Quiz
Before a tenant can exercise the self-help for minor defect provision, the tenant must give the owner how many days to cure the defect?
A) 3 days
B) 5 days
C) 7 days
D) 10 days
D) 10 days
If the landlord fails to comply with the rental agreement, the tenant may terminate the lease if the breach is NOT corrected and how many days?
A) 3 days
B) 7 days
C) 10 days
D) 14 days
C) 10 days
If the landlord fails to comply with the rental agreement in matters affecting health and safety, the tenant may terminate the lease if the breach is not correct it and how many days?
A) 3 days
B) 5 days
C) 10 days
D) 14 days
B) 5 days
All of the following are true regarding self help for minor defects except:
A) Tenant must give the landlord 10 days to comply
B) All notices given to the landlord must be in writing
C) Tenant may spend up to 1/2 the monthly rent, or $300, whichever is greater
D) Tenant may deduct work from rent in the amount of twice the rent
D) Tenant may deduct work from rent in the amount of twice the rent
Which of the following below could sign a property management agreement?
A) Unlicensed staff
B) Licensed salespeople with a broker
C) Office manager only
D) Corporate office only
B) Licensed salespeople with a broker
A property manager who collects rents and holds the money for an owner must have which of the following:
A) trust account
B) general account
C) interest bearing general account
D) personal checking account
A) trust account
A property manager has an agreement with a property management company. The management company license expires. Which of the following is true?
A) The agreement is valid for a one year grace.
B) The agreement is suspended until the license is renewed
C) the agreement will terminate when the management company license expires
D) the agreement will continue until the stated expiration date
C) the agreement will terminate when the management company license expires
Who may sign a commission check paid out of a brokers trust account
A) sales person
B) broker
C) sales person or broker
D) company book keeper
B) broker
What is the maximum security deposit allowed by the Arizona Landlord Tenant Act?
A) One month's rent
B) 1.5 month's rent
C) 1.5 month's rent plus last month
D) First and last month's rent plus 1.5 months security
B) 1.5 month's rent
Who must provide the buyer with a homeowner's association rules for a complex having more than 50 units
A) Seller
B) Association
C) Escrow
D) Broker
B) Association
Before the commissioner issues a public report on subdivided land, the subdivder may not:
A) Take lot reservations
B) Enter into a binding contract
C) Advertise the lots for sale
D) Begin lot improvements
B) Enter into a binding contract
All of the following can be used in a developer's public report advertisement EXCEPT:
A) Specific prices
B) A statement which says "The public report is an endorsement of the project"
C) Names of the owners and past history
D) Future plans of the general area
B) A statement which says "The public report is an endorsement of the project"
How long are the real estate exam tests scores valid for?
A) 1 year
B) 2 years
C) 3 years
D) 4 years
A) 1 year
How long does a broker doing sales need to keep records?
A) 2 year
B) 3 years
C) 4 years
D) 5 years
D) 5 years
The commissioner may deny a public report for all of the following reasons except:
A) The property is without ingress or egress
B) The owners have previously declared bankruptcy
C) The owner can't produce perfect title
D) The owner can't produce marketable title
C) The owner can't produce perfect title
All listings must be in writing to be enforceable according to:
A) Arizona Constitution Article XXVI
B) Law of Agency
C) Arizona Revised Statutes
D) RESPA
C) Arizona Revised Statutes
The commissioner has the power to do all of the following EXCEPT:
A) Prescribe rules and regulations
B) Investigate signed written complaints
C) Examine office records
D) Create real estate statutes
D) Create real estate statutes
After passing the real estate exam, a licensee must activate his license within:
A) Six months of the examination date
B) Six months of notification of passing the test
C) One year of the examination date
D) Three years of the examination date
C) One year of the examination date
Unless otherwise specified, a broker is required to deposit earnest monies in escrow or in a trust account:
A) Upon the buyer's acceptance
B) Upon sellers acceptance
C) Promptly by the close of the next business day
D) Within 72 hours of receipt
C) Promptly by the close of the next business day
The commissioner will deny a public report on subdivision because of the subdivider's inability to:
A) Provide buyers with water rights
B) Provide building permits
C) Deliver clear title
D) Provide floor plans
C) Deliver clear title
Who may accept a commission from an out-of-state broker?
A) The referring salesperson
B) The referring brokerage
C) Unlicensed property manager
D) Any individual who made the referral
B) The referring brokerage
If a broker abandons or moves their real estate office and fails to notify the comissioner, which of the following is true, according to Arizona Statutes?
A) They may receive a warning from the Real Estate Department
B) They will be fined $1,000.00
C) Their license will be automatically cancelled
D) They might be fined up to $500.00
C) Their license will be automatically cancelled
A broker receives an oral offer over the telephone. What should they do?
A) Refuse to present it until it is in writing
B) Refuse to present it unless they have earnest money
C) The broker must present the oral offer
D) Tell the buyer that oral offers are illegal
C) The broker must present the oral offer
A licensee may NOT charge for document preparation as a result of which of the following?
A) Rules and Regulations
B) Arizona Statutes
C) Arizona Constitution Article XXVI
D) Law of Agency
C) Arizona Constitution Article XXVI
Which of the following is NOT required for a sales license in Arizona?
A) 90 hours of education
B) 90 days of residence
C) Pass an examination
D) Minimum age
B) 90 days of residence
A broker prepares documents at a cost of $35. Which of the following is true?
A) The broker cannot charge for the service
B) The broker may charge if the parties agree
C) The broker may charge if it is considered an escrow fee
D) The broker may charge if the fee was negotiated
A) The broker cannot charge for the service
What happens when a broker's license expires?
A) The salespeople lose their licenses
B) The salespeople must find another broker
C) The salespeople may continue to work
D) The broker may work for an additional 90 days
B) The salespeople must find another broker
How many brokers can a licensee work for at the same time in Arizona?
A) One at a time, in general real estate
B) Two, with Department approval
C) Two, if he declares he is inactive
D) Two if one is a property manager
A) One at a time, in general real estate
When a complaint is filed against a licensee, which of the following is true:
A) The licensee is automatically suspended
B) The commissioner must conduct an investigation
C) The license is revoked
D) The licensee is suspended until a hearing is held
B) The commissioner must conduct an investigation
When a licensee leaves a broker, the license:
A) Goes with the licensee
B) Is sent to the Real Estate Department
C) Remains on the broker's wall
D) Is automatically terminated
B) Is sent to the Real Estate Department
When the commissioner receives a written complaint against a licensee:
A) The commissioner will automatically suspend the license
B) The commissioner will revoke the license
C) The commissioner will turn the matter over to the courts
D) A hearing will be heled before any suspension
D) A hearing will be held before any suspension
Which of the following would NOT be required to appear on a broker's trust account deposit receipt:
A) Name of the principals
B) Date of deposit
C) Name of the brokerage
D) Deposit breakdown and amount
C) Name of the brokerage
A subdivider employed hostesses to show houses. The hostesses explained the features of the homes and quoted prices and terms. In this instance:
A) Only the broker need be licensed
B) The hostesses are employees and need no license
C) The hostesses must be licensed real estate salespeople
D) As long as the hostesses do not accept deposits and do not write contracts, the hostesses need not be licensees.
C) The hostesses must be licensed real estate salespeople
You buy unimproved land in a subdivision sight unseen. You have how long to rescind the contract?
A) One year
B) Six months
C) Seven days
D) Ninety days
B) Six months
The Arizons Real Estate Commissioner is appointed by:
A) State legislature
B) Governor
C) Popular vote
D) Elected official
B) Governor
Who is responsible for formulating our industry's rules and regulations in Arizona?
A) State Legislature
B) Governor
C) Real Estate Commissioner
D) Attorney General
C) Real Estate Commissioner
When a broker moves their office, the sign must be removed:
A) Within 6 months
B) Within 10 days
C) Immediately
D) Within 30 days
C) Immediately
The right to license real estate agents comes from the:
A) Commissioner
B) State Legislature
C) Municipalities
D) County Government
B) State Legislature
What can a developer do without a Public Report
A) Lot reservations
B) Sales contracts
C) Close escrow
D) Non-refundable deposits
A) Lot reservations
If you do not renew your license on time, your license will be:
A) Suspended
B) Expired
C) Valid
D) Unaffected
B) Expired
When a commission dispute arises between two licensees, their recourse would be to:
A) Appeal to the Real Estate Commissioner
B) Inform the client
C) Seek relief through civil action
D) Appeal to the advisory board
C) Seek relief through civil action
For a licensee to be paid a real estate commission, a license is required:
A) At the close of escrow
B) When all documents are recorded
C) When earnest money is accepted
D) At the time of the sale
D) At the time of the sale