Real estate
Real Estate Knowledge Quiz
Test your knowledge of real estate regulations, practices, and principles with our comprehensive quiz! Designed for both beginners and seasoned professionals, this quiz covers a wide range of topics essential for anyone involved in real estate.
Whether you're preparing for a licensing exam or just want to learn more about real estate, you'll find valuable information here. Here's what you can expect:
- 48 Multiple Choice Questions
- Diverse Topics in Real Estate
- Instant Feedback on Your Answers
How long after the sale of an escheated property does a person who appears as a n heir have to claim the proceeds from the sale?
3 year
1 year
5 years
7 years
The owners of a mobile home affix it to some land that they own. To retire the title of the mobile home, the owner must?
Complete an affidavit of affixture and send it to the county recorder
Mail the title back to the department of motor vehicle
Notify the AZ department of real estate
Inform the county treasurer
SalesPerson J with ABC realty assist a buyer in the purchase of a home. After the transaction closes someone from ABC Realty, not realizing that the buyer has already bought a home, calls the buyer to suggest other properties that are available. The buyer contacts J and tells J she does not want the company to contact her again. In this situation which of the following is correcct?
ABC realty has violated the do no call law
Salespersons J should tell ABC realty to place buyer not the company's do not call list
SalesPerson J is in violation of company policy
ABC realty need not maintain a company do not call list
A lender is required to give a copy of the The Truth in Lending (REG Z) statement to a buyer when the property is a
Commercial property valued at $1,000,000
Personal Residence
Industrial property valued at $100,000
Apartment complex
All of the following items are government limitations on ownership of real property except
Escheat
Disposition
Eminent domain
Police power
A city wants to create a zone for a green overlay in blighted area. Which of the following is correct?
The city may acquire the property by just compensate to the owner
The city may acquire the property by just compensation to the owner only after the property is condemned
The city may acquire the property if the owner receives over 125% of the appraised value
The property owner cannot contest the amount of the city's appraisal
The best example of redlining is denying a loan
Based on the borrowers ethnic background
Based on the borrowers nationality
Because the house is located in a certain area
Based on the condition of the property
Which of the following acts prevents the lender from holding excess money in an impound account
Consumer credit protection act
Real estate settlement and procedures act
Fair credit reporting act
Equal credit opportunity act
All of the following people have police power except
Fire Chief
Arizona lottery Commissioner
Arizona Department of real estate commissioner
Zoning Department Commisoner
A licensee runs the following ad in a neighboring state. 'Beautiful 4 bedroom, 3 bathroom home with a newly remodeled kitchen in nice Hispanic area of Elmwood's hills is listed for $250,000 with seller carry-back financing available at 6.5% interest for 20 years. The terms stated in this ad are violating.
Truth in Lending
RESPA
Fair Housing Laws
Equal Credit Opportunity act
A Federal law that requires that the borrower MUST be informed of the true cost of obtaining credit is the
Real Estate Settlement & Procedure Act
Truth in Lending Act
Equal credit opportunity act
Fair Housing laws
A person must be a licensed real estate broker or salesperson in order to receive compensation for
Performing appraisals
Originating loans
Selling securities
Advising a buyer regarding the purchase of property
A licensee may have legal counsel representation at an Arizona Department of Real Estate hearing
Only when the license will be suspended
Only when the license will be revoked
Only when the hearing is about fraud or misrepresentation
At any time
A salesperson sold property out of state. The salesperson can legally be paid by the
Out of state broker
Employing broker
Seller
Buyer
If a licensee is subpoenaed to show the department of real estate certain documents and the licensee refuse, what court would the commissioner go to in order to compel compliance
Court of administrative hearings
Superior Court
Supreme Court
Civil Court
An applicant for a real estate salesperson license must
Be an Arizona resident
Be A U.S citizen
Have a high school diploma
Complete a licensure disclosure form
Q grants R permanent permission to build a porch which encroaches on Qs property. R has received a
Fee simple
Encroachment
Easement
Adverse possession
In AZ, title to private property may be acquired by
Recording an easement
Adverse possession
Affidavit of value
Affidavit of affixture
Th real estate settlement & procedures act of 1974
Gives the buyer the chance to cancel the sales contract if it would get them into financial difficulty
Provide more time to raise money for the purchase of a home
Allows the home buyer to understand settlement costs and determine how much money will be needed at closing
Insures that the lending institution will not change an interest above the legal limit
When evaluating a property for the purposes of taking a listing, which of the following should not be included?
Construction type
Year Built
Zoning and subdivision restrictions
Local places of worship
A salesperson sells a property to buyer J and opens escrow. Prior to closing the salespersons employing broker has his license suspended for actions in another transaction. When the sale to buyer J closes, which of the following statements regarding receipt of commissions is CORRECT?
Both the broker and salesperson are entitled to commissions
Neither the broker or salesperson are entitles to commissions
Commissions can only be paid when the broker's license is reinstated
Only the salesperson is entitled to a commission
All of the following contracts must be reviewed by the broker within 10 business days EXCEPT
Residential leases
Commercial leases
All non residential leases
Purchase agreements
All of the following items are part of the concept of adverse possession EXCEPT
Hostile use
Length of time
License
Continuous use
A person holds an easement across a neighbors property to reach their garage. The neighbors property is the
Prescriptive property
Dominant tenement
Servant tenement
Easement appurtenant
The 1988 Fair housing amendment act protects
Pregnant women
All parents with small children
Students
Migrant workers
Under Regulation Z a person who refinances their home is allowed
To finance 100% of the property value
A three day right to rescind the loan
Free closing costs
One bankruptcy in the last two years
If a broker posts a sign stating he will prepare contracts for $250, which of the following provisions is being violated?
Realtor code of ethics
Commissioners rules
Article XXVI of the AZ constitution
Statue of frauds
A residential leasing company hires a agent who has been issued a provisional license by ADRE to manage their trust account. One month later the broker notices that the money is missing from the trust account and they immediately replace the money and fire the licensee. What else must the broker do?
Inform the AZ department of real estate of the problem
Notify multiple listing service
Notify the property owners
Voluntarily relinquish their license.
A physician runs his practice from the bottom floor of his two story home. The zoning in his neighborhood changes to single family residence but he may continue his practice at his home. This is an example of
Non conforming use
Variance
Deed restriction
Encumbrance
If a property with a valid limiting condition or deed restriction is being purchased, what is the most direct way for the owner to remove the restrictive provisions?
Transfer to property to another owner
Obtain a quit claim deed from all beneficiary affected parties
Have the buyer sign a release for the restriction
Have the title insurance company begin a quiet title action
A property is sold with a recorded easement. If the property is sold, the easement:
Transfers indefinitely
Terminates
Transfers upon payment of additional considerations
Must be renegotiated
The federal fair housing laws
Prohibit discrimination in housing based on age
Allow exemptions to the law for all protected classes
Allow no exemptions to the law for discrimination based on race or color
Permit real estate property managers to set aside specific units in an apartment building for families with children under 18
The equal credit opportunity act extends protection over and above the federal fair housing act to which of the following groups
Race and color
Religion and creed
Marital Status and age
Sex and national origin
When can real estate salesperson legally be licensed under two brokers
When one is residential resale broker and the other is a commercial broker
When one is a residential resale broker and the other is a cemetery broker
When the salesperson is paid commissions under one broker and is paid as an employee by the other broker
When the salesperson works under 20 hrs per week for each broker
An investor owns a 36 acre parcel and wants to develop it with lots of a minimus size of 2.5 acres. What is the maximum amount of lots the investors can develop without creating a subdivision?
5
6
12
14
Which of the following situations would be grounds for invalidating a contract?
A minor enters into a contract under a guardian
A person enters into a contract while intoxicated
An illiterate individual signs a deed
A Married man sells community personal property
A broker is considered to have earned a commission when
The seller signs a listing agreement
The broker produces an offer from a purchaser who is ready, willing and able to purchase the property on the terms set by the listing agreement.
A purchaser has qualified for financing
A sale is completed between the seller and a purchased who was procured by the broker
A salesperson refers his buyers to ABC mortgage company and 3 different buyers use the company. A month after all the properties have closed the salespersons receives a $125 referral fee from the mortgage company broker. Which of the following statements is true?
Both the salesperson and the mortgage broker are violating the real estate settlement and procedures act (RESPA)
Only the mortgage broker is violating the real estate settlement act (RESPA)
The salesperson can only accept a fee under $150 and it must be paid through their broker
The salesperson can only accept referral fees up to $25 per transaction and must be paid through their broker
Which of the following statements in advertising requires full disclosure under regulation Z?
Will discount for cash
5% down payment
Assumable loan
Three bedrooms
An associate broker is helping an investor buy properties. The investor wants to purchase a billboard that reads, 'will pay cash for your home! Call 888-555-5555 and the phone numbers will go directly to the associate brokers phone. According to the commissioners rules, this is
Ok only if the associate broker answers the phone with the company name
Not allowed because the fact that the investor is working with a broker is hidden
Allowed because it has been proven to be successful marketing technique
Allowed only if the designated broker of the company approves the ad and agrees to pay for half of the cost on the billboard
If a broker wanted to sell his home 'for sale by owner', what must be on the yard sign ?
Brokers name and company name
Brokers license number
The words owner/agent
Company name and phone number
Which of the following elements is essential to a valid contract
Written contract
Words of conveyance
Consideration
Acknowledgement
Which of the following requires that listings be in writing to be enforceable?
Statue of frauds
Statue of limitations
Article XXVI of the AZ constitution
Commissioners rules and Regs
Regarding comparables, an appraiser would disregard all of the following sales EXCEPT a sale:
Between relatives
To a government agency
Through condemnation
At arms length
A home is wired for 60 amps electrical service but building code requires 100 amp service. This is a form of:
Deterioration
Economic obsolescence
Functional obsolescence
External obsolescence
When participating in real estate transaction, a licensee should
Disclose any information which adversely and materially affects the consideration to be paid
Disclose material defects only when instructed by the seller
Follow the sellers instructions in all cases
Do whatever is necessary to make the sale
A parcel of unimproved subdivided land is purchased. Soon after the purchase the buyer discovers that there is no access to the land. The:
Purchase is automatically terminated according to the statutes
Purchase was illegal
Purchaser may rescind the contract
Fact that there isn't access to the land does not matter
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