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Real Estate > Session 2 missed answers > Flashcards

Session 2 missed answers Flashcards

1
Q

Who signs the “deed of reconveyance”?

a. Sheriff
b. Trustor
c. Grantor
d. Trustee

A

Trustee

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2
Q

In Arizona the statutory redemption period on a mortgage foreclosure is:

a. 30 days
b. 90 days
c. 120 days
d. 6 months

A

6 months

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3
Q

Which is a credit on the seller’s closing statements?

a. Prepaid insurance
b. Property taxes
c. Earnest money
d. Discount points

A

Prepaid insurance

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4
Q

In Arizona a deed must be signed by:

a. Lessor
b. Grantor
c. Grantee
d. Grantor and the grantee

A

Grantor

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5
Q

On a land contract the statutory redemption period is:

a. 90 days after the sale
b. 6 months after the sale
c. A specific statutory time period
d. No redemption period

A

A specific statutory time period

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6
Q

What term is not used in a deed of trust foreclosure?

a. Auction
b. Beneficiary
c. Redemption
d. Reinstatement

A

Redemption

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7
Q

How would a corporation hold title to property in Arizona?

a. Severality
b. Tenancy in common
c. Joint tenancy
d. Tenancy by entirety

A

Severality

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8
Q

When the husband sells the community property without the wife’s permission the contract is:

a. void
b. voidable
c. executory
d. enforceable

A

void

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9
Q

An affidavit of disclosure would have to be provided by the seller to the buyer in which of the following situations?

a. The property being purchased is a 20-acre parcel of land outside of the city
b. The property being purchased is a residential lot in a subdivision
c. The property being purchased is five acres of county-zoned commercial property
d. The property being purchased is two time-share intervals

A

The property being purchased is five acres of county-zoned commercial property

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10
Q

The assignment of rents clause protects:

a. trustor
b. mortgagor
c. beneficiary
d. trustee

A

beneficiary

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11
Q

Which of the following enforces Arizona’s environmental laws?

a. EPA
b. ADRE
c. EIR
d. ADEQ

A

ADEQ

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12
Q

After filing a mechanics lien, a contractor may enforce it by filing a suit within:

a. three months
b. six months
c. nine months
d. one year

A

six months

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13
Q

The advisory board is made up of:

a. 3 brokers with at least 5 years experience, 2 developers, 4 public members
b. 4 residential brokers, 2 developers, 2 subdividers
c. 2 real estate brokers, 3 residential licensees (one being property manager broker), 2 subdividers, and 3 public members
d. 2 real estate brokers, 2 developers, 2 subdividers, 3 prison inmates

A

2 real estate brokers, 3 residential licensees (one being property manager broker), 2 sub-dividers, and 3 public members

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14
Q

A notice of foreclosure under a deed of trust is given by whom?

a. trustor
b. trustee
c. beneficiary
d. sheriff

A

trustee

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15
Q

In a lien theory state the Trustor is the:

a. Borrower
b. Neutral Party
c. Lender
d. Seller

A

Borrower

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16
Q

When there is a power of sale clause used:

a. There is a non-judicial foreclosure
b. There is a judicial foreclosure
c. It is a bummer
d. There is Lis Pending

A

There is a non-judicial foreclosure

17
Q

The Arizona Department of Financial institutions requires licensing and regulates:

a. escrow companies
b. state appraisers
c. Arizona Department of Real Estate
d. Sub-dividers and developers

A

escrow companies

18
Q

A property manager must place all trust money in the trust account:

a. Within 24 hours of receipt
b. Within two days of receipt
c. Within three days of receipt
d. There is no Arizona requirement for property managers to place money in a trust account

A

within three days of receipt

19
Q

Property management agreements (Broker & Owner) must be kept for:

a. 1 year
b. 3 years
c. 5 years
d. 7 years

A

5 years

20
Q

The statutory redemption period for an Arizona property tax foreclosure is:

a. 3 years
b. 5 years
c. 7 years
d. There is not statutory redemption period

A

3 years

21
Q

The Arizona tax lien foreclosure sales are held:

a. Every month
b. Twice a year
c. Every January
d. Every February

A

Every February

22
Q

A parcel of property may be sold for unpaid real estate taxes when such taxes are delinquent for:

a. Six months
b. One year
c. At least two half-year payments
d. Three years

A

At least two half-year payments

23
Q

How long shall a real estate school maintain all records for each student attending?

a. one year
b. three years
c. five years
d. forever

A

five years

24
Q

The designated broker reviews, dates and initials all employment agreements, sales contracts, leases (as applicable) and similar documents within how many days of execution?

a. 1 calendar day
b. 3 business days
c. 5 calendar days
d. 10 business days

A

10 business days

25
Q

What type of ownership holds the most liability for a brokerage?

a. sole proprietorship
b. LLC
c. joint venture
d. S Corp

A

sole proprietorship

26
Q

On a closing statement the unpaid principle balance that is assumed by the buyer will show as:

a. credit to seller and debit to buyer
b. credit to buyer and debit to seller
c. prorated equally between buyer and seller
d. determined at COE

A

credit to buyer and debit to seller

27
Q

Title 32, Chapter 20

A

The scope of the department’s authority to promulgate rules, which are often referred to as “Commissioner’s Rules” and issue Substantive Policy statements

28
Q

How often do members of the board convene?

A

Every 3 months

29
Q

A person who acts as a broker or salesperson or advertises in a manner that indicated that the person is licensed as a broker or salesperson, without being licensed is guilty of a

A

class 6 felony

30
Q

A person who performs acts that require a license other than a salesperson or broker, without being licensed is guilty of a

A

class 5 felony

Real Estate (20 decks)

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