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AZ Real Estate (ASREB) 5/2017 > A9 > Flashcards

A9 Flashcards

1
Q

Which of the following is NOT true regarding a property management trust account:

A salesperson can be a signatory on the trust account

Only licensed signatories are permitted

A salesperson signatory may sign checks paying miscellaneous maintenance fees

Multiple properties can be in one trust account

A

Only licensed signatories are permitted

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2
Q

A lease is unaffected by all of the following EXCEPT:

Destruction
Adverse possession
Death of the lessee
Death of the lessor

A

Destruction

QUESTION RATIONALE
Destruction of the real property kills the lease. The other items do not affect the lease.

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3
Q

The legal right of a landlord to seize the tenants belongings for rents in arrears is called

A

Distraint

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4
Q

A landlord or tenant may terminate a month to month lease by written notice with ____ days notice

A

30

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5
Q

If a lease is week to week how much notice is required to terminate the lease?

A

10 days

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6
Q

A condominium and cooperative would be the same in that

A

Both pay annual assessments

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7
Q

The consumer may get the copy of the Arizona Residential Landlord Tenant Act act the

A

Arizona Department of Housing

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8
Q

Landlord Larry held Tenant Terri’s security deposit of $2000 for six months after the lease had terminated and Terri had moved out. Terri may sue Larry for

A

Double damages plus the return of the security deposit.

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9
Q

Who owns the security deposit during the term of the lease?

A

The tenant

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10
Q

For how long must a broker keep his or her property management agreements?

A

5 years

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11
Q

The broker is required by Arizona law to reconcile his or her trust account…

A

At least once a month

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12
Q

A property management company is required to keep a copy of all residential rental agreements upon expiration for a period of?

A

One year

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13
Q

If a property is damaged by fire and the tenant moves out, what can the tenant do?

A

Tenant may terminate the lease with a 14 day written notice

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14
Q

A property manager who collects rents and holds the money for an owner must have what type of account?

A

Trust Account

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15
Q

If the landlord fails to comply with the rental agreement in matters affecting health and safety, the tenant may terminate the lease is the breach is NOT corrected in how many days?

A

5 days

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16
Q

When advertising via a web page the Equal Housing Opportunity statement, slogan or logo….

A

should appear on every page without the viewer having to scroll down to view it.

17
Q

A co-op charges taxes based on

A

Pro rata share

18
Q

When an apartment building is turned into condominiums, this would be known as

A

Conversion

19
Q

When a property is sublet, the new lessee is referred to as

A

Tenant

20
Q

A lease is affected by what?

A

Destruction

21
Q

What would be the advantage to the lessee in a net lease?

A

Lessee could deduct property taxes on his income taxes

22
Q

When a lessee signs a net lease, the taxes, insurance and maintenance are paid by the

A

Lessee

23
Q

What type of lease would the renter pay all expenses?

A

Net

24
Q

A graduated lease would mean that

A

Rents decrease at a specified date

25
Q

An owner’s interest in the condominium common ground is best described as

A

Undivided interest

26
Q

A buyer holds a leasehold interest in an apartment building. This interest is most likely

A

Stock in a co-op

27
Q

In a lease, the lessor _____ his interest

A

Demises his interest

28
Q

Under what form of ownership would each property owner receive a separate property tax bill?

A

Condominium

29
Q

Under normal conditions, an apartment owner’s responsibilities would not include

A

utilities

30
Q

When a tenant moves out because the landlord will not maintain the property in a livable manner, this is called

A

Constructive eviction

31
Q

All of the following can be a signors on a property management trust account EXCEPT

A

Property Owners

32
Q

Who supervises a property manager

A

Designated broker

33
Q

A handicapped man rents an apartment that is not handicapped accessible. What is true regarding parking is the owner has three reserved spaces near the units for $200 a month?

A

The owner is responsible to provide the reserved space to the handicapped person when it becomes available at no extra charge.

34
Q

An active salesperson who operates an unlicensed entity for the purpose of property management services in the Phoenix area

A

Has received permission of the salesperson’s designated broker.

AZ Real Estate (ASREB) 5/2017 (14 decks)

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