Real Estate License Law

Question 1

The Arizona Real Estate Advisory Board members receive an annual salary of:

Answer 1

NO compensation is given to board members

Question 2

What person or persons with the Arizona real estate commissioner look to for his orders (his “boss “):

Answer 2

The Govenor

Question 3

In a new development, the real estate commissioner’s primary interest would be:

Answer 3

Marketing plans

Question 4

Which of the following does not need a real estate license:

Answer 4

An attorney in fact

Question 5

Licensed real estate salesperson’s are regulated by:

Answer 5

Real estate license law and rules of the real estate commissioner

Question 6

The maximum amount a party or parties may receive from the real estate recovery fund for a single cause of action is:

Answer 6

$30,000

Question 7

For how many days may a salesperson be granted a temporary brokers license:

Answer 7

90 days

Question 8

A real estate salespersons license would automatically be terminated:

Answer 8

Upon settlement from the recovery fund

Question 9

Before a person can bring action for collection of commissions earned, he must prove that at the time the cause of action arose he was:

Answer 9

Licensed

Question 10

Commingling refers to:

Answer 10

Mixing clients money with your own

Question 11

A subdivision is a piece of ground:

Answer 11

Containing six or more lots any of which is less than 36 acres

Question 12

Which of the following is incorrect: A broker or salesman may prepare a deed in a trans action….

Answer 12

And charge for the service is the incorrect answer.

Brokers and salesman may not charge for preparations of documents

Question 13

The maximum rate of commission a broker in charge is fixed by:

Answer 13

What the traffic will bear

Question 14

To whom would you apply for marketing approval of subdivided land:

Answer 14

The real estate department

Question 15

If a subdivider is in violation, the commissioner may:

Answer 15

Issue a cease and desist order

Question 16

A printed advertisement for a new development, such as subdivision, would be called:

Answer 16

A brochure

Question 17

The commissioner may prohibit the sale of subdivided and then if any person associated with the land development company:

Answer 17

Has been convicted of a felony

Question 18

A subdivider employed hostesses to show his houses. The hostesses explained the features of the houses and gave out details regarding prices and terms:

Answer 18

These hostesses must be licensed

Question 19

The term of office for Advisory Board members is:

Answer 19

6 years

Question 20

The law prohibiting a direct or indirect interest in a real estate firm applies to:

Answer 20

Department employees

Question 21

Brokers must maintain an accurate record of all transactions. These records are subject to department inspection and the file must be maintained:

Answer 21

For 60 months from the termination of the transaction

Question 22

That Arizona real estate recovery fund is established:

Answer 22

To recompense any party to a transaction who has suffered loss by the actions or lack of actions of a licensee

Question 23

The statute of limitations for recovery from the recovery fund is:

Answer 23

5 years

Question 24

A licensee shall not act for both parties without:

Answer 24

The written consent of both parties

Question 25

The statute of fraud requires certain real a state contracts to be in writing. An agreement not covered by this law would be:

Answer 25

An oral agreement between brokers to share a commission

Question 26

A developer who intends to subdivide must first:

Answer 26

File a plat with planning and zoning for approval

Question 27

A salesman’s license must always be:

Answer 27

Available for inspection in his/ her brokers office

Question 28

For acts in connection with business, a real estate salesperson is usually responsible to his:

Answer 28

Employing broker

Question 29

A builder who wants to employ a salesman for commission to sell his houses must first:

Answer 29

Obtain a real estate broker’s license

Question 30

The main purpose of the license law is to:

Answer 30

To protect the public