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State Specific Real Estate Law

Question 1 of 48

1

Which of the following would not appear on a public report?

Select one of the following:

  • Utilities

  • Title condition

  • Market value

  • Legal description

Explanation

Question 2 of 48

1

The maximum amount of money that may be paid for any one licensee from the Recovery Fund is:

Select one of the following:

  • $15,000

  • $20,000

  • $30,000

  • $90,000

Explanation

Question 3 of 48

1

Which of the following would be unable to obtain money in a petition from the Recovery Fund?

Select one of the following:

  • A buyer in a subdivision

  • A seller in a house

  • A mortgagor

  • A licensee

Explanation

Question 4 of 48

1

How many recovery funds does the Arizona Real Estate Commission regulate?

Select one of the following:

  • One

  • Two

  • Three

  • Four

Explanation

Question 5 of 48

1

The commissioner may deny a public report for all of the following except?

Select one of the following:

  • The property is without ingress or egress

  • The owners have previously declared bankruptcy

  • The owner can't produce perfect title

  • The owner can't produce marketable title

Explanation

Question 6 of 48

1

The commissioner may deny a public report on a subdivision because of the subdivider's inability to?

Select one of the following:

  • Deliver clear (marketable) title

  • Provide building permits

  • Provide buyers with water rights

  • Provide floor plans

Explanation

Question 7 of 48

1

A licensee may not charge for document preparation as a result of what of the following?

Select one of the following:

  • Rules and Regulations

  • Arizona Statues

  • Arizona Constitution Article XXI

  • Law of Agency

Explanation

Question 8 of 48

1

The only thing a subdivider can accept before receiving the commissioner's Property Report is a?

Select one of the following:

  • Estates of inheritance

  • Undivided interest

  • Option contracts

  • Lot reservation

Explanation

Question 9 of 48

1

A broker offers to prepare documents for a real estate transaction at a fee of $35.00. Which of the following is true?

Select one of the following:

  • He cannot charge for the service.

  • He may charge if the parties agree

  • He may charge if it is considered an escrow fee

  • He may charge if the fee was negotiated

Explanation

Question 10 of 48

1

The city of Phoenix is located what direction from the G. & S.R.B. & M?

Select one of the following:

  • Northeast

  • Northwest

  • Southeast

  • Southwest

Explanation

Question 11 of 48

1

A woman verbally agreed to a six month lease, but prior to occupancy she changed her mind. Her verbal agreement is:

Select one of the following:

  • Enforceable

  • Illegal

  • Unenforceable because of the Statute of Frauds

  • Voidable by her

Explanation

Question 12 of 48

1

The earnest money given with an offer to purchase and held in the broker's trust account is said to belong to:

Select one of the following:

  • The buyer

  • The seller

  • The buyer and seller

  • The broker and seller

Explanation

Question 13 of 48

1

Licensed real estate brokers are given authority to draw those documents necessary in the course of their work by:

Select one of the following:

  • Arizona Constitution

  • Real Estate Code

  • The regulations of the Commissioner

  • The decision of the Arizona Supreme Court

Explanation

Question 14 of 48

1

Rank the following liens in the order of the priority from highest to lowest: IRS lien, Property taxes, Special assessments:

Select one of the following:

  • IRS lien, property taxes, special assessments

  • Property taxes, special assessments, IRS lien

  • Property taxes IRS liens, special assessments

  • IRS liens, special assessments, property taxes

Explanation

Question 15 of 48

1

When could a person receive legal title to the property under an Agreement for Sale?

Select one of the following:

  • Upon paying 30 percent of the price with 20 day notice to vendor.

  • Upon the last payment

  • Upon paying 50 percent of purchase price

  • When the agreement was recorded

Explanation

Question 16 of 48

1

Under a land contract, when is the deed actually give to the buyer?

Select one of the following:

  • When paid in full

  • After 50 percent

  • At the time of sale

  • After six months

Explanation

Question 17 of 48

1

David lost his home because of execution on a judgement by Allison, who was injured in David's swimming pool. The judgement was a:

Select one of the following:

  • Mechanic's lien

  • Specific lien

  • General lien

  • Voluntary lien

Explanation

Question 18 of 48

1

The correct order of events is?

Select one of the following:

  • Judgement, attachment, execution

  • Judgement, execution, attachment

  • Execution, attachment, judgement

  • Attachment, judgement, execution

Explanation

Question 19 of 48

1

A mechanic's lien is not available to a person who:

Select one of the following:

  • Graded the site for construction

  • Supplied the lumber but did not perform any labot.

  • Provided the furniture for a model house

  • Performed labor under a subcontract rather than a direct contract with the owner

Explanation

Question 20 of 48

1

A mechanic's lien filed by a contractor is valid lien for:

Select one of the following:

  • 1 year

  • 6 months

  • 3 months

  • 1 month

Explanation

Question 21 of 48

1

Which of the following liens would usually be classified as the prior lien?

Select one of the following:

  • A mortgage dated last year

  • The current real estate tax

  • A mechanic's lien for work started before the mortgage was recorded.

  • A judgement rendered yesterday

Explanation

Question 22 of 48

1

A transaction is closed on February 15, 1997 and the buyer does not record the deed until April 24, 1997. A judgement for $1,200.00 is filed against the grantor on April 21, 1997 the judgement:

Select one of the following:

  • Is a lien against the property

  • Is invalid against the property

  • Constitutes a judgement inchoate

  • Is a judgement reversion

Explanation

Question 23 of 48

1

A general contractor records a mechanic's lien. Priority of the lien is established as of:

Select one of the following:

  • The day it is recorded.

  • The day the work began.

  • The date the work was completed

  • The date the contract was signed.

Explanation

Question 24 of 48

1

How long does a subcontractor have to file his mechanic's lien?

Select one of the following:

  • 120 days after completion

  • 60 days from contract date

  • 35 days from contract date

  • 90 days after completion

Explanation

Question 25 of 48

1

Which of the following liens would have priority?

Select one of the following:

  • Recorded mechanics lien

  • Unrecorded mechanics lien

  • IRS liens

  • Property taxes

Explanation

Question 26 of 48

1

All of the following are encumbrances except?

Select one of the following:

  • Mechanics lien

  • Deed of trust

  • Homestead

  • Easement

Explanation

Question 27 of 48

1

Which is true regarding a mechanics lien?

Select one of the following:

  • General contractor has 90 days to file a lien

  • Sub-contractor has 60 days to file a lien

  • A mechanics lien is valid for six months

  • A mechanics lien may be filed at any time

Explanation

Question 28 of 48

1

Kingman owns a fee simple interest to Unit #14 and a 3% undivided interest in the common area. What does Kingman own?

Select one of the following:

  • A cooperative

  • A condominium

  • A syndicate

  • A trust

Explanation

Question 29 of 48

1

An owner hires a General Contractor to build a commercial project. The owner pays the General in full but the General fails to pay the sub-contracts. Which of the following statements is true?

Select one of the following:

  • The subs can only look to the General for payment

  • The subs can file a mechanics lien against the property

  • The subs cannot file a mechanics lien

  • The subs must wait for the General to file the mechanics lien

Explanation

Question 30 of 48

1

Samuel owns shares in a building, and propriety lease in his/her apartment unit. Samuel's interest is in a:

Select one of the following:

  • Cooperative

  • Condominium

  • Townhouse

  • Patio home

Explanation

Question 31 of 48

1

The only person who could recover from the State recovery fund is?

Select one of the following:

  • Real Estate Sales Licensee

  • Designated Broker

  • Associate Broker

  • Escrow Officer

Explanation

Question 32 of 48

1

The shortest distance between Section 5 and 32 of the same township would be?

Select one of the following:

  • 4 miles

  • 5 miles

  • 6 miles

  • 7 miles

Explanation

Question 33 of 48

1

A government check is described by all of the following except:

Select one of the following:

  • Contains 16 townships

  • Contains 24 miles

  • Is used as a north-south correction due to the curvature of the earth

  • Correct the township line in each government check

Explanation

Question 34 of 48

1

A range is a strip land

Select one of the following:

  • Six miles wide running north and south

  • One mile wide running east and west

  • Six miles wide running east and west

  • One mile wide running north and south

Explanation

Question 35 of 48

1

A metes and bounds description must:

Select one of the following:

  • Cover an area larger than 10 acres

  • Be in areas not including in the rectangular survey system

  • Commence and finish at the same identifiable point

  • Always use north as the basis for directions

Explanation

Question 36 of 48

1

Smallest area of a survey would most likely be?

Select one of the following:

  • Government Rectangular survey

  • Lot and Block

  • Monument Survey

  • Section Survey

Explanation

Question 37 of 48

1

Which of the following sections are not considered standard?

Select one of the following:

  • 13

  • 18

  • 20

  • 36

Explanation

Question 38 of 48

1

How many acres would be contained in the following legal description?
NW1/4; SE1/4; N1/2; SE1/4; and the SW1/4; SE1/4; S1/2; N1/4; of section 21

Select one of the following:

  • 0.078

  • 15 acres

  • 40 acres

  • 10 acres

Explanation

Question 39 of 48

1

All of the following can be used in a developers' public report advertisement except?

Select one of the following:

  • Specific prices

  • The public report is an endorsement of the project

  • Names of the owners and past history

  • Future plans of the general area

Explanation

Question 40 of 48

1

As of June 30th of any year, the real estate recovery fund must maintain a balance of?

Select one of the following:

  • $200,000

  • $250,000

  • $300,000

  • $600,000

Explanation

Question 41 of 48

1

A declaration of Homestead may be terminated for all of the following except?

Select one of the following:

  • Filing an abandonment of Homestead

  • Death of one spouse

  • Moving out of the property

  • Converting the property to a rental

Explanation

Question 42 of 48

1

A licensed contractor is hired and paid in full directly by the owner of a commercial property. The general contractor fails to pay the subcontractor fails to pay the subcontractors for the work they performed. The general contractor then files bankruptcy and the subcontractor files a mechanics lien 130 days after the completion of work. In this situation which of the following is true regarding the subcontractor?

Select one of the following:

  • The lien is not valid because the subcontractor was not hired by the owner.

  • The lien is not valid because it was not recorded within the required time period

  • The lien is not valid because the owner paid the general contractor in full

  • The lien is valid as long as a foreclosure action is taken within 100 days of recording the ien

Explanation

Question 43 of 48

1

Arizona subdivision law would be found in which of the following articles?

Select one of the following:

  • Article 2

  • Article 3

  • Article 4

  • Article 5

Explanation

Question 44 of 48

1

In Arizona, the deed that is most commonly given by sellers to buyers is a?

Select one of the following:

  • Warranty deed

  • Special warranty deed

  • Bargain and sale deed

  • Quit claim deed

Explanation

Question 45 of 48

1

In Arizona, the document that is signed by the buyer and seller stating the sales price and usually accompany the deed for recordation is?

Select one of the following:

  • A certificate of title

  • An affidavit of title

  • An affidavit of value

  • An estoppel certificate

Explanation

Question 46 of 48

1

In Arizona a deed must be signed by the?

Select one of the following:

  • Grantee

  • Mortgagor

  • Grantor

  • Trustor

Explanation

Question 47 of 48

1

A public report is to be given to a buyer?

Select one of the following:

  • Before he signs the purchase contract

  • Within three days of signing the contract

  • Within seven days after signing the contract

  • Within six months of signing the contract

Explanation

Question 48 of 48

1

When a public report is issued on a time-share project, which of the following would not be included in the report?

Select one of the following:

  • Time-share exchange status

  • Names of owners and developers

  • Condition of the title

  • Association fees to be paid

Explanation

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