Missed on Exam

Question 1

When you are foreclosing on a tax lien, where would you go?
A. Commissioner’s Office
B. Civil Court
C. State tax office
D. Superior Court

Answer 1

D. Su[erior Court

Question 2

A tax levy on real property for government improvements (ie curbs, sewers and sidewalks) is known as:
A. Annual Tax
B. Specific Lien
C. Specific Tax Assessment
D. General Lien

Answer 2

C. Special Tax Ass

Question 3

The act of the gov’t taking private property for public use is
A. Eminent Domain
B. Condemnation
C. Eviction
D. Police Power

Answer 3

B. Condomnation

Question 4

Ad Valorem applies to which of the following
A. Property Taxes
B. Assessments
C. Appraisal
D. RIET

Answer 4

A. Prop Taxes

Question 5

The second property tax installment (the second half of the current year’s taxes) is due:
a. Jan 1
b. April 15
c. October 1
d. March 1

Answer 5

D. March 1

• The second property tax installment is due on March 1 of the following year. This payment is considered delinquent on May 1. March 1 to April 30 is a grace period.

Question 6

A property management company is required to keep a cope of all residential rental agreements, up expiration, for how long?
A. five years
B. ten years
C. one year
D. 6 months

Answer 6

C. One year

**Residential leases must be kept by the licensed prop mgr for one yr of term

Question 7

A property manager is adked to install a new spa on the premises. The expense of the new spa would be considered

a. expense item
b. maintenance
c. net profit item
d. capitalized item

Answer 7

D. capitalized item

Question 8

Before fixing a minor defect, a tenant must give the landlord how many days notice to repair defect
a. 7
b. 10
c. 5
d. 30

Answer 8

B. 10

Question 9

What is the max security deposit allowed according to the AZ Landlord Tenant Act?
a. 1.5 months rent
b. 1.5 months rent plus last month
c. first and last
d. one month

Answer 9

A. 1.5 months rent

Question 10

A property management firm may pay a finder’s fee to
a. an unlicensed employee
b. broker
c. only real estate licensees employed by the firm
d. unlicensed person who is a tenant in an apartment complex managed by the firm

Answer 10

D.

Question 11

Which of the following would you expect a property manager to do for the owner of an apartment complex?
a. initiate action for the recovery of rent
b. negotiate lease terms
c. collect late fees
d. sales of property

Answer 11

B.

Question 12

Warren makes an offer to Francis and Francis makes a counteroffer. Francis dies before the counteroffer is accepted. What is the contract status?
a. void
b. valid
c. never was a contract
d. executed

Answer 12

C. never a contract
*never was a contract bc one party died before there was offer and acceptance

Question 13

Which parties determine the amount of earnest money to be given in an offer to purchase?
a. buyer and seller
b. buyer and broker
c. seller, buyer and broker
d. seller

Answer 13

A.

Question 14

Allen makes an offer and Bill accepts. If Bill dies what is the contract status?
a. valid
b. uneforceable
c. void
d. executed

Answer 14

A. valid
Once Bill accepted offer, contract becomes valid

Question 15

When a real estate contract is missing a legal description, it would be considered
a. void
b. enforceable
c. valid
d. unenforceable

Answer 15

D.

Question 16

To be enforceable a lease must be in writing if the term is:
a. one year or longer
b. six months
c. longer than one year
d. lessee determiines

Answer 16

C. longer than one year
**pay attention to the wording of the questions!!!!

Question 17

A branch office manager must be licensed as:
a. a salesperson or broker
b. a designated broker
c. five salespersons
d. salesperson and broker

Answer 17

A.

Question 18

If a broker in AZ is giving another broker in CA a $500 fee for a buyer moving to AZ. Who does this information have to be disclosed to?
a. all parties involved in the transaction
b. ADRE in writing from broker
c. principal and saleperson
d. no one

Answer 18

D. no one

Question 19

When any incentive is offered to visit any place where a sales presentation for a development is to be made, the developer shall disclose in writing all conditions, limitations, or recipient qualifications that will be applied:
A. During the presentation
B. Before the recipient makes the trip
C. After the presentation
D. Before the presentation

Answer 19

B. Before recipient makes the trip

Question 20

A licensee owes the customer:
a. fiduciary
b. loyalty
c. obedience
d. honesty

Answer 20

D. honesty

Question 21

A licensee owes fiduciary duty to the client and shall protect and promote:
A. the interest of the client
B. the interest of all parties to a transaction
C. employing broker
D. themselves

Answer 21

A. client