ASREB (Arizona School of Real Estate and Business)
Preliminary test Exam Questions along with Certified
Answers Latest updates 2025/2026
A seller wants to list a four plex and live in one unit, but doesn't want any children in the
units. What should the agent do?
A) List the property and indicate no children.
B) Refuse the listing; it violates fair housing.
C) Change the families with children a higher desposit.
D) Refuse the application if they have children. - correct answer B
A valid contract must have
A) offer and acceptance.
B) street address.
C) earnest money.
D) escrow instructions. - correct answer A
If the percentage of renters in a community exceeds 50%, many lenders require that the
homeowners' association reserves be what percentage of HOA budgeted income?
A) 5%
B) 10%
C) 15%
D) 20% - correct answer D
After a deed of trust foreclosure sale, which of the following is TRUE?
,A) A deed of reconveyance is given to the trustor.
B) The note is marked paid and returned to the trustor.
C) A trustee's deed is given to the new owner.
D) The trust deed is returned to the trustor. - correct answer C
After a mortgage foreclosure, if the sale amount as insufficient to cover the debt, the
lender may ask for a(n)
A) deficiency judgement
B) assessment.
C) assignment of rents.
D) deed in lieu of foreclosure. - correct answer A
All of the following would be considered appurtenant in a real estate transaction
EXCEPT
A) mineral rights.
B) property improvements.
C) annual crops.
D) the bundle of rights. - correct answer C
A property in which unrelated people who need care, support or supervision live
together and which is protected by fair housing laws from discrimination by neighbors is
a
A) homestead.
B) relined home.
C) single-family home.
D) group home. - correct answer D
,An option once exercised is considered
A) unilateral executed.
B) bilateral executed.
C) unilateral executory.
D) bilateral executory. - correct answer A
As of June 30th of any year, what must be the balance in the Real Estate Recovery
Fund to avoid additional fees to licensees?
A) $200,000
B) $250,000
C) $300,000
D) $600,000 - correct answer D
At what point does recordation take place?
A) when a docket and page number are assigned
B) at the close of escrow date
C) the date the document was signed
D) the date the document was notarized - correct answer A
B expects a return of 8% on his investments and is considering a property with an
asking price of $670,000. The records show a potential income of $6,200 a month,
expenses of $1,500 a month, and a vacancy factor of 10%. With this information in
mind, what would be the estimate of value?
A) $137,000
B) $343,250
C) $612,000
, D) $818,250 - correct answer C
$6,200 x 12 = $74,400
$74,400 x 0.10 = $7,440
$74,440 - $18,000 ($1,500 x 12) - $7,440 = $48,960
$48,960/0.08 = $612,000
Before a tenant can exercise the self-help for minor defect provision, the tenant must
give the owner how many days to cure the defect?
A) 3 days
B) 5 days
C) 7 days
D) 10 days - correct answer D
What is required at the tie an Affidavit of Affixtture is recorded?
A) The mobile home must have skirts installed.
B) The County Assessor must inspect the property.
C) The titles to the mobile home must be surrendered.
D) The mobile home must be owner-occupied - correct answer C
A broker has what duty to a third party?
A) fiduciary
B) full disclosure of all material facts
C) client relationship
D) loyalty - correct answer B
Preliminary test Exam Questions along with Certified
Answers Latest updates 2025/2026
A seller wants to list a four plex and live in one unit, but doesn't want any children in the
units. What should the agent do?
A) List the property and indicate no children.
B) Refuse the listing; it violates fair housing.
C) Change the families with children a higher desposit.
D) Refuse the application if they have children. - correct answer B
A valid contract must have
A) offer and acceptance.
B) street address.
C) earnest money.
D) escrow instructions. - correct answer A
If the percentage of renters in a community exceeds 50%, many lenders require that the
homeowners' association reserves be what percentage of HOA budgeted income?
A) 5%
B) 10%
C) 15%
D) 20% - correct answer D
After a deed of trust foreclosure sale, which of the following is TRUE?
,A) A deed of reconveyance is given to the trustor.
B) The note is marked paid and returned to the trustor.
C) A trustee's deed is given to the new owner.
D) The trust deed is returned to the trustor. - correct answer C
After a mortgage foreclosure, if the sale amount as insufficient to cover the debt, the
lender may ask for a(n)
A) deficiency judgement
B) assessment.
C) assignment of rents.
D) deed in lieu of foreclosure. - correct answer A
All of the following would be considered appurtenant in a real estate transaction
EXCEPT
A) mineral rights.
B) property improvements.
C) annual crops.
D) the bundle of rights. - correct answer C
A property in which unrelated people who need care, support or supervision live
together and which is protected by fair housing laws from discrimination by neighbors is
a
A) homestead.
B) relined home.
C) single-family home.
D) group home. - correct answer D
,An option once exercised is considered
A) unilateral executed.
B) bilateral executed.
C) unilateral executory.
D) bilateral executory. - correct answer A
As of June 30th of any year, what must be the balance in the Real Estate Recovery
Fund to avoid additional fees to licensees?
A) $200,000
B) $250,000
C) $300,000
D) $600,000 - correct answer D
At what point does recordation take place?
A) when a docket and page number are assigned
B) at the close of escrow date
C) the date the document was signed
D) the date the document was notarized - correct answer A
B expects a return of 8% on his investments and is considering a property with an
asking price of $670,000. The records show a potential income of $6,200 a month,
expenses of $1,500 a month, and a vacancy factor of 10%. With this information in
mind, what would be the estimate of value?
A) $137,000
B) $343,250
C) $612,000
, D) $818,250 - correct answer C
$6,200 x 12 = $74,400
$74,400 x 0.10 = $7,440
$74,440 - $18,000 ($1,500 x 12) - $7,440 = $48,960
$48,960/0.08 = $612,000
Before a tenant can exercise the self-help for minor defect provision, the tenant must
give the owner how many days to cure the defect?
A) 3 days
B) 5 days
C) 7 days
D) 10 days - correct answer D
What is required at the tie an Affidavit of Affixtture is recorded?
A) The mobile home must have skirts installed.
B) The County Assessor must inspect the property.
C) The titles to the mobile home must be surrendered.
D) The mobile home must be owner-occupied - correct answer C
A broker has what duty to a third party?
A) fiduciary
B) full disclosure of all material facts
C) client relationship
D) loyalty - correct answer B
