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Real Estate Mastery Quiz

Test your knowledge of real estate concepts with our comprehensive quiz covering essential topics relevant to buyers, sellers, landlords, and tenants.

Key Features:

  • 46 carefully curated questions
  • Multiple choice format
  • Track your progress and improve your understanding
46 Questions12 MinutesCreated by NavigatingProperty101
A purchase agreement uses a standard clause that states. "this contract cannot be altered, amended, changed, modified, revised or terminated without written specific consent of both the buyer and seller". To make a change to this purchase agreement
The buyer and seller can communicate the changes via email
The buyer and seller can agree to the changes over the phone
One party can make the amendment in writing
A facsimile transmission of the amendment from one party is acceptable
A seller is selling lakefront property to a buyer and before closing the seller learns of new construction in the area that will cause the seller's property to appreciate. If the seller tries to cancel the purchase agreement, the buyers best recourse to obtain the property is to
Cancel the purchase agreement
Sue the seller for specific performance
ask the seller for an option to purchase
Begin a foreclosure action
Who pays for property taxes and assessment under the terms of a next lease?
Lessee
Lessor
Sub-leassee
Sub-lessor
A landlord sells a property. Without any stipulation is the leases
An estate at will would be automatically terminated
New leases would have to be negotiated
Existing leases remain in force
The leas would be revert to the lessor
The purpose of an affidavit of value is to
Allows a manufactured home to be taxed as real estate
Set the market value of the property
Report the sales price to the IRS
Inform the assessor go the sales price
The first step in a tax lien foreclosure is
Filing a legal action in the small claims court
Filing a law suit in superior court
Bidding the lowest interest rate at the tax lien auction
Notifying the owner by certified mail of the pending foreclosure
If a buyer drafts documents including consideration, contingencies and other terms, it is referred to as a
Option
Offer
Right of first refusal
Contract
In a purchase contract, buyer has 45 days to conduct environmental research on a property. This is referred to as:
Time is of the essence
Due diligence
A title search
Disclosure
Under AZ law what happens to community property when one spouse dies?
100% passes to the decendent's heirs
50% automatically passes to the surviving spouse
50% passes to the children
50% passes to the decedents heirs
Two friends are partners in a corporation and they wish to purchase some property. If they are using their corporation for the purchase , how would title be taken
Tenancy in common
Severalty
Joint Tenancy
Community Property
A couple sells a property through a short sale and the HOA dues have not been paid for over a year, Who is legally responsible to pay them?
The lender
The seller
The homeowners association
The broker
A landlord has a residential lease for $600 per month rent. In addition to the first and las months rent, how much can the landlord take as a security deposit?
$300
$500
$600
$1200
The phrase TIME IS OF THE ESSENCE in a sales contracts means that
The time limits set by the contract must be faithfully observed or the contract is voidable
The parties are prohibited from giving each other an extension
A 5 day extension to the closing date is automatic
Extensions can only be granted by the broker
A buyer's agent is showing a property. During negotiations the seller agrees to include two cords of wood in the purchase price. the Buyers agent should
Not include it in the agreement because it was a verbal agreement between the buyer and seller
Specify it in the contract because it is personal property
Specify in the contract because it is real property
Include it in the contract because it is a fixture
A couple bought two units in a thirty unit condominium complex. What portion of the common areas do they own?
1/30
2/30
100%
None
Two individuals hold property as tenants in common. The partners cannot agree on a way to dissolve their ownership. What legal action could be used to dissolve the tenancy in common?
Suit to quiet title
Suit for severance
Foreclosure
Suit for Partition
If a man in Phoenix dies intestate while eminent domain is being exercised against his property in a blighted area, the proceeds would go to
His heirs according to law
His heirs named his will
The government through escheat
The county treasurer
A tenants vacates a residential unit. If the tenant does not receive notification of what items his/her security deposit was applied to and the security deposit is not returned the tenant is entitled to receive what amount as damages?
The entire deposit
1.5 times the deposit
2 times the deposit
3 times the deposit
Which of the following residential rental property types is exempt from disclosure of bedbug infestation?
Apartment communities
Single family homes
Four plexes
apartments and single family homes
If the listing broker is aware that the property is on a septic tank but the buyers broker submits an offer incorrectly stating that the property is connected to the sewer, the listing broker should
Not present the offer due to the incorrect information
Ignore the issue
Suggest a counter offer correcting the misinformation
Not disclose the error to the seller nor buyers broker
A homeowner receives a letter stating: " I want to buy your property for no more than $30,000 per acre with closing on June 30th. If you are interested please contact me " The name , address and phone number of the sender is included in the letter. This is a
Offer
Letter of intent
Purchase contract
Option
A woman and her brother hold property in joint tenancy, If the woman deeds her part to her husband
The joint tenancy is broken
The deed to the husband is invalid
All three now hold title in joint tenancy
The husband and brother now hold title in joint tenancy
When the government transfers title into private ownership, it uses a
General warranty deed
Patent
ALTA title policy
Eminent domain
A month to month lease requires the tenant to pay the rent on the first of each month. On march 15th the landlord notifies the tenant that the lease will be terminated. On which date will the tenant need to vacate?
March 31
April 1
April 15
April 30
The Arizona Residential Landlord and Tenant Act addresses all of the following areas EXCEPT
Non-payment of rent
Property management agreements
Forcible entry and detainer actions
Self help for minor defects
A role of an escrow company involves all of the following EXCEPT
Loan pre qualification
HOA fees
Referral fees
Property Taxes
A buyer asks their agent about the crime rate in the area. The agent responds that there is no problem when in fact the agent knows the crime rate is high. This is an example of:
Fraudulent misrepresentation
Misrepresentation
Dual agency
Puffing
When a title insurance company pays a claim and then takes legal action against the party responsible for the claim, it is known as
Subordination
subrogation
Defeasance
Escheat
Which type of deed creates the LEAST liability for the seller?
Quit claim deed
Bargain and sale deed
Special warranty deed
General warranty deed
Under the Arizona Uniform Residential Landlord Tenant Act, What is the maximum amount the landlord can require a tenant to pay at the lease inception?
First and last months rent plus 1/2 months rent as security deposit
First and last month rent plus 1 1/2 months rent as a security deposit
First and last months rent plus one full months rent as a security deposit
First and last months rent
Arizona law requires that property management agreements contain all of the following provisions EXCEPT
Disposition of all monies collected by licensees
Extent of the licensees' authority to order repairs or improvements
Written registration of prospective tenants
Frequency of status reports to the client
A buyer's broker learns that their buyer can't come up with financing. The agent should disclose this because this is a
Latent fact
Material fact
Latent defect
Stigma
If a buyer wants to transfer her rights in a purchase contract to another person, she would do so through
Assignment
Assumption
Subordination
Subrogation
When there is a discrepancy between the pre-printed words and written words in a purchase contract, which of the following statements is true?
The pre printed word prevails
The written word prevails
Pre printed contracts cannot be changed
The contract is unenforceable
What are the benefits of a beneficiary deed
It allows you to transfer ownership without probate
It allows you to transfer ownership when someone is ill
You can avoid paying inheritance tax
It transfers title immediately after a trustee's foreclosure sale
A man in phoenix who had executed a beneficiary deed to his son enters into a contract to sell the property. If, prior to closing, the man dies intestate the :
Sales contract is cancelled
Sales contract is binding on the son
Beneficiary deed is void
Mans will must be followed
Which of the following deeds provides NO warranties?
Sheriffs deed
Executor's deed
Guardian's deed
Quit claim deed
All of the following are associated with a deed of conveyance in Arizona EXCEPT
Consideration
Acknowledgement
Tax transfer stamps
Signatures of the grantors
The Arizona Residential Landlord and Tenant Act is enforced by the
Arizona Department of Real Estate
Landlord Tenant advisory board
Courts
Landlord and Tenant
A tenant did $900 worth of destruction to an apartment. The tenant had paid a $300 security deposit and left a television set worth $600 in the apartment. The landlord mailed an itemized statement of the damages to the tenant within two days of the tenant's vacating the premises and the tenants returned in 7 days and demanded his belongings. The landlord
Can keep the $300 and the TV
Can keep only the $300
Must return the $300
Must return the $300 and the TV
A seller receives two offers, makes counter offers on both, and both counter offers are accepted by the buyers, In this situation
The seller is bound to the offer that was made first
The seller is bound to the first counter offer that was made
There are two legally binding contracts
There is no contract because the seller cannot make two counter offers.
A developer completes construction but is unable to obtain permanent financing. The developer could obtain a
Development loan
Construction loan
Wraparound loan
Gap loan
What type of ownership would create the most liability for a broker if sued?
Corporation
Limited liability Partnership
Limited liability corporation
Sole proprietorship
 
R and T list their property for sale. The broker finds a buyer acceptable to the sellers. In the preliminary title report the broker discovers that R's mother also has an interest in the property. Which of the following statements is CORRECT
Escrow can close since a majority of the title holders signed the contract and deed
Escrow can close based on the legal concept of "Relation back"
R's mother must sign the deed in order for the transaction to close
The buyers can void the contract
All of the following property types are governed by the Arizona Residential Landlord and Tenant Act EXCEPT
Apartment buildings
Vacation home rentals
Hotels and motels
One unit in an owner occupied duplex
A property governed by a homeowner's association of 50 or more units has a patio cover which was built in violation of the association declaration (CC&R's) Prior to closing the association gave notice to the buyer regarding the violation. After the close of escrow, which of the following statements is correct
The patio cover may remain, as is
If the association did not inspect the property prior to closing, the patio cover can remain
The patio cover is in violation of the associations rules and the buyer can be forced to remove it
The buyer can hold the association liable for the cost of removal
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