Real Estate License Law Chapter 1

30 Questions | By Loeding | Last updated: Mar 21, 2022 | Total Attempts: 54

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1.

A printed advertisement for a new development, such as a subdivision, would be called?
- A.
  
  A reservation
- B.
  
  A nomenclature
- C.
  
  A brochure
- D.
  
  An Origination
2.

The Arizona Real Estate Advisory Board members receive an annual salary of:
- A.
  
  250,000
- B.
  
  2.500
- C.
  
  25.00 a day
- D.
  
  None
3.

What person or persons would the Arizona Real Estate Commissioner look to for his orders ( his 'Boss")
- A.
  
  President of U.S.
- B.
  
  Governor of Arizona
- C.
  
  Real Estate Commission
- D.
  
  Real Estate Department
4.

In a new development, the Real Estate Commissioner's primary interest would be in.
- A.
  
  Marketing Plan
- B.
  
  Environmental Impact
- C.
  
  Civic Planning
- D.
  
  Utility Involvement
5.

Which of the following does not need a real estate license?
- A.
  
  A person collecting rents for a fee
- B.
  
  An escrow agent selling another's property for compensation
- C.
  
  An Attorney in fact
- D.
  
  An attorney practicing real estate brokage
6.

Licensed real estate salespersons are regulated by:
- A.
  
  The Real Estate Advisory Board
- B.
  
  Real estate license law and rules of the RE Commissioner
- C.
  
  The code of Ethics
- D.
  
  The employing broker
7.

The maximum amount a party or parties may recover from the Real Estate Recovery Fund for a single cause of action is:
- A.
  
  $10,000
- B.
  
  $20,000
- C.
  
  $25,000
- D.
  
  $30,000
8.

For how many days may a salesperson be granted a temporary broker's license:
- A.
  
  60 days
- B.
  
  90 days
- C.
  
  15 months
- D.
  
  18 months
9.

A real estate salesperson's license would automatically be terminated:
- A.
  
  Upon conviction of diving while intoxicated
- B.
  
  Upon drug charges
- C.
  
  Upon settlement from the recovery fund
- D.
  
  If he lies to a client
10.

Before a person can bring action for collection of commissions earned, he must prove that at the time the cause of action arose he was:
- A.
  
  Sober
- B.
  
  In the State
- C.
  
  Licensed
- D.
  
  Available
11.

Commingling refers to:
- A.
  
  Condominium ownership
- B.
  
  Overdrawing your cheking account
- C.
  
  Co-op Apartment ownership
- D.
  
  Mixing client's money with your own
12.

A subdivision is a piece of ground
- A.
  
  Containing six or more losts any of which is less than 36 acres
- B.
  
  Ten or more lots of 40 acres each
- C.
  
  Five or more lots of less than 40 acres each
- D.
  
  Six or more lots each of which is less than 36 acres
13.

Which of the following is incorrect: A broker or salesman may prepare a deed in a transaction
- A.
  
  If he is an agent for one of the parties
- B.
  
  If his is licensed
- C.
  
  And charge for the service
- D.
  
  If the seller is his principle
14.

The maximum rate of commission a broker can charge is fixed by:
- A.
  
  The Department
- B.
  
  License Law
- C.
  
  What the traffic will bear
- D.
  
  Usury Laws
15.

To whom would you apply for marketing approval of subdivided land:
- A.
  
  To the Real Estate Department
- B.
  
  To county Board of Supervisors
- C.
  
  To Real Estate Adviirsory Board
- D.
  
  Police Power
16.

If a subdivider is in violation, the commissioner may:
- A.
  
  Have him arrested by the sheriff
- B.
  
  Issue a cease and desist order
- C.
  
  Automatically terminate his License
- D.
  
  None of these
17.

The commissioner may prohibit the sale of subdivided land if any person assoicated with the land development company:
- A.
  
  Does not have a valid real estate license
- B.
  
  Has been convicted of a felony
- C.
  
  Only A if not a citizen
- D.
  
  Only B if for no other reason
18.

A subdivider employed hostesses to show his houses. The hostesses exlained the features of the houses and gave out details regarding prices and terms:
- A.
  
  Only the sales broker needs to be licensed
- B.
  
  Theses hostesses are only employees and need not be licensed
- C.
  
  Theses hostesses must be licensed
- D.
  
  The subdivision needs to be licensed
19.

The term of office for Advisory Board members is:
- A.
  
  6 years
- B.
  
  5 years
- C.
  
  7 years
- D.
  
  4 years
20.

The law prohibiting a direct or indirect interest in a real estate firm applies to:
- A.
  
  The commissioner only
- B.
  
  Department employees
- C.
  
  The Advisory board members
- D.
  
  No One
21.

Brokers must maintain an accurate record of all transactions. These records are subject to Department inspection and the file must be maintained:
- A.
  
  For one year from the term,ination of the transaction
- B.
  
  For three years from the termination of the transaction
- C.
  
  For 36 months from the termination of the transaction
- D.
  
  For 60 months from the termination of the transaction
22.

The Arizona Real Estate Recovery Fund is established:
- A.
  
  To fund the activities of the Real Estate Department
- B.
  
  As a bonding reference for licenses
- C.
  
  To recompense any part to a transacion who has suffered loss by the actions or lack of actions of a licensee
- D.
  
  To protect the department against a suit
23.

The statute of limitations for recovery from the Recovery Fund is:
- A.
  
  All transactions must be in writing for 2 years
- B.
  
  Three years
- C.
  
  Limited to licensees
- D.
  
  Five years
24.

A licensee shall not act for both parties without
- A.
  
  The written consent of the seller
- B.
  
  The written consent of the agent
- C.
  
  The written consent of both parties
- D.
  
  The written consent of the purchaser
25.

The statute of fraud requires centain real estate contracts to be in writing. An agreement not covered by this law would be:
- A.
  
  A lease for one year to commence in 30 days
- B.
  
  An open listing
- C.
  
  An option for less than 30 days
- D.
  
  An oral agreement between brokers to share a commission