Legal Issues

Question 1

What items are permanent and attached to real property

Answer 1

Fixtures

Question 2

If a sales person is not an employee of a broker for tax purposes but works for the broker the sales person is an

Answer 2

Independent contractor or sub agent

Question 3

A public report will be denied on a subdivision if the developer cannot show

Answer 3

Ownership or title to the property

Question 4

When a person asked with intent to harm someone and suffer a loss this is called

Answer 4

Fraud

Question 5

Before a public report is issued a developer may

Answer 5

Take lot reservations

Question 6

The licensee has a right to prepare all real estate documents according to

Answer 6

Arizona Constitution article XXVI

Question 7

If a subdivision is sold with no ingress or egress the sale would be

Answer 7

Voidable by the buyer

Question 8

A public report is required when you sell more than how many lots

Answer 8

Five lots

Question 9

The primary purpose of a public report is to

Answer 9

Inform and protect the buyer

Question 10

A broker must keep a copy of the public report for how many years

Answer 10

Five years

Question 11

If a public report is required but the buyer was not issued one, the buyer may resend the contract within how many years

Answer 11

Within three years without cause

Question 12

When a person buys a timeshare they have how many days to resend without cause

Answer 12

Seven days

Question 13

And improved lot is defined as

Answer 13

One that has a structure or a contract that is written for a structure to be built within two years

Question 14

A public report is given to the buyer

Answer 14

Before signing the contract

Question 15

Does the department of real estate endorse a public report

Answer 15

No

Question 16

When a developer is advertising a subdivision they may not say

Answer 16

The property has no risk

Question 17

If a buyer buys an unimproved subdivided property site unseen

Answer 17

They have six months to rescind the sale

Question 18

A licensee must notify the real estate department within how many days of a conviction or a misdemeanor

Answer 18

10 days

Question 19

Arizona environmental policies are controlled by the

Answer 19

Arizona Department of environmental quality

Question 20

A sales person is protected from what kind of action taken against them for failure to disclose a murder, death, suicide or felony act that occurred on or in the property

Answer 20

Civil or criminal action

Question 21

The seller is responsible to give the buyer all documents regarding the homeowners association if there are less than how many units

Answer 21

50 units

Question 22

The homeowners association is responsible to give the buyer all documents regarding the association if there are how many units

Answer 22

50 or more units

Question 23

A temporary brokers license will be issued for what reasons but not for an extended leave of absence

Answer 23

Death insanity or disability

Question 24

Community property with right of survivorship can only be held by who

Answer 24

Husband and wife

Question 25

With community property with right of survivorship upon the death of one spouse the other receives the entire property value this is known as

Answer 25

Step up in basis

Question 26

All disclosures of material facts must be

Answer 26

In writing

Question 27

Arizona superfund sites are called

Answer 27

Water quality assurance revolving fund areas

Question 28

If a commission dispute arises between two brokers they must

Answer 28

Allow the transaction to close and then take the necessary legal action

Question 29

Can a broker file a commissioning against the property in order to cloud the title

Answer 29

No

Question 30

A variance and zoning would be

Answer 30

And exception of zoning law

Question 31

Revocable permission to use the property for weekends only for a summer camp would be a

Answer 31

License

Question 32

When does the seller received the buyers earnest money

Answer 32

At close of escrow

Question 33

What does the salesperson do with the earnest money check

Answer 33

Turn it over to the broker

Question 34

What is similar to medical malpractice insurance

Answer 34

Errors and omission insurance

Question 35

When a real estate license expires the licensee must

Answer 35

Hey a graduated late fee

Question 36

Fair dealing is the same as

Answer 36

Honesty

Question 37

After a marriage the husband received real estate from his uncle is a gift the real estate would be considered the husbands

Answer 37

Sole and separate property

Question 38

A broker is required to keep rejected offers for at least

Answer 38

One year

Question 39

If a subdivision is sold with no ingress or egress the sale

Answer 39

Would be voidable by the buyer

Question 40

Three parties take title as joint tenants he they decided to sell the property all three parties would be required

Answer 40

To sign the sales contract

Question 41

A timeshare presentation may not last more than how many minutes

Answer 41

120 minutes

Question 42

Arizona Department of real estate does not have jurisdiction over what kind of advertising

Answer 42

For sale by owner advertising

Question 43

When a property owner is requesting a variance they are required to show what

Answer 43

A hardship

Question 44

The broker may deposit the earnest money within the statutory period of time

Answer 44

After the offer is accepted

Question 45

This is required 15 or fewer parcels other than subdivided land are located in an unincorporated area of the county

Answer 45

Land disclosure affidavit

Question 46

When subdividing lots the legal description used is

Answer 46

Lot and block