AZ Real Estate - Law Of The RE Business, Rules & Regs Of RE Dept - B1

Question 0

Duties of Commissioner

Answer 0

Formulation of Commissioners rules, issuing RE licenses, investigate licensees, administer RE recovery fund

Question 1

Real estate commissioner is appointed by

Answer 1

Governor

Question 2

Real estate advisory board is appointed by

Answer 2

The Governor

Question 3

Real Estate Board has how many members?

Answer 3

9

Question 4

Article 26 requires _____ and permits_____.

Answer 4

all RE contracts to be in writing and permits brokers and agents to prepare all docs

Question 5

A RE sales license is valid for?

Answer 5

24 months

Question 6

RE exam scores are valid for?

Answer 6

1 year

Question 7

Salesperson must renew license?

Answer 7

Every 2 years

Question 8

____ hours of continuing education are required every two years.

Answer 8

24

Question 9

Subdivider has hostesses showing houses. Telling price and terms. Hostesses must be

Answer 9

Licensed

Question 10

Timeshare must give Public report w/

Answer 10

12 or more intervals

Question 11

How many days does employing broker have to return terminated salesperson license to Dept of RE?

Answer 11

10 days

Question 12

Affidavit of Disclosure

Answer 12

Buyer has 5 days to rescind after receipt of disclosure
Disclosure applies if 5 or fewer parcels in unincorporated areas not located in subdivision are sold regardless of property type
Affidavit of disclosure is recorded w/ deed

Question 13

RE license granted for?

Answer 13

2 years

Question 14

Leasing agent cannot accept

Answer 14

commission on sales of apts

Question 15

To qualify as AZ broker candidate must

Answer 15

Have had experience in 3 of last 5 years.

Question 16

Statute of Frauds created to prevent

Answer 16

Perjury

Question 17

AZ real estate licensee must not charge for doc prep per

Answer 17

AZ Const Article 26

Question 18

What does not have to be in writing

Answer 18

Agreements btw 2 brokers to divide commission and lease of a year or less but lease begins at oral agreement

Question 19

When advertising property what must be in ad

Answer 19

Brokerage firm or broker

Question 20

Salesperson gets earnest money and does what?

Answer 20

Gives it to broker

Question 21

Brokers must keep records of all transactions for?

Answer 21

5 years from termination of transaction.

Question 22

RE advisory board

Answer 22

Advises and evaluates the commissioner.

Question 23

AZ law says subdivision is

Answer 23

6 or more lots of less than 36 acres each

Question 24

When broker and salesperson cannot resolve dispute they can

Answer 24

Bring an action in court

Question 25

When buyer purchases a parcel of unimproved land what is his right to rescind?

Answer 25

7 day unilateral right to rescind if he has seen property

Question 26

Once applicant passes RE exam, applicant must obtain active or inactive license

Answer 26

Within 1 year

Question 27

A subdivider must give purchaser

Answer 27

Permanent access

Question 28

If you do not renew your license it will be

Answer 28

Expired

Question 29

When broker is charged an admin fine the amt is up to

Answer 29

$1,000

Question 30

Improved subdivided property is defined as parcel of land

Answer 30

On which structure has been built

Question 31

Who is responsible for formulating commissioners rules?

Answer 31

RE Commissioner

Question 32

Max amt of personal $ a broker can keep in trust acct?

Answer 32

$3,000

Question 33

Who may accept a commission from an out of state broker?

Answer 33

The referring brokerage

Question 34

If a broker abandons or moves their real estate office and fails to notify the commissioner, what happens?

Answer 34

Their license will be automatically cancelled.

Question 35

How long does a broker doing sales need to keep records?

Answer 35

5 years

Question 36

All listings must be in writing to be enforceable comes from?

Answer 36

AZ Revised Statutes

Question 37

The Commissioner cannot...

Answer 37

Create RE statutes

Question 38

Broker required to put earnest monies in escrow or trust acct when?

Answer 38

By the close of the next business day

Question 39

Broker gets oral offer over phone. What should she do?

Answer 39

Present the oral offer

Question 40

Licensees cannot charge for doc prep because of?

Answer 40

AZ Constitution Article 26

Question 41

What happens when a broker's license expires?

Answer 41

Salespeople must find another broker

Question 42

What is not needed on broker trust account receipt?

Answer 42

Name of brokerage

Question 43

You buy land in unimproved subdivision sight unseen. How long do you have to rescind?

Answer 43

6 months

Question 44

Who is responsible for formulating our industry rules and regs?

Answer 44

Real Estate Commisioner

Question 45

Broker moves office sign must be removed?

Answer 45

Immediately

Question 46

Right to license RE agents come from?

Answer 46

State Legislature

Question 47

What can a developer do without a Public Report?

Answer 47

Lot reservations

Question 48

Don't renew your license on time. It is?

Answer 48

Expired

Question 49

Commissioner can refuse to issue public report because..

Answer 49

Subdivider has previous fraud convictions

Question 50

Right of licensee to prepare certain docs comes from?

Answer 50

AZ Constitution

Question 51

Subdivider must be able to give purchaser?

Answer 51

Public access

Question 52

If buyer buys land where public report was required but not issued, buyer may void sale within?

Answer 52

3 years

Question 53

In order to renew license need___hrs continuing Ed?

Answer 53

24 hours

Question 54

Broker subdivision report not needed on?

Answer 54

Commercial lots

Question 55

When public report not needed sometimes need Affidavit of Disclosure. When?

Answer 55

1. Property in unincorporated area (not in a city or town) 2. Property is NOT in subdivision 3. Five or fewer parcels are involved in transaction 4. All property affected - office buildings, farms, factories, stores, houses, raw land

Question 56

Who may initial purchase k?

Answer 56

Designated broker or delegated associate broker

Question 57

When sales license expires and is now being renewed, late charge would be

Answer 57

A graduated monthly fee

Question 58

A public report should be given to buyer before?

Answer 58

Buyer signs the contract

Question 59

If buyer does not get public report before signs purchase contract, buyer...

Answer 59

Is not obligated to go through w/ purchase. Buyer has void able contract for 3 years. Buyer is not receiving full protection

Question 60

The real estate advisory board is appointed by the

Answer 60

Governor

Question 61

A verbal lease of one year is?

Answer 61

Valid

Question 62

Salesperson gets offer on property of another listing broker but cannot contact listing broker w/I 24 hours. Salesperson should?

Answer 62

Request seller give salesperson written authorization to present offer

Question 63

How long milestone developer keep receipt showing he gave public report to buyer?

Answer 63

5 years

Question 64

If broker does not notify RE Comm of office closing what happens?

Answer 64

Admin fine of $1,000 is assessed

Question 65

Taking of lot reservations before a public report is issued does not apply to?

Answer 65

Improved industrial lots

Question 66

Broker goes on vacation for 10 days. Who can be left in charge?

Answer 66

Any RE licensee employed by broker

Question 67

How many members on Real Estate Advisory Board?

Answer 67

9