More Questions

Contractor license applicants and licensees renewing their license every two years will pay an assessment of no more than

$600

Generally, what's the common range for loan origination fees?

1%-3%

How long do Arizona landlords have to make a minor repair after tenants have notified them?

10 days

A licensed real property appraiser must complete:

150 hours of appraisal courses and associate's degree or 30 hours of college-level education

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 denial

To be considered unsubdivided land, at least how many acres of land must each parcel contain?

36

When receive a notice of a trustee's sale on the property the property, the owner must give the tenant written notice within:

5 business days from receiving notice

Homeowners who don't agree with the county assessor's valuation of their property may file a petition within ______ days of their notice's mailing date.

60

One square mile is how many acre

640

After receiving the public report, the buyer and seller then have _______ business days to enter into a contract for the purchase of the reserved lot.

7

Arizona judgment liens are valid for a period of 10 years from the original entry date. When creditors want to renew a judgment, they can file a lawsuit or an affidavit of renewal of judgment with the clerk of courts. The affidavit must be filed within ______.

90 days

What is an encumbrance?

A defect on a title that can be monetary or physical

Which of these choices is NOT part of the operation plan that CAGRD has to submit every 10 years?

A detailed report on how groundwater is used inside INAs

What record in Arizona is considered sufficient disclosure to owners and potential buyers of property in an airport influence area?

A record, filed by the state or a governing body, of an airport influence area in the recorder's office for each county that has property in the airport influence area

When is the seller paid the full amount of the purchase price for the property?

At closing

Why might appraiser Joan have to reconstruct the operating statement when determining NOI?

Because expenses listed by the accountant aren't always what the appraiser will use

Which of the following is true of professional codes of ethics?

Broad but cannot cover every ethics related situation

Which agency administers the Interstate Land Sales Full Disclosure Act?

Consumer Financial Protection Bureau

On closing day

Deed is recorded, loan is funded, seller receives sale proceeds, and buyer gets the keys.

Which of the following statements about Arizona clients' trust accounts is true?

Designated brokers must open trust accounts and make deposits and disbursements.

Identifying the purpose of the appraisal leads the appraiser to do what next?

Identify data needed

Why are underground storage tanks a potential environmental issue?

If they leak, they may contaminate the surrounding soil and groundwater.

Evelyn received notice of an ADRE audit of her clients' trust accounts. Thank goodness she's a stickler for record keeping. Which three required records has she produced on a monthly basis to keep her in compliance?

Journals, bank statements, and reconciliation report

Most often, what's the first course of action for disputed home warranty claims?

Mediation then arbitration

Shana received a devise from her mother. What might this be?

Mothers farm

Which of the following is the basis for the Clear Cooperation policy?

NAR code of ethics

In a seller-financed transaction are the Closing Disclosure and Loan Estimate required?

No

Brokers in Arizona must record a reconciliation of clients' trust accounts:

Once per month

Licensees with terminated licenses, once the reason for termination has been addressed, must always apply for reinstatement through

Original application

Which of the following lists the three major net expenses associated with commercial leases?

Property taxes, property insurance, common area maintenance

What are the three primary acts that impact mortgage loan disclosure?

RESPA, TILA, and Dodd-Frank

Where can a party reviewing a title commitment find basic details about the transaction?

Schedule A

Steven has made a down payment for a timeshare at the Boulders. After discussing the timeshare with his buddy Josh, who's a real estate professional, he discovered the Boulders didn't have a public report on file with the Arizona Department of Real Estate. What recourse may Steven have?

Steven's sale can be voided and he has a right to rescind the contract.

T or F? Sellers of commercial properties don't have to disclose known hazards, but licensees must. However, only known hazards must be disclosed—not suspected ones.

True

True or False: Attorneys may act as brokers under limited circumstances, but they may not supervise salespeople unless they hold a real estate license.

True

True or False: Property managers who work on behalf of a homeowners association need to be licensed if they engage in property leasing or sales for an individual owner.

True

Appraisers follow what guideline?

Uniform Standards of Professional Appraisal Practice (USPAP)

Which of the following best describes a home equity line of credit?

Used as an open-end account similar to the revolving credit of a credit card from which borrowers can take advances, repay money, and even borrow money again

When may a home warranty be purchased?

When the property is listed or at the time of closing

A(n) _____ septic system mixes air into the tank's water to speed up the waste breakdown process.

aerobic

A covenant is

an agreement or promise made between the lease parties.

Which of the following persons can perform real estate services without a license?

an attorney who sometimes acts as a broker but who does not employ salespeople to work under her supervision

SARA, or the Superfund Amendments and Reauthorization Act created what?

an innocent landowner defense for cleanup sites

What is a special flood hazard area?

area where flood insurance is mandatory

Multiplying the appraised value by the assessment ratio will give you a property's ______.

assessed value

All closing paperwork is signed

before closing

The signature lines on the multi-state Fannie Mae promissory note are set up for ______ to sign.

borrower

Who or what entity has legal title to a financed property in a lien theory state?

borrower

What did the The Civil Rights Act of 1866 provided the right to every U.S. citizen to do?

buy, sell, convey, inherit, and possess property

Arizona HOAs _______ prohibit the use of for sale/rent/lease signage.

cannot

The Equal Credit Opportunity Act is regulated by the ______.

consumer financial protection bureau

Which of the following is a form of commercial bank revenue related to mortgage financing?

demand deposit

In Arizona, who is expected to establish a system for monitoring compliance with statutes, rules, and the brokerage's policies and systems?

designated broker

When conducting an appraisal of lease value, how does the appraiser divide the appraised value?

divided according to the interests as attributed in the lease.

An easement can also be a:

encumbrance

A home equity line of credit (HELOC) is based on the homeowner's available ______.

equity

Vivienne's rent has gone up 12% from last year because of the apartment's increased maintenance costs for the tennis courts and new pool. What type of lease is this?

escalated

Insurance monthly premiums are taken from which account?

escrow

Groups of professionals not listed on the NMLS to validate their license status?

escrow agent

In Arizona, a summary order may be brought against an owner ______.

evidence of unlawful practice

Which type of deed conveys real property from a decedent's estate to a buyer?

executors deed

What happens to any junior liens on the property at a non-judicial foreclosure in Arizona?

extinguised

After issuing a Notice of Immediate Termination—Material and Irreparable Breach to a tenant, what should a landlord do the same day?

file a special detainer action

What are the categories of adjustments?

financing terms and cash equivalency conditions of sale market conditions at time of contract closing location physical characteristics.

How many years of experience does an applicant for a contractor's license in Arizona need to have?

four years' practical or management experience (at least two of which within the last 10 years), with the applicable license classification (or its equivalent), or have a waiver from the AZ ROC

With a per se violation of antitrust law, such as price fixing:

guilt is determined on the face of the evidence

Which of the following is a true statement about credit unions?

have non profit status

Why is it called budget loan when property taxes and property insurance are included in payment?

helps borrowers budget monthly expenses by combining them into one payment

Which form of real property ownership requires four unities to create, gives owners the right of survivorship, and allows co-owners to transfer the equal undivided interest owned to another?

joint tenancy

A ______ is a contractual agreement in which the buyer pays the seller the purchase price over time in a series of installments until the contract has been paid in full.

land contract

What type of provision is standard with either the mortgage or the deed of trust, but is included in the promissory note rather than the security instrument?

late charge

When a mortgage is used as a security instrument, who holds the mortgage and the promissory note?

lender holds the mortgage and the note

The operating budget helps what?

managers maximize profitability and avoid unforeseen major expenses.

Which clause in the listing agreement gives the listing broker the authority and obligates the broker to market the property to other brokers?

multiple listing clause

Which method of involuntary alienation involves accession, accretion, reliction, or avulsion?

natural processes

Of the different rights associated with non-exempt wells

only type 2 rights can be sold separate

Licenses made inactive by revocation will require reinstatement by

original application

Jonathan hasn't paid his property taxes in more than a year. He wants to sell his property and try to move to a smaller home. What can he do in these circumstances?

pay lien or cannot sell

Any project that affects the structure or the electrical, gas, plumbing, or mechanical systems requires:

permit and a licensed contractor to perform the work.

A bequest or legacy is a gift of

personal property

What does the lot and block system use to develop a property's legal description?

plat reference

Joint tenancy requires the four unities of

possession, interest, time, and title to create

Which of the following belongs in a property management plan?

property condition

Acknowledgment is a key element to a deed. Why should a grantee always receive an acknowledged deed?

provides the grantee title protection against other purchasers of the same property from the grantor.

When property changes hands, the deed is recorded. There's a fee for recording. What is the benefit to the grantee of having the deed recorded?

puts public on notice of who owns property

Condominium ownership is ownership of:

real property

Which legal description method is regulated by the U.S. Department of the Interior's Bureau of Land Management?

rectangular government system

In property ownership, what is an undivided interest?

right of each co owner to use the entire property

Which section of a commitment identifies exceptions to title insurance coverage?

schedule b-2

What's the Uniform Commercial Code?

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

What type of lien funds public property improvements?

special assessments

In addition to price fixing, in real estate, antitrust violations include

tie-in arrangements, market allocation agreements, and group boycotting.

Considering where pipelines and utilities can be located and their impact on the overall look in the subdivision are factors of ______.

topography

The ______ was updated in 2016 and allows the EPA the authority to regulate chemical substances.

toxic substances control act

Why do brokerage firms purchase general liability insurance as a risk management method?

transfer risk

Acceptable wordings to include in a trust account title are:

trust account, fiduciary account, or in trust/trustee/fiduciary for (owner or entity name)

Which of these is excluded on a title insurance policy on Martha's property because of the schedule of exceptions?

verbal lease agreement Martha has with her neighbor who leases Martha's garage

A contract that's binding for one party, but gives the other party the choice to terminate is ____________.

voidable

Lack of capacity has made the contract non-binding, so the contract is _____.

voidable