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Real Estate > B2 > Flashcards

B2 Flashcards

0
Q

When the real estate commissioner pays a claim from 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

a. Licensee must pay back the amount the fund paid out

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1
Q

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

A

d. $600,000

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2
Q

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

A

c. Assigning the listing to another salesperson

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3
Q

A real estate brokerage company has 20 listings. The company is sold to another local real estate company. What is true regarding the listings?

a. Listings are automatically transferred to the new company
b. Property owner and new company must sign a new listing
c. Listings remain valid and no action is necessary
d. The real estate department must approve the sale and listing transfer

A

b. Property owner and new company must sign a new listing

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4
Q

How many recovery funds does the Real Estate Commissioner administer?

a. None
b. One
c. Two
d. Three

A

b. One

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5
Q

What is the maximum amount that can be paid on a single claim from the real estate recovery fund?

a. $30,000
b. $35,000
c. $40,000
d. $90,000

A

a. $30,000

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6
Q

If a claim is paid from the recovery fund, the status of the license in question is:

a. Suspended pending investigation
b. Terminated
c. Unaffected
d. Continues with no alteration

A

b. Terminated

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7
Q

A broker may represent a buyer and seller in a real estate transaction and receive a commission from both provided:

a. The broker splits the commission with the cooperating broker
b. The broker orally disclosed to all parties per Statute of Frauds
c. The broker has received written consent from buyer and seller
d. The total payment in commission does not exceed the seller’s full commission paid

A

c. The broker has received written consent from buyer and seller

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8
Q

All of the following apply to the Arizona Real Estate Recovery Fund EXCEPT:

a. File suit within 5 years
b. Obtain a judgement
c. Try to collect on judgement
d. Arizona residency requirement

A

d. Arizona residency requirement

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9
Q

The only person who could NOT recover from the real estate fund is:

a. Buyer
b. Seller
c. Escrow officer
d. Licensee

A

d. Licensee

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10
Q

A broker may collect a commission from both buyer and seller if:

a. Oral approval is given
b. The Commissioner approves
c. Written approval is given before execution
d. Written approval is given after execution

A

c. Written approval is given before execution

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11
Q

Real Estate Recovery Fund is subject to all of the following conditions EXCEPT:

a. The aggrieved party must file suit within five years
b. The Real Estate Commissioner acts as the fund administrator
c. Licensees can claim commissions if their broker declares bankruptcy
d. Arizona has one recovery fund

A

c. Licensees can claim commissions if their broker declares bankruptcy

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12
Q

A claim against the recovery fund CANNOT be filed by:

a. A corporation that was harmed by a licensee
b. A single person that was harmed by a license
c. A husband and wife with expired real estate licenses that were harmed by a licensee
d. An out-of-state party that had earnest money stolen by a licensee

A

a. A corporation that was harmed by a licensee

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13
Q

The relationship between a broker and their salesperson is what type of agency?

a. General
b. Special
c. Ostensible
d. Fiduciary

A

a. General

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14
Q

A special agent can do all of the following for the principal EXCEPT:

a. Show real estate in all areas
b. Handle all real estate for the principal
c. Perform specific duties
d. Present offers and counteroffers

A

b. Handle all real estate for the principal

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15
Q

A broker lists the Wilson’s property, and only Mr. Wilson signs the listing. The broker finds a buyer who is ready and willing to buy the property under the terms of the listing. Mrs. Wilson refuses to sign the sales contract. Which of the following is true regarding the commission?

a. Only Mr. Wilson is responsible
b. Both Mr. and Mrs. Wilson are responsible
c. Only Mrs. Wilson is responsible
d. Neither party is responsible

A

b. Both Mr. and Mrs. Wilson are responsible

16
Q

A listing agreement is known as:

a. A sales contract
b. An agreement to sell
c. A real estate contract
d. A contract for personal and professional services

A

d. A contract for personal and professional services

17
Q

Which of the following listed below would NOT be part of an exclusive buyer-brokerage agreement?

a. Agreement must be in writing
b. Beginning and ending date is required
c. All material terms set forth
d. All signatures notarized

A

d. All signatures notarized

18
Q

When a buyer sings an exclusive buyer-brokerage agreement, the buyer agrees to all of the following EXCEPT:

a. To have one broker represent them
b. To pay the broker a commission if stated in the agreement
c. To be shown properties listed by that brokerage house only
d. Definite beginning and ending date

A

c. To be shown properties listed by that brokerage house only

19
Q

When a buyer enters into a lease-purchase, which of the following is true?

a. The buyer has an option to buy the property
b. The buyer is obligated to buy the property
c. The buyer would have the first right to refuse
d. The buyer would have a life estate

A

b. The buyer is obligated to buy the property

20
Q

After payment has been made from the recovery fund on behalf of a licensee, if the licensee repays the recovery fund, the licensee’s right to reapply for a license:

a. May be denied for an indefinite time period
b. May be denied by the commissioner for a maximum of 5 years
c. May not be denied if the fund has been repaid
d. Will be rejected unless the licensee agrees to obtain a provisional license

A

b. May be denied by the Commissioner for a maximum of 5 years

Real Estate (14 decks)

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