Real Estate License Law Chapter 1

30 Questions | Total Attempts: 54

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SAMPLE QUESTIONS.


Questions and Answers
  • 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

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