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State Specific Real Estate Law

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Quiz by Un_known, updated more than 1 year ago
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Created by Un_known about 10 years ago
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Resource summary

Question 1

Question
Which of the following would not appear on a public report?
Answer
  • Utilities
  • Title condition
  • Market value
  • Legal description

Question 2

Question
The maximum amount of money that may be paid for any one licensee from the Recovery Fund is:
Answer
  • $15,000
  • $20,000
  • $30,000
  • $90,000

Question 3

Question
Which of the following would be unable to obtain money in a petition from the Recovery Fund?
Answer
  • A buyer in a subdivision
  • A seller in a house
  • A mortgagor
  • A licensee

Question 4

Question
How many recovery funds does the Arizona Real Estate Commission regulate?
Answer
  • One
  • Two
  • Three
  • Four

Question 5

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

Question 6

Question
The commissioner may deny a public report on a subdivision because of the subdivider's inability to?
Answer
  • Deliver clear (marketable) title
  • Provide building permits
  • Provide buyers with water rights
  • Provide floor plans

Question 7

Question
A licensee may not charge for document preparation as a result of what of the following?
Answer
  • Rules and Regulations
  • Arizona Statues
  • Arizona Constitution Article XXI
  • Law of Agency

Question 8

Question
The only thing a subdivider can accept before receiving the commissioner's Property Report is a?
Answer
  • Estates of inheritance
  • Undivided interest
  • Option contracts
  • Lot reservation

Question 9

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

Question 10

Question
The city of Phoenix is located what direction from the G. & S.R.B. & M?
Answer
  • Northeast
  • Northwest
  • Southeast
  • Southwest

Question 11

Question
A woman verbally agreed to a six month lease, but prior to occupancy she changed her mind. Her verbal agreement is:
Answer
  • Enforceable
  • Illegal
  • Unenforceable because of the Statute of Frauds
  • Voidable by her

Question 12

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

Question 13

Question
Licensed real estate brokers are given authority to draw those documents necessary in the course of their work by:
Answer
  • Arizona Constitution
  • Real Estate Code
  • The regulations of the Commissioner
  • The decision of the Arizona Supreme Court

Question 14

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

Question 15

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

Question 16

Question
Under a land contract, when is the deed actually give to the buyer?
Answer
  • When paid in full
  • After 50 percent
  • At the time of sale
  • After six months

Question 17

Question
David lost his home because of execution on a judgement by Allison, who was injured in David's swimming pool. The judgement was a:
Answer
  • Mechanic's lien
  • Specific lien
  • General lien
  • Voluntary lien

Question 18

Question
The correct order of events is?
Answer
  • Judgement, attachment, execution
  • Judgement, execution, attachment
  • Execution, attachment, judgement
  • Attachment, judgement, execution

Question 19

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

Question 20

Question
A mechanic's lien filed by a contractor is valid lien for:
Answer
  • 1 year
  • 6 months
  • 3 months
  • 1 month

Question 21

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

Question 22

Question
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:
Answer
  • Is a lien against the property
  • Is invalid against the property
  • Constitutes a judgement inchoate
  • Is a judgement reversion

Question 23

Question
A general contractor records a mechanic's lien. Priority of the lien is established as of:
Answer
  • The day it is recorded.
  • The day the work began.
  • The date the work was completed
  • The date the contract was signed.

Question 24

Question
How long does a subcontractor have to file his mechanic's lien?
Answer
  • 120 days after completion
  • 60 days from contract date
  • 35 days from contract date
  • 90 days after completion

Question 25

Question
Which of the following liens would have priority?
Answer
  • Recorded mechanics lien
  • Unrecorded mechanics lien
  • IRS liens
  • Property taxes

Question 26

Question
All of the following are encumbrances except?
Answer
  • Mechanics lien
  • Deed of trust
  • Homestead
  • Easement

Question 27

Question
Which is true regarding a mechanics lien?
Answer
  • 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

Question 28

Question
Kingman owns a fee simple interest to Unit #14 and a 3% undivided interest in the common area. What does Kingman own?
Answer
  • A cooperative
  • A condominium
  • A syndicate
  • A trust

Question 29

Question
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?
Answer
  • 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

Question 30

Question
Samuel owns shares in a building, and propriety lease in his/her apartment unit. Samuel's interest is in a:
Answer
  • Cooperative
  • Condominium
  • Townhouse
  • Patio home

Question 31

Question
The only person who could recover from the State recovery fund is?
Answer
  • Real Estate Sales Licensee
  • Designated Broker
  • Associate Broker
  • Escrow Officer

Question 32

Question
The shortest distance between Section 5 and 32 of the same township would be?
Answer
  • 4 miles
  • 5 miles
  • 6 miles
  • 7 miles

Question 33

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

Question 34

Question
A range is a strip land
Answer
  • 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

Question 35

Question
A metes and bounds description must:
Answer
  • 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

Question 36

Question
Smallest area of a survey would most likely be?
Answer
  • Government Rectangular survey
  • Lot and Block
  • Monument Survey
  • Section Survey

Question 37

Question
Which of the following sections are not considered standard?
Answer
  • 13
  • 18
  • 20
  • 36

Question 38

Question
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
Answer
  • 0.078
  • 15 acres
  • 40 acres
  • 10 acres

Question 39

Question
All of the following can be used in a developers' public report advertisement except?
Answer
  • Specific prices
  • The public report is an endorsement of the project
  • Names of the owners and past history
  • Future plans of the general area

Question 40

Question
As of June 30th of any year, the real estate recovery fund must maintain a balance of?
Answer
  • $200,000
  • $250,000
  • $300,000
  • $600,000

Question 41

Question
A declaration of Homestead may be terminated for all of the following except?
Answer
  • Filing an abandonment of Homestead
  • Death of one spouse
  • Moving out of the property
  • Converting the property to a rental

Question 42

Question
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?
Answer
  • 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

Question 43

Question
Arizona subdivision law would be found in which of the following articles?
Answer
  • Article 2
  • Article 3
  • Article 4
  • Article 5

Question 44

Question
In Arizona, the deed that is most commonly given by sellers to buyers is a?
Answer
  • Warranty deed
  • Special warranty deed
  • Bargain and sale deed
  • Quit claim deed

Question 45

Question
In Arizona, the document that is signed by the buyer and seller stating the sales price and usually accompany the deed for recordation is?
Answer
  • A certificate of title
  • An affidavit of title
  • An affidavit of value
  • An estoppel certificate

Question 46

Question
In Arizona a deed must be signed by the?
Answer
  • Grantee
  • Mortgagor
  • Grantor
  • Trustor

Question 47

Question
A public report is to be given to a buyer?
Answer
  • 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

Question 48

Question
When a public report is issued on a time-share project, which of the following would not be included in the report?
Answer
  • Time-share exchange status
  • Names of owners and developers
  • Condition of the title
  • Association fees to be paid
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