance of getting the loan.
B) The loan is approved.
C) The loan is guaranteed.
D) This should provide the sellers with confidence Sam and Lisa's financing is in place. -
correct answer A) As long as they've told the truth about their income, Sam and Lisa
have a good chance of getting the loan.
quality Exam Review guide Questions and Answers
2025/2026
The Domestic Water Well Addendum gives the seller ______ days from contract
acceptance to deliver the SPDS, including details about the well's use, to the buyer.
A) Five
B) Four
C) Three
D) Two - correct answer A) Five
Harvey, an Arizona listing agent, has been presented with an offer from a buyer's agent
for his client's property. Where should he look in order to see the buyer financing
information as part of the bid?
A) The Loan Estimate
B) The Loan Status Update
C) The Mortgage Verification
D) The Pre-Qualification Form - correct answer D) The Pre-Qualification Form
Which of the following best describes a lease agreement?
A) A legally binding, written contract between a landlord and a listing licensee
B) A legally binding, written contract between a landlord and a tenant
C) A legally binding, written contract between a tenant and a buyer licensee
D) A legally binding, written contract between a tenant and a listing licensee - correct
answer B) A legally binding, written contract between a landlord and a tenant
,Which of the following statements is true if a loan contingency is in effect in a sales
contract?
A) If the buyer can't meet the terms of the agreement due to the inability to obtain a
loan, the agreement is terminated.
B) If the buyer can't obtain a loan, the buyer's broker may loan the client the money so
that the deal can go through.
C) If the buyer can't obtain a loan, the seller may be forced to drop the price of the
property so that the buyer can afford to purchase the home with available funds.
D) If the buyer can't obtain a loan, the transaction is placed on hold until the buyer can
find another lender. - correct answer A) If the buyer can't meet the terms of the
agreement due to the inability to obtain a loan, the agreement is terminated.
Sellers are required to disclose _____.
A) Known material facts
B) The home's proximity to a registered sex offender
C) The owner's HIV status
D) Whether or not someone died on the property - correct answer A) Known material
facts
Broker Jamie just helped Vince buy his first house. After the transaction is completed,
how long does Jamie need to hold onto all documents pertaining to Vince's purchase?
A) 30 days
B) Five years
C) Six months
D) Two years - correct answer B) Five years
How long is the cure notice period (CPN) according to the Arizona purchase contract?
,A) Five days
B) One week
C) Three days
D) Two weeks - correct answer C) Three days
The CPN is three days, and gives the noncompliant party three days to comply or be in
breach of the contract.
What is the default length of the inspection period in Arizona?
A) 10 days
B) 14 days
C) 30 days
D) Five days - correct answer A) 10 days
The AAR purchase contract states that the "Buyers Inspection Period shall be ten (10)
days" after contract acceptance, unless otherwise specified in the contract.
Simone has three clients who want to buy the same house in Scottsdale. What must
she do in this situation?
A) Disclose the situation to all her clients and avoid giving any client details about
another client's offer.
B) Let all of her clients submit offers without telling them about the other offers.
C) Refer two of her clients to other licensees at her brokerage firm.
D) Tell her clients it's first come, first served, and only one client may put in an offer for
the property at a time. - correct answer A) Disclose the situation to all her clients and
avoid giving any client details about another client's offer.
Listing agreements provide an outline of broker obligations, which may include ______.
, A) Completing a property disclosure form
B) Creating an MLS listing
C) Providing expert opinions regarding material facts about the property
D) Providing keys to the property - correct answer B) Creating an MLS listing
The AAR purchase contract cover sheet encourages buyers to hire a qualified
professional to inspect aspects of the property, such as a(n) ______.
A) Appraiser
B) Attorney
C) Buyer's agent
D) Pest inspector - correct answer D) Pest inspector
The AAR purchase contract cover sheet encourages buyers to hire a qualified
professional to perform a home inspection on the property. In addition, depending on
the property condition, the buyer may also want to hire specialists to inspect certain
aspects of the property (e.g., mold inspector, pest inspector, pool inspector, roof
inspector, etc.)
Based on their credit rating and stated income, a lender pre-qualified Sam and Lisa for
a loan. Which statement is true?
A) As long as they've told the truth about their income, Sam and Lisa have a good
chance of getting the loan.
B) The loan is approved.
C) The loan is guaranteed.
D) This should provide the sellers with confidence Sam and Lisa's financing is in place. -
correct answer A) As long as they've told the truth about their income, Sam and Lisa
have a good chance of getting the loan.
