Top 10

Question 1

The duties of the real estate commissioner include

Answer 1

Prescribing rules

Question 2

The real estate commisoner is appointed by

Answer 2

The Governor

Question 3

When a written and verified complaint has been made against a licensee, the commissioner must what?

Answer 3

investigate the charge

Question 4

The duties of the commissioner does not include what?

Answer 4

revoking license of agent when a complaint of fraud has been filed

Question 5

what clarifies the ADREs position on the statutes and rules?

Answer 5

Substantive policy statement

Question 6

the basic purpose of real estate laws and regulations is what?

Answer 6

to protect the public

Question 7

A salesperson is legally allowed to accept what?

Answer 7

accept a listing on behalf of the broker

Question 8

Article 26 of Arizona constitution prohibits licensees from performing what?

Answer 8

Charging a flat fee for negotiating an offer for a buyer the licensee represents

Question 9

What does the ADRE do regarding accounts?

Answer 9

Audit broker trust accounts

Question 10

The commissioner does not have the power to what?

Answer 10

create real estate statutes

Question 11

Who is responsible for formulating rules and regulations in AZ?

Answer 11

Real Estate Commissioner

Question 12

Who advise the Commissioner on legal matters?

Answer 12

Attorney General

Question 13

What complaint regarding accounts would ADRE investigate?

Answer 13

Trust account complaints

Question 14

What is not required to become a broker?

Answer 14

90 day residency in AZ

Question 15

Can the commissioner hold an active license?

Answer 15

No

Question 16

Is an auctioneer auctioning real estate required to have a license?

Answer 16

Yes

Question 17

The rules of the commissioner have what

Answer 17

the force and effect of the law on a licensee

Question 18

A licensee may not charge for document prep according to

Answer 18

AZ Constitution Article 26

Question 19

By what power does the state have the right to license broker and salesperson

Answer 19

police power

Question 20

What dont you need to have a license?

Answer 20

A high school diploma

Question 21

To be an agent an individual is required to what?

Answer 21

Be licensed by only ONE broker

Question 22

Does an attorney in fact acting as a broker need a license

Answer 22

yes

Question 23

An active salespersn license must be available for what?

Answer 23

Available for review

Question 24

Each day , property manager Q manages five different properties, receives an apartment in one of the properties for free of charge. What must be true regarding license?

Answer 24

They must have a real estate license

Question 25

An original real estate license period ends when?

Answer 25

2 years from end of month of issue

Question 26

Does a referee in a bankruptcy need a license?

Answer 26

No

Question 27

An unlicensed manager of an appartment house would be in violation of the real estate law if they what?

Answer 27

Collected commission on the sale of the building

Question 28

If a license is not renewed on time the license is considered what?

Answer 28

EXPIRED

Question 29

A licensee must activate their license how long after passing the exam?

Answer 29

12 months/1 Year

Question 30

Does an office employee on a subdivision site who is answering questions about sales price of new home need a license

Answer 30

Yes

Question 31

A real estate license is granted for how long?

Answer 31

2 years

Question 32

A temporary brokers license may be issued to the spouse of a deceased broker in order to allow company to what?

Answer 32

wind down existing business

Question 33

Does an attorney marketing real estate need a license?

Answer 33

Yes

Question 34

An unlicensed employee of a real estate broker who works in a single multifamily apartment complex may be paid a bonus by the broker based on what?

Answer 34

Performance but may not exceed one half of employees monthly salary

Question 35

A broker will be unable to work following surgery and designates an associate broker to act on the brokers behalf for three weeks. The broker must retain written designation for how long?

Answer 35

1 year

Question 36

When bringing action in court to collect commission a licensee must prove what?

Answer 36

They were licensed when the cause of action arose

Question 37

A licensee can receive an extra bonus from completing a difficult sale from who?

Answer 37

employing broker

Question 38

When a salesperson and a employing broker have a dispute over commission their recourse is to where?

Answer 38

Civil courts

Question 39

An unlicensed assistant may be paid how?

Answer 39

through a salary not based on transactions closed

Question 40

The commissioner may issue a cease and desist order against a licensee on what

Answer 40

transactions, acts, practices, NOT CONTRACTS

Question 41

Does an out of state broker need to indemnify the Arizona broker for an out of state broker to perform real estate services in AZ

Answer 41

No

Question 42

An escrow company may disburse commissions directly to a brokers salesperson upon what?

Answer 42

written authorization from broker in each transaction

Question 43

Who can employ an unlicensed assistant

Answer 43

Only the broker

Question 44

Who makes up real estate reams?

Answer 44

Associate brokers and sales persons

Question 45

A real estate salesperson license would automatically be terminated when?

Answer 45

Upon settlement of the recovery fund

Question 46

Who cant collect from the recovery fund?

Answer 46

A LICENSEE

Question 47

An unlicensed person acting as a broker or salesperson is guilty of what

Answer 47

a felony

Question 48

Is a traffic violation grounds for license suspension/revocation

Answer 48

No

Question 49

A licensee submits a renewal application to the ADRE. Two week's later, the license is notified that the licensee is missing one continuing education requirement. The broker would be responsible for not compensating the license when?

Answer 49

When transactions were negotiated after the licensee renewal date

Question 50

A listing may be assigned by who?

Answer 50

By the listing broker to another salesperson in broker company

Question 51

What is not considered an employment agreement?

Answer 51

Purchase and sale agreement

Question 52

A real estate employment agreement may not what?

Answer 52

may not include automatic renewal provisions

Question 53

What is not grounds for suspending and revoking a license?

Answer 53

Paying an unlicensed person for clerical services

Question 54

If a broker is found to be in violation of a statute or rule they may be fined how much?

Answer 54

$1000 per violation

Question 55

In a real estate team they all must be licensed by who?

Answer 55

Same broker

Question 56

A licensed salesperson may be compensated for what?

Answer 56

Selling listed property

Question 57

What creates an agency relationship?

Answer 57

listing agreement

Question 58

How much must a licensed salesperson have to pay if the fund is below $600,000?

Answer 58

$10

Question 59

Does a claimant need to be a resident of arizona to claim recovery fund?

Answer 59

No

Question 60

A broker is required to keep records for a minimum of how many years from the termination of the transaction?

Answer 60

5 years

Question 61

When a broker receives earnest money in a transaction they must what?

Answer 61

Deposit money in an escrow account or their trust account immediately

Question 62

If an offer is rejected but eventually results in a binding contract the records must be kept for how long?

Answer 62

5 years from closing/termination of the contract

Question 63

How often must trust accounts be reconciled?

Answer 63

Monthly

Question 64

After the seller has accepted the offer, the salesperson must immediately deliver a copy of the signed agreement to who?

Answer 64

Buyer

Question 65

Broker Q receives 2 bona fide offers. The first offer is from one from the sales person and the other offer from another broker? Which one should be represented?

Answer 65

Both

Question 66

An offer is about to be presented but a last minute one comes in. Which one must be presented?

Answer 66

Both

Question 67

When a salesperson advertises on a website, what must occur?

Answer 67

Broker's name must appear on all web pages

Question 68

how many square feet in an acre

Answer 68

43,560 sq feet

Question 69

What needs to be included in an ad to not violate commissioner rules

Answer 69

name and number of broker

Question 70

Is describing a property in terms that overstate charm and luxury a misrep in advertising

Answer 70

no

Question 71

If a salesperson is advertising another companys listing on salesperson website

Answer 71

Ad must include listing company name in a cleat and prominent manner

Question 72

Which situation requires disclosure of licensees compensation to the client?

Answer 72

an associate brokers commission check is written by the escrow company but given to licensees broker for disbursement

Question 73

If a verbal offer is made by the buyer what must occur

Answer 73

The seller should be informed and then instruct the agent in how to respond

Question 74

A blind ad refers to what

Answer 74

Gives no indication that property is listed with a broker

Question 75

Per AZ commissioner rules broker is required to give copies of all documents to who

Answer 75

All parties associated with the transaction