Test Flashcards
Earnest money should be deposited to the brokerage trust account
Promptly
A property manager must keep copies of all financial records pertaining to a client for a minimum of
3 years
What is not covered in a standard owners policy of title insurance
Easements obtained by prescription
No criminal, civil or administrative action may be brought against a licensee for failure to disclose
A property that is the site of a natural death or suicide
What is it called when money is placed into a community savings account but was earned by one individual
Community property
Property taxes are what kind of lien
Specific
A salesperson may enter into a dual agency provided there is
Disclosure to a buyer and seller in writing
A method of legal description that uses definite property lines and starting points is called
Formal metes and bounds
When the security and note are one, it is an
Agreement for sale
When is a plat map used
In subdivisions
Which of the following is required for a property management agreement
Beginning and ending date
The Arizona land disclosure affidavit includes all of the following except
The affidavit of disclosure applies only to residential zoned properties
Which govt. entity grants the rights to license real estate agents
State legislature
A commercial building sells in foreclosure for 100000 less than the balance due the lender.
What can happen
Lender can obtain a deficiency judgement against the borrower
A property owner has an agreement with a property manager.
The broker-manager license expires.
The agreement will terminate when the brokers license expires
At the end of a three year tax redemption period, the certificate of purchase holder_______
May extend the period.
Who benefits from standard TIP
Grantee
How many days does a subcontractor have to file a mechanics Lien
120 days after completion
Which of the following does not appear on a public report
Market value
Which of the following is true if a person has 30 acres and wants to make 6, five acre lots
A public report is required.
According to the Arizona revised statutes which of the following parties must have a real estate license.
A person that manages more than one property
What is an exception to a lenders ALTA policy
Zoning
If a subordination clause is in a mortgage or deed of trust, who benefits
TRUSTOR/MORTGAGOR
On termination of a property management agreement the property manager shall provide the owner with all tenants security obligations within __ days
5
If a claim is paid from the recovery fund, the status of the license in question is _____
Terminated
At a mortgage foreclosure sale, if the property is abandoned, how many days can the statutory period of redemption be cut to?
30 days
After the certificate of purchase is issued, how long is the redemption period in a property tax foreclosure
3 years
The commissioner has the power to do all the following except
Create real estate statutes
A buyer is purchasing a home in a HOA. The home has a violation not known by the association and not disclosed by the buyer. What is true regarding the violation
The buyer may be required to correct the violation
When grandfathered water rights are reclassified and can now be sold separate from the land, this reclassification is known as
Type II
Max amount of time a timeshare presentation can take is___
120 min.
When a broker acting as property manager receives monies, the funds shall be deposited within ___ banking days
Three
What survey uses markers and degrees.
Metes and bounds
What action will void a homestead
Declaring primary residence in another state
What is not true regarding a property tax auction
The successful bidder must foreclose after three years
A deed of trust conveys legal title to
A trustee
A property sold for 100000 with an oral agreement. After a few payments, buyer wants to cancel the oral contract.
What happens.
Contract is binding due to the buyers actions
Whose responsible for formulating the real estate rules and regulations in the state of az.
Real estate commissioner.
What is the doctrine of water use in AZ
Prior appropriation
According to az statutes, if a broker abandons or moves his real estate office and fails to notify the commissioner,_____
His license will be automatically terminated
An estate planning tool that allows a person to record a deed to another party, which only becomes effective upon the death of the grantor is called
Beneficiary deed
What happens after a deed of trust foreclosure sale
Trustees deed is given to the new owner
Which of the parties would hold naked title on a deed of trust.
Trustee
On termination of a property management agreement the property manager shall provide the owner within ____ days a final bank reconciliation.
75
To have a trustee sale, who must the beneficiary notify
Trustee
What type of property has the highest tax rate.
Shopping center
Govt checks are 24 miles square and defined by what
Standard parallels and guide meridians
What is not true of an exclusive buyer-brokerage agreement
All signatures must be notarized
Upon researching county public records, what is always found
Mechanics lien
What type of survey are boundaries, easements, and measurements shown, but the orientation of home is not shown.
Lot and block
When a designated broker is temporarily absent, what is not true.
The temp. Absence relieves the designated broker of responsibility
