Regulated Activities

Question 1

Salespeople can advertise as a “Team” as long as…

A: The team members are all brokers
B: The real estate department approves of all team members
C: One member is an associate broker and the rest are assistants
D: The broker mails the real estate department a list of the team members

Answer 1

D: The broker mails the real estate department a list of the team members

Question 2

What statement would be incorrect regarding a public report?

A: It must be given to a buyer before the contract is signed
B: The developer may say the CPR is an endorsement by the real estate department
C: The CPR would describe the deed restrictions
D: The CPR would describer the mineral rights

Answer 2

B: The developer may say the CPR is an endorsement by the real estate department

Question 3

The real estate rules are formulated by:

A: Governor
B: Advisory board
C: State legislature
D: Commissioner

Answer 3

D: Commissioner

Question 4

If a contract were missing a legal description, it would be:

A: Voidable
B: Unenforceable
C: Void
D: Valid

Answer 4

B: Unenforceable

Question 5

If a real estate license is not renewed on time the status of the license is:

A: Terminated
B: Suspended
C: Revoked
D: In escrow

Answer 5

A: Terminated

Question 6

Arizona real estate law requires the broker to keep records of all real estate transactions handled by or through the broker for:

A: One year
B: Three years
C: Five years from signing
D: Five years from termination of the transaction

Answer 6

D: Five years from termination of the transaction