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AZ Real Estate Final Exam (2 Latest Versions)/Arizona Real Estate Prep Exam Featuring Accurate And Verified Questions Covering State-Specific Real Estate Laws, Agency Relationships, Property Ownership, Contracts, Financing, Fair Housing, Disclosures, And Arizona Department Of Real Estate (ADRE) Regulations. Designed To Help Candidates Pass The State Licensing Exam.
Version 1 Stephanie is an Arizona licensee who has recently been contacted because her conduct is causing an immediate threat to public welfare. What penalty does she most likely face? - ANSWER-Summary suspension of license
What's the key difference between assignment and novation of a contract? - ANSWER-Novation releases the original party from all obligations, while assignment does not.
The _______ retains jurisdiction over all matters regarding unsubdivided land in Arizona law, even if other agencies claim jurisdiction. - ANSWER-Commissioner of the Arizona Department of Real Estate
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What does it mean if a property sits on a floodplain? - ANSWER-There is a 1% chance the property will flood in any given year.
Which of the following involves permission to do something on another's land without actually possessing any interest or ownership in the land? - ANSWER-License
Which type of an estate doesn't end automatically when the stated event or condition occurs? - ANSWER-Fee simple subject to a condition subsequent
When Julia and Matt decided to buy a home lot near Flagstaff, they visited the site, read the materials, put down a deposit, and are now ready to sign a purchase contract and provide an earnest money deposit. The contract they received for their review says the seller will not place their earnest money in an escrow account. In this situation, what could happen if the seller defaults on the contract? - ANSWER-The buyers could lose their earnest money deposit.
Which clause is standard in a deed of trust and affects the foreclosure process that can be used if the borrower defaults? - ANSWER-Power of sale 2 / 4
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Martine, a seller, is looking at her closing statement. Which of the following is she most likely to see? - ANSWER-The $5,000 earnest money she received as an item in the buyer's credit column
Which scoring system is a way for insurance companies to rank the risk of a person filing an insurance claim? - ANSWER- Personal insurance score
One member of the Arizona Real Estate Advisory Board is required to be a ______. - ANSWER-Licensed broker who has been engaged in multi-family residential rental brokerage
A borrower whose home is in foreclosure in Arizona under a deed of trust has the right to reinstate the loan. What other party is allowed to do this? - ANSWER-Any creditor holding a junior lien on the property
When appraisers look past how a property is being used to determine a more optimal function, what are they determining? - ANSWER-Highest and best use
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Which of the following is a leasehold estate for an unknown period of time, with either party permitted to terminate the lease by giving notice to the other? - ANSWER-Estate at will
Which one of the following tasks must licensees perform for seller clients? - ANSWER-Ensure that the buyer's earnest money is deposited.
Your client Roger is working to get an Adequate Water Supply certificate before he develops a subdivision. Which of the following statements about his situation is true? - ANSWER-He isn't developing an area within an AMA.
Which of the following is true about the Arizona homestead exemption? - ANSWER-It applies to homeowners who have a judgment lien levied against them.
Which of the following actions is ADWR authorized to take? - ANSWER-Create and implement new policies for an AMA.
Which of the following strategies would help to make a "Choose Your Neighbor" marketing letter non-discriminatory in its effect? - ANSWER-Listing the property on the MLS
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