Real estate 2
Real Estate Mastery Quiz
Test your knowledge of real estate concepts and practices with our engaging quiz! Whether you're a seasoned agent or new to the field, this quiz covers essential topics that every real estate professional should know.
Features:
- 47 challenging questions
- Multiple choice format
- Instant feedback on your answers
A contract signed under duress is
Void
Voidable by the party under duress
Voidable by either party
Enforceable
A contract created by two parties stating their intentions either orally or in writing is referred to as a
Executed contract
Executory contract
Implied contract
Expressed contract
When using comparative method, an appraiser would make an adjustment for all the following items EXCEPT:
Comparable properties in a different neighborhood
Comparable properties of different square footage
A selling price over six months old
Financing terms the same as the subject property
In estimating value by the cost approach, depreciation represents the
Remaining useful economic life of the building
Sales price of a similar building
Depreciation used for income tax purposes
Loss in value suffered over time
A buyer is purchasing a home and 12 days after the loan application is made the lender discovers that the buyer has unpaid student loans and the loan is denied. If the buyer is trying to get a loan from another lender, the buyer's agent
Must notify the sellers agent that the buyer may not qualify
May not disclose this to the seller
Must remain silent because of the duty of confidentiality to the buyer
Has ten days to see if the other lender will approve the buyer
If a listing expires while the owner is out of town, what should the listing agent do in relation to the for-sale sign?
Remove the sign and wait until owner returns to sign an extension agreement
Prepare an extension agreement and sign on behalf of the seller
Keep the sign on the property and continue showing the home
Keep the sign on the property but discontinue showings
A listing whereby the broker is to be compensated only If he or she procures a ready, willing and able buyer is known as
Exclusive listing
Open listing
Exclusive agency listing
Net listing
A listing agreement in which the owner promises to pay a commission under all circumstances of sale EXCEPT if the owner sells the property is known as
Exclusive right to sell listing
Exclusive agency listing
Net listing
open listing
Which of the following items would be LEAST important in the market data approach?
Date of sale
Neighborhood appearance
Condition and appearance of the property
Original cost of the property
The highest and best use of the land is defined as the use that
Is in compliance with the zoning and deed restrictions
Produces the highest gross anual income
Tends to allow the least degree of physical depreciation
Results in the property being used to its greater economic benefit
To apply for a public report on an Arizona subdivision, all of the following items must be submitted to the real estate commissioner EXCEPT the:
Terms and conditions of the proposed sale or lease
Provisions for permanent access
Liens and condition of the title
Market value of the subdivision
Which of the following is NOT part of a Land Disclosure Affidavit
Water availability
Appraisals
Easements
Sewer or septic tank information
In order to comply with AZ statutory requirements, all of the following must be contained in an employment agreement EXCEPT:
Begininning day
Termination date
Commissions splits
Signature of parties
XYZ Realty, a sole proprietorship, is purchased by RQK Realty, a corporation. Regarding the listings, which of the following statements is correct?
The listings must be renegotiated
The listings need not be renegotiated
Only the exclusive listings must be renegotiated
The listings need to be renegotiated if they remain with the same salesperson
In AZ, state environmental standards are enforced by:
AZ Department of environmental quality
Environmental Protection Agency
AZ department of real estate
AZ Department of water resources
All of the these items are used in the income approach EXCEPT
Depreciation
Rent schedule
Operating expenses
Capitalization rate
A listing broker offers compensation to a cooperating buyer's broker. When the buyers broker presents an offer, the listing broker states that the buyers brokers commission will be less than the originally offered. Which of the following is Correct?
The brokers can ask the Real Estate Commissioner to arbitrate the dispute
The transaction can be cancelled by the brokers
The brokers may not allow the dispute to jeopardize the transaction
The buyers brokers may sue the seller for the difference in commission
What is the time period within the trustee must deliver the deed of release and reconveyance to the truster when a note secured by a trust deed is paid in full?
30 days
90 days
6 months
1 year
If a buyer makes a verbal offer and the seller accepts it, the contract is
An option
Executed
Invalid
Voidable
A real estate agent is required to spend eight hours on the floor time, attend all office meetings, and receive the benefits of health insurance. According to the internal revenue service, an agents is most likely and
Subcontractor
Independent contractor
Part time worker
Employee
What type of protection, that is similar to medical malpractice insurance will protect a real estate license
Mortgage insurance
Recovery fund
Liability insurance
Errors and Omissions insurance (E&O)
A property with two loans against is has been sold at a foreclosure auction. After taxes have been paid, what is the order of disbursement of funds?
1st loan, 2nd loan, foreclosure costs and fees, borrower
Borrower, 1st loan, 2nd loan, foreclosure costs ands fees
Foreclosure cost and fees, 1st loan, 2nd loan, borrower
1st loan, foreclosure costs and fees, 2nd loan, borrower
A title search shows that a lis pendent had been recorded but the court order of foreclosure has been terminated. How would the lis pendent be terminated?
Quiet title action
Quit claim deed
Deed of reconveyance
Forfeiture action
The buyer makes monthly payments to the seller but does NOT receive full title until the full balance is paid off. This is usually called a
Reversion
Mortgage
Option
Installment sale contract
The method used to treat asbestos is
Ventilation
Encapsulation
Capping
Degassing
All of the following apply to radon EXCEPT that it is
Ordorless
Tasteless
Radioactive
Fibrous
A brownfield in an area causes a loss in value to neighborhood properties. This is an example of
Economic obsolescence
Economic quality
Economic life
Functional obsolescence
Implied Agency is established through
Voluntary and intentional acts of the parties
Voluntary and contractual acts of the parties
Force of law when necessary to protect the parties
Force of law to prevent the principal from denying its existence
Failing to disclose a dual agency
Violates licensing laws
Does not violate licensing laws
Is acceptable in some states with restrictions
Is not acceptable in some states with restrictions
The AZ agency that authorizes impact studies for the property development is the Department of
Housing
Environmental Quality
Financial Institutions
Revenue
In the sale of a multi-unit apartment complex, all of the following must be transferred to the buyer EXCEPT
All leases recorded and not recorded
All service contracts
All service contracts that expired before closing
All security deposits
If the seller carries back a purchase money trust deed , the seller is the
Truster
Trustee
Beneficiary
Mortgagor
All of the following procedures relate to a trust deed foreclosure EXCEPT
Judicial foreclosure
Forfeiture
Non-judicial foreclosure
Recorded notice of sale
When a buyer signs a buyer broker agreement, the agent
Can negotiate on behalf of the buyer without the buyers knowledge
Can sign documents for the buyer
Must keep all material information about the buyer confidential
Must protect and promote the best interest of the buyer
If an agent holding an open house only discusses comparable properties in the area with a potential buyer it creates a
Dual agency
Implied agency
Express agency
Sub-agency
A residential rental property is damaged by wind which makes the property uninhabitable the lease is terminated
Only upon termination of the lease
Only after filing an actual eviction procedure
By the tenant repairing the damage
Constructively by the tenant providing proper written notice to the landlord
In the listing for the sale of a cafe, it states that all personal property does not convey if a prospective buyer asks about a serving counter, the listing agent should state
It is a trade fixture so it will automatically transfer at closing
It will remain because it is a fixture
Counters are considered to be real property because they are attached
It doesn't transfer because it is a trade fixture
Under a deed of trust the bare legal title is conveyed to the trustee for which of the following reasons?
The trustee needs it to conduct a judicial foreclosure
To reinstate time is of the essence
It allows the trustee to conduct a foreclosure without going to a court
To allow the trustee to obtain a deficiency judgement
What is the first step taken after the notice of default and trustees sale is recorded in a non judicial trust deed foreclosure?
The notice is sent to the debtor
The debtors has 60 days to redeem
Truster will file lis pendens
Trustee will order the beneficiary to proceed with the foreclosure
What must the buyers broker disclose about their client to the seller?
The buyer is interested in other properties
The buyers use of the property
The buyer cannot qualify for funding
The buyer is in poor health
What must a listing agent disclose about their seller to the buyer?
The seller is in poor health
The seller is in bankruptcy
The seller will accept $10,000 less
The seller is going thru a divorce
P sells the rights to the oil and gas found on P's land to an oil company. P then sells a free simple interest to a third party, reserving the coal interests. What ownership interest does P have?
Fee simple title
Ownership of the coal
Ownership of the gas and minerals
No ownership
An owner conveys a fee simple estate to a grantee but reserves to himself a life estate. The grantee has a
Homestead
Life estate
Reversionary interest
Remainder interest
Under a long-term lease the lessor has a
Reinstatement interest
Reversionary interest
Reposession interest
Right of redemption
To be effective, a mechanic's lien for work performed by a sub-contractor must be recorded within
120 days from the beginning of work
120 days from the completion of work
90 days from the beginning of work
90 days from the completion of work
A homestead exemption may protect the owners equity in all of the following property types EXCEPT:
Condominium
Cooperative apartment
Single family residence
Commercial property
All of the following must be included in an Affidavit of Value EXCEPT
Signatures of the parties or their agents
Sales price
Property description
contingencies of the sale
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