prac exam 12

How long does an AZ ROC officer serve?

1 year

Single-story detached ancillary structures with floor areas of more than ______ square feet require a building permit in Arizona.

200

Over how many years is a residential income-producing property depreciated?

27.5 years

What's the minimum number of business days prior to closing that lenders have to provide borrowers with the Closing Disclosure form?

3

Which of the following statements is correct?

An unenforceable contract is a valid contract, but it will not be enforced by the courts.

Which of the following is a true statement about how adjustments are made in the sales comparison approach?

Appraisers adjust upward when a comparable is missing a feature found in the subject property.

Which of these items is a demand deposit?

Checking account

Substantive policy statements serve to ______.

Clarify the ADRE's current approach to specific regulations

Insurance monthly premiums are taken from which account?

Escrow

What's another term for a valuation that's an unbiased opinion of value?

Formal appraisal

Brandon is interested in purchasing a piece of property, but before doing so, he'd like to verify the accuracy of the legal description. Which of these options will accomplish this?

Having a survey conducted

Julian is hiring a branch office manager for the new office his brokerage just opened. His choice has come down to Arizona licensed salesperson Hannah or Arizona licensed broker Alvin. If he chooses Alvin, what task would he be able to perform that Hannah would not?

Hiring or firing affiliated licensees

Prior to a certain act's existence, there was no legal protection for women who endured sexual harassment from landlords and sellers when they attempted to obtain housing. What's this act called?

Housing and Community Development Act of 1974

Mateo is an Arizona licensee who runs into Tristan, an old friend, at a coffee shop. Tristan tells Mateo he's had his house up for sale for nine months and hasn't received any offers. Mateo offers to represent Tristan if Tristan can convince his current licensee to let him out of the original listing contract. Which of the following is true?

If Mateo does this, he could lose his license.

What's another name for a nonconforming loan?

Jumbo loan

Maggie has a neighbor, Jim, who is facing foreclosure. She likes Jim and wants to help him out, so they agree to do a "subject to" purchase. What does this mean?

Maggie will take over Jim's loan payments without telling his lender she's doing so.

Marsha's title insurance policy was issued on closing day, which was June 18. The policy lists the standard exclusions as well as requirements for the company to issue the policy, such as paying off existing recorded liens. Which one of these will NOT be addressed in the schedule of exceptions?

Marsha's second mortgage on the property, which she plans to get next January

Which of the following is the price a lender believes the property will bring at a foreclosure sale?

Mortgage value

Alice has asked her landlord three times over the past week to come fix the hot water in the bathtub. She's unable to fix the problem herself but she doesn't want to move out. What other remedy is available to Alice?

Recover damages

Lewis and Elliot started a real estate investment business together. After much discussion with their attorney, they decided to incorporate, but in such a way that they are treated like a partnership and don't have to pay corporate taxes. What form of business do they have?

Subchapter S corporation

What is the name of the federal law that sets forth guidelines regarding telephone solicitation?

Telephone Consumer Protection Act

Which covenant requires the grantor to execute any necessary legal documents (within his power) necessary to fix title defects discovered after closing?

The covenant of further assurances

Colleen and Judy purchased a dilapidated townhome in an estate sale. Due to their fix-up work and the current economy, the property value has skyrocketed. They decide to sell it to get their equity out of it. After they list it, a woman comes forward, saying she is an heir to the previous owner and lays claim to the property. Which general warranty deed covenant protects Colleen and Judy?

The covenant of warranty assures that the grantor will warrant and defend the title against the lawful claims of others.

A buyer's offer may be rejected by ______ in a short sale.

The lender

In Arizona, who's responsible for property damaged between contract signing and COE?

The seller

Which of the following describes an estate at sufferance?

The tenant stays after the right to possess has terminated.

What would happen if you bought a house and later found out that there were unpaid liens against the property?

The unpaid liens could trigger a foreclosure on your property.