Arizona Real Estate State Exam Flashcards

Arizona Real Estate State Exam Flashcards A broker purchased her own listing because she knew of a purchaser who would pay more than the listing price. The broker is liable to the seller for the profit she made.When altering an Arizona dry desert wash, a developer needs to consider the requirements of the Clean Water Act (Wetlands) By June 30, the Real Estate Recovery Fund MUST

maintain a balance of:

$600,000

In Arizona, the document that is signed by the buyer and seller stating the sales price and the MUST accompany the

deed for recordation is a(n):

affidavit of value All listings MUST be in writing according to Arizona statutes The Commissioner may deny a public report for all of the

following reasons, EXCEPT:a. the property is without

ingress or egressb. the owners have previously declared bankruptcyc. the owner cannot produce perfect titled. the owner cannot produce marketable title

• the owner cannot produce perfect title

A broker brought a qualified buyer to the seller. However, at the close of escrow, the seller refused to pay the commission. The earnest money being held in the broker's trust account is the exact amount of the commission. What should the broker do?a. Keep one-half of the earnest money, and give the balance to the seller.b. Keep the entire amount in lieu of commission.c. Turn the earnest money over to the seller and sue the seller for the commission.d. Put the earnest money into escrow and wait for the court to decided.

• Turn the earnest money over to the seller and sue the

seller for the commission.A broker and an owner discussed several types of listing agreements and decided upon an exclusive right to sell.The broker drafted the listing, but the owner did not sign in.The broker subsequently produced a willing buyer and demanded the commission from the owner based upon the

exclusive right to sell. The commission is:a. Not due

because the unsigned agreement amounts to a new listing.b. Due because there is an implied contract between the broker and owner.c. Due because an oral agreement is all that is required for an exclusive right to sell to be enforceable.d. Not due because the agreement was not signed by the owner.

• Not due because the agreement was not signed by the

owner.When a boker secures a listing, which of the following actions would NOT require the owner's approval?a.assigning the listing to another brokerage firmb. assigning

the listing to another salespersonc. placing a sign on the propertyd. advertising the property for sale

• assigning the listing to another salesperson

One's ownership interest in a condominium is

distinguishable from other types of real estate by a(n):

undivided interest in common area

The only thing a subdivider can accept before receiving the

Commissioner's property report is a(n):

lot reservation Which of the following MUST be included in an Arizona Real Estate Purchase Contract?a. must state the form of earnest money depositb. notarized signatures of buyers and sellerc. must state the proportion settlement between buyer and sellerd. must state how title is to be taken

• must state the form of earnest money deposit

A range is a strip of land:a. 6 miles wide running north and

southb. 1 mile wide running east and westc. 6 miles wide running east and westd. 1 mile wide running north and south

• 6 miles wide running north and south

An offer has been accepted on a 10-acre parcel, when the broker learns that the buyer has been buying up land in the

area at a much higher price. The broker should:

notify the seller of the facts Ten individuals form a corporation to purchase a percale of real estate. How would title be held?in severalty The maximum amount the lessor may charge as a security deposit is 1.5 months rent A declaration of homestead may be terminated for all of the

following EXCEPT:a. filing an abandonment of

homesteadb. death of one spousec. moving out of the propertyd. converting the property to a rental

• death of one spouse

A buyer of real propertya. is always considered a customerb. is always considered a clientc. may be a customer or a clientd. normally has a fiduciary relationship with the real estate salesperson

• may be a customer or a client

In an agreement for sale the seller is the vendor

A metes and bounds description MUST:a. cover an area

larger than 10 acresb. be in areas not included in the rectangular survey systemc. commence and finish at the same identifiable pointd. always use north as the basis for directions

• commence and finish at the same identifiable point

A blanket mortgage usually contains which of the following?a. closed-end clauseb. release clausec. good faith estimated. due-on-sale clause

• release clause

The seller of a condominium unity has the responsibility to deliver information the buyer, such as the operation budget

of the HOA, when:a. the HOA has 50 or more unitsb. the

HOA has a management companyc. the HOA is self-managedd. the HOA has less than 50 units

• the HOA has less than 50 units

A metes and bound description MUST:a. cover an area

larger than 10 acresb. be in areas not included in the rectangular survey systemc. commence and finish at the same identifiable pointd. always use north as the basis for directions

• commence and finish at the same identifiable point

A broker informed her clients that "there is no need to consult your attorney concerning this contract. I am authorized by law to handle the necessary forms." The licensee is acting in violation of the "Rules and Regulation" of the Commissioner Which of the following is NOT a characteristic of a fee simple estate?a. indefinite durationsb. free of encumbrancesc. transferable with or without considerationd. transferable by will or interstate succession

• free of encumbrances

Which of the following action would NOT prevent a claim of adverse possession?a. physically barring entry to adverse userb. ousting the adverse userc. ordering the adverse user to desistd. giving the adverse user express permission to use the property

• ordering the adverse user to desist

The maximum amount of money that may be paid for any

one licensee from the Recovery Fund is:

$90,000

Julie Signer's agreement with her landlord calls for a monthly rental of $540. There is no date set for the termination of the agreement. Singer is now being transferred by her employer to another state and she must move. Under Arizona law, how much advance notice must she give to the landlord in order to terminate her tenancy?30 days A general contractor records a mechanic's lien. Priority of the lien is established as of the day the work began A seller who will only defend the title he is giving against others who claim an interest through or under him would

give a:a. general warranty deedb. special warranty deedc.

bargain and sale deedd. quitclaim deed

• special warranty deed

Which of the following restrictive covenants is MOST likely to be enforceable?a. prohibits sales to blacksb. prohibits resales for 20 yearsc. prohibits use for anything other than single-family dwellingsd. absolutely prohibits any resales

• prohibits use for anything other than single-family

dwellings

The real estate Commissioner is appointed by the: governor

When could a person receive legal title to the property under an Agreement for Sale?upon the last payment Who may accept commission from an out-of-state broker?the referring broker A situation in which the grantor becomes the lessee of the

grantee is known as:a. subleaseb. assignmentc. estate in

reversiond. sale and leaseback

• sale and leaseback

John Jamison, a salesperson with Taylor Realty, lists the property of Charles and Loretta Simpson for sale at $52,000. The Simpsons have told Jamison that they are pressed to sell and would accept a purchase price of $49,000. Jamison shows the property to Randy Evans and tells Evans he can purchase the property for $49,000.

Jamison has:

violated his relationship with his client