Real Estate

Lorenzo Cokee · 22問 · 3ヶ月前

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Property management, Appraisal, Financing and development are all

Separate professions within the real estate industry

The term situs refers to?

People prefer certain areas

A REALTOR is best described as an individual who is

A member of The national Association of REALTORS

The term that means no to parcels are exactly alike is

Nonhomogeneity

The contract writing class in Arizona is mandatory and must be taken

Before applying for your real estate license

The Arizona pre-licensing salesperson course can be taken

Online or in a classroom

A physical characteristic of land is

Both B & C

A shopping mall is what type of real estate

Commercial

Bowling alley store, shelves, and restaurant equipment are examples of which of the following

Trade fixtures

Parking spaces and multi unit buildings, water, rights, and similar things of value are classified as

Appurtenancees

Crops are grown land and require annual planting and cultivation are called

Emblements

A church is an example of what type of real estate

Special Purpose

Which of the following is included in the definition of real estate, but not the definition of land

Fixtures on the property

Billy is building a brand new enclosed porch on his home a truckload of lumber that he purchased has been left on his driveway for you and building the porch at this point the lumber is considered to be

Personal Property

The term land is considered to be

Indestructible

Real property can become personal by

Severance

The right to control the use of the property and to Dispose of it by Will or deed are contained in the

Bundle of legal rights

The rights to the space above the ground with vertical planes are best described as

Air rights

The most important economic characteristic of land is

Location

Personal property that now becomes real property is called

Annexation

The person who buys land and then split it into smaller parts as is called a

Subdivider

In Arizona home, inspectors must be licensed by

Arizona State Board of technical registration

In Arizona pest control inspectors must be licensed by

Department of agriculture through pest management division

To aid in the sale of manufactured home on a rental pad in Arizona person must hold

A license from the Arizona Department of housing

Which of the following would be considered an industrial property?

Warehouse

A licensee cannot charge a fee to write a contract based on

Article XXVIof the Arizona Constitution

The Arizona recovery fund must keep a balance of the amount of

600,000 by June 30

Every two years a licensee must have how many hours of continued education

24 hours

Who appoints the real estate advisory board?

The governor

What happens to your real estate license upon payment from the recovery fund?

Terminated

An appointee as AZ real estate commissioner must have how many years of administrative experience

A broker can have how much of their own money in the brokerage trust account

$3000

Which of the following can an unlicensed assistant not do?

Perform a walk-through inspection

In Arizona, how long is the recession on a timeshare sale?

10 calendar days

Error and omission insurance would typically cover the following

Estimating market value

Which of the following persons would be exempt from real estate licensing in Arizona

Property manager of no more than one property

How many members are on the advisory board?

What is the term in office for the real estate commissioner

At the pleasure of the governor

What is the maximum number of hours of continuous education classes can a licensee take in one day

Which of the following is not a category for continued education

Safety

Can a licensee get paid for performing broker price opinion

Yes, if payment is paid to the employee broker

The owner listed her property for sale with a broker when the owner sold her home herself, she didn’t owe anyone a commission based on these facts what type of listing that the broker and the owner most likely have?

Open listing

Death of either the principle or the broker terminates the

Listing contract

The phrase procuring cause is most significant to the seller in relation to a

Exclusive agency listing

A broker has most likely earned a commission in which of the following cases?

The broker has communicated the acceptance of the seller to the buyer

What was the sales price of a property whose owner paid a 6000 commission at a 6% rate?

$100,000

Final decision on a properties listed price should be made by the

Seller

A seller has sold this property to a friend without the services of a real estate broker. The seller still owes the broker commission because the seller signed a

Exclusive right to sell listing

A broker secured a signed offer with the exact terms of the listing, but the seller refused to accept it which of the following statements is true

The broker would still be entitled to his her commission

If two licenses have an issue with their commission, what must they do?

Allow the deal to close

If a buyer backs out of an agreement to buy because he is, she changes his or her mind

All of the above

A broker obtains a verbal exclusive right to sell listing for four months. The listing is usually.

Unenforceable

Who are the parties to a listing agreement?

Seller and broker

What kind of listing agreement is illegal in most states because of the potential for conflict of interest between a brokers fiduciary responsibility to the seller and the brokers profit motive

Net list

A license shall not describe a premium offered and no cost or reduced cost to promote Cell or leasing as a

both A and C

The licensee has how many days to respond to the departments notice of an investigation being initiated

14 days

Who regulates the title insurance companies in Arizona

Arizona Department of insurance

In the typical real estate transaction before a sales contract has been signed by the offeree the earnest money belongs to the

Offeror

A class and a sales contract that requires punctual performance is described as a

Time is of the essence

A contract is said to be bilateral if

All parties to the contract exchange binding promises

Under the statue of frauds, all contracts for the sale of real estate must be

In writing to be enforceable

Buyer James and seller Lindsay have agreed to mutual assent this becomes indicated by

Offer and acceptance

The seller has died before the real estate transaction is close. The contract is considered to be.

Enforceable

Which of the following is an essential requirement for a valid contract?

Competent parties

When buying a home, the amount of the buyers earnest money is determined by

Agreement between buyer and seller

In the typical purchase of a home, the offeror would most likely be the

Mortgagor

The transfer of rights on a contract without the release from obligation by the transferor is known as

Assignment

Which party would a unilateral contract be enforceable against

Optionor

Based on the validity of a contract, which of the following agreements would be considered voidable

A contract without ingress or egress

When both parties to purchase a contract, decide to mutually cancel this is called

Recession

A contract that has been agreed to buy the actions of the parties is called

Implied

The purchase contract states that will purchase a property of John’s wife agrees to the sell by July 18. The wife’s approval is a

Contingency

The failure to me an obligation and real estate contract is best to find as

Breach

Rhonda has a very high interest in purchasing Olivia‘s home in North Scottsdale. Olivia has communicated to Rhonda that if she ever considers to put it on the market For sale that she will offer it to her first this is an example of

Right of first refusal

The buyer and seller have a disagreement based on the terms of contract rather than going to court they agreed to let a third-party make a binding decision. After hearing all the facts. This is called a

Arbitration

What law gives real estate licenses in Arizona the right to draft contract without charging for those services

Article 26

In Arizona, the designated broker must review all contracts and how many days

10 business days

In Arizona, how many years are transaction records kept from completion of the transaction?

5 years

Arizona rejected offers are kept for how many years

1 year

A class any contract that states the buyer will pay certain amount of money over the highest offer seller receives

escalation escalator clause

An easement is most likely terminated by

Abandonment

Which of the following statements is true?

All liens are encumbrances

A homeowner may be allowed certain protection from judgments of creditors, by which of the following

Homestead rights

The right of property owners that border non- navigable waterways, such as rivers are called

Riparian rights

Which of the following must be present for an appurtenant easement to exist?

To adjacent parcel, two owners

A 100 year-old woman died in a nursing home. She had outlived all of her relatives and had no written well what happens to her $300,000 estate

It’s escheats to the state

Mr. Grao built a fence that extended beyond the boundary of his property onto his neighbors property. This is an example of.

An encroachment

Josephine has permission from Ryan to hike on his property during the summer months. Josephine has a.

License

A property was deed to a buyer with a stipulation that it can only be used for residential purposes conveyes a

Difeasible fee estate

Betty has a lease that began on July 1, 2023 and ended on July 31, 2023. What type of lease state did Betty have?

An estate for years

When land is to be condemned under the power of eninment domain, which of the following must apply?

the taking must be for public use

Which of the following does police powers include?

zoning ordinances

Which of the following is an example of a freehold estate?

fee simple estate

Bob conveyed a property to Judy for the rest of her life. Once Judy dies the property will automatically got to Brenda. This is an example of a

life estate in remainder

A license is an example of

temporary use right

Jake has been crossing over Benny’s land to get to the lake for over 10 years without Benny’s permission. Jake can acquire the legal right to use by which of the following.

Eastment by prescription

Arizona surface water doctrine is called

Prior appropriation

Can an association prohibit the installation of solar energy devices

An association can adopt a reasonable rules regarding the placement of solar devices

Donna lives in a subdivision and has hired Rhonda to list her house. Can Donna HOA restrict the placement of a for sale sign in the front of the home

No, an association must allow the placement of a for sale sign

100

The one common element that both Tenancy in common and joint Tenancy share is

Possession

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EALIC

22問 • 3ヶ月前

Lorenzo Cokee

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Lorenzo Cokee · 8問 · 3ヶ月前

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8問 • 3ヶ月前

Lorenzo Cokee

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