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Flashcards in Test Deck (51):
0

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

3 years

1

Earnest money should be deposited to the brokerage trust account

Promptly

2

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

Easements obtained by prescription

3

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

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

4

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

Community property

5

Property taxes are what kind of lien

Specific

6

A salesperson may enter into a dual agency provided there is

Disclosure to a buyer and seller in writing

7

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

Formal metes and bounds

8

When the security and note are one, it is an

Agreement for sale

9

When is a plat map used

In subdivisions

10

Which of the following is required for a property management agreement

Beginning and ending date

11

The Arizona land disclosure affidavit includes all of the following except

The affidavit of disclosure applies only to residential zoned properties

12

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

State legislature

13

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

What can happen

Lender can obtain a deficiency judgement against the borrower

14

A property owner has an agreement with a property manager.

The broker-manager license expires.

The agreement will terminate when the brokers license expires

15

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

May extend the period.

16

Who benefits from standard TIP

Grantee

17

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

120 days after completion

18

Which of the following does not appear on a public report

Market value

19

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

A public report is required.

20

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

A person that manages more than one property

21

What is an exception to a lenders ALTA policy

Zoning

22

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

TRUSTOR/MORTGAGOR

23

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

5

24

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

Terminated

25

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

30 days

26

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

3 years

27

The commissioner has the power to do all the following except

Create real estate statutes

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

The buyer may be required to correct the violation

29

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

Type II

30

Max amount of time a timeshare presentation can take is___

120 min.

31

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

Three

32

What survey uses markers and degrees.

Metes and bounds

33

What action will void a homestead

Declaring primary residence in another state

34

What is not true regarding a property tax auction

The successful bidder must foreclose after three years

35

A deed of trust conveys legal title to

A trustee

36

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

What happens.

Contract is binding due to the buyers actions

37

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

Real estate commissioner.

38

What is the doctrine of water use in AZ

Prior appropriation

39

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

His license will be automatically terminated

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

Beneficiary deed

41

What happens after a deed of trust foreclosure sale

Trustees deed is given to the new owner

42

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

Trustee

43

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

75

44

To have a trustee sale, who must the beneficiary notify

Trustee

45

What type of property has the highest tax rate.

Shopping center

46

Govt checks are 24 miles square and defined by what

Standard parallels and guide meridians

47

What is not true of an exclusive buyer-brokerage agreement

All signatures must be notarized

48

Upon researching county public records, what is always found

Mechanics lien

49

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

Lot and block

50

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

The temp. Absence relieves the designated broker of responsibility