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RE Fundamentals > Top 10 > Flashcards

Top 10 Flashcards

1
Q

The duties of the real estate commissioner include

A

Prescribing rules

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2
Q

The real estate commisoner is appointed by

A

The Governor

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3
Q

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

A

investigate the charge

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4
Q

The duties of the commissioner does not include what?

A

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

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5
Q

what clarifies the ADREs position on the statutes and rules?

A

Substantive policy statement

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6
Q

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

A

to protect the public

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7
Q

A salesperson is legally allowed to accept what?

A

accept a listing on behalf of the broker

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8
Q

Article 26 of Arizona constitution prohibits licensees from performing what?

A

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

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9
Q

What does the ADRE do regarding accounts?

A

Audit broker trust accounts

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10
Q

The commissioner does not have the power to what?

A

create real estate statutes

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11
Q

Who is responsible for formulating rules and regulations in AZ?

A

Real Estate Commissioner

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12
Q

Who advise the Commissioner on legal matters?

A

Attorney General

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13
Q

What complaint regarding accounts would ADRE investigate?

A

Trust account complaints

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14
Q

What is not required to become a broker?

A

90 day residency in AZ

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15
Q

Can the commissioner hold an active license?

A

No

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16
Q

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

A

Yes

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17
Q

The rules of the commissioner have what

A

the force and effect of the law on a licensee

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18
Q

A licensee may not charge for document prep according to

A

AZ Constitution Article 26

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19
Q

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

A

police power

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20
Q

What dont you need to have a license?

A

A high school diploma

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21
Q

To be an agent an individual is required to what?

A

Be licensed by only ONE broker

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22
Q

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

A

yes

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23
Q

An active salespersn license must be available for what?

A

Available for review

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24
Q

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?

A

They must have a real estate license

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25
Q

An original real estate license period ends when?

A

2 years from end of month of issue

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26
Q

Does a referee in a bankruptcy need a license?

A

No

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27
Q

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

A

Collected commission on the sale of the building

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28
Q

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

A

EXPIRED

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29
Q

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

A

12 months/1 Year

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30
Q

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

A

Yes

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31
Q

A real estate license is granted for how long?

A

2 years

32
Q

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

A

wind down existing business

33
Q

Does an attorney marketing real estate need a license?

A

Yes

34
Q

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?

A

Performance but may not exceed one half of employees monthly salary

35
Q

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?

A

1 year

36
Q

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

A

They were licensed when the cause of action arose

37
Q

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

A

employing broker

38
Q

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

A

Civil courts

39
Q

An unlicensed assistant may be paid how?

A

through a salary not based on transactions closed

40
Q

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

A

transactions, acts, practices, NOT CONTRACTS

41
Q

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

A

No

42
Q

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

A

written authorization from broker in each transaction

43
Q

Who can employ an unlicensed assistant

A

Only the broker

44
Q

Who makes up real estate reams?

A

Associate brokers and sales persons

45
Q

A real estate salesperson license would automatically be terminated when?

A

Upon settlement of the recovery fund

46
Q

Who cant collect from the recovery fund?

A

A LICENSEE

47
Q

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

A

a felony

48
Q

Is a traffic violation grounds for license suspension/revocation

A

No

49
Q

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?

A

When transactions were negotiated after the licensee renewal date

50
Q

A listing may be assigned by who?

A

By the listing broker to another salesperson in broker company

51
Q

What is not considered an employment agreement?

A

Purchase and sale agreement

52
Q

A real estate employment agreement may not what?

A

may not include automatic renewal provisions

53
Q

What is not grounds for suspending and revoking a license?

A

Paying an unlicensed person for clerical services

54
Q

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

A

$1000 per violation

55
Q

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

A

Same broker

56
Q

A licensed salesperson may be compensated for what?

A

Selling listed property

57
Q

What creates an agency relationship?

A

listing agreement

58
Q

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

A

$10

59
Q

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

A

No

60
Q

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

A

5 years

61
Q

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

A

Deposit money in an escrow account or their trust account immediately

62
Q

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

A

5 years from closing/termination of the contract

63
Q

How often must trust accounts be reconciled?

A

Monthly

64
Q

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

A

Buyer

65
Q

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?

A

Both

66
Q

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

A

Both

67
Q

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

A

Broker’s name must appear on all web pages

68
Q

how many square feet in an acre

A

43,560 sq feet

69
Q

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

A

name and number of broker

70
Q

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

A

no

71
Q

If a salesperson is advertising another companys listing on salesperson website

A

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

72
Q

Which situation requires disclosure of licensees compensation to the client?

A

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

73
Q

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

A

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

74
Q

A blind ad refers to what

A

Gives no indication that property is listed with a broker

75
Q

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

A

All parties associated with the transaction

RE Fundamentals (3 decks)

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