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Real Estate-AZ > Test > Flashcards

Test Flashcards

0
Q

Earnest money should be deposited to the brokerage trust account

A

Promptly

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1
Q

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

A

3 years

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2
Q

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

A

Easements obtained by prescription

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3
Q

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

A

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

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4
Q

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

A

Community property

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5
Q

Property taxes are what kind of lien

A

Specific

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6
Q

A salesperson may enter into a dual agency provided there is

A

Disclosure to a buyer and seller in writing

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7
Q

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

A

Formal metes and bounds

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8
Q

When the security and note are one, it is an

A

Agreement for sale

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9
Q

When is a plat map used

A

In subdivisions

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10
Q

Which of the following is required for a property management agreement

A

Beginning and ending date

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11
Q

The Arizona land disclosure affidavit includes all of the following except

A

The affidavit of disclosure applies only to residential zoned properties

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12
Q

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

A

State legislature

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13
Q

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

What can happen

A

Lender can obtain a deficiency judgement against the borrower

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14
Q

A property owner has an agreement with a property manager.

The broker-manager license expires.

A

The agreement will terminate when the brokers license expires

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15
Q

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

A

May extend the period.

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16
Q

Who benefits from standard TIP

A

Grantee

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17
Q

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

A

120 days after completion

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18
Q

Which of the following does not appear on a public report

A

Market value

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19
Q

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

A

A public report is required.

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20
Q

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

A

A person that manages more than one property

21
Q

What is an exception to a lenders ALTA policy

A

Zoning

22
Q

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

A

TRUSTOR/MORTGAGOR

23
Q

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

A

5

24
Q

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

A

Terminated

25
Q

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

A

30 days

26
Q

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

A

3 years

27
Q

The commissioner has the power to do all the following except

A

Create real estate statutes

28
Q

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

A

The buyer may be required to correct the violation

29
Q

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

A

Type II

30
Q

Max amount of time a timeshare presentation can take is___

A

120 min.

31
Q

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

A

Three

32
Q

What survey uses markers and degrees.

A

Metes and bounds

33
Q

What action will void a homestead

A

Declaring primary residence in another state

34
Q

What is not true regarding a property tax auction

A

The successful bidder must foreclose after three years

35
Q

A deed of trust conveys legal title to

A

A trustee

36
Q

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

What happens.

A

Contract is binding due to the buyers actions

37
Q

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

A

Real estate commissioner.

38
Q

What is the doctrine of water use in AZ

A

Prior appropriation

39
Q

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

A

His license will be automatically terminated

40
Q

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

A

Beneficiary deed

41
Q

What happens after a deed of trust foreclosure sale

A

Trustees deed is given to the new owner

42
Q

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

A

Trustee

43
Q

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

A

75

44
Q

To have a trustee sale, who must the beneficiary notify

A

Trustee

45
Q

What type of property has the highest tax rate.

A

Shopping center

46
Q

Govt checks are 24 miles square and defined by what

A

Standard parallels and guide meridians

47
Q

What is not true of an exclusive buyer-brokerage agreement

A

All signatures must be notarized

48
Q

Upon researching county public records, what is always found

A

Mechanics lien

49
Q

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

A

Lot and block

50
Q

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

A

The temp. Absence relieves the designated broker of responsibility

Real Estate-AZ (4 decks)

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