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How does the term " Closing" and "Recorded" relate to a real estate
transaction?
1. Closing is the period of time that the real estate is in escrow
and recorded is when it is payed.
2. Closing is the final step of a real estate transaction when it
is all payed, signed, recorded and the deed is delivered.
3. Recorded is when the deed is placed in escrow and the closing is
the time of your appt. with the title company.
4.Closing is when you sign and recorded is when you pay.
Article 2
Any individual applying for real estate renewal shall complete ______
credit hours in the following categories: Agency Law, Contract Law, Commissioner’s
Standards, Real Estate Legal Issues, Fair Housing, Disclosure, and General
(optional).
1. 18
2. 21
3. 24
4. 27
24 hours (credit) of continuing education is needed for what period
of time?
1. every year
2. every two years
3. every three years
4. every four years
Prior to closing a transaction, a real estate broker shall disclose
what information?
1. Each employing broker who will receive compensation from the
transaction
2. The Buyer...
3. The Seller....
4. The Buyer, seller, and title company...
Article 3
Any person applying for an employing or designated broker's license
shall provide which of the following information?
1. the broker's home address and home telephone number
2. the name and number of the broker’s trust account
3. the name of all salespersons employed by the broker
4. amount of stocks held if greater than 10%
Why can’t two brokers have a similar names? Pick the best answer:
1. because you don’t want to be the same
2. because it could cause conflict or confusion
3. because it is against Federal regulations
4. because the agents won’t know where to go
Article 5
When using a pictorial or illustrative depiction of a property, a salesperson
or broker should:
1. modify photograph to enhance its selling points
2. Identify improvements that are proposed and not in existence
3. Leave out proposed public right of access
4. Not bear a prominent disclosure identifying the nature of the depiction
Article 7
When should a real estate broker disclose compensation received by
licensees?
1. when agents represent a party
2. when agents need the transaction to close
3. when the Buyer and Seller ask
4. before completion of the transaction
Article 8
What is the time frame available to a purchaser or lessee to rescind
or cancel a contract on an unimproved subdivided lot or
unsubdivided land?
1. midnight of the 7th calendar day following the day the purchaser
or lessee executed the agreement.
2.midnight of the 7th calendar day from the date the contract was signed
or 6 months if the purchaser or lessee has a cockroach in his pocket.
3. 6 months and 7 days following the day the purchaser or lessee executed
the agreement.
4. midnight of the 7th calendar day following the day the purchaser
or lessee executed the agreement, or if the purchaser does not inspect
the lot or parcel the purchaser or lessee shall have 6 months to inspect
the lot and unilaterally rescind the agreement.
When a public report is required by a developer, which of the following
is not true.
1. a purchasers signature is required to verify that they have received
the public report.
2. A statement with the following appears at the bottom, "FOR YOUR
PROTECTION, DO NOT SIGN THIS RECEIPT UNTIL YOU HAVE RECEIVED A COPY OF
THE REPORT AND HAVE HAD THE OPPORTUNITY TO READ IT. BY SIGNING THIS
RECEIPT, THE BUYER HAS ACCEPTED THE PUBLIC REPORT AND ACKNOWLEDGES
INFORMATION IT CONTAINS."
3. There are rubber ducks in your pond and they are chattel.
4. The acknowledgement that the report has been given by the seller
and received by the purchaser is required by the Arizona Department of
Real Estate.
Article 11
Salesperson or Broker may not permit or facilitate occupancy in a person’s
real property by a third party without:
1. that person saying it is ok
2. a phone call to the person
3. freewill
4. written authorization from the person
Mary has decided to sell her home. She has listed with John, the licensee
at Gamon Realty. Who may John represent? All are correct except:
1. Buyer
2. Seller
3. Both equally without written consent.
4. Both with prior written consent of all parties.
Article 12 A
In the course of subdividing your 40-acre parcel of land that you bought
two year ago and which has been completely dry ever since you have owned
it, you need not worry about water in any way or any affects of water –
or do you? Which of the following is true:
1. If you have no water on the property in two years there are no water
issues because of the two-year statutes of limitations.
2. Your land is in the desert next to a mountain and there is no way
water could become deep enough to bother any structures so you have no
water issues.
3. The long timers in the area say we never have much rain, so there
appears to be no water issues at all, and you have no reason to disclose
anything about water.
4. You must consult an engineer or a city or county engineer to
certify that there are no water issues and he must do an investigative
survey to determine what water issues there are over a 100-year period.
Article 12 A
A real estate developer of a new subdivision may assure its completion
and maintenance by any of the following EXCEPT:
1. Surety or completion bond
2. An irrevocable letter of credit
3. Land contract of sale
4. Trust or escrow account
Article 12B
To amend a public report, a developer shall submit payment of the applicable
amendment fee and which of the following:
1. The name and address of the development
2. The name and signature of the developer
3. Signatures of all Homeowners in the development
4. A copy of the addendum that is to be recorded
Article 12 B
Except for lots in a platted subdivion, if two or more contiguous parcels
of land are acquired by a single owner, the department shall classify the
lots as ______________ for purposes of subdivision laws.
1. A single parcel
2. Multiple parcels
3. Joint multiple parcels
4. Contiguous multiple parcels
Article ???
Property Interest is:
1. A contract between a buyer and a seller
2. a name used to conduct business other than a person’s legal name
3. a person’s ownership or control of a lot, parcel, development,
etc.
4. a trade fixture, which was left by a business tenant
Who can sell cemetery property intended to be used for cemetery purposes?
A. Any broker
B. Any real estate sales person who has a principal to buy a cemetery
plot.
C. Cemetery broker
D. Funeral home that manages the cemetery.
Cemetery property means all of the following EXCEPT:
A. a cemetery plot including interment rights and burial spaces
B. mausoleum for crypt of vault entombment
C. a crematory or a crematory and columbarium for cinerary internment
D. any burial site for which a person is buried (even in your backyard)
Article 2
All of the following are exempt from the Arizona R.E. licensing statutes
except
A. an attorney acting as an attorney in the performance of his duties
B. Trustee
C. Person bringing the parties together to consummate a sale and
for a commission
D. Person selling their own property
If applying for an original real estate brokers license, the applicant
must
A. have a business license and a real estate license
B. must have at least five years experience as a licensed real estate
person
C. must have three years experience as a licensed r.e. person within
the past five years plus a successfully completed broker licensing course
of study
D. must have three years experience as a licensed r.e. person with
the past five years
Article 3
Each licensed broker will keep records from all real estate transactions
A. the records shall be kept by another broker for five years from
date of sale to buyer
B. the records to be kept in storage in the main office where transaction
took place
C. commissioner must mail everyone involved to open the records
D. the records shall be open at all reasonable times by the commissioner
or his representative.
The broker shall retain all purchase contract at an off site storage
location if
A. the broker provides prior written notification to the commissioner
B. if it is an insured location
C. if the location is approved by the broker
D. if the location is approved by the real estate agents of the office
Article 3.1
In Property management can anyone move in without owner’s or agent’s
permission
A. No, unless they have it okayed by the broker
B. No, unless they have a signed addendum saying it is okay by the
owner or owner’s agent
C. Yes, they can without letting anyone know
D. No, because they would have to re-rent the same property and put
the third party on it.
On termination of the property management agreement, the property manager
shall provide the owner with a list of all security obligations within
A. 35 days
B. on day of termination
C. five days
D. within 75 days
Article 4
The commissioner may require the subdivider to supplement the notice
of intention to subdivide lands and may require the filing of reports to
update the information contained in the original notice of intention to
subdivide lands
A. every two years on the anniversary of the contract
B. periodically
C. annually on the anniversary of the contract
D. none of these
Before offering subdivided lands for sale or lease, the subdivider shall
in writing notify
A. city council
B. state government
C. commissioner
D. mayor
Article 5
The recovery fund established by the real estate commissioner covers
only the following of an aggrieved person:
A. all expenses asociated with a real property transaction
B. the decedant in a transaction
C. Pay the direct out of pocket cost arising from a transaction
including reasonable attorney fees and court costs
D. Triple damages arising from the claim
A licensee acting as a principal or agent in a real estate transaction:
A. has no claim against the recovery fund
B. can claim an amount exceeding his losses by 20%
C. can claim triple damages
D. has the opportunity to recover three
License fees paid to the recovery fund for an original cemetery brokers
license or real estate broker license are:
A. $20
B. $300
C. $40
D. $50
Article 6
Cemeteries shall keep on file records of all documents in connection
with all cemetery plot transactions handled by or through them. The records
shall include all except:
A. sales contract
B. certificates of burial rights
C. certified copy of death certificates of the deceased
D. the records shall include all of the above
Cemeteries located in an area having a population of 50,000 or more
persons within a radium of 15 miles from the center of the cemetery must
deposit with the trustee the sum of _______ money.
A. $10,000
B. $25,000
C. $35.000
D. $50,000
Article 7
Prior to selling unsubdivided land, it is not necessary to do which
of the following:
A. subdivide the parcel
B. notify the commissioner of the owner or owners’ names
C. have a correct legal description of land
D. state provisions of permanent access
What must an owner of an unsubdivided parcel of land first do to sell
five acre parcels?
A. must first be subdivided and roads designated
B. Nothin; it’s OK if it’s a desert parcel
C. Must notify the commissioner in writing of intent
D. Nothing; it does not apply to farms whose lands are contaminated
Article 9
A timeshare plan may be created unless prohibited by:
A. any law or county
B. city or town zoning ordinance
C. regulation to the contrary
D. all of the above
A developer may pay a finder fee to a person who is not licensed pursuant
to this chapter and who owns a timeshare interest in the developer's timeshare
plan if.
A. The finder fee is no more than $500 cash
B. Finder fee does not exceed six hundred dollars in credit or nonmonetary
compensation during any twelve month period.
C. Finder fee of no more than $100 cash is paid after customer purchases
a unit
D. Unlicensed person doesn't claim the amount on any state tax form
Dan
Michael
Jason
SPS 1 Acceptable for Payment
Which one is not an acceptable way of paying for civil penalty fees?
A. Personal hand written checks
B. Money order
C. Certified check
D. Cashiers check
Which of the following is not an accepted form of payment for a licensee
list?
A. credit card
B. certified check
C. cashiers check
D. cash
Which of the following may be accepted for any payment other than for
a licensee list or civil penalty fees?
A. Personal check
B. Money order
C. Certified or cashier check
D. All of the above
SPS 2 Agency Responsibility
What is your fiduciary duty to your client?
A. Reasonable care in obtaining and communicating information that
is material to your client’s interest and relevant to the contemplated
transaction
B. Just us the rule of thumb
C. Take the listing and be done with it
D. You don’t have a responsibility to your client
SPS 3 Attendance Requirement for Credit; Enforcement
A “credit hour” is:
A. 50 minute period with 10 minute break for each sixty minutes
B. 65 minute period uninterrupted
C. 70 minute period uninterrupted
D. 70minute period with 10 minute break for each sixty minutes
An individual applying for a real estate license:
A. Shall complete 75 hours of education
B. Shall omplete 80 hours of education
C. Except for the 27 hour Arizona specific course for out of state
licensees, shall complete 90 hours of education
D. Shall take 24 hours of education
SPS 5 "Contract Writing" Continuing Education Course Taken Before Licensure
The commissioner allows prospective licensees to take, and for approved
real estate schools to offer for credit, the Contract Writing course in
conjunction with and in addition to the ______ hours of required pre-licensure
education.
A. 60
B. 30
C. 85
D. 90
Continuing education is required for real estate license renewal every
two year licensing period. How many hours are required?
A. 24 hours
B. 18 hours
C. 12 hours
D. 10 hours
SPS 6 Disciplinary Actions Published in Real Estate Bulletin
When an administrative action is taken, when will a broker’s name appear
in the real estate bulletin:
A. while it is a pending charge
B. when it has been dismissed
C. when it is contemplated
D. only when the commissioner deems it will encourage appropriate
conduct for other licensees
SPS 7 Disclosure of Licensee's Home Address
Disclosure of the licensee’s home address is permissible:
A. to the public
B. to all other Realtors
C. to governmental law enforcement agencies and to other persons
when required by law
D. to anyone involved in a real estate transaction the licensee
SPS 8 Fair Housing Substitute
A real estate renewal applicant who is engaged exclusively in a specialty
may substitute a course for the mandatory Fair Housing course if:
A. The licensee's business is exclusively in a specialty field in which
fair housing does not apply.
B. The substitute course proposed is more applicable to the licensee's
real estate activities.
C. The licensee provides proof or has previously provided proof of
attendance at a Department-approved Fair Housing course
D. All of the above
SPS 9 Fees for Department Documents
Copies of Department records will be made by the Department personnel:
A. 24 hours
B. 48 hours
C. 3 days
D. as soon as practicable
SPS 11 Investigation of Civil Cases
In the event that a real estate client brings a civil suit against a
real estate broker for whatever the reason, the position of the real estate
department will be which of the following?
A. The Department will investigate to the fullest to find the truth.
B. The Department will do nothing until the court makes a decision.
C. The Department will only investigate to find out if there is enough
cause for the suit.
D. The Department will investigate if it appears possible violations
have occurred based on Arizona Statutes and Commissioner's Rules and Regulations
- not because of the civil suit
SPS 12 Non Commercial Requests to Inspect Department Records
For audit inspections, how many days advance notice is required?
A. 10 days
B. 5 – 10 days
C. 2 – 5 days
D. 30 days
SPS 14 Payment of Commission after License Expiration
Will a licensed salesperson receive commission on a listing signed by
seller on May 1 if his license expired June 30, the house sold July 25,
and closed August 25 if his listing was a six month listing?
A. No. His license expired and he cannot receive a commission.
B. No. The Broker will receive the commission and he will decide what
to do.
C. No. The broker can only pay commission to licensed sales persons
working for him.
D. Yes. The sales person gets the commission if sold before the
listing expires (as long as there is nothing in the Broker's Policy Manual
which state differently.)
Jan took a listing for Sue on May 3, 2000. Jan’s real estate license
expired on August 1, 2000. Sue’s house sold on July 4, 2000 and closed
on August 4, 2000. Does Jan get her commission since her license expired?
A. Yes, Jan gets full commission because her license was duly licensed
at the time of the listing (unless Broker's Office Policy states differently.)
B. Yes, Jan can have her commission after she renews her license.
C. No, Jan can’t have her commission because you cannot collect a commission
per A.R.S. 32-2155 when a license is expired.
D. No, Jan can’t have her commission because her license is expired,
but the broker, with whom Jan is employed, is entitled to a commission.
SPS 15 Recognition of Industry Liaison Councils
The purpose of the Industry Liaison Council shall be limited to meeting
periodically with the commissioner and/or his staff to discuss all of the
following except:
A. to discuss industry concerns
B. to communicate to the Department on ongoing industry activities
C. to advise and recommend changes as the Real Estate Advisory Board
does with the Commissioner
D. to work with the department on items of mutual benefit and interest
SPS 16
A licensee who believes fees charged were higher than required may submit
a written request for a refund of the overpayment. All are true about the
refund request are true except:
A. The request must state why a refund is being requested
B. The request must include a photocopy of the Department issued receipt
for payment of the fees
C. The request shall be submitted to the Real Estate Commissioner
D. The request must be sent to the licensing division director or assistant
director.
SPS 18 Stakeholder Notice List
All of the following statements about the commissioner's stakeholders'
list are true EXCEPT:
A. You can be added to the list by sending in a written request
by email.
B. The list will be a public record.
C. Notifying the Department of change of address will not change your
“address of record” with the Department.
D. There is no charge to have your name removed.
All of the following statements about the Commissioner’s stakeholders'
list are true except:
A. You must file a written request.
B. You must give the Department your address if you desire to be on
the list.
C. You can receive notice by fax.
D. You must have your email address on file with the Department.
SPS 19 Subject Categories for Course Approval (Continuing Education)
A school seeking approval for a course in Contract Law, the majority
of class material relates to which of the following?
A. agency relationships and disclosure
B. contract writing
C. sale of subdivisions
D. time shares
SPS 20 Unlicensed Assistants
An unlicensed real estate assistant may not do which of the following?
A. obtain signatures and discuss legal issues on documents
B. give instructions to maintenance people
C. check daily interest and points
D. set appointments for an appraiser to appraise property
An unlicensed person in a real estate office may not perform which of
the following?
A. set and confirm appointments
B. appear at an open house for an on-site licensee, hand out brownies,
and discuss the property with anyone interested.
C. Obtain signatures on documents
D. Unlock a home for a licensee so they can show a buyer the property.
An unlicensed assistant may perform which of the following?
A. perform a walk-through inspection
B. answer questions relating to a transactional document
C. collect demographic information
D. hold/host an open house without an agent being present.
SPS 22 Unlicensed Activity by a Licensee
An individual who has conducted unlicensed activity for the first time:
A. will be fined $500
B. will be issued a letter, and a copy will be sent to the responsible
employing broker, informing the licensee of the pertinent statutes and
reminding the licensee of the obligation and responsibility to be properly
licensed
C. will get their license revoked
D. will be required to take 30 hours of real estate classes
An individual who has conducted unlicensed activity on second and subsequent
times will:
A. be stripped of his/her license for the minimum of one year.
B. be put on probation for six months
C. shall be subject to disciplinary action. A letter and/or copy
of any order or consent order will be sent to the responsible employing
broker.
D. be subject to disciplinary action which would not include the stripping
of his/her license. In addition a letter and/or copy of any order or consent
order will be sent to the responsible employing broker.
SPS 23 Access to Arizona Real Estate Law Book via the World Wide Web
Each person licensed pursuant to article 32-2123E, whether the license
is active or inactive shall have available for the licensee’s use a current
copy of the department’s statutes, rules and annotations pertaining to
real estate laws. ___________ satisfy the requirement of this statute.
A. Real estate dictionary
B. Unrestricted access to the World Wide Web and thus to the on-line
edition of the Arizona Real Estate Law Book on the Department's Web site
at http://www.re.state.az.us
C. AZ real estate Law Book in hard copy
D. B and C
SPS 24 Electronic Record Keeping
A broker may keep the required transaction and employment records by
electronic means as long as:
A. The licensee pay $250 for finders fees
B. The licensee is filing bankruptcy
C. The records are maintained in a manner allowing reconstruction
in the event of destruction of electronic data
D. The records are stored in legible form.
SPS 26 Continuing Education Disability Program
According to policy, how does a disabled person take continuing education
classes?
A. Request enrollment in the program
B. Listen to audio/video tapes issued by the department
C. List the reasons for not being able to attend regular classes
D. All of the above
SPS 27 Requests for Continuing Education Credit
To be approved for real estate credit, you must:
A. take a correspondence course
B. take a time management or general management course
C. take courses from an approved real estate school and an approved
instructor
D. take private study courses with another licensee
SPS 28 Auction of Real Property
In auctions of real property, an auctioneer is not required to hold
a real estate license unless:
A. he is compensated based upon a percentage of the sale price
B. he runs his own auction business
C. he is paid a flat fee
D. he is paid an hourly wage
SPS 29 Broker's Establishment and Use of Service
Centers
When a broker wishes to establish a real estate service center, it
is only to be used:
A. as a spare place to put extra staff
B. as needed by agents, who work far from the Broker's office or
branch office
C. as a branch office
D. to have parties and meetings
