Missed questions pt 8 RE exam

Your client Janine just bought a house in a neighborhood that's serviced by a private water company, Nutri-Water. "How much do their services cost?" she asks you. What should you say?

"Water companies' prices vary greatly, and may depend on where they get their water."

When a buyer takes over the seller's original loan with the lender's permission, this is called ______.

An assumption

Anderson Frost has received a notice that the Arizona Real Estate Commission has denied his application for public report. He is certain that a mistake must have been made and decides to appeal the decision. How long does Anderson have to file his objection?

30 days from receipt of the denial

Who or what entity directs the activities of credit unions?

A board of directors

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.

Also known as "the commissioner's rules," the rules in the ______ hold the weight of the law without actually being the law.

Arizona Administrative Code

There are three sources of Arizona real estate law: the Arizona Administrative Code, the Arizona Revised Statues, and the ______.

Arizona State Constitution

Britta included an appraisal contingency in her offer on Zoe's house, and Zoe accepted the offer. The appraisal came in $4,000 less than the list price of the home. Which of these is NOT an option Britta and Zoe have?

Britta can force the lender to increase the loan-to-value ratio to cover the gap.

Under which of the following types of leases does a tenant rent property with an unfinished interior and agree to complete the construction?

Building shell lease

Which one of these is an example of the doctrine of estoppel?

Corrie shows Marvin several properties and prepares CMAs for each. She assists him in making an offer on one. He becomes difficult to work with, and she then says she's not his agent because they don't have a signed agency agreement.

As part of his lease agreement with his landlord, Alex mows the grass around his apartment building each week in return for a small reduction in rent. What is this an example of?

Covenant

Spring has sprung, and you need to hire someone to clean out the flower beds at an apartment complex. What type of maintenance will be performed?

Custodial

Zoe and Matt just purchased a home in the Shady Acres subdivision. While replacing some windows, they learned that all shutters facing the street must be either dark blue or dark green. This is an example of a(n) ______.

Deed restriction

John and Tara have lived in their home for 23 years and are excited to move to Florida for retirement. As homeowners, what right allows them to sell their home?

Disposition

Which of the following is NOT a type of real property lien?

Disposition

Once compensation for a transaction has been earned, when is it usually paid?

Either at closing or immediately upon client default

How many days after termination of the property management agreement does the property management firm have to provide the owner with a list of all tenant security obligations?

Five

Bob wants an open listing agreement. Why might this not be in Bob's best interest?

He won't get full representation from any one licensee.

Christy found a property that was for sale by owner and made an offer. The seller accepted Christy's offer, but neither of them knew how to proceed. Licensee Zelda helped Christy complete the necessary purchase documents and walked her through the process. What kind of agency exists?

Implied agency

Sander and Ginny bought an old industrial site and plan to get grant money to put an environmental education center on the site. There are a few structures on the property, but they are in disrepair, and it will likely be less expensive to tear them down and build new than to rehabilitate them. However, the new owners are sure that they've made a great investment because the land is in great shape. This reflects which physical characteristic of real property?

Indestructibility

What impact did the Credit Union Membership Access Act of 1998 have on credit unions?

It widened membership criteria.

What is ADWR's responsibility regarding wetlands?

It's involved in protecting the remaining wetlands, and is also working to restore former wetlands.

Property manager Jack just took on a new client. In order to build a good relationship, Jack should _______.

Keep the property owner informed

If a real estate professional discovers that another real estate professional is engaging in discriminatory marketing practices, what action should he or she take?

Make a complaint to the National Association of REALTORS® or to the Department of Housing and Urban Development

If a licensee gives tenants rent reductions whenever they refer new tenants, is this a violation of Arizona law?

No, this is paying finder's fees appropriately according to Arizona law.

Sue Ellen has a contract to buy Roger's house, which she has always admired, when Roger decides he's ready to move to a senior living community. After Roger finds a suitable senior apartment and moves, Sue Ellen writes a check for the agreed-upon amount, and Roger transfers the deed to her. What is happening in this scenario?

Performance

Over the life span of owning a home, homeowners may be able to take advantage of what tax benefits?

Property tax deduction

When a buyer finances a newly built home with a Federal Housing Administration loan, what does the FHA require the builder to do?

Purchase a third-party home warranty to protect the buyer

Kali signed a lease in which an appraisal is performed every three years, and the rent is then adjusted according to percentage of the prior rent. What type of lease is this?

Reappraisal lease

Tempe resident Angela has just signed a lease with landlord Jack. Neither her pet deposit nor her security deposit is listed as nonrefundable. Which of the following is true of this situation?

Since neither deposit is listed as nonrefundable, then it's considered refundable.

Forecasting the income and expenses that we can reasonably expect to bring in and pay out over a short term results in a budget that's every property manager's dream. That budget is ______.

Stabilized

Which of the following is the least specific method for describing a property?

Street address

Which agency applies the "target" designation to a dwelling and has set specific requirements for lead abatement and remodeling of these homes?

The EPA

Kenneth plans to shop around for his mortgage loan to be sure he's getting the best interest rate and terms. What lender-provided document outlines loan rates and fees so he can make comparisons?

The Loan Estimate permits Kenneth to comparison shop.

What does the parol evidence rule say about contracts?

The terms agreed to in a written contract are the only terms relating to that contract.

What are the main ways that license laws ensure consumer protection?

They establish requirements, define activities, and set standards.

Of the following, which is considered a typical accrued adjustment?

Unpaid real estate taxes

What type of measurement is used with three-dimensional shapes?

Volume

In Arizona, homeowners may not need a building permit for their renovation project, but they may need a ______ permit.

Zoning