Student Centered Test Questions
"Arizona Real Estate Basics"

Questions

1. What are the additional requirements to become a broker?

1. Must have worked with the same broker for three years.
2. Requires two year’s experience as an associate broker.
3. Three years of active experience as a salesman.
4. Must be appointed by the commissioner.

2. Who administers the real estate exam?

1. Broker
2. Department of real estate contracted provider
3. Sue Jahns
4. Commissioner

1. Candidate
2. Sue Jahns
3. Broker
4. Board of Realtors

1. Yes, with a $90 fee.
2. Yes, with broker permission
3. Yes, with an additional 30 hours of remedial instruction
4. Yes, with a fee of $115.

1. Candidate may immediately sell property for a commission
2. Candidate becomes an independent contractor working under a broker
3. Candidate must immediately complete 24 hours of continuing education
4. Candidate must pass Go and Collect $200

1. A card on which the police department collects your fingerprints
2. A card of your fingerprints at the time of your birth
3. Proof of citizenship
4. A card required to enter Experior’s testing room.

1. Arizona only has licensing agreements with neighboring states.
2. Out of state brokers can do business in Arizona with written permission of the Governor.
3. Arizona does not have any licensing agreement with any other state.
4. Both A and B.

1. Yes, if one of the general partners is an attorney
2. No, only natural persons may receive a real estate license.
3. Only if a corporation was established before 1991.
4. Yes, if one general partner is married to a real estate broker.

1. Yes, as long as they agree that one will handle all contracts.
2. No.
3. Yes, but there will only be one designated broker, commonly referred to as the “DB”.
4. There can be a maximum of two brokers per office.

1. There is only one DB for the entire company.
2. A designated salesperson can be a branch manager if they pass a written test offered by the branch
3. It is not necessary to have a branch manager
4. Only if agreed upon all personnel in the branch office.

1. There are no exceptions.
2. Yes, as long as you are not related to the owner-developer.
3. Yes, as long as you attended real estate school
4. Yes, owner-developer may employ one or more non-licensed people as long as a person is related by marriage.

1. Given written contract by city officials.
2. Owner-developer does not require any educational qualifications or examination by the ADRE.
3. There are no written requirements
4. Owner developer must be a broker.

1. Yes, under certain limitations (cemetery vs. residential)
2. One sales person can never be licensed by any other broker.
3. Only if employing broker is a designated branch manager
4. Yes, if salesperson has over six years of real estate experience.

1. Name, residence, business address, social security number
2. Signature, broker’s name
3. Driver’s license and birth certificate
4. Current residence address and high school diploma

1. Seller is a real estate salesperson or broker in the state of Arizona
2. License status is not required to be disclosed
3. Murder suicide, etc. are required to be disclosed to the buyer
4. Material facts do not have to be disclosed.

1. Yes
2. Not without consulting your employing broker
3. With the consent of any broker
4. None of the above

1. Three years experience as office manage
2. Be licensed
3. Have valid driver’s license
4. B and C

1. Salesperson
2. Licensee
3. Commissioner
4. Broker

1. Show property
2. Answer questions about properties
3. Write advertisements
4. Promote properties by discussing amenities with prospective purchasers

1. Never, this is prohibited by ADRE
2. If employing broker agrees
3. If you have a public report
4. When the property  is below market value

1. 60 days
2. 30 days
3. 15 days
4. 45 days

1. Taxes
2. Contributions from applicants
3. Fiscal budgetary needs
4. Broker’s council

1. Take the broker’s test
2. Apply for inactive license
3. Send the MLS board the license
4. Both A and B

1. Four years from activation date
2. One year from activation date
3. Two years from activation date
4. Never

1. Driving history
2. Credit history
3. Marital status
4. Criminal history

1. be a U. S. citizen
2. be licensed in Arizona
3. Hold a real estate license from another state
4. Show a current driver’s license

1. Activate your license
2. Renew your license
3. Apply for NAR membership
4. Become a broker

1. 27 hours
2. 24 hours
3. 90 hours
4. 12 hours

1. NAR
2. ADRE
3. REBAC
4. REEA

1. Regulate commissions
2. Adopt rules
3. Regulate property prices
4. Regulate escrow companies

1. Real estate brokerage
2. Property management group
3. Corporation engaged in the business of real estate
4. Attorney

1. Apartment rental
2. Mobile home sales
3. Broker’s assistant
4. Assisting in the sale of real estate with expectation of compensation (commission)

1. Be compensate for all rentals
2. Keep accurate advertising records
3. Work under supervision of a broker if more than one unit
4. Provide financing statements for the commissioner

1. Governor
2. Broker
3. Sheriff
4. Commissioner

1. Sale of commercial property
2. Sale of campsites
3. Sale of relative’s property with compensation
4. Individual selling of own property

1. Property manager with one property
2. Bank
3. Executor of a will
4. Out of state realtors

1. Commissioner
2. Arizona Department of Real Estate -  ADRE
3. Department of Realtors
4. Real Estate Education Association

1. 4 members/2 year term
2. 1 member per county/2 year term
3. 9 members/2 year term
4. 9 members/ 6 year term

1. Resident of Arizona
2. Engaged in real estate at least five years
3. Financially interested in any real estate or brokerage firm
4. 3 years administrative experience

1. License is revoked for 10 years
2. Charged $10 per month up to a maximum of $60
3. Charged $12 per month up to a maximum of $720
4. Charged $12 per month up to a maximum of $720

1. License is denied, cancelled, or revoked
2. Pay a $25 bad check fee
3. Amount is automatically deducted off first commission
4. License is unaffected but the ADRE sends a bill

1. Turn out lights at day’s end
2. Responsible for instructing and supervising salespeople
3. Must meet with the commissioner biweekly
4. Responsible for recruiting new licensees

1. Accounting
2. Control of commissions
3. Attending at least 40 hours of renewal classes
4. Must keep designated broker fully informed

1. Licensee
2. Commission
3. Broker
4. Governor

1. Yes, if it’s disclosed
2. Yes, as long as no one knows
3. No, not ever!
4. Yes, if the broker is informer

1. End of escrow
2. Start of escrow
3. Never
4. As soon as practical

1. No
2. Only if somebody asks
3. Yes, by written disclosure
4. Yes, when approved by the broker

1. 21
2. 18
3. 30
4. 17

1. Board of realtors
2. ADRE
   
3. DMV
4. FBI

1. 6 months
2. 1 year
3. 15 months
4. 2 years

1. Case by case basis
2. No waivers granted
3. Waiver by broker
4. Both A and C

1. Conviction of moral turpitude
2. Convicted felon
3. Person with unethical integrity
4. All of the above

1. 90 hours pre-licensing class
2. take a correspondence course
3. to be 18 years of age
4. pass Experior's test
   

1. When receiving compensation from anyone other than the principal
2. When a salesperson owns a book store, which sells real estate books.
3. When a broker shares commission with another broker
4. When salesperson is acting on his own behalf in a sale

1. Class 3 felony
2. Class 4 felony
3. Class 6 felony
4. Class 7 felony

1. In a buyer broker agreement, the buyer is the principal.
2. In a listing the seller is a principal
3. In a rental management agreement, the owner is the principal
4. In a property management agreement, the tenant is the principal

1. Forfeiture of security deposit
2. Client ledgers
3. Date of birth
4. All receipts and disbursements

1. Renew and initial
2. Review within 10 days
3. Delegate responsibility
4. Supervising agents
   

1. The State Departmen
2. U. S. Department of Justice
3. Better Business Bureau
4. Arizona Attorney General

1. Provisions of ARS Title 10 Chapter 2
2. Arizona mirrors Federal Laws
3. Arizona uses “disability” instead of “handicap”
4. Civil Rights Act of 1852

1. Law enforcement officers are to inform prospective buyers of sex offenders in neighborhood.
2. Everyone gets ice cream after closing
3. AZ licensees are obligated to protect home buyers
4. Same as stigmatized property statute

1. Licensee are not allowed to take listing agreements
2. Only with former employer approval
3. Licensee can take or use any brokerage agreements
4. Brokerage agreements are property of the securing licensee

1. Must be in writing
2. Definite beginning and ending date
3. Should disclose to buyer the terms of another offer
4. Must be signed by principal agent

1. Always
2. Never
3. With an attorney’s approval
4. Only if cash is accepted

1. Written consent of both parties
2. Legal in Arizona
3. Verbal acceptance of both parties
4. Fiduciary relationshio

1. The broker feels like it
2. When the wife says so
3. The day the contract is signed
4. With owners’ written consent

1. A lender is representing the principle in one range of matters
2. A property manager is doing the representing
3. A dual agency is involved
4. The agent is empowered to represent the principal in a broad range of matters

1. Sexy brokers
2. Arbitration brokers
3. Cooperative brokers
4. Unlicensed brokers

1. A person who enters into an agreement with a licensee for specific brokerage services
2. The individual who hires and delegates authority
3. A person who enters into a brokerage agreement with an unlicensed agent
4. The person who enters through the door first

1. Agent
2. Customer
3. Client
4. Broker

1. Time frame varies
2. One year
3. Three years
4. Five years

1. Reasonable skill
2. Due diligence
3. Commingling
4. Confidentialiteal

1. Accompanying an appraiser to inspect the property
2. Advise the client to see expert advice for legal questions
3. Responding to telephone inquiries
4. Referring clients to another broker

1. Designated broker
2. Licensee
3. Banker
4. Seller

1. Dates of withdrawals
2. Balance
3. To whom the money belongs
4. Weekly balancing of accounts

1. Stealing
2. Conversion
3. Commingling
4. Stirring

1. Personal phone bill
2. Salaries of employees for brokerage
3. Repairs on rental property
4. Business luncheon

1. Obtain approval from the commissioner to do so
2. Maintain and operate an office in Arizona (notify Commissioner where records are kept)
3. Cancel his active license in Arizona
4. Must spend at least six months of the year in Arizona

1. One inch
2. .5 inches
3. 2 inches
4. no minimum requirement

1. All persons in office
2. Designated broker
3. Broker/salesperson
4. Broker and broker’s spouse

1. Going rate
2. Agency disclosure
3. Brokerage agreement
4. By the seller

1. Verbal notification to the customer
2. Acknowledgment that the agency has been discussed with the consumer
3. Document between the people within the office
4. Document that obligates the buyer/seller to work exclusively with that agenct

1. The opportunity arises
2. The designated broker says it’s ok.
3. The buyer agrees to it
4. With written consent by all parties prior to entering into negotiations

1. Salespeople
2. Real estate office manager
3. Marketing and sales committee
4. Broker

1. Acceptable upon the broker’s permission
2. Prohibited
3. Allowable with all of sales person’s information
4. Missing some information of brokerage

1. Designated broker
2. Fair housing board
3. Brokerage who lists the ad
4. Advertising department

1. When the listing is agreed upon
2. Signatures are given by both spouses
3. Only with the prior written permission of the owner
4. 30 days before close of escrow

1. Administrative secretary
2. Sales person
3. Agent
4. Designated broker

1. Hiring a sales agent from any real estate office
2. Appoint a partner to act as broker
3. Having an approved designated broker
4. Hiring a lawyer

1. At the close of escrow
2. By the next banking day after acceptance
3. Whenever the broker has time to go to the bank
4. Anytime before the close of escrow as long as the funds are kept in a safe place

1. A real estate license
2. Broker’s permission
3. Patience
4. There are no requirements

1. Collect rents
2. Handle repairs
3. Supervise agents
4. Locate tenants

1. Client
2. Mickey mouse
3. Broker
4. Customer

1. Broker
2. Associate broker
3. Licensed sales person
4. Seller’s neighbor

1. Agreement upon request
2. Brokerage agreement
3. Severance agreement
4. Both severance agreement and agreement upon request

1. Listing agreement
2. Buyer-broker agreement
3. Property management agreement
4. All of the above

1. Long listing
2. Open listing
3. Exclusive right-to-sell listing
4. Option listing

1. When disclosed to the buyer
2. When disclosed to the seller
3. When disclosed to both buyer and seller
4. When approved by the broker

1. Customer
2. Client
3. Broker
4. Sales person

1. Written
2. Oral
3. Implied
4. Broker’s instructions

1. James bond
2. Special agent
3. General agent
4. Sue Jahns

1. Net
2. MLS
3. Option
4. Christmas

1. Identify property and terms
2. Description of property
3. Ticket to San Diego
4. Listing term

1. A prospective buyer from falling on seller’s property
2. Seller from scrupulous sales agents
3. Protects the broker from unscrupulous sellers or buyers
4. Buyer from unscrupulous seller

1. Listing agent and principal
2. Girlfriend and husband because wife isn’t home
3. All parties with an interest
4. Only one signature is required to list property

1. Board of realtors
2. Principal
3. Mutual agreement between principal and broker
4. Principal and listing agent

1. Principal signs contract
2. One person is represented in a transaction
3. Agent represents a non-married person
4. Agent represents principal at one time and then goes to customer

1. Telling walk-in about only his listings
2. Faxing MLS listing sheet to call-in looking for property
3. Represent seller of property –honestly and fairly
4. Telling prospective buyer that the seller is going into foreclosure

1. 18
2. 21
3. 16
4. 25

1. Two parties who know the Boston Red Sox won.
2. Two parties are in agreement
3. Seller may be able to void the contract
4. It’s okay to withhold material facts

1. That a Realtor makes the final determination of the price
2. The broker gives legal advice regarding real estate
3. Facts about a property that may affect any consideration to be paid or a purchaser’s decision to buy
4. Sue Jahns’ birthday

1. Due diligence
2. Not exercising reasonable skill and care
3. A statute
4. An honest mistake

1. Buyer
2. Seller
3. Both buyer and seller
4. Broker/salesperson

1. Title insurance policy
2. Deed
3. Installment sales contract
4. Procuring cause

1. Rectangular survey
2. Metes and bounds
3. Lot and block
4. All of the above

1. Buyer’s name
2. Notary stamp
3. Street address
4. Age of seller

1. Lead base paint
2. SPDS
3. Agency disclosure
4. Blue prints of home

1. For the lifetime of the home
2. Until close of escrow
3. Five years
4. Until the subdivision is completed

1. Only upon buyer’s request
2. Never
3. At recordation of the property
4. Before signing of sales agreement

1. None
2. Hire a contractor to fix the problems
3. Void the contract up to three years
4. Sue the commissioner

1. As little as possible
2. Cost of subdividing
3. Blue prints of home
4. If property is adjacent to BLM land

1. Insures buyer in purchasing property
2. Provides information essential to the condition of the property
3. Allows puffing of the property
4. None of the above

1. Three days after signing a contract
2. Prior to or upon contract
3. At the time of settlement
4. Within 24 hours

1. Commercial
2. Agricultural
3. Industrial
4. Residential and vacant land

1. Seller
2. Listing agent
3. Broker
4. Buyer

1. When knowledge of client’s misrepresentation has been made
2. Never liable
3. Only when representing seller
4. Only when representing buyer/seller

1. Transaction is void
2. If seller didn’t disclose, buyer may pursue legal action
3. Seller’s liable for repairs
4. Caveat emptor

1. Both spouses if married
2. Attorney and agent
3. Sales agent
4. Broker

1. Agent should at least show delivery of disclosure
2. Deal will end
3. Go through anyway
4. Agent will lose license

1. No
2. Yes
3. Doesn’t matter
4. Only if there’s a pool

1. Must agree to CC&Rs
2. Size of pool
3. Property can be liened if assessments are not paid
   
4. A and C

1. Only if seller and agent are friends
2. Only if broker is out of town
3. Only if there is no structure on the property
4. It varies by broker

1. Reject offer
2. Dispose of subsequent offers
3. Seller has the right to see all offers
4. File offer

1. One week
2. reasonable time
3. Six months
4. 48 hours

1. Equitable title
2. Equitable deed
3. Equitable interest
4. No interest until closing and docs are recorded

1. Buyer
2. Seller
3. Sales agent
4. Broker

1. Broker
2. Escrow agent/title company
3. Sales agent
4. Seller/buyer

1. Selling agent/forever
2. Buying agent/five years
3. Selling broker/five years
4. Selling broker/seven years

1. Bad location
2. Undesirable appearance
3. Good appearance
4. Undesirable reputation

1. If buyer doesn’t ask, seller doesn’t need to disclose
2. Property automatically condemned
3. Must be disclosed
4. Notify authorities

1. No, but buyer could be directed to the correct source to find out
2. Yes, must disclose material facts – even stigmatized property
3. Only disclose if broker wants you to
4. Yes, if buyer already knows

1. Department of Economic Security
2. Governor
3. Department of Environmental Quality
4. Department of Public Safety

1. Current or former owner who caused a hazardous spill
2. Transporter of hazardous substance who caused the problem
3. A current owner who does not qualify for the “innocent purchaser defense”
4. Broker who sold the property and requested a PHASE I inspection

1. Board of realtors
2. Commissioner
3. Arizona Department of Environmental Quality
4. National Association of Realtors

1. EPA
2. Buyer
3. Seller
4. Party, which is responsible for spill

1. Ground management Act of 1980
2. Doctrine of prior appropriation
3. Article 26 of the Arizona Constitution
4. Arizona Department of Water Resources

1. 30 days after sale
2. 7 days after sale
3. 10 days after sale
4. 10 days prior to close of escrow

1. 50
2. 75
3. 100
4. 150

1. 1978
2. 1912
3. 1992
4. 1982

1. Anyone
2. Licensed person by the state
3. A trained person with five years experience
4. EPA

1. Is obligated to purchase
2. May rescind, in writing, the agreement without penalty
3. Obligate seller to fix defect
4. May lose earnest money

1. 24 hours
2. 30 days
3. immediately
4. 60 days

1. Ignored
2. Complete for GNORW-01
3. Must be communicated to buyer
4. Disclose to broker

1. Any exceeding a period of one year
2. All leases
3. Co-op leases
4. Month to month leases

1. 1
2. 5
3. 45
4. 90

1. One and one half month’s rent
2. $500
3. Twice the deposit
4. Three times the pet deposit

1. Protect transient hotel
2. Protect residents
3. Protect both the landlord and the tenant
4. Protect fraternity and sorority houses

1. Broker
2. Sales person
3. Real estate assistant
4. Office manager

1. Only commercial units
2. If they have 50 or more units
3. Only if they don’t own any rental property
4. If it’s their own property

1. Inheritance if not commingled
2. House purchased while married
3. Husband’s salary
4. Wife’s salary

1. Trustee
2. Wife only
3. Husband only
4. Both husband and wife

1. One
2. Four
3. Two or more
4. Non of the above

1. Revocation of license
2. Felony
3. Misdemeanor
4. Punishable by fine

1. Consumer files complaint against licensee
2. Agent guilty of puffing
3. Agent caught drinking Yagermeister in public
4. Broker fails to pay agent adequate commission

1. Expired drivers license
2. Accepting commission from principle
3. Steering customers
4. Fraud

1. Frivolous complaints
2. Merited complaints
3. Severity complaints
4. All of the above

1. Licensee must fully cooperate
2. Licensee can continue to sell real estate pending investigation
3. License is not required to respond
4. Licensee is not subject to a subpoena

1. 60 days
2. 15 days
3. 120 days
4. 90 days

1. No
2. Yes
3. Depends on preliminary hearing
4. Only if it is a serious complaint

1. $10,000
2. $100
3. $1,000
4. $500

1. 25
2. 10
3. 5
4. 15

1. License is terminated
2. Public notification in local newspaper s
3. Holding of commission compensation
4. License is returned to Real Estate Department

1. License is returned to Real Estate Department
2. Listing agreements remain unchanged
3. New sellers get a discount on commissions
4. Broker may continue to advertise properties for sales people

1. No, as long as the broker doesn’t know
2. Yes, if the police are involved in the complaint
3. No, as long as the broker accepts money from agent
4. Yes, if the broker is unknowledgeable about the specific statute, Commission’s Rule, or Contract Law

1. Bribing the broker
2. Reapplying with the Real Estate Department
3. Retaking the 90 hour prelicensing course
4. You can’t be renewed by any means

1. Yes
2. No
3. Maybe
4. Only in New York

1. The victims association
2. The Estate Recovery Fund
3. Recovery Real Estate Fund
4. Real Estate Recovery Fund

1. Sellers
2. Tax payers
3. Licensees
4. Buyers

1. Licensees
2. Brokers
3. Satisfied sellers
4. Consumers who have suffered loss

1. $10,000
2. $30,000
3. $500
4. $90,000

1. $10,000
2. $30,000
3. $500
4. $90,000

1. Time shares are a fee simple interest
2. Limited to contractual period purchased
3. Buys equitable title
4. Buys in intervals

1. Solicit over the phone
2. Tour premises with customers
3. Engage is sales
4. Earn commissions

1. 1
2. 3
3. 5
4. 7
   

1. Land
2. Cooperative
3. Timeshares
4. Commercial

1. 40
2. 90
3. 80
4. 120

1. Four units and a garage
2. Ten units and a garage
3. 20 units and a garage
4. No specific number

1. What are the additional requirements to become a broker?

1. Must have worked with the same broker for three years.
2. Requires two year’s experience as an associate broker.
3. Three years of active experience as a salesman.
4. Must be appointed by the commissioner.

2. Who administers the real estate exam?

1. Broker
2. Department of real estate contracted provider
3. Sue Jahns
4. Commissioner

1. Candidate
2. Sue Jahns
3. Broker
4. Board of Realtors

1. Yes, with a $90 fee.
2. Yes, with broker permission
3. Yes, with an additional 30 hours of remedial instruction
4. Yes, with a fee of $115.

1. Candidate may immediately sell property for a commission
2. Candidate becomes an independent contractor working under a broker
3. Candidate must immediately complete 24 hours of continuing education
4. Candidate must pass Go and Collect $200

1. A card on which the police department collects your fingerprints
2. A card of your fingerprints at the time of your birth
3. Proof of citizenship
4. A card required to enter Experior’s testing room.

1. Arizona only has licensing agreements with neighboring states.
2. Out of state brokers can do business in Arizona with written permission of the Governor.
3. Arizona does not have any licensing agreement with any other state.
4. Both A and B.

1. Yes, if one of the general partners is an attorney
2. No, only natural persons may receive a real estate license.
3. Only if a corporation was established before 1991.
4. Yes, if one general partner is married to a real estate broker.

1. Yes, as long as they agree that one will handle all contracts.
2. No.
3. Yes, but there will only be one designated broker, commonly referred to as the “DB”.
4. There can be a maximum of two brokers per office.

1. There is only one DB for the entire company.
2. A designated salesperson can be a branch manager if they pass a written test offered by the branch
3. It is not necessary to have a branch manager
4. Only if agreed upon all personnel in the branch office.

1. There are no exceptions.
2. Yes, as long as you are not related to the owner-developer.
3. Yes, as long as you attended real estate school
4. Yes, owner-developer may employ one or more non-licensed people as long as a person is related by marriage.

1. Given written contract by city officials.
2. Owner-developer does not require any educational qualifications or examination by the ADRE.
3. There are no written requirements
4. Owner developer must be a broker.

1. Yes, under certain limitations (cemetery vs. residential)
2. One sales person can never be licensed by any other broker.
3. Only if employing broker is a designated branch manager
4. Yes, if salesperson has over six years of real estate experience.

1. Name, residence, business address, social security number
2. Signature, broker’s name
3. Driver’s license and birth certificate
4. Current residence address and high school diploma

1. Seller is a real estate salesperson or broker in the state of Arizona
2. License status is not required to be disclosed
3. Murder suicide, etc. are required to be disclosed to the buyer
4. Material facts do not have to be disclosed.

1. Yes
2. Not without consulting your employing broker
3. With the consent of any broker
4. None of the above

1. Three years experience as office manage
2. Be licensed
3. Have valid driver’s license
4. B and C

1. Salesperson
2. Licensee
3. Commissioner
4. Broker

1. Show property
2. Answer questions about properties
3. Write advertisements
4. Promote properties by discussing amenities with prospective purchasers

1. Never, this is prohibited by ADRE
2. If employing broker agrees
3. If you have a public report
4. When the property  is below market value

1. 60 days
2. 30 days
3. 15 days
4. 45 days

1. Taxes
2. Contributions from applicants
3. Fiscal budgetary needs
4. Broker’s council

1. Take the broker’s test
2. Apply for inactive license
3. Send the MLS board the license
4. Both A and B

1. Four years from activation date
2. One year from activation date
3. Two years from activation date
4. Never

1. Driving history
2. Credit history
3. Marital status
4. Criminal history

1. be a U. S. citizen
2. be licensed in Arizona
3. Hold a real estate license from another state
4. Show a current driver’s license

1. Activate your license
2. Renew your license
3. Apply for NAR membership
4. Become a broker

1. 27 hours
2. 24 hours
3. 90 hours
4. 12 hours

1. NAR
2. ADRE
3. REBAC
4. REEA

1. Regulate commissions
2. Adopt rules
3. Regulate property prices
4. Regulate escrow companies

1. Real estate brokerage
2. Property management group
3. Corporation engaged in the business of real estate
4. Attorney

1. Apartment rental
2. Mobile home sales
3. Broker’s assistant
4. Assisting in the sale of real estate with expectation of compensation (commission)

1. Be compensate for all rentals
2. Keep accurate advertising records
3. Work under supervision of a broker if more than one unit
4. Provide financing statements for the commissioner

1. Governor
2. Broker
3. Sheriff
4. Commissioner

1. Sale of commercial property
2. Sale of campsites
3. Sale of relative’s property with compensation
4. Individual selling of own property

1. Property manager with one property
2. Bank
3. Executor of a will
4. Out of state realtors

1. Commissioner
2. Arizona Department of Real Estate -  ADRE
3. Department of Realtors
4. Real Estate Education Association

1. 4 members/2 year term
2. 1 member per county/2 year term
3. 9 members/2 year term
4. 9 members/ 6 year term

1. Resident of Arizona
2. Engaged in real estate at least five years
3. Financially interested in any real estate or brokerage firm
4. 3 years administrative experience

1. License is revoked for 10 years
2. Charged $10 per month up to a maximum of $60
3. Charged $12 per month up to a maximum of $720
4. Charged $12 per month up to a maximum of $720

1. License is denied, cancelled, or revoked
2. Pay a $25 bad check fee
3. Amount is automatically deducted off first commission
4. License is unaffected but the ADRE sends a bill

1. Turn out lights at day’s end
2. Responsible for instructing and supervising salespeople
3. Must meet with the commissioner biweekly
4. Responsible for recruiting new licensees

1. Accounting
2. Control of commissions
3. Attending at least 40 hours of renewal classes
4. Must keep designated broker fully informed

1. Licensee
2. Commission
3. Broker
4. Governor

1. Yes, if it’s disclosed
2. Yes, as long as no one knows
3. No, not ever!
4. Yes, if the broker is informer

1. End of escrow
2. Start of escrow
3. Never
4. As soon as practical

1. No
2. Only if somebody asks
3. Yes, by written disclosure
4. Yes, when approved by the broker

1. 21
2. 18
3. 30
4. 17

1. Board of realtors
2. ADRE
3. DMV
4. FBI

1. 6 months
2. 1 year
3. 15 months
4. 2 years

1. Case by case basis
2. No waivers granted
3. Waiver by broker
4. Both A and C

1. Conviction of moral turpitude
2. Convicted felon
3. Person with unethical integrity
4. All of the above

1. 90 hours pre-licensing class
2. take a correspondence course
3. to be 18 years of age
4. pass Experior's test
   

1. When receiving compensation from anyone other than the principal
2. When a salesperson owns a book store, which sells real estate books.
3. When a broker shares commission with another broker
4. When salesperson is acting on his own behalf in a sale

1. Class 3 felony
2. Class 4 felony
3. Class 6 felony
4. Class 7 felony

1. In a buyer broker agreement, the buyer is the principal.
2. In a listing the seller is a principal
3. In a rental management agreement, the owner is the principal
4. In a property management agreement, the tenant is the principal

1. Forfeiture of security deposit
2. Client ledgers
3. Date of birth
4. All receipts and disbursements

1. Renew and initial
2. Review within 10 days
3. Delegate responsibility
4. Supervise agents
   

1. The State Departmen
2. U. S. Department of Justice
3. Better Business Bureau
4. Arizona Attorney General

1. Provisions of ARS Title 10 Chapter 2
2. Arizona mirrors Federal Laws
3. Arizona uses “disability” instead of “handicap”
4. Civil Rights Act of 1852

1. Law enforcement officers are to inform prospective buyers of sex offenders in neighborhood.
2. Everyone gets ice cream after closing
3. AZ licensees are obligated to protect home buyers
4. Same as stigmatized property statute

1. Licensee are not allowed to take listing agreements
2. Only with former employer approval
3. Licensee can take or use any brokerage agreements
4. Brokerage agreements are property of the securing licensee

1. Must be in writing
2. Definite beginning and ending date
3. Should disclose to buyer the terms of another offer
4. Must be signed by principal agent

1. Always
2. Never
3. With an attorney’s approval
4. Only if cash is accepted

1. Written consent of both parties
2. Legal in Arizona
3. Verbal acceptance of both parties
4. Fiduciary relationshio

1. The broker feels like it
2. When the wife says so
3. The day the contract is signed
4. With owners’ written consent

1. A lender is representing the principle in one range of matters
2. A property manager is doing the representing
3. A dual agency is involved
4. The agent is empowered to represent the principal in a broad range of matters

1. Sexy brokers
2. Arbitration brokers
3. Cooperative brokers
4. Unlicensed brokers

1. A person who enters into an agreement with a licensee for specific brokerage services
2. The individual who hires and delegates authority
3. A person who enters into a brokerage agreement with an unlicensed agent
4. The person who enters through the door first

1. Agent
2. Customer
3. Client
4. Broker

1. Time frame varies
2. One year
3. Three years
4. Five years

1. Reasonable skill
2. Due diligence
3. Commingling
4. Confidentialiteal

1. Accompanying an appraiser to inspect the property
2. Advise the client to see expert advice for legal questions
3. Responding to telephone inquiries
4. Referring clients to another broker

1. Designated broker
2. Licensee
3. Banker
4. Seller

1. Dates of withdrawals
2. Balance
3. To whom the money belongs
4. Weekly balancing of accounts

1. Stealing
2. Conversion
3. Commingling
4. Stirring

1. Personal phone bill
2. Salaries of employees for brokerage
3. Repairs on rental property
4. Business luncheon

1. Obtain approval from the commissioner to do so
2. Maintain and operate an office in Arizona (notify Commissioner where records are kept)
3. Cancel his active license in Arizona
4. Must spend at least six months of the year in Arizona

1. One inch
2. .5 inches
3. 2 inches
4. no minimum requirement

1. All persons in office
2. Designated broker
3. Broker/salesperson
4. Broker and broker’s spouse

1. Going rate
2. Agency disclosure
3. Brokerage agreement
4. By the seller

1. Verbal notification to the customer
2. Acknowledgment that the agency has been discussed with the consumer
3. Document between the people within the office
4. Document that obligates the buyer/seller to work exclusively with that agenct

1. The opportunity arises
2. The designated broker says it’s ok.
3. The buyer agrees to it
4. With written consent by all parties prior to entering into negotiations

1. Salespeople
2. Real estate office manager
3. Marketing and sales committee
4. Broker

1. Acceptable upon the broker’s permission
2. Prohibited
3. Allowable with all of sales person’s information
4. Missing some information of brokerage

1. Designated broker
2. Fair housing board
3. Brokerage who lists the ad
4. Advertising department

1. When the listing is agreed upon
2. Signatures are given by both spouses
3. Only with the prior written permission of the owner
4. 30 days before close of escrow

1. Administrative secretary
2. Sales person
3. Agent
4. Designated broker

1. Hiring a sales agent from any real estate office
2. Appoint a partner to act as broker
3. Having an approved designated broker
4. Hiring a lawyer

1. At the close of escrow
2. By the next banking day after acceptance
3. Whenever the broker has time to go to the bank
4. Anytime before the close of escrow as long as the funds are kept in a safe place

1. A real estate license
2. Broker’s permission
3. Patience
4. There are no requirements

1. Collect rents
2. Handle repairs
3. Supervise agents
4. Locate tenants

1. Client
2. Mickey mouse
3. Broker
4. Customer

1. Broker
2. Associate broker
3. Licensed sales person
4. Seller’s neighbor

1. Agreement upon request
2. Brokerage agreement
3. Severance agreement
4. Both severance agreement and agreement upon request

1. Listing agreement
2. Buyer-broker agreement
3. Property management agreement
4. All of the above

1. Long listing
2. Open listing
3. Exclusive right-to-sell listing
4. Option listing

1. When disclosed to the buyer
2. When disclosed to the seller
3. When disclosed to both buyer and seller
4. When approved by the broker

1. Customer
2. Client
3. Broker
4. Sales person

1. Written
2. Oral
3. Implied
4. Broker’s instructions

1. James bond
2. Special agent
3. General agent
4. Sue Jahns

1. Net
2. MLS
3. Option
4. Christmas

1. Identify property and terms
2. Description of property
3. Ticket to San Diego
4. Listing term

1. A prospective buyer from falling on seller’s property
2. Seller from scrupulous sales agents
3. Protects the broker from unscrupulous sellers or buyers
4. Buyer from unscrupulous seller

1. Listing agent and principal
2. Girlfriend and husband because wife isn’t home
3. All parties with an interest
4. Only one signature is required to list property

1. Board of realtors
2. Principal
3. Mutual agreement between principal and broker
4. Principal and listing agent

1. Principal signs contract
2. One person is represented in a transaction
3. Agent represents a non-married person
4. Agent represents principal at one time and then goes to customer

1. Telling walk-in about only his listings
2. Faxing MLS listing sheet to call-in looking for property
3. Represent seller of property –honestly and fairly
4. Telling prospective buyer that the seller is going into foreclosure

1. 18
2. 21
3. 16
4. 25

1. Two parties who know the Boston Red Sox won.
2. Two parties are in agreement
3. Seller may be able to void the contract
4. It’s okay to withhold material facts

1. That a Realtor makes the final determination of the price
2. The broker gives legal advice regarding real estate
3. Facts about a property that may affect any consideration to be paid or a purchaser’s decision to buy
4. Sue Jahns’ birthday

1. Due diligence
2. Not exercising reasonable skill and care
3. A statute
4. An honest mistake

1. Buyer
2. Seller
3. Both buyer and seller
4. Broker/salesperson

1. Title insurance policy
2. Deed
3. Installment sales contract
4. Procuring cause

1. Rectangular survey
2. Metes and bounds
3. Lot and block
4. All of the above

1. Buyer’s name
2. Notary stamp
3. Street address
4. Age of seller

1. Lead base paint
2. SPDS
3. Agency disclosure
4. Blue prints of home

1. For the lifetime of the home
2. Until close of escrow
3. Five years
4. Until the subdivision is completed

1. Only upon buyer’s request
2. Never
3. At recordation of the property
4. Before signing of sales agreement

1. None
2. Hire a contractor to fix the problems
3. Void the contract up to three years
4. Sue the commissioner

1. As little as possible
2. Cost of subdividing
3. Blue prints of home
4. If property is adjacent to BLM land

1. Insures buyer in purchasing property
2. Provides information essential to the condition of the property
3. Allows puffing of the property
4. None of the above

1. Three days after signing a contract
2. Prior to or upon contract
3. At the time of settlement
4. Within 24 hours

1. Commercial
2. Agricultural
3. Industrial
4. Residential and vacant land

1. Seller
2. Listing agent
3. Broker
4. Buyer

1. When knowledge of client’s misrepresentation has been made
2. Never liable
3. Only when representing seller
4. Only when representing buyer/seller

1. Transaction is void
2. If seller didn’t disclose, buyer may pursue legal action
3. Seller’s liable for repairs
4. Caveat emptor

1. Both spouses if married
2. Attorney and agent
3. Sales agent
4. Broker

1. Agent should at least show delivery of disclosure
2. Deal will end
3. Go through anyway
4. Agent will lose license

1. No
2. Yes
3. Doesn’t matter
4. Only if there’s a pool

1. Must agree to CC&Rs
2. Size of pool
3. Property can be liened if assessments are not paid
   
4. A and C

1. Only if seller and agent are friends
2. Only if broker is out of town
3. Only if there is no structure on the property
4. It varies by broker

1. Reject offer
2. Dispose of subsequent offers
3. Seller has the right to see all offers
4. File offer

1. One week
2. reasonable time
3. Six months
4. 48 hours

1. Equitable title
2. Equitable deed
3. Equitable interest
4. No interest until closing and docs are recorded

1. Buyer
2. Seller
3. Sales agent
4. Broker

1. Broker
2. Escrow agent/title company
3. Sales agent
4. Seller/buyer

1. Selling agent/forever
2. Buying agent/five years
3. Selling broker/five years
4. Selling broker/seven years

1. Bad location
2. Undesirable appearance
3. Good appearance
4. Undesirable reputation

1. If buyer doesn’t ask, seller doesn’t need to disclose
2. Property automatically condemned
3. Must be disclosed
4. Notify authorities

1. No, but buyer could be directed to the correct source to find out
2. Yes, must disclose material facts – even stigmatized property
3. Only disclose if broker wants you to
4. Yes, if buyer already knows

1. Department of Economic Security
2. Governor
3. Department of Environmental Quality
4. Department of Public Safety

1. Current or former owner who caused a hazardous spill
2. Transporter of hazardous substance who caused the problem
3. A current owner who does not qualify for the “innocent purchaser defense”
4. Broker who sold the property and requested a PHASE I inspection

1. Board of realtors
2. Commissioner
3. Arizona Department of Environmental Quality
4. National Association of Realtors

1. EPA
2. Buyer
3. Seller
4. Party, which is responsible for spill

1. Ground management Act of 1980
2. Doctrine of prior appropriation
3. Article 26 of the Arizona Constitution
4. Arizona Department of Water Resources

1. 30 days after sale
2. 7 days after sale
3. 10 days after sale
4. 10 days prior to close of escrow

1. 50
2. 75
3. 100
4. 150

1. 1978
2. 1912
3. 1992
4. 1982

1. Anyone
2. Licensed person by the state
3. A trained person with five years experience
4. EPA

1. Is obligated to purchase
2. May rescind, in writing, the agreement without penalty
3. Obligate seller to fix defect
4. May lose earnest money

1. 24 hours
2. 30 days
3. immediately
4. 60 days

1. Ignored
2. Complete for GNORW-01
3. Must be communicated to buyer
4. Disclose to broker

1. Any exceeding a period of one year
2. All leases
3. Co-op leases
4. Month to month leases

1. 1
2. 5
3. 45
4. 90

1. One and one half month’s rent
2. $500
3. Twice the deposit
4. Three times the pet deposit

1. Protect transient hotel
2. Protect residents
3. Protect both the landlord and the tenant
4. Protect fraternity and sorority houses

1. Broker
2. Sales person
3. Real estate assistant
4. Office manager

1. Only commercial units
2. If they have 50 or more units
3. Only if they don’t own any rental property
4. If it’s their own property

1. Inheritance if not commingled
2. House purchased while married
3. Husband’s salary
4. Wife’s salary

1. Trustee
2. Wife only
3. Husband only
4. Both husband and wife

1. One
2. Four
3. Two or more
4. Non of the above

1. Revocation of license
2. Felony
3. Misdemeanor
4. Punishable by fine

1. Consumer files complaint against licensee
2. Agent guilty of puffing
3. Agent caught drinking Yagermeister in public
4. Broker fails to pay agent adequate commission

1. Expired drivers license
2. Accepting commission from principle
3. Steering customers
4. Fraud

1. Frivolous complaints
2. Merited complaints
3. Severity complaints
4. All of the above

1. Licensee must fully cooperate
2. Licensee can continue to sell real estate pending investigation
3. License is not required to respond
4. Licensee is not subject to a subpoena

1. 60 days
2. 15 days
3. 120 days
4. 90 days

1. No
2. Yes
3. Depends on preliminary hearing
4. Only if it is a serious complaint

1. $10,000
2. $100
3. $1,000
4. $500

1. 25
2. 10
3. 5
4. 15

1. License is terminated
2. Public notification in local newspaper s
3. Holding of commission compensation
4. License is returned to Real Estate Department

1. License is returned to Real Estate Department
2. Listing agreements remain unchanged
3. New sellers get a discount on commissions
4. Broker may continue to advertise properties for sales people

1. No, as long as the broker doesn’t know
2. Yes, if the police are involved in the complaint
3. No, as long as the broker accepts money from agent
4. Yes, if the broker is unknowledgeable about the specific statute, Commission’s Rule, or Contract Law

1. Bribing the broker
2. Reapplying with the Real Estate Department
3. Retaking the 90 hour prelicensing course
4. You can’t be renewed by any means

1. Yes
2. No
3. Maybe
4. Only in New York

1. The victims association
2. The Estate Recovery Fund
3. Recovery Real Estate Fund
4. Real Estate Recovery Fund

1. Sellers
2. Tax payers
3. Licensees
4. Buyers

1. Licensees
2. Brokers
3. Satisfied sellers
4. Consumers who have suffered loss

1. $10,000
2. $30,000
3. $500
4. $90,000

1. $10,000
2. $30,000
3. $500
4. $90,000

1. Time shares are a fee simple interest
2. Limited to contractual period purchased
3. Buys equitable title
4. Buys in intervals

1. Solicit over the phone
2. Tour premises with customers
3. Engage is sales
4. Earn commissions

1. 1
2. 3
3. 5
4. 7
   

1. Land
2. Cooperative
3. Timeshares
4. Commercial

1. 40
2. 90
3. 80
4. 120

1. Four units and a garage
2. Ten units and a garage
3. 20 units and a garage
4. No specific number