Important Knows

Question 1

Brokers and licensees must notify ADRE within __-days of a change of
residence/mailing address, personal information, including email address and
criminal conviction or judgment.

Answer 1

10 days

Question 2

A court order directing the sheriff to seize and sell as much of the defendant’s property as necessary to satisfy the debt and the expense of the sale

A. Writ of Restitution
B. Writ of Attachment
C. Writ of Execution
D. Police Power

Answer 2

C. Writ of Execution

Question 3

A court order that may be filed if a tenant remains in a property for more than 5 days after a judgement for eviction is signed, giving law enforcement the power to remove the tenant

A. Writ of Restitution
B. Writ of Attachment
C. Writ of Execution
D. Police Power

Answer 3

A. Writ of Restitution

Question 4

A recorded legal writ giving the court custody of real property until a creditors suit is settled

A. Writ of Restitution
B. Writ of Attachment
C. Writ of Execution
D. Police Power

Answer 4

B. Writ of Attachment

Question 5

Due on sale clause. The separation of the borrower from the title.

A. Alienation
B. Acceleration

Answer 5

A. Alienation

Question 6

Clause that allows the lender to demand payment of the entire loan balance immediately if agreement is violated by default on payment

A. Alienation
B. Acceleration

Answer 6

B. Acceleration

Question 7

Gives the loan recorded later priority over an earlier recorded loan

A. Subordination clause
B. Subrogation

Answer 7

A. Subordination

Question 8

the substitution of one claimant or creditor for another, with the substituted party succeeding to the legal rights and claims of the original claimant.

A. Subordination clause
B. Subrogation

Answer 8

B. Subrogation

Question 9

What determines the maximum guarantee loan amount for a VA loan

A. Length of Service
B. Certificate of Reasonable Value
C. Downpayment
D. Government Decision

Answer 9

B. Certificate of Reasonable Value

Question 10

Truth in lending act requires that a lending institution disclose to the borrower the actual, total costs involved in acquiring credit

A. Anti-Trust
B. RESPA
C. Reg Z
D. AZ Constitution

Answer 10

C. Reg Z

Question 11

Any person or group can file a complaint through FHEO within __ after alleged discrimination

A. 6 months
B. 1 year
C. 2 years
C. 5 years

Answer 11

B. 1 year

Question 12

The maximum civil penalty for discrimination is

A. $1,000
B. $2,000
C. $5,000
D, $16,000

Answer 12

D, $16,000

Question 13

The equal housing opportunity logo, statement or logo must be

A. the biggest logo on the advertisement
B. sizing and requirements determined by Broker
C. at least the same size as the largest one
D. be clearly visible

Answer 13

C. at least the same size as the largest one

Question 14

Upon move in the landlord shall furnish the tenant with, EXCEPT

A. a signed copy of the lease
B. a move in form specifying any damages to the dwelling unit
C. furniture
D. written notification to the tenant that the tenant may be present at the move out inspection

Answer 14

C. furniture

Question 15

After ___ days of notifying landlord of defects the tenant may fix property for less than $300 or half months rent

A. 3
B. 5
C. 10
D. 14

Answer 15

C. 10

Question 16

If there is a material noncompliance by the landlord with the rental agreement including a material falsification of the written information provided to the tenant may deliver a written notice. How many days does the landlord have to remedy the lease.

A. 3
B. 5
C. 10
D. 14

Answer 16

C. 10

Question 17

If there is a nonconformance affecting the health and safety of the tenant, the lease will be terminated if not remedied in

A. 3 days
B. 5 days
C. 10 days
D. 14 days

Answer 17

A. 3 days