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ASREB Practice Exam, Sessions 1-18, Study
Guide Questions and Answered Latest
Update
A 3.45-acre lot sells for 50 cents per square foot. What is the selling price? A) $37, B) $75, C) $76, D) $78, B 3.45 acres x 43,560 = 150,282 SF 150,282 SF x $0.50 = $75, A blind ad refers to an ad that A) provides no price. B) provides no address. C) gives no indication that the property is listed with a broker. D) gives no indication that the property has bene sold or not. C A borrower is required to put 10% down for the purchase of a property. The 10% down would be considered A) equity. B) boot. C) tax shelter. D) leverage. A A broker, acting as a property manager, would be what type of agent? A) special B) general C) implied D) ostensible B A buyer pays 20% down and obtains a real estate mortgage. The buyer makes no further payments. What clause would the lender now exercise? A) alienation B) habendum C) novation D) acceleration
D
C
$68,000 X 0.04 = $2,
A lender refuses to loan or limits loans in a certain minority neighborhood. This action is called A) steering. B) blockbusting. C) redlining. D) territory allocation. C 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) real property. B) trade fixture. C) appurtenant. D) chattel real. B To finance the infrastructure for a subdivision development, Arizona law allows the formation of A) Homeowner's Associations. B) Community Facilities Districts. C) Planned Communities. D) Planned Unit Developments B A listing broker receives several offers at the same time. The broker should A) present only the best. B) present all the offers. C) present the three best. D) wait for more offers before presenting to the seller. B A Loan Estimate must be given to a borrower within three business days A) of loan application. B) after the buyer's request. C) after closing. D) prior to closing. A A party lives on a property without permission of the owner. After the legally required time period, if the occupant receives title to the property it was done so through A) easement by prescription.
B) adverse possession. C) escheat. D) eminent domain. B In what situation would a short sale be likely? A) The loan balance is greater than the property value. B) The loan balance is less than the property value. C) The loan has a non-recourse provision. D) The total of all liens is less than the property value. A A real estate mortgage would be a(n) A) involuntary lien. B) general lien. C) voluntary lien. D) statutory lien. C 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? A) $278.08 debit B) $278.08 credit C) $274.60 debit D) $274.60 credit C $72,500/$100 = 725 units $1.75 x 725 units = $1,268. $1,268.75/365 = $3.4760/day Jan=31 + Feb=28 + Mar=2- = 79 days $3.4760 x 79 days = $274.60 debit seller A right of way over Parcel A to Parcel B identifies Parcel B as the A) servient tenement. B) dominant tenement. C) appurtenant estate. D) encroachment estate. B A company that acts as an intermediary between a lender and an appraiser is a(n) A) full service appraisal company. B) real estate brokerage company.
B) 10%
C) 15%
D) 20%
D
After a deed of trust foreclosure sale, which of the following is TRUE? A) A deed of reconveyance is given to the trustor. B) The note is marked paid and returned to the trustor. C) A trustee's deed is given to the new owner. D) The trust deed is returned to the trustor. C After a mortgage foreclosure, if the sale amount as insufficient to cover the debt, the lender may ask for a(n) A) deficiency judgement B) assessment. C) assignment of rents. D) deed in lieu of foreclosure. A All of the following would be considered appurtenant in a real estate transaction EXCEPT A) mineral rights. B) property improvements. C) annual crops. D) the bundle of rights. C A property in which unrelated people who need care, support or supervision live together and which is protected by fair housing laws from discrimination by neighbors is a A) homestead. B) relined home. C) single-family home. D) group home. D An option once exercised is considered A) unilateral executed. B) bilateral executed. C) unilateral executory. D) bilateral executory. A As of June 30th of any year, what must be the balance in the Real Estate Recovery Fund to avoid additional fees to licensees?
A) $200,
B) $250,
C) $300,
D) $600,
D
At what point does recordation take place? A) when a docket and page number are assigned B) at the close of escrow date C) the date the document was signed D) the date the document was notarized A 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? A) $137, B) $343, C) $612, D) $818, C $6,200 x 12 = $74, $74,400 x 0.10 = $7, $74,440 - $18,000 ($1,500 x 12) - $7,440 = $48, $48,960/0.08 = $612, 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? A) 3 days B) 5 days C) 7 days D) 10 days D What is required at the tie an Affidavit of Affixtture is recorded? A) The mobile home must have skirts installed. B) The County Assessor must inspect the property. C) The titles to the mobile home must be surrendered. D) The mobile home must be owner-occupied C A broker has what duty to a third party? A) fiduciary B) full disclosure of all material facts
C) post a notice of abandonment on the apartment door and wait 5 days before entering. D) send a notice of abandonment to the tenant through certified mail. A How many days does the landlord have to give the tenant a full accounting of the security deposit upon termination of tenancy? A) 3 days B) 10 days C) 14 days D) 21 days C How many townships are in a 24-mile square? A) 8 B) 12 C) 16 D) 24 C How much of a down payment is required for a VA guaranteed loan? A) 0% B) 3.5% C) 5% D) 10% A Past due taxes would appear on a title report as a(n) A) encumbrance. B) encroachment. C) list pendens. D) adverse possession. A If a buyer buys a parcel of land for which a Public Report was required but was not issued, the buyer may void the sale within A) 1 year. B) 2 years. C) 3 years. D) 5 years. C If there are material changes from an original Public Report, the Commissioner may require the subdivider to create a(n) A) subsequent owner exemption. B) amended Public Report.
C) original subdivision disclosure report. D) affidavit of disclosure. B If cap rates in an area are going up, how does this influence value? A) Value remains the same. B) Value goes up. C) Value goes down. D) Value goes up by a multiple of the cap rate. C The state obtains the property of someone who dies intestate through A) police power. B) escheat. C) eminent domain. D) taxation B If there is contract dispute, which of the following would take precedence? A) printed word B) items crossed out C) handwritten words D) boilerplate C In an agency relationship, the primary ethical duty of a broker is to A) disclose all items to all parties. B) represent all parties. C) represent neither buyer or seller. D) represent the principal. D When conveying property in Arizona, a deed must be signed by the A) grantee. B) mortgagor. C) grantor. D) trustor. C In Arizona, property owned before marriage is sole and separate. Property acquired after marriage would be considered A) community property. B) sole and separate. C) tenancy in common. D) joint tenancy. A
Rows of townships are called A) tiers. B) ranges. C) townhouses. D) condominiums. A The 1988 Amendments to the Federal Fair Housing Act prohibits discrimination based on A) age and sex. B) handicapped and religion. C) familial status and handicapped. D) familial status and age. C If the buyer of a property wants to remain anonymous, what term should be used for that buyer's name in the purchase contract? A) Or Nominee B) Or Nominor C) Or Principal D) Or Assignor A The doctrine of water usage in Arizona is known as A) riparian. B) prior appropriation. C) reliction. D) littoral. B Which of the following listings would NOT be entered into a multiple listing service? A) pocket listing B) entry only listing C) limited service listing D) full service listing A 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 to the beginning. A) rectangular survey B) block and lot C) metes and bounds D) recorded plat
C
Which is the highest form of an estate? A) fee simple B) defeasible fee C) fee conditional D) estate in remainder A What is the homestead exemption in Arizona? A) $20, B) $50, C) $100, D) $150, D The main purpose of the Federal Housing Administration is to A) guarantee loans. B) insure loans. C) lend money. D) sell loans. B The relationship between a broker and their salesperson is what type of agency? A) general B) special C) ostensible D) fiduciary A Which of the following is determined by measuring the exterior dimensions of a home INCLUDING garages, patios and entryways? A) square footage of living area B) square footage under roof C) front footage area D) heated and cooled areas B What is the tax assessment rate applied to owner-occupied residential property in Arizona? A) 10% B) 12% C) 15% D) 18% A
A) worn out carpet B) lack of parking C) a building located next to a factory D) a five-bedroom house with one bathroom D What is the maximum security deposit allowed under the Arizona Landlord Tenant Act? A) one month's rent B) 1 1/2 month's rent C) 1 1/2 month's rent plus last month's rent D) first and last month's rent B What is the name of the third party that will receive a life interest in a property, upon the death of a measuring tenant? A) fee simple tenant B) life tenant C) reversion D) remainderman D What is the purpose of an affidavit of value? A) assist the County Assessor in determining property values B) comply with IRS requirements C) assist in determining capital gains tax D) assist the State Treasurer in sales tax revenue A An escrow company may disburse commissions directly to a broker's salesperson if the A) salesperson's license is inactive. B) escrow officer receives written authorization from the broker in each transaction. C) escrow agent is also licensed broker. D) broker gives written authorization to the escrow company annually. B Real estate licensees should safeguard a client's or customer's personal information in order to prevent A) identity theft. B) misrepresentation. C) double escrows. D) wire fraud. A
If an owner improves a property, a licensed contractor is required to be used in all of these situations EXCEPT if the property A) will be sold within one year. B) will be leased within one year. C) is owner-occupied for more than one year. D) is sold within six months. C When a developer combines two or more adjacent parcels of land into one large development, it is known as A) assemblage. B) conformity. C) partition. D) subdivision. A When a person buys a condo, how do they hold title to the common areas? A) sole and separate B) joint tenancy C) tenancy in common D) community property C A person named in an insurance policy who will receive the insurance proceeds if the property is damaged is the A) loss payor. B) loss payee. C) additional party insured. D) homeowner. B When a property located within a homeowners association is listed for sale, who is responsible for supplying the relevant documents to prospective buyer? A) the selling broker B) the listing broker C) the seller, if there are more than 50 units in the HOA D) the HOA, if there are more than 50 units D At close of escrow, which of the following forms must be filed with the IRS? A) 1099 INT B) K- 1 C) 1099 S D) W- 2 C
Which of the following would be considered a grandfathered water right? A) exempt domestic well B) Type II water right C) flood area D) riparian district B A septic tank inspection report is valid for A) 6 months. B) 1 month. C) 3 months. D) 12 months. A If a property lies within the boundaries of the areas in which water rights are being adjudicated, the owners A) must file a claim to be included in the court's decision. B) are not affected by the court action. C) must wait until the court decision is made before asserting a claim. D) are automatically included in the court action. A SESSION 1: LAND AND OWNERSHIP Gareth inherits a plot of land from Jessie. A year later, he sells half of the property to Kim. A year later, she gives her half to Alex, who sells the mineral rights. This series of events best represents the legal property right of A) control. B) disposition. C) possession. D) quiet enjoyment. B The right of disposition gives a property owner the ability to transfer all or some of the property. SESSION 1: LAND AND OWNERSHIP Which is NOT an example of improvement? A) the barn on the back of the property B) the fence running along the edge of the property C) the line of pine trees planted along the edge of the property D) the sewer line running along the front of the property C
An improvement is any man-made attachment to the land. Although someone may have planted the pine trees, they are not, in fact, improvements but natural attachments. SESSION 1: LAND AND OWNERSHIP Jill buys a house from Jack. She assumed that the curtains would be included in the price, even though they were not listed in the agreement for sale. What is the best argument Jill could make to persuade a judge if this goes to court? A) "Jack mentioned that they went with the house." B) "My agent assured me they were included." C) "The curtains were custom-made for the odd-shaped window." D) "The curtains were in the ad that appeared in the paper." C Jill's best argument is that curtains were custom-made. SESSION 1: LAND AND OWNERSHIP Otis rents an empty storefront to open a restaurant. He attaches a pizza oven to the floor and wall of the kitchen. The oven was installed by the _________ and is ________ property. A) landlord/personal B) landlord/real C) tenant/personal D) tenant/real C A fixture installed by a commercial tenant is considered to be personal property. SESSION 1: LAND AND OWNERSHIP
- Property rights that go with ownership of real property are referred to as the _________.
- Surface of the earth, below to the center, and above, with all natural things is _________.
- Personal property is conveyed with a document called a __________.
- Naturally growing plants are considered ________ property.
- Emblements are considered _________ property.
- An item which was once personal property but is not real property is a _________.
- Ownership of trade fixtures depend on _____________________.
