B-1 Law of the Real Estate Business

Question 1

What are the three branches of government?

Answer 1

Legislative, Judicial, and executive.

Question 2

Does a real estate sales license allow you to collect a commission from your client?

Answer 2

No, License must be hung with a broker

Question 3

May a licensee work for more than one designated broker at the same time?

Answer 3

No, one broker at a time in Arizona. Designated broker in charge.

Question 4

May a salesperson share a real estate commission with another salesperson?

Answer 4

No, commissions must go to broker and then be divided among salespeople.

Question 5

How are real estate commissions determined?

Answer 5

Negotiated

Question 6

Arizona constitution Article XXVI

Answer 6

Realestate agents can prepare all documents, and can charge nothing.

Question 7

How soon must one notify of a change of address?

Answer 7

10 days

Question 8

Real estate commissioner is appointed by the governor, what qualifications must one have

Answer 8

5 years experience in Real estate, banking, title or escrow, and 3 years Administrative (times may overlap)

Question 9

The real estate commissioner’s legal advisor is?

Answer 9

The states attorney general.

Question 10

How many members are appointed to the real estate advisory board?

Answer 10

10

Question 11

How often must the State’s Real Estate Board meet

Answer 11

minimum every quarter.

Question 12

The person appointed by a power of Attorney is know as?

Answer 12

Attorney- in fact

Question 13

Does a residential leasing agent need a license

Answer 13

Not if they only manage 1 residential or commercial property.

Question 14

How many years experience does one need to be a broker

Answer 14

3 of the last 5 years to apply for broker.

Question 15

How many hours of continuing education is required to maintain real estate license?

Answer 15

24 hours.

Question 16

Is there a grace period for an expired license

Answer 16

Yes, 1 year

Question 17

How long can a broker be absent in a temporary absence

Answer 17

30 days

Question 18

How long must transaction records be kept

Answer 18

5 years from termination of contract

Question 19

Subdivided land

Answer 19

6 or more lots, improved or unimproved any of which are less than 36 acres

Question 20

Un-subdivided land

Answer 20

6 or more lots improved or un-imroved any of which are 36 acres, but less than 160.

Question 21

Improved land

Answer 21

Has a building, or will have a building within 2 years.

Question 22

Plat map

Answer 22

Shows street and lots.

Question 23

For a time share a public report is required when?

Answer 23

There are 12 or more units of time sold.

Question 24

Right of recession in a time share deal is?

Answer 24

7 days for buyer only.

Question 25

The statute of frauds was brought into being to prevent:

Answer 25

Perjury

Question 26

A subdivider must be able to give the purchaser

Answer 26

Permanent access