Missed AZRE Questions

Juan secures a fixed rate amortized 30-year loan for $295,000 at 4.25%. If his monthly P&I payment is $1,750, how much interest does he pay in the second month of the loan?

$1042.29

A townhouse is purchased for $475,000. If the transfer tax is $2.00 on the first $1,000. and $0.10 for each additional $100., how much are the transfer taxes?

$476

What is the maximum civil penalty that can be imposed per license law violation in Arizona?

1,000

Assuming that the seller pays for the date of closing, if closing is July 7, how many days will the seller be responsible for paying using a statutory year?

187 days

Your client, a builder, is considering buying three adjacent lots. They each have the same depth: 275 feet. Lot A is 35,750 s.f., Lot B 53,900 s.f., and Lot C is 33,000 s.f. If your client buys all three lots, what total street frontage will he have?

464 ft (The total street frontage is 446 feet. Add up the square footage of the three lots and divide by the lot depth (275) to get the total street frontage. (35,750 + 53,900 + 33,000) ÷ 275 = 446)

Roland's farm land is assessed at 1.5 million dollars and the improvements for $500,000. At a tax rate of 4 mills, how much are Rolan's monthly taxes?

667.00 (Assessed value + improvements = total value of $2,000,000. Multiply 2 million by 4 (mills/millage rate) then divide by 1000 = $8,000 in annual taxes . Divide $8,000 by 12 to give you the monthly tax amount ($8,000 ÷ 12 = $667.00).

Gordon has been found guilty of fraudulently handling money for several of his clients. Four of his previous clients have been awarded judgments of $15,000, $20,000, $40,000, and $55,000, respectively. What is the maximum total reimbursement that could be provided by the Arizona real estate recovery fund for Gordon's fraudulence?

90,000

What's the Uniform Commercial Code?

A set of business laws created to regulate commercial transactions, including contracts dealing with personal property

How does Arizona determine the property tax rate for a given property?

Add the primary and secondary tax rates

Which of the following examples best demonstrate an Arizona tenant's right to "repair and deduct"?

Alethea's furnace died in January, and her landlord was out of town. She hired a licensed contractor to repair the furnace and deducted the cost from her rent.

Cam is a broker. His licensees, Jane and John, represent two sides in a single transaction. Jane represents the seller; John represents the buyer. What relationship does Cam have to the buyer and the seller?

Cam is a dual agent to both the buyer and seller

The _______ category of appraiser licensure requires a minimum of 1,500 hours of applicable experience.

Certified Residential real property appraiser

Renae moved to the U.S. from Nigeria and became a citizen. Which act specifically provides Renae with the right to buy, sell, convey, inherit, and possess property?

Civil Rights Act of 1866

Homeowner Lynn is underwater on her home loan and is having difficulty making her monthly payments. Which of these options would allow Lynn to avoid foreclosure, even though she'll lose her property and will need lender approval?

Deed in lieu of foreclosure or short sale

Fee simple ______ includes two categories, which can be distinguished in part by the way in which ownership may be regained by the original grantor of the estate.

Defeasible

Which one of the following actions is a licensee required to take to fulfill a fiduciary duty?

Disclose personal interest and licensed status when buying property for personal use.

The ______ provides financial and technical assistance to landowners who put conservation practices into place on their agricultural and non-industrial private forestland.

Environmental Quality Incentive program

Brittany has a small office in a professional building. She has a set monthly lease payment that has been calculated to include maintenance of the common areas in the building, such as the restroom and small kitchen, and all nets, utilities, and janitorial charges for her space. The payment also includes taxes and insurance. The landlord takes these payments and pays the individual expenses himself. What type of lease does Brittany have?

Gross lease

Which act states that communities and facilities that meet certain criteria for providing housing to older persons are legally exempt from familial status discrimination?

Housing for Older Persons Act of 1995

Rickie is a real estate licensee. She makes regular calls to customers and past clients to market her services. If someone she calls asks to be put on her internal "do not call" list, what is Rickie required to do?

Immediately place the customer's number on her internal do not call list, and avoid making unsolicited calls from that point forward

Which of these statements is true about tenancy by the entirety?

It requires 5 unities to create it-- possession, interest, time, title, and person.

In Arizona, which of the following is a true statement?

Licensees can legally procure additional agreements but must get an acknowledgment from the buyer or seller that they may have to pay a second commission.

Areas with a clay-based soil can benefit from what type of drainfield alternative?

Mound system

Which of the following will impact an investor's ability to develop a new real estate project in a particular area?

Presence of underground storage tanks.

As a property manager, Lisa most likely provides which of the following services?

Screening new tenants

Jake, an Arizona licensee, presents his seller client with all of the offers he receives and presents counter-offers when appropriate. What statutory duty is Jake performing for his client?

Serving the client's best interests

The duties that Arizona licensees owe to their clients as outlined in the law are called ______ duties.

Statutory

Which amendment to CERCLA says that "innocent landowners" aren't responsible for the cleanup of hazardous contamination?

Superfunds Amendments and Reauthorization Act

______ is Arizona's major renewable water source, and it comes from lakes, streams, and rivers other than the Colorado. But because Arizona is a desert, the amount of water available from this source varies throughout the year.

Surface water

Arizona tenant Gene has just learned that his apartment building is about to be foreclosed upon. Under which federal law must Gene be given 90 days' notice prior to his being evicted, if the new owner decides to evict the current tenants?

The Protecting Tenants at Foreclosure Act

Who holds the promissory note when a deed of trust is used as a security instrument?

The lender

All of the following materials can be used to create an effective drainfield EXCEPT ______.

Trees and Shrubs

The ______ clause allows the borrower to pre-pay principal on the loan at any time without penalty.

pre-payment

Carmine and Jeff have been married for several years. Carmine inherits a house from her uncle. If they live in a community property state, what kind of ownership does Carmine have?

separate

According to Arizona law, how long does a purchaser have to back out of buying unsubdivided land without consequences?

seven calendar days

The distance between single-family residences in the new Desert Vista subdivision in Mesa is 30 feet. What is the distance known as in subdivision development terms?

the setback

Arizona licensed salesperson Andrea has an active license, but in order to perform real estate activities to earn compensation, she'll also need ______.

to be employed by an employing broker

In which of the following situations is a lender prohibited from enforcing an alienation clause?

transfer between parent and child