Chapter 10 Flashcards
Which of the following is FALSE regarding an Affidavit of Disclosure?
A. The buyer has a five-day right to rescind after receipt of the disclosure
B. The disclosure applies if five or fewer parcels in unincorporated areas not located in a subdivision are sold, regardless of property type
C. The Affidavit of Disclosure applies only to residential-zoned property
D. The Affidavit of Disclosure will be recorded with the deed
C. The Affidavit of Disclosure applies only to residential-zoned property
Arizona Real Estate Law states that the Real Estate Commissioner may do each of the following EXCEPT
A. Investigate a written and verified complaint made against a licensee
B. Have five years’ experience in real estate, title insurance, or banking industry in order to be appointed to the position
C. Investigate the action of a licensee at any time
D. Hold an active real estate license while acting as Real Estate Commissioner
D. Hold an active real estate license while acting as Real Estate Commissioner
A real estate license is granted for
A. 1 year
B. 2 years
C. 3 years
D. 4 years
B. 2 years
To qualify as an Arizona Real Estate broker, the candidate must
A. Be a resident of Arizona
B. Obtain a bond
C. First become an associate broker and then a designated broker
D. Have had Real Estate experience for three of the last five years
D. Have had Real Estate experience for three of the last five years
An Arizona Real Estate licensee may not charge for document preparation according to
A. Statute of Frauds
B. Commissioner’s Rules
C. Sherman Antitrust Act
D. Arizona Constitution Article XXVI
D. Arizona Constitution Article XXVI
The Real Estate Advisory Board
A. Will formulate new rules
B. May revoke a salesperson’s Real Estate license
C. Is appointed by the Real Estate Commissioner
D. Will advise and evaluate the Real Estate Commissioner
D. Will advise and evaluate the Real Estate Commissioner
Arizona law defines a subdivision as land that is divided or proposed to be dividing for sale or lease into
A. 6 or more lots regardless of size
B. 6 or more lots of more than 36 acres
C. 6 or more lots less than 36 acres each
D. More than 50 lots
C. 6 or more lots less than 36 acres each
A subdivider must be able to give the purchaser
A. Building permits
B. Permanent access
C. Water rights
D. Perfect title
B. Permanent access
The rules of the Real Estate Commissioner
A. Have the force and effect of the law
B. Are enacted by legislation
C. Are part of the Arizona Revised Statutes
D. Are part of statutory Real Estate law
A. Have the force and effect of the law
Improved subdivided property is defined as a parcel of land
A. That has streets, walkways, and utilities
B. On which a structure has been built or will be within 2 years
C. That has ingress and egress
D. That has been graded and is ready for future development
B. On which a structure has been built or will be within 2 years
Of the following, who is required to have a real estate license?
A. An attorney dealing within his expertise
B. A person buying and selling 4 properties every 12 months
C. An auctioneer auctioning real property
D. A property manager managing one property for one owner
C. An auctioneer auctioning real property
A sale of subdivided land in Arizona is rescindable by the purchaser if it does not include
A. Water rights
B. Title insurance
C. Legal access
D. Warranty deed
C. Legal access
What is the maximum number of lots in a subdivision a person may own and sell without having to apply for a Public Report?
A. 3
B. 4
C. 5
D. 6
C. 5
Once the ADRE publishes a subdivider’s Public Report, assuming there are no material changes, the Public Report is valid for
A. 2 years
B. 5 years
C. 10 years
D. There is no time limit
B. 5 years
Education required for a real estate salesperson’s license includes
A. A four-year college degree
B. 15 hours of undergraduate work
C. 9 hours of Broker Management Clinic courses
D. 90 hours of real estate education
D. 90 hours of real estate education
