Hogan Real Estate Prep Exam Flashcards

Hogan Real Estate Prep Exam Flashcards A lessee puts in a bookcase for commercial use; at the end of the lease the bookcase is removed. The bookcase would

be considered:

A trade fixture in what situation would a short sale be likely? (14-B)The loan balance is grater than the property value

A real estate mortgage would be a(an): (14-A) Voluntary lien

A set of public records maintained by a title insurance

company is known as a: (11-B)

Title plant A seller wants to list a four plex and live in one unit, but doesn't want any children in the units. What should the agent do? (7-B) Refuse the listing; it violates fair housing A lender of conventional loan would require private

mortgage insurance (PMI) when the loan-to-value is: (5-B)

More than 80% After a mortgage foreclosure, if the sale amount was

insufficient to cover the debt, the lender may ask for a(an):

(14-B)

Deficiency judgment What is the homestead exemption in Arizona? (15-B)$250,000 When conveying pretty in Arizona, a deed must be signed

by the: (10-B)

Grantor

A valid contract must have: (2-B)Offer and acceptance

Which property classifications is used for vacant land?

(15-A)

Class 2 The following listing would NOT be entered into a MLS

(Multiple Listing Service): (2-B)

Pocket listing A blind ad refers to an ad that: (17-A)Gives no indication that the property is listed with a broker If a tenant abandons a residential apartment, the landlord

must do the following: (13-B)

Send a notice of abandonment to the tenant through certified mail

A septic tank inspection report is valid for: (8-A)6 months

Past due taxes would appear on a title report as a(n):

(11-A)

Encumbrance What is the tax assessment rate applied to owner occupied residential property in Arizona? (15-A) 10% A handicapped person is leasing a house that requires modification. Which is TRUE about the modifications? (6-B) The lessor can require the lessee reasonably restore the property the property at the end of the lease Two property managers are planning to set rental rates on their units to keep the rents high int he area. This would be

a violation of: (2-B)

Antitrust laws Before a tenant can exercise the self-help for minor defect provision, the tenant must give the owner how many days to cure the defect? (13-B) 10 days After a deed of trust foreclosure sale, which of the following is TRUE? (14-B) A trustee's deed is given to the new owner

If the buyer of a property wants to remain anonymous, what term should be used for that buyers name in the purchase contract? (4-A) Or nominee A Loan Estimate must be given to a borrower within three

business days: (6-A)

Of loan application

A legal description reads as follows: "The NW 1/4 of

Section 2 and the W 1/2 of the SW 1/4 of the Section 35." How many acres is this? (12-A) 240 acres The following would be considered appurtenant in a real

estate transaction: (A-1)

Mineral rights, property improvements, the bundle of rights In Arizona, property owned before marriage is sole and separate. Property acquired after marriage would be

considered: (9-B)

Community property A real estate sale was closed on March 21. The assessed value of the property is $72,500 and the tax rate is $1.75 per $100 of assessed value. What is the proper entry on the seller's settlement statement if the buyer owns day of closing and we are using a calendar year? (11-B) $274.60 debit In a non-judicial trust deed foreclosure, how long must the trustee wait before conducting the foreclosure auction?

(14-B)

At least 90 days A listing agreement for a property that is not yet available to

shown is a(an): (2-B)

Coming soon listing In an agency relationship, the primary ethical duty of a

broker is to: (3-A)

Represents the principal What is the aim oof the third party that will receive a life interest in a property, upon the death of a measuring tenant? (8-B) Remainderman The right of an Arizona real estate licensee to prepare

certain legal documents and forms comes from: (16-A)

The Arizona constitution The relationship between a broker and their salesperson is what type of agency? (3-B) General

The doctrine of water usage in Arizona is known as: (12-B)Prior appropriation

Funding for FHA-insured loans comes from: (5-B) approved lenders

The word friable would most likely apply to which of the following? (8-A) Asbestos What document is recorded with the deed? (10-B) Affidavit of value Which is the highest form of an estate? (10-A) Fee simple How much of a down payment is required for a VA guaranteed loan? (5-B) 0% What is required at the time an Affidavit of Affixture is recorded? (1-B) The titles to the mobile homes must be surrendered

An option once exercised is considered: (2-B) Unilateral executed

To finance the infrastructure for a subdivision development,

Arizona law allows the formation of: (15-A)

Community facilities districts

A listing broker receives several offers at the same time.

The broker should:

Present all the offers Which is considered functional obsolescence? (7-A)A five-bedroom house with one-bathroom What clarifies ADRE's position on statutes or rules? (16-A)Substantive Policy Statement When the real estate commissioner receives a written

complaint against a licensee: (16-A)

A hearing will be held before any license suspension The concept that information given to a clients agent is

known as: (3-B)

Imputed notice If a property lies within the boundaries of the areas in which

water rights are being adjudicated, the owners: (12-B)

Must file a claim to be included in the courts decision

A holdover tenant would have a(an): (8-B) Estate of sufferance

B expects a return of 8% on his investments and is considering a property with an asking price of $670,000.The records show a potential income of $6,200 a month, expenses of $1,500 a month, and a vacancy factor of 10%.With this information in mind, what would be the estimate of value? (7-B)

$612,000

As of June 30th of any year, what must be the balance in the Real Estate Recovery Fund to avoid additional fees to licensees? (16-B)

$600,000

What organization receives most of the benefit of proceeds from the sale or lease of state trust land? (12-A) State schools If there are material changes from an original Public Report, the Commissioner may require the subdivider to

create a(an): (18-A)

Amended Public Report Ms. Martin owns a house on a corner lot, and tears the house down in order to get a better price for the land. This

is an example of: (7-A)

Highest and best use When land is purchased interstate, how long would a buyer have to rescind under the Federal Interstate Land Full Disclosure Act? (8-A) Within 7 days of receiving a property report A house costs $100,000. The buyer is making a down payment of $32,000 and getting a $68,000 loan. If there are

• points, how much money will be paid out of the closing

for the points? (5-B)

$2,720

A borrower is required to put 10% down for the purchase of

a property. The 10% down would be considered: (5-A)

Equity If an owner improves a property, a licensed contractor is

required to be used EXCEPT if the property: (14-B)

Is owner-occupied of more than one year A broker, acting as a property manager, would be what type of agent? (13-A) General Which represents the County Assessors reflection of market value? (15-A) Full cash value When a property that has a well is sold, what must be sent to ADWR? (12-B) Transfer of Well Rights Form

What is the deadline for a new owner to file a notice of tranfer form for a septic system with the ADEQ? (8-A) 15 days after closing What is the purpose of a Affidavit of Value? (10-B)Assist the County Assessor in determining property values

A federal rent subsidy program is known as: (9-A) Section 8

On a settlements statement, rent paid in advance would be

a: (11-B)

Credit to the buyer, debit to the seller If cap rates in an area are going up, how does this influence value? (7-B) Value goes down The following would be an example of what type of surveying system? Beginning at the SE corner of Tatum and Cactus, proceed 2,640 feet north, thence 400' west, thence 700 feet south, and back t the beginning. (12-A) Metes and bounds If there is a contract dispute, which of the following would take precedence? (4-B) Handwritten words A 3.45-acre lot sells for 50 cents per square foot. What is the selling price? (1-B)

$75,141

How many days does the landlord have to give the tenant a full accounting of the security deposit upon termination of tenancy? (13-B) 14 days Which of the following is determined by meausuring the exterior dimensions of a home including garages, patios, and entryways? (7-B) Square footage of living area Under what circumstances can an owner of a single-family residence depreciate the property for tax purposes? (11-A) If the property is a rental A person named an insurance policy who will receive the

reinsurance proceeds if the property is damaged is the:

(4-B) Loss payee A buyer pays 20% down and obtains a real estate mortgage. The buyer makes no further payments. What clause would the lender now exercise? (5-A) Acceleration How can a buyer best be assured of getting his earnest money back if his loan is not approved? (4-B) Place a contingency clause in the contract When a property located within a homeowners association is listed for sale, who is responsible for supplying the relevant documents to prospective buyer? (1-B) The HOA, if there are more than 50 units A right of way over Parcel A to Parcel B identifies Parcel B

as the: (2-A)

Dominant tenant What is the maximum security deposit allowed under the Arizona Landlord Tenant Act? (13-B)

• 1/2 months rent

The state obtains the property of someone who dies

intestate through: (1-A)

Escheat How many townships are in a 24-mile square? (5-B) 8 Under what condition would a listing agreement NOT terminate? ((3-B) The salesperson dies