Quiz
A public report will be denied a developer for all of the following reasons EXCEPT?
A) Failure to deliver marketable title
B) Not providing detailed floor plans
C) Misrepresenting the suitability of the property as a homesite
D) Lack of financial ability to complete the project
B) Not providing detailed floor plans
When the designated broker is away on a temporary absence, all of the following are true except:
A) Temporary absence must be for 30 days or less
B) A salesperson can be appointed as a designated representative.
C) The temporary absence relieves the designated broker of responsibility
D) Written evidence of a designated representative must be kept for one year.
C) The temporary absence relieves the designated broker of responsibility
Which applies to the Statute of Frauds
A) All leases need to be in writing
B) Defines misrepresentation
C) Enforceable real estate contracts must be in writing
D) All personal property contracts must be notarized
C) Enforceable real estate contracts must be in writing
Which of the following need a real estate license?
A) Person giving information about a subdivision
B) Receiver in bankruptcy
C) Trustee handling a trust
D) Attorney-at-law in the course of business
A) Person giving information about a subdivision
The commissioner can refuse to issue a subdivision public report because:
A) The commissioner fears the subdivision will not be economically profitable
B) The subdivider has previous fraud convictions
C) The subdivider fails to provide floor plans
D) The commissioner fears the properties have no real value
B) The subdivider has previous fraud convictions
In Arizona, the right of the licensee to prepare certain legal documents and forms comes from:
A) U.S. Constitution
B) Federal law
C) Arizona Constitution
D) Local ordinance
C) Arizona Constitution
A subdivider must be able to give the purchaser:
A) Building permits
B) Permanent access
C) Water rights
D) Perfect title
B) Permanent access
What can't the real estate commissioner do in the normal line of work?
A) Check files of licensee
B) Hold an active real estate license
C) Hire and fire Department of Real Estate Department employees
D) Revoke a real estate license
B) Hold an active real estate license
If a buyer buys a parcel of land in which a public report was required but was not issued, the buyer may void the sale within:
A) 1 year
B) 2 years
C) 3 years
D) 5 years
C) 3 years
All of the following are required for a real estate brokerage EXCEPT:
A) Having a general trust account
B) Maintaining day-to-day control of the business
C) Using the brokerage name in all advertising
D) Appointing a manager to each branch office
A) Having a general trust account
Which of the following statements is true regarding the broker's sales trust account?
A) It may contain up to $3,500 of the broker's personal funds
B) The broker may not pay other bills with the property management trust money
C) The salesperson can be a signatory on the account
D) All trust accounts must be bonded
C) The salesperson can be a signatory on the account
In order to renew a salespersons or associate broker license, you need how many hours of continuing education every two years?
A) 12
B) 16
C) 18
D) 24
D) 24
Which is NOT the responsibility of a real estate agent
A) Inform the real estate department of change of address in 10 days
B) Do whatever the broker says
C) Turn earnest money over to the broker
D) Act as a subagent
B) Do whatever the broker says
Which of the following is NOT true regarding a broker's sales trust account?
A) It may be interest-bearing
B) The salesperson may be an authorized signatory
C) The salesperson may withdraw trust money to pay commissions
D) A trust account may containt $3,000 of the broker's personal funds
C) The salesperson may withdraw trust money to pay commissions
Which of the following is NOT required of a real estate broker:
A) Keep a copy of all contracts for 5 years
B) Have day-to-day control of the operation
C) Maintain a neutral trust account
D) Approve advertising material before publication
C) Maintain a neutral trust account
An active licensee's license:
A) May be kept in the licensee's possession
B) Must be on file with the broker
C) Must be kept on the licensee's person
D) Remains with the state
B) Must be on file with the broker
When a broker is charged with an administrative fine, the amount of the fine is up to:
A) $100
B) $500
C) $1,000
D) $5,000
C) $1,000
A temporary broker's license can be obtained by another party for all of the following EXCEPT:
A) Broker dies
B) Broker declared insane
C) Broker injured
D) Broker is on an extended vacation
D) Broker is on an extended vacation
A subdivision public report would be required on all of the following properties EXCEPT:
A) Residential timeshare
B) New home sales
C) Apartments converted to condos
D) Commercial lots
D) Commercial lots
Upon conviction of a felony or misdemeanor, a licensee must notify the real estate department within::
A) 3 days
B) 7 days
C) 10 days
D) 14 days
C) 10 days
Which of the following listed below would be a violation of the commissioner's rules?
A) Arizona broker paying a referral fee to an out-of-state broker
B) Inducing a party to breach a contract
C) Opening an interest-bearing trust account
D) Representing both buyer and seller in transaction with informed consent
B) Inducing a party to breach a contract
Which is FALSE about a purchase contract if the buyer does not receive a public report?
A) The buyer may void the contract but will lose their deposit
B) The buyer is not obligated to go through with the purchase
C) The buyer has a voidable contract for 3 years
D) The buyer is not receiving full protection
A) The buyer may void the contract but will lose their deposit
Who may initial a purchase contract per commissioner's rules?
A) Any office manager
B) Designated or delegated associate broker
C) Salesperson
D) Office employees
B) Designated or delegated associate broker
To act as a temporary broker, which of the following is NOT true?
A) The temporary broker must hold an associates broker's license
B) The temporary broker may be appointed by the real estate department
C) The temporary broker may be a spouse of the deceased broker
D) The temporary broker may obtain the temporary license from the real estate department
A) The temporary broker must hold an associates broker's license
When a sales license has expired and is now being renewed, the late charge would be:
A) A graduated monthly fee
B) Three times the license fee
C) Two and one-half times the license fee
D) Up to $100.00 penalty
A) A graduated monthly fee
The real estate commissioner may do each of the following EXCEPT:
A) Hire and fire Real Estate Department Employees
B) Look at the broker's books at any time.
C) Formulates rules and regulations
D) Immediately revoke a real estate license on a complaint of fraud
D) Immediately revoke a real estate license on a complaint of fraud
You have 30 acres and want to make six 5-acre lots. Which of the following is true?
A) A public report is required
B) A public report is not required on resale
C) A public report is not required due to size
D) A public report is only required if you improve the lots
A) A public report is required
A public report is to be given to a buyer:
A) Before the buyer signs the contract
B) Within 3 days of signing the contract
C) Within 7 days after signing the contract
D) Within 6 months after signing the contract
A) Before the buyer signs the contract
When a public report is issued on a timeshare project, which of the following would NOT be included in the report?
A) Market value of the project
B) Names of owners and developers
C) Condition of the title
D) Association fees to be paid
A) Market value of the project
The real estate advisory board is appointed by:
A) Commissioner
B) State legislatore
C) Governor
D) Popular election
C) Governor
A verbal lease of one year would be:
A) Void
B) Voidable
C) Valid
D) Unenforceable
C) Valid
When a real estate license is required to be renewed; it is done:
A) By the last day of the month
B) At the beginning of the month
C) On the date issued
D) On the licensee's birthday
A) By the last day of the month
Real estate commissions are set by:
A) Custom
B) Negotiation
C) Multiple Listing Service
D) Realtor association
B) Negotiation
A salesperson receives an offer on a property of another listing broker. the salesperson cannot contact the listing broker within 24 hours. What must the salesperson do?
A) Request the seller give the salesperson written authorization to present the offer
B) Mail the offer back to the buyer.
C) Submit the offer to the seller immediately
D) Hold the offer until the salesperson can contact the listing broker
A) Request the seller give the salesperson written authorization to present the offer
The buyer of a lot located within a subdivision may rescind the sale if the lot does NOT have which of the following?
A) Permanent ingress and egress
B) 100-year water supply
C) Warranty deed
D) Lots where structures will be built within 2 years
A) Permanent ingress and egress
How long does a developer keep a receipt of having given a public report to the buyer?
A) 6 months
B) 12 months
C) 5 years
D) 5 years
C) 5 years
What is the rescission time when a party purchases a timeshare?
A) 3 days
B) 7 days
C) 6 months
D) No rescission exists
B) 7 days
If an individual practices real estate without a license, this would be considered a:
A) Class 6 Felony
B) Class 3 Felony
C) Class 1 Misdemeanor
D) Class 3 Misdemeanor
A) Class 6 Felony
Which of the following would NOT be included in a public report?
A) Names of the developers
B) Access to utilities
C) Legal description
D) Market value
D) Market value
According to Real Estate Law, an improved lot would be:
A) A lot with utilities
B) A lot with streets and servers
C) A lot that has been subdivided
D) A lot where a structure will be built on the lot within 2 years of contract.
D) A lot where a structure will be built on the lot within 2 years of contract.
If a broker does not notify the real estate department of a branch office closing, which of the following is true?
A) Administrative fee of $500 is assessed
B) Administrative fine of $1,000 is assessed
C) License is suspended for one year
D) Payment will be ordered from the recovery fund
B) Administrative fine of $1,000 is assessed
The taking of lot reservations before a public report is issued does NOT apply to:
A) A subdivided lot with a model home on it
B) Unimproved subdivided lots
C) Improved industrial lots
D) Unsubdivided lots
C) Improved industrial lots
Timeshare units in Hawaii are being offered for sale or lease in Arizona. The developer may be required to do all of the following except:
A) Secure an Arizona Public Report
B) Secure a special use permit
C) Pay expenses of Department of Real Estate to go and inspect the timeshare project
D) Prove that the units have been approved by the state of Hawaii
B) Secure a special use permit
A broker goes on a cruise for ten days. Who can be left in charge?
A) Any unlicensed employee
B) Any real estate licensee employed by the broker
C) Only a real estate salesperson
D) Any corporate officers
B) Any real estate licensee employed by the broker
How many licensees does it take to open branch office?
A) One
B) Two
C) Three
D) Four
A) One
A license is renewed every:
A) 1 year
B) 2 years
C) 3 years
D) 4 years
B) 2 years
How many members are on the Real Estate Advisory board
A) 3
B) 6
C) 7
D) 10
D) 10
As of June 30th of any year, the real estate recovery fund must maintain a balance of _____ to avoid additional fees to licensees:
A) $200,000
B) $250,000
C) $300,000
D) $600,000
D) $600,000
When the real estate commissioner pays a claim for the recovery fund, which of the following is true before a licensee may obtain a real estate license once again?
A) Licensee must pay back the amount the fund paid out.
B) Licensee must work under probation for one year
C) Licensee will have a limited license for one year
D) Licensee must ask permission from the court to reinstate the previous license
A) Licensee must pay back the amount the fund paid out.
When a broker secures a listing, which of the following actions would NOT require the owner's approval?
A) Placing a sign on the property
B) Advertising the property for sale
C) Assigning the listing to another salesperson
D) Assigning the listing to another brokerage firm
C) Assigning the listing to another salesperson