Test

Question 0

Earnest money should be deposited to the brokerage trust account

Answer 0

Promptly

Question 1

A property manager must keep copies of all financial records pertaining to a client for a minimum of

Answer 1

3 years

Question 2

What is not covered in a standard owners policy of title insurance

Answer 2

Easements obtained by prescription

Question 3

No criminal, civil or administrative action may be brought against a licensee for failure to disclose

Answer 3

A property that is the site of a natural death or suicide

Question 4

What is it called when money is placed into a community savings account but was earned by one individual

Answer 4

Community property

Question 5

Property taxes are what kind of lien

Answer 5

Specific

Question 6

A salesperson may enter into a dual agency provided there is

Answer 6

Disclosure to a buyer and seller in writing

Question 7

A method of legal description that uses definite property lines and starting points is called

Answer 7

Formal metes and bounds

Question 8

When the security and note are one, it is an

Answer 8

Agreement for sale

Question 9

When is a plat map used

Answer 9

In subdivisions

Question 10

Which of the following is required for a property management agreement

Answer 10

Beginning and ending date

Question 11

The Arizona land disclosure affidavit includes all of the following except

Answer 11

The affidavit of disclosure applies only to residential zoned properties

Question 12

Which govt. entity grants the rights to license real estate agents

Answer 12

State legislature

Question 13

A commercial building sells in foreclosure for 100000 less than the balance due the lender.

What can happen

Answer 13

Lender can obtain a deficiency judgement against the borrower

Question 14

A property owner has an agreement with a property manager.

The broker-manager license expires.

Answer 14

The agreement will terminate when the brokers license expires

Question 15

At the end of a three year tax redemption period, the certificate of purchase holder_______

Answer 15

May extend the period.

Question 16

Who benefits from standard TIP

Answer 16

Grantee

Question 17

How many days does a subcontractor have to file a mechanics Lien

Answer 17

120 days after completion

Question 18

Which of the following does not appear on a public report

Answer 18

Market value

Question 19

Which of the following is true if a person has 30 acres and wants to make 6, five acre lots

Answer 19

A public report is required.

Question 20

According to the Arizona revised statutes which of the following parties must have a real estate license.

Answer 20

A person that manages more than one property

Question 21

What is an exception to a lenders ALTA policy

Answer 21

Zoning

Question 22

If a subordination clause is in a mortgage or deed of trust, who benefits

Answer 22

TRUSTOR/MORTGAGOR

Question 23

On termination of a property management agreement the property manager shall provide the owner with all tenants security obligations within __ days

Answer 23

5

Question 24

If a claim is paid from the recovery fund, the status of the license in question is _____

Answer 24

Terminated

Question 25

At a mortgage foreclosure sale, if the property is abandoned, how many days can the statutory period of redemption be cut to?

Answer 25

30 days

Question 26

After the certificate of purchase is issued, how long is the redemption period in a property tax foreclosure

Answer 26

3 years

Question 27

The commissioner has the power to do all the following except

Answer 27

Create real estate statutes

Question 28

A buyer is purchasing a home in a HOA. The home has a violation not known by the association and not disclosed by the buyer. What is true regarding the violation

Answer 28

The buyer may be required to correct the violation

Question 29

When grandfathered water rights are reclassified and can now be sold separate from the land, this reclassification is known as

Answer 29

Type II

Question 30

Max amount of time a timeshare presentation can take is___

Answer 30

120 min.

Question 31

When a broker acting as property manager receives monies, the funds shall be deposited within ___ banking days

Answer 31

Three

Question 32

What survey uses markers and degrees.

Answer 32

Metes and bounds

Question 33

What action will void a homestead

Answer 33

Declaring primary residence in another state

Question 34

What is not true regarding a property tax auction

Answer 34

The successful bidder must foreclose after three years

Question 35

A deed of trust conveys legal title to

Answer 35

A trustee

Question 36

A property sold for 100000 with an oral agreement. After a few payments, buyer wants to cancel the oral contract. What happens.

Answer 36

Contract is binding due to the buyers actions

Question 37

Whose responsible for formulating the real estate rules and regulations in the state of az.

Answer 37

Real estate commissioner.

Question 38

What is the doctrine of water use in AZ

Answer 38

Prior appropriation

Question 39

According to az statutes, if a broker abandons or moves his real estate office and fails to notify the commissioner,_____

Answer 39

His license will be automatically terminated

Question 40

An estate planning tool that allows a person to record a deed to another party, which only becomes effective upon the death of the grantor is called

Answer 40

Beneficiary deed

Question 41

What happens after a deed of trust foreclosure sale

Answer 41

Trustees deed is given to the new owner

Question 42

Which of the parties would hold naked title on a deed of trust.

Answer 42

Trustee

Question 43

On termination of a property management agreement the property manager shall provide the owner within ____ days a final bank reconciliation.

Answer 43

75

Question 44

To have a trustee sale, who must the beneficiary notify

Answer 44

Trustee

Question 45

What type of property has the highest tax rate.

Answer 45

Shopping center

Question 46

Govt checks are 24 miles square and defined by what

Answer 46

Standard parallels and guide meridians

Question 47

What is not true of an exclusive buyer-brokerage agreement

Answer 47

All signatures must be notarized

Question 48

Upon researching county public records, what is always found

Answer 48

Mechanics lien

Question 49

What type of survey are boundaries, easements, and measurements shown, but the orientation of home is not shown.

Answer 49

Lot and block

Question 50

When a designated broker is temporarily absent, what is not true.

Answer 50

The temp. Absence relieves the designated broker of responsibility