Commissioners Rules

Question 1

The rules of Arizona State Real Estate Department have the force and effect of law. True or false?

Answer 1

True

Question 2

All real estate listed for sale by a broker shall be advertised in the name of who?

Answer 2

The principal license broker

Question 3

When a salesman receives earnest money from the buyer, what does he do with it:

Answer 3

Gives it to his broker promptly

Question 4

How many days does an employing broker have to notify the Department after a licensee he leaves his employ:

Answer 4

10 days

Question 5

How long does someone have to rescind the contract if he buys unimproved land without inspecting the property prior to executing the purchase contract?

Answer 5

6 months

Question 6

As a public report is given to a prospective purchaser by a subdivider, what must the subdivider do?

Answer 6

Get a receipt for it

Question 7

A franchise is:

Answer 7

A type of business operation

Question 8

To get a broker’s license in Arizona, one of the qualifications is three years actual experience as a licensed salesperson. Actual experience means?

Answer 8

Functioning as a licensee as the applicants principal occupation

Question 9

And “advance fee rental agent” is?

Answer 9

One who furnishes rental information for a fee

Question 10

Any broker employed as a branch office manager may perform the functions and duties of the employing broker if authorized to do so in writing. True or false?

Answer 10

True

Question 11

To renew a real estate license, the renewal applicant must provide proof of attendance of continuing education, the subject matter of which shall be determined by the commissioner.

The number of hours required by law is?

Answer 11

24

Question 12

Negotiations concerning property shall be conducted exclusively through the listing broker or his representative unless what?

Answer 12

The seller waives this requirement in writing and no license representative of the broker is available for 24 hours

Question 13

Licensees must submit to fingerprinting as required by the commissioner. True or false?

Answer 13

True

Question 14

A “lot reservation” is?

Answer 14

Merely an expression of interest by a buyer to buy

Question 15

A broker or salesperson shall not sell property owned by him without:

Answer 15

Making his position clear

Question 16

Any licensee convicted of a felony while he is licensed must:

Answer 16

Notify the commissioner within 10 days

Question 17

Any licensee, owner, agent or subdivider shall not discourage any party to a real estate transaction from:

Answer 17

Seeking legal advice

Question 18

How long does a broker have to review a listing or purchase contract?

Answer 18

Five days

Question 19

Signs giving notice of property for sale, rent, lease or exchange must be removed promptly at who’s request?

Answer 19

At the request of the client

Question 20

Unless otherwise stated in writing, negotiations concerning exclusively listed property shall be:

Answer 20

Conducted through the listing broker

Question 21

According to the rules, a listing must contain what?

Answer 21

A definite expiration date

Question 22

The Realtors Code of Ethics and the Rules and Regulations of the Real Estate Commissioner advocate that the price of a listed property shall not be advertised or offered unless it conforms to what?

Answer 22

A prior agreement amount with the owner