Session 2 missed answers Flashcards
Who signs the “deed of reconveyance”?
a. Sheriff
b. Trustor
c. Grantor
d. Trustee
Trustee
In Arizona the statutory redemption period on a mortgage foreclosure is:
a. 30 days
b. 90 days
c. 120 days
d. 6 months
6 months
Which is a credit on the seller’s closing statements?
a. Prepaid insurance
b. Property taxes
c. Earnest money
d. Discount points
Prepaid insurance
In Arizona a deed must be signed by:
a. Lessor
b. Grantor
c. Grantee
d. Grantor and the grantee
Grantor
On a land contract the statutory redemption period is:
a. 90 days after the sale
b. 6 months after the sale
c. A specific statutory time period
d. No redemption period
A specific statutory time period
What term is not used in a deed of trust foreclosure?
a. Auction
b. Beneficiary
c. Redemption
d. Reinstatement
Redemption
How would a corporation hold title to property in Arizona?
a. Severality
b. Tenancy in common
c. Joint tenancy
d. Tenancy by entirety
Severality
When the husband sells the community property without the wife’s permission the contract is:
a. void
b. voidable
c. executory
d. enforceable
void
An affidavit of disclosure would have to be provided by the seller to the buyer in which of the following situations?
a. The property being purchased is a 20-acre parcel of land outside of the city
b. The property being purchased is a residential lot in a subdivision
c. The property being purchased is five acres of county-zoned commercial property
d. The property being purchased is two time-share intervals
The property being purchased is five acres of county-zoned commercial property
The assignment of rents clause protects:
a. trustor
b. mortgagor
c. beneficiary
d. trustee
beneficiary
Which of the following enforces Arizona’s environmental laws?
a. EPA
b. ADRE
c. EIR
d. ADEQ
ADEQ
After filing a mechanics lien, a contractor may enforce it by filing a suit within:
a. three months
b. six months
c. nine months
d. one year
six months
The advisory board is made up of:
a. 3 brokers with at least 5 years experience, 2 developers, 4 public members
b. 4 residential brokers, 2 developers, 2 subdividers
c. 2 real estate brokers, 3 residential licensees (one being property manager broker), 2 subdividers, and 3 public members
d. 2 real estate brokers, 2 developers, 2 subdividers, 3 prison inmates
2 real estate brokers, 3 residential licensees (one being property manager broker), 2 sub-dividers, and 3 public members
A notice of foreclosure under a deed of trust is given by whom?
a. trustor
b. trustee
c. beneficiary
d. sheriff
trustee
In a lien theory state the Trustor is the:
a. Borrower
b. Neutral Party
c. Lender
d. Seller
Borrower
When there is a power of sale clause used:
a. There is a non-judicial foreclosure
b. There is a judicial foreclosure
c. It is a bummer
d. There is Lis Pending
There is a non-judicial foreclosure
The Arizona Department of Financial institutions requires licensing and regulates:
a. escrow companies
b. state appraisers
c. Arizona Department of Real Estate
d. Sub-dividers and developers
escrow companies
A property manager must place all trust money in the trust account:
a. Within 24 hours of receipt
b. Within two days of receipt
c. Within three days of receipt
d. There is no Arizona requirement for property managers to place money in a trust account
within three days of receipt
Property management agreements (Broker & Owner) must be kept for:
a. 1 year
b. 3 years
c. 5 years
d. 7 years
5 years
The statutory redemption period for an Arizona property tax foreclosure is:
a. 3 years
b. 5 years
c. 7 years
d. There is not statutory redemption period
3 years
The Arizona tax lien foreclosure sales are held:
a. Every month
b. Twice a year
c. Every January
d. Every February
Every February
A parcel of property may be sold for unpaid real estate taxes when such taxes are delinquent for:
a. Six months
b. One year
c. At least two half-year payments
d. Three years
At least two half-year payments
How long shall a real estate school maintain all records for each student attending?
a. one year
b. three years
c. five years
d. forever
five years
The designated broker reviews, dates and initials all employment agreements, sales contracts, leases (as applicable) and similar documents within how many days of execution?
a. 1 calendar day
b. 3 business days
c. 5 calendar days
d. 10 business days
10 business days
What type of ownership holds the most liability for a brokerage?
a. sole proprietorship
b. LLC
c. joint venture
d. S Corp
sole proprietorship
On a closing statement the unpaid principle balance that is assumed by the buyer will show as:
a. credit to seller and debit to buyer
b. credit to buyer and debit to seller
c. prorated equally between buyer and seller
d. determined at COE
credit to buyer and debit to seller
Title 32, Chapter 20
The scope of the department’s authority to promulgate rules, which are often referred to as “Commissioner’s Rules” and issue Substantive Policy statements
How often do members of the board convene?
Every 3 months
A person who acts as a broker or salesperson or advertises in a manner that indicated that the person is licensed as a broker or salesperson, without being licensed is guilty of a
class 6 felony
A person who performs acts that require a license other than a salesperson or broker, without being licensed is guilty of a
class 5 felony
