ASREB Practice Exam Sessions 1-18

Questions and Answers

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?

$37,570

$78,712

$76,230

$75,141 (correct)

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:

Equity Signup and view all the answers

A broker, acting as a property manager, would be what type of agent?

General Signup and view all the answers

What clause would the lender exercise if a buyer pays 20% down and makes no further payments?

Acceleration Signup and view all the answers

When a new home is still under construction, the County Assessor may:

Increase the full cash value. Signup and view all the answers

A contract has been signed, but title has not yet been passed. The contract is:

Executory Signup and view all the answers

Which statement is TRUE about modifications made by a handicapped person leasing a house?

The lessor can require the lessee to reasonably restore the property at the end of the lease. Signup and view all the answers

A holdover tenant would have a(n):

Estate at sufferance Signup and view all the answers

Which of these property classifications is used for vacant land?

Class 2 Signup and view all the answers

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?

$2,720 Signup and view all the answers

A lender refusing to loan or limiting loans in a certain minority neighborhood is called:

Redlining Signup and view all the answers

A lessee puts in a bookcase for commercial use; at the end of the lease the bookcase is removed. The bookcase would be considered:

Trade fixture Signup and view all the answers

To finance the infrastructure for a subdivision development, Arizona law allows the formation of:

Community Facilities Districts Signup and view all the answers

What should a listing broker do when receiving several offers at the same time?

Present all the offers. Signup and view all the answers

When must a Loan Estimate be given to a borrower?

Of loan application Signup and view all the answers

If someone lives on a property without the owner's permission and after the legally required time period they receive title, this is through:

Adverse possession Signup and view all the answers

In what situation would a short sale be likely?

The loan balance is greater than the property value. Signup and view all the answers

A real estate mortgage would be which type of lien?

Voluntary lien Signup and view all the answers

Study Notes

ASREB Practice Exam Study Notes

ASREB stands for Arizona School of Real Estate and Business, focusing on real estate education.
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.
A blind ad in real estate does not disclose the broker's involvement (option C).
A 10% down payment on a property represents equity (option A).
A broker managing a property acts as a general agent (option B).
If a buyer makes no further payments on a mortgage after a 20% down payment, the lender can invoke the acceleration clause (option D).
For homes under construction, County Assessors may increase the full cash value.
An unsigned title in a signed contract indicates it is executory (option B).
For modifications by handicapped lessees, the lessor can require reasonable restoration at lease's end (option B).
A holdover tenant is classified as having an estate at sufferance (option A).
Vacant land is classified as Class 2 property.
Points on a loan:
- For a $68,000 loan at 4 points, the cost would be $2,720 ($68,000 x 0.04).
Redlining is the discriminatory practice of limiting loans based on neighborhood demographics (option C).
Commercially used bookcases removed by a lessee are considered trade fixtures (option B).
Arizona law permits the creation of Community Facilities Districts for financing infrastructure in subdivisions (option B).
Listing brokers must present all offers to sellers (option B).
A Loan Estimate must be provided within three business days after loan application (option A).
Occupants gaining title to a property without the owner's consent after a specified period do so through adverse possession (option B).
Short sales typically occur when the loan balance exceeds the property value (option A).
A real estate mortgage is classified as a voluntary lien (option C).
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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Description

Prepare for the ASREB exam with this comprehensive practice quiz covering important concepts and calculations. Each question is designed to test your knowledge on real estate principles. Use this study guide to enhance your understanding and boost your exam performance.