CE shop RE (part 3)

All salesperson applicants must pay ______ into the Arizona recovery fund. $10 $20 $5 $50

$10

How long does an Arizona landlord have to return a security deposit after a tenant moves out at the end of their lease? 14 business days 21 business days 30 business days 90 business days

14 days

Arizona permits employing brokers to engage the services of licensees who act through certain business entities. Which of the following is a business entity through which a salesperson or associate broker may perform and be paid? A corporation A partnership A professional limited liability company A sole proprietorship

A professional limited liability company

Adam is the listing agent representing seller Todd Bryant, and Tanika is representing Mr. and Mrs. Garcia who are buying the property. Which of these individuals is NOT a principal to the transaction? Adam Mr. Garcia Mrs. Garcia Todd

Adam

Which of these is an example of agency coupled with interest? A listing agent agrees to accept a commission of 2.5% upon sale of the property. A listing agent agrees to split the commission on the sale of a property with a cooperating agent who brings the buyer to the table. An agent foregoes buyer agent commission, provided the purchasing developer gives the agent the listings on the developed lots. An agent is interested a property the agent has listed.

An agent foregoes buyer agent commission, provided the purchasing developer gives the agent the listings on the developed lots.

Melanie, a licensed contractor and owner of Beat the Heat Decks and Pools, is looking for education programs about agency rules, regulations, and policies for her employees. What entity offers these types of programs? Arizona Department of Real Estate Arizona Heating Department Arizona Landscaping Regulators Arizona Registrar of Contractors

Arizona Registrar of Contractors

Prior to signing the closing documents, what should the parties have already done? Assured themselves that the conditions and contingencies of the purchase agreement have been met. Moved locations. Paid the balance of the purchase price to the seller. Paid the title representative for the closing.

Assured themselves that the conditions and contingencies of the purchase agreement have been met.

Jennifer's firm prohibits licensees from willfully engaging in dual agency transactions. By implementing this policy, what is her firm doing? Avoiding risk Engaging in risk Preventing risk Transferring risk

Avoiding risk

Margaret has received her Closing Disclosure from the lender. To best protect her interests, what should she do with it? Compare it to the Loan Estimate. File it with her mortgage papers. Take it to the closing. Use the information to compare loan costs with those of other lenders.

Compare it to the Loan Estimate.

Which of the following is a form of commercial bank revenue related to mortgage financing? 401(k)s Demand deposits HELOCs IRAs

Demand deposits

Which of these is NOT a part of the process at a trustee's sale in Arizona? Bidders make a $10,000 deposit prior to the sale. If the lender chooses to bid on the property, no other bid is accepted. The highest bid that meets the lender's minimum wins the property. The winning bidder must pay the trustee cash by the end of the next business day.

If the lender chooses to bid on the property, no other bid is accepted.

How does Ginnie Mae function differently than Fannie Mae and Freddie Mac? It doesn't buy loans or issue mortgage-backed securities. It guarantees all MBS products. It limits the qualifying types of properties. It only services commercial loans.

It doesn't buy loans or issue mortgage-backed securities.

Jason bought a home four years ago for $153,000. If his home appreciated at an annual rate of 3%, how much would his home be worth today (round to the nearest dollar)? $157,590 $172,203 $212,851 $310,720

Multiply the beginning balance each year by 1.03% (103% in decimal form): Year one: $153,000 × 1.03 = $157,590. Year two: $157,590 × 1.03 = $162,318.70. Year three: $162,318.70 × 1.03 = $167,187.23. Year four: $167,187.23 x 1.03 = $172,202.85.

In Arizona, which of the following is considered a tenant's breach of a lease agreement? Ari was once on probation for a misdemeanor conviction 10 years ago. Since his lease application asked if he had been convicted of any felonies, he marked no. During the term of their lease, the Andersons gave birth to a new daughter, raising the number of occupants of their apartment from two to three. Mel completed his application and returned it to the apartment complex. He indicated his salary but estimated his commissions. On her lease application, Sandra stated she had two dogs when she actually had three.

On her lease application, Sandra stated she had two dogs when she actually had three.

Which of the following is true about volatile organic compounds? Levels cannot be reduced. Only natural fibers contain VOCs. Paint, air fresheners, and cleaners are primary sources. They are only a concern for children and pregnant women.

Paint, air fresheners, and cleaners are primary sources.

Clay and Myra just bought a home. Based on where they are in the property ownership life cycle, which one of the following tax-related items is likely to be of the most interest to them? Capital gains Depreciation Mortgage interest deduction Points deduction

Points deduction

Julian is the owner of Sweetwater Land Company. He has purchased a tract of land near Winslow and is planning to create a planned community on it. Before he can begin selling lots, what must Julian obtain from the Arizona Real Estate Department? Internal Revenue Service tax waiver Mineral rights release form Public approval Public report

Public report

What information does Schedule B-1 of an ALTA title commitment provide? Basic facts related to the transaction and property, including a legal description Exceptions that the title policy will not cover Information on how to dispute a title commitment Requirements that must be met before a title policy will be issued

Requirements that must be met before a title policy will be issued

Property owners Kim and Kyle are co-owners. When Kim dies, her interest in the property is automatically transferred to Kyle, making him the sole owner. What is this called? Concurrent interest Decedent interest Right of inheritance Right of survivorship

Right of survivorship

What type of lien funds public property improvements? First mortgage Judgment Mechanic's Special assessment

Special assessment

What's the term for the illegal practice of nudging buyers away from or toward a specific area based on the presence or absence of protected class members? Blockbusting Gerrymandering Redlining SteeringSteering

Steering

With a triple net lease, the tenant pays ______ separately from the base rent. Insurance, utilities, and maintenance Maintenance, insurance, and debt service Taxes, debt service, and lease payment Taxes, insurance, and maintenance

Taxes, insurance, and maintenance

Sam and Monique knew that the old industrial site that they purchased needed some environmental cleanup, but they don't have the cash and put cleanup on hold. The EPA hired its own crew to deal with groundwater issues because of industrial solvents and billed Sam and Monique $164,000 when the job was complete. If Sam and Monique don't pay the bill, which one of the following could happen? Sam and Monique will forfeit their ownership rights to the site and will be forced to foreclose. The EPA can seek damages in court for up to three times the actual cleanup costs. The EPA will have to find the former owners of the site and bill them. The EPA will have to fund the cleanup itself.

The EPA can seek damages in court for up to three times the actual cleanup costs.

Marcus listed his property with Home Sweet Home Realty and one of its listing agents, Ron Savage. About a month later, Ron filed for bankruptcy. Which of the following statements about this situation is true? Bankruptcy has no impact on agency agreements. Marcus can choose whether or not to continue the listing agreement with Ron. The agency agreement is terminated because the agent filed for bankruptcy. The agency agreement only terminates if the broker or the principal declares bankruptcy.

The agency agreement only terminates if the broker or the principal declares bankruptcy.

What is the 200% rule as it relates to tax-deferred exchanges? The capital gains realized from the property sale cannot be more than 200% of the original purchase price. The capital gains realized from the property sale cannot be more than 200% of the sale price. The combined fair market value of the property (or properties) being exchanged into cannot be more than 200% of the relinquished property. The fair market value of the relinquished property must be 200% more than the property (or properties) being exchanged into.

The combined fair market value of the property (or properties) being exchanged into cannot be more than 200% of the relinquished property.

Your 15-year-old son just signed a contract joining a health club, which costs $50 a month. Which of the following best describes this contract? The contract is missing a legal object. The contract is missing offer and acceptance. The contract is void. The contract is voidable.

The contract is voidable.

Accepting a borrower's deed in lieu of foreclosure allows the lender to avoid the cost of the foreclosure process. However, it will evaluate the property title and only accept if what other benefit can be proven? Existing junior liens on the property will be sufficient to cover any deficiency between the property value and the remaining balance of the loan. The borrower can qualify for additional mortgage or deed of trust loans in the future from the lender. The lender won't be liable for taxes due to cancellation-of-debt income. The property value is sufficient to recoup the remaining balance of the loan if sold on the open market.

The property value is sufficient to recoup the remaining balance of the loan if sold on the open market.

In a seller agency relationship, to which party does the licensee owe undivided loyalty? Both the seller and the buyer The broker The buyer The seller

The seller

Which of the following is NOT a way that fertilizers in soil impact the surrounding environment? They disappear after being applied to plants or the ground. They help plants grow and thrive. They may cause toxicity that kills fish and plant life. They run off the soil into larger bodies of water.

They disappear after being applied to plants or the ground.

Vicky and Lee vacation in Cancun, Mexico every year. They purchased the right to stay in a beach condo for the first two weeks in May, and their agreement continues for the next 10 years. They don't actually own the unit. What did they purchase? Condo estate Cooperative unit Timeshare estate Timeshare use

Timeshare use

What is the most common way that asbestos enters the body? Asbestos coating in water pipes can contaminate drinking water, which is then ingested. Asbestos in paint can be released into the air as the paint peels, which is then inhaled or ingested. When asbestos fibers decay or are disturbed, the friable particles can be inhaled. When rocks and soil decay, asbestos gas is released, which is then inhaled.

When asbestos fibers decay or are disturbed, the friable particles can be inhaled.

What must Arizona landlords provide to all new tenants before or at the beginning of their tenancy? A copy of the Arizona Landlord-Tenant Act A copy of the Fair Housing Act Written notification that the Arizona Residential Landlord and Tenant Act is available on the Arizona Department of Housing's website Written notification that they can verify a licensee's license status on the Arizona Department of Real Estate's website

Written notification that the Arizona Residential Landlord and Tenant Act is available on the Arizona Department of Housing's website