ASREB School Exam Questions with Complete 100% Verified Solutions 2024/2025, Exams of Land Law

Download ASREB School Exam Questions with Complete 100% Verified Solutions 2024/2025 and more Exams Land Law in PDF only on Docsity! ASREB SCHOOL EXAM QUESTIONS WITH COMPLETE 100% VERIFIED SOLUTIONS 2024/2025 When a tenant moves out of a rental unit due to an electrical fire that was not their fault this would be called? Constructive eviction A property manager is considered what type of agent? General agent If a dwelling is damaged or destroyed by fire how many days must the tenant give the landlord to terminate the rental agreement? 14 A real estate broker is normally what type of agent? Special A broker's duty to a third party would be: Honesty An example of involuntary alienation is where title to real estate passes by: Sheriff's deed An option to purchase is what kind of contract? Unilateral Who pays the discount points on a VA loan? Agreement of parties A defeasance clause would MOST likely be found in: A mortgage or trust deed What type of property would have the highest tax rate? Shopping Center What is the priority of property tax liens? Always in first position How many townships are contained in a government survey "check"? 16 The buyer wants and 11% return. The property rents for $1500 per month, and annual expenses are $4000. What is the price the buyer is willing to pay? 127,272 A rental property has a 6 rental units that rent for $700 each per month. Similar property in the area is selling for $700,000. What would be the gross rent multiplier for this type of property? 13.8 The discount points are 3%, which represent $2,700. The buyer down payment is 20%. What is the purchase price of the property? $112,500 Payments on a "Deed of Trust" are due to the: Beneficiary You borrow $90,000 at 9% interest for 20 years. Monthly payment is $900, principal and interest. What is the total amount of interest paid after 20 years? $126,000 What determines the North and South boundaries in a government survey? Baselines To pledge something as collateral in a mortgage is best defined as: Hypothecation The N 1/2 of the NW 1/4 of the SW 1/4 of Section 32 contains how many acres? 20 acres The S 1/2 of the E 1/2 of the SE 1/4 of Section 4, and the W 1/2 of the SW 1/4 of the NW 1/4 of Section 5 contains how many acres? 60 acres When a broker misappropriates funds, this is called: Conversion A septic tank inspection report is valid for... 6 months Which would be considered illegal property management activity? A licensed associate broker managing property directly for an investor Jim earns $75,000 a year. If he receives 75% of the 7% commissions paid to his firm on his sales, what is his monthly dollar volume of sales this transaction contribute to the company? 119,047 Property taxes are $1,525. The first half was paid by the seller. A sale closes Nov. 2nd. What is the debit and credit to buyer and seller on the settlement sheet? $512.57 debit to seller, credit to buyer A lot is originally purchased for $10,500. It is sold at a 20% loss and then re-sold with a 10% commission. What was the net loss on the property? $2,940 What is legal exaggeration called? Puffing Which of the following requires an AZ real estate license? Selling timeshares First in time, first in right The commissioner will deny a public report on a subdivision because of the subdivider's inability to: Deliver clear title When a broker moves their office, the sign must be removed: Immediately A defeasance clause in a Deed of Trust allows for: Cancellation of the lender's claim upon full note payment If you have been given notice of a possible future lien, this lien is probably for: Mechanic's lien To determine grounds ability to allow water to seep through it, what type of test is done? Percolation test Debits to the seller include all of the following EXCEPT: Impound accounts In order to renew a salespersons or associate broker license, you need how many hours of continuing education every two years? 24 The mission of the Real Estate Department is to protect the public by regulating licensees. Which of the following organizations represents the licensees? The National Association of REALTORS Which of the following below could sign a property management agreement? Licensed salespeople with a broker What would not be considered commercial property? Churches A monetary judgment by the court is: An involuntary lien on the personalty and realty of the subject debtor A licensee who has been notified by the Arizona Department of Real Estate that a complaint has been issued, has _______ to respond: 14 Calendar days A salesperson is working for a principal, but the salesperson exceeds the authority that was given in the agreement. The principal does nothing to correct the actions of the salesperson, and the public is lead to believe that the action were with authority. This type of agency is best called: Estoppel In the sale of new homes in a subdivision the on-site real estate licensee typically represents all of the following persons EXCEPT: Buyer Who may accept a commission from an out-of-state broker? The referring brokerage The seller accepts a sales contract, but the close of escrow will be in 90 days. What is the position of the buyer? Legal title A salesperson may enter into a dual agency provided this is: Disclosure to buyer and seller in writing Two people own property and one of them passed away. How was the title held if the heirs receive no interest in the property? Joint tenancy Once recorded, the buyer will receive the deed to the property from: County recorder Who creates community facilities districts? (CFDs) Municipalities