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Questions and Answers
What does ASREB stand for?
What does ASREB stand for?
Arizona School of Real Estate and Business
A 3.45-acre lot sells for 50 cents per square foot. What is the selling price?
A 3.45-acre lot sells for 50 cents per square foot. What is the selling price?
- $37,570
- $78,712
- $76,230
- $75,141 (correct)
A blind ad refers to an ad that:
A blind ad refers to an ad that:
- Provides no address.
- Provides no price.
- Gives no indication that the property is listed with a broker. (correct)
- Gives no indication that the property has been sold or not.
The 10% down payment while purchasing a property would be considered:
The 10% down payment while purchasing a property would be considered:
A broker, acting as a property manager, would be what type of agent?
A broker, acting as a property manager, would be what type of agent?
What clause would the lender exercise if a buyer pays 20% down and makes no further payments?
What clause would the lender exercise if a buyer pays 20% down and makes no further payments?
When a new home is still under construction, the County Assessor may:
When a new home is still under construction, the County Assessor may:
A contract has been signed, but title has not yet been passed. The contract is:
A contract has been signed, but title has not yet been passed. The contract is:
Which statement is TRUE about modifications made by a handicapped person leasing a house?
Which statement is TRUE about modifications made by a handicapped person leasing a house?
A holdover tenant would have a(n):
A holdover tenant would have a(n):
Which of these property classifications is used for vacant land?
Which of these property classifications is used for vacant land?
A house costs $100,000. The buyer is making a down payment of $32,000 and getting a $68,000 loan. How much money will be paid out of closing for the points if there are 4 points?
A house costs $100,000. The buyer is making a down payment of $32,000 and getting a $68,000 loan. How much money will be paid out of closing for the points if there are 4 points?
A lender refusing to loan or limiting loans in a certain minority neighborhood is called:
A lender refusing to loan or limiting loans in a certain minority neighborhood is called:
A lessee puts in a bookcase for commercial use; at the end of the lease the bookcase is removed. The bookcase would be considered:
A lessee puts in a bookcase for commercial use; at the end of the lease the bookcase is removed. The bookcase would be considered:
To finance the infrastructure for a subdivision development, Arizona law allows the formation of:
To finance the infrastructure for a subdivision development, Arizona law allows the formation of:
What should a listing broker do when receiving several offers at the same time?
What should a listing broker do when receiving several offers at the same time?
When must a Loan Estimate be given to a borrower?
When must a Loan Estimate be given to a borrower?
If someone lives on a property without the owner's permission and after the legally required time period they receive title, this is through:
If someone lives on a property without the owner's permission and after the legally required time period they receive title, this is through:
In what situation would a short sale be likely?
In what situation would a short sale be likely?
A real estate mortgage would be which type of lien?
A real estate mortgage would be which type of lien?
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Study Notes
ASREB Practice Exam Study Notes
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ASREB stands for Arizona School of Real Estate and Business, focusing on real estate education.
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Calculation for selling price of a property:
- 3.45 acres equals 150,282 square feet (1 acre = 43,560 sq ft).
- Selling price at 50 cents per square foot totals $75,141.
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A blind ad in real estate does not disclose the broker's involvement (option C).
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A 10% down payment on a property represents equity (option A).
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A broker managing a property acts as a general agent (option B).
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If a buyer makes no further payments on a mortgage after a 20% down payment, the lender can invoke the acceleration clause (option D).
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For homes under construction, County Assessors may increase the full cash value.
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An unsigned title in a signed contract indicates it is executory (option B).
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For modifications by handicapped lessees, the lessor can require reasonable restoration at lease's end (option B).
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A holdover tenant is classified as having an estate at sufferance (option A).
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Vacant land is classified as Class 2 property.
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Points on a loan:
- For a $68,000 loan at 4 points, the cost would be $2,720 ($68,000 x 0.04).
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Redlining is the discriminatory practice of limiting loans based on neighborhood demographics (option C).
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Commercially used bookcases removed by a lessee are considered trade fixtures (option B).
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Arizona law permits the creation of Community Facilities Districts for financing infrastructure in subdivisions (option B).
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Listing brokers must present all offers to sellers (option B).
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A Loan Estimate must be provided within three business days after loan application (option A).
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Occupants gaining title to a property without the owner's consent after a specified period do so through adverse possession (option B).
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Short sales typically occur when the loan balance exceeds the property value (option A).
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A real estate mortgage is classified as a voluntary lien (option C).
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The tax for a property sold on March 21, assessed at $72,500 with a tax rate of $1.75 per $100, must account for prorated daily ownership on the settlement statement.
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