Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

AZ Real Estate Sales Licensing Exam Prep > AZ Real Estate - Law Of The RE Business, Rules & Regs Of RE Dept - B1 > Flashcards

AZ Real Estate - Law Of The RE Business, Rules & Regs Of RE Dept - B1 Flashcards

0
Q

Duties of Commissioner

A

Formulation of Commissioners rules, issuing RE licenses, investigate licensees, administer RE recovery fund

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
1
Q

Real estate commissioner is appointed by

A

Governor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Real estate advisory board is appointed by

A

The Governor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Real Estate Board has how many members?

A

9

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Article 26 requires _____ and permits_____.

A

all RE contracts to be in writing and permits brokers and agents to prepare all docs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

A RE sales license is valid for?

A

24 months

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

RE exam scores are valid for?

A

1 year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Salesperson must renew license?

A

Every 2 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

____ hours of continuing education are required every two years.

A

24

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Subdivider has hostesses showing houses. Telling price and terms. Hostesses must be

A

Licensed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Timeshare must give Public report w/

A

12 or more intervals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

How many days does employing broker have to return terminated salesperson license to Dept of RE?

A

10 days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Affidavit of Disclosure

A

Buyer has 5 days to rescind after receipt of disclosure
Disclosure applies if 5 or fewer parcels in unincorporated areas not located in subdivision are sold regardless of property type
Affidavit of disclosure is recorded w/ deed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

RE license granted for?

A

2 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Leasing agent cannot accept

A

commission on sales of apts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

To qualify as AZ broker candidate must

A

Have had experience in 3 of last 5 years.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Statute of Frauds created to prevent

A

Perjury

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

AZ real estate licensee must not charge for doc prep per

A

AZ Const Article 26

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What does not have to be in writing

A

Agreements btw 2 brokers to divide commission and lease of a year or less but lease begins at oral agreement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

When advertising property what must be in ad

A

Brokerage firm or broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Salesperson gets earnest money and does what?

A

Gives it to broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Brokers must keep records of all transactions for?

A

5 years from termination of transaction.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

RE advisory board

A

Advises and evaluates the commissioner.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

AZ law says subdivision is

A

6 or more lots of less than 36 acres each

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

When broker and salesperson cannot resolve dispute they can

A

Bring an action in court

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

When buyer purchases a parcel of unimproved land what is his right to rescind?

A

7 day unilateral right to rescind if he has seen property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Once applicant passes RE exam, applicant must obtain active or inactive license

A

Within 1 year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

A subdivider must give purchaser

A

Permanent access

28
Q

If you do not renew your license it will be

A

Expired

29
Q

When broker is charged an admin fine the amt is up to

A

$1,000

30
Q

Improved subdivided property is defined as parcel of land

A

On which structure has been built

31
Q

Who is responsible for formulating commissioners rules?

A

RE Commissioner

32
Q

Max amt of personal $ a broker can keep in trust acct?

A

$3,000

33
Q

Who may accept a commission from an out of state broker?

A

The referring brokerage

34
Q

If a broker abandons or moves their real estate office and fails to notify the commissioner, what happens?

A

Their license will be automatically cancelled.

35
Q

How long does a broker doing sales need to keep records?

A

5 years

36
Q

All listings must be in writing to be enforceable comes from?

A

AZ Revised Statutes

37
Q

The Commissioner cannot…

A

Create RE statutes

38
Q

Broker required to put earnest monies in escrow or trust acct when?

A

By the close of the next business day

39
Q

Broker gets oral offer over phone. What should she do?

A

Present the oral offer

40
Q

Licensees cannot charge for doc prep because of?

A

AZ Constitution Article 26

41
Q

What happens when a broker’s license expires?

A

Salespeople must find another broker

42
Q

What is not needed on broker trust account receipt?

A

Name of brokerage

43
Q

You buy land in unimproved subdivision sight unseen. How long do you have to rescind?

A

6 months

44
Q

Who is responsible for formulating our industry rules and regs?

A

Real Estate Commisioner

45
Q

Broker moves office sign must be removed?

A

Immediately

46
Q

Right to license RE agents come from?

A

State Legislature

47
Q

What can a developer do without a Public Report?

A

Lot reservations

48
Q

Don’t renew your license on time. It is?

A

Expired

49
Q

Commissioner can refuse to issue public report because..

A

Subdivider has previous fraud convictions

50
Q

Right of licensee to prepare certain docs comes from?

A

AZ Constitution

51
Q

Subdivider must be able to give purchaser?

A

Public access

52
Q

If buyer buys land where public report was required but not issued, buyer may void sale within?

A

3 years

53
Q

In order to renew license need___hrs continuing Ed?

A

24 hours

54
Q

Broker subdivision report not needed on?

A

Commercial lots

55
Q

When public report not needed sometimes need Affidavit of Disclosure. When?

A
  1. Property in unincorporated area (not in a city or town)
  2. Property is NOT in subdivision
  3. Five or fewer parcels are involved in transaction
  4. All property affected - office buildings, farms, factories, stores, houses, raw land
56
Q

Who may initial purchase k?

A

Designated broker or delegated associate broker

57
Q

When sales license expires and is now being renewed, late charge would be

A

A graduated monthly fee

58
Q

A public report should be given to buyer before?

A

Buyer signs the contract

59
Q

If buyer does not get public report before signs purchase contract, buyer…

A

Is not obligated to go through w/ purchase.
Buyer has void able contract for 3 years.
Buyer is not receiving full protection

60
Q

The real estate advisory board is appointed by the

A

Governor

61
Q

A verbal lease of one year is?

A

Valid

62
Q

Salesperson gets offer on property of another listing broker but cannot contact listing broker w/I 24 hours. Salesperson should?

A

Request seller give salesperson written authorization to present offer

63
Q

How long milestone developer keep receipt showing he gave public report to buyer?

A

5 years

64
Q

If broker does not notify RE Comm of office closing what happens?

A

Admin fine of $1,000 is assessed

65
Q

Taking of lot reservations before a public report is issued does not apply to?

A

Improved industrial lots

66
Q

Broker goes on vacation for 10 days. Who can be left in charge?

A

Any RE licensee employed by broker

67
Q

How many members on Real Estate Advisory Board?

A

9

AZ Real Estate Sales Licensing Exam Prep (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions