Which of the following would not appear on a public report?
Utilities
Title condition
Market value
Legal description
The maximum amount of money that may be paid for any one licensee from the Recovery Fund is:
$15,000
$20,000
$30,000
$90,000
Which of the following would be unable to obtain money in a petition from the Recovery Fund?
A buyer in a subdivision
A seller in a house
A mortgagor
A licensee
How many recovery funds does the Arizona Real Estate Commission regulate?
One
Two
Three
Four
The commissioner may deny a public report for all of the following except?
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
The commissioner may deny a public report on a subdivision because of the subdivider's inability to?
Deliver clear (marketable) title
Provide building permits
Provide buyers with water rights
Provide floor plans
A licensee may not charge for document preparation as a result of what of the following?
Rules and Regulations
Arizona Statues
Arizona Constitution Article XXI
Law of Agency
The only thing a subdivider can accept before receiving the commissioner's Property Report is a?
Estates of inheritance
Undivided interest
Option contracts
Lot reservation
A broker offers to prepare documents for a real estate transaction at a fee of $35.00. Which of the following is true?
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
The city of Phoenix is located what direction from the G. & S.R.B. & M?
Northeast
Northwest
Southeast
Southwest
A woman verbally agreed to a six month lease, but prior to occupancy she changed her mind. Her verbal agreement is:
Enforceable
Illegal
Unenforceable because of the Statute of Frauds
Voidable by her
The earnest money given with an offer to purchase and held in the broker's trust account is said to belong to:
The buyer
The seller
The buyer and seller
The broker and seller
Licensed real estate brokers are given authority to draw those documents necessary in the course of their work by:
Arizona Constitution
Real Estate Code
The regulations of the Commissioner
The decision of the Arizona Supreme Court
Rank the following liens in the order of the priority from highest to lowest: IRS lien, Property taxes, Special assessments:
IRS lien, property taxes, special assessments
Property taxes, special assessments, IRS lien
Property taxes IRS liens, special assessments
IRS liens, special assessments, property taxes
When could a person receive legal title to the property under an Agreement for Sale?
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
Under a land contract, when is the deed actually give to the buyer?
When paid in full
After 50 percent
At the time of sale
After six months
David lost his home because of execution on a judgement by Allison, who was injured in David's swimming pool. The judgement was a:
Mechanic's lien
Specific lien
General lien
Voluntary lien
The correct order of events is?
Judgement, attachment, execution
Judgement, execution, attachment
Execution, attachment, judgement
Attachment, judgement, execution
A mechanic's lien is not available to a person who:
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
A mechanic's lien filed by a contractor is valid lien for:
1 year
6 months
3 months
1 month
Which of the following liens would usually be classified as the prior lien?
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
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:
Is a lien against the property
Is invalid against the property
Constitutes a judgement inchoate
Is a judgement reversion
A general contractor records a mechanic's lien. Priority of the lien is established as of:
The day it is recorded.
The day the work began.
The date the work was completed
The date the contract was signed.
How long does a subcontractor have to file his mechanic's lien?
120 days after completion
60 days from contract date
35 days from contract date
90 days after completion
Which of the following liens would have priority?
Recorded mechanics lien
Unrecorded mechanics lien
IRS liens
Property taxes
All of the following are encumbrances except?
Mechanics lien
Deed of trust
Homestead
Easement
Which is true regarding a mechanics lien?
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
Kingman owns a fee simple interest to Unit #14 and a 3% undivided interest in the common area. What does Kingman own?
A cooperative
A condominium
A syndicate
A trust
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?
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
Samuel owns shares in a building, and propriety lease in his/her apartment unit. Samuel's interest is in a:
Cooperative
Condominium
Townhouse
Patio home
The only person who could recover from the State recovery fund is?
Real Estate Sales Licensee
Designated Broker
Associate Broker
Escrow Officer
The shortest distance between Section 5 and 32 of the same township would be?
4 miles
5 miles
6 miles
7 miles
A government check is described by all of the following except:
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
A range is a strip land
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
A metes and bounds description must:
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
Smallest area of a survey would most likely be?
Government Rectangular survey
Lot and Block
Monument Survey
Section Survey
Which of the following sections are not considered standard?
13
18
20
36
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
0.078
15 acres
40 acres
10 acres
All of the following can be used in a developers' public report advertisement except?
Specific prices
The public report is an endorsement of the project
Names of the owners and past history
Future plans of the general area
As of June 30th of any year, the real estate recovery fund must maintain a balance of?
$200,000
$250,000
$300,000
$600,000
A declaration of Homestead may be terminated for all of the following except?
Filing an abandonment of Homestead
Death of one spouse
Moving out of the property
Converting the property to a rental
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?
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
Arizona subdivision law would be found in which of the following articles?
Article 2
Article 3
Article 4
Article 5
In Arizona, the deed that is most commonly given by sellers to buyers is a?
Warranty deed
Special warranty deed
Bargain and sale deed
Quit claim deed
In Arizona, the document that is signed by the buyer and seller stating the sales price and usually accompany the deed for recordation is?
A certificate of title
An affidavit of title
An affidavit of value
An estoppel certificate
In Arizona a deed must be signed by the?
Grantee
Mortgagor
Grantor
Trustor
A public report is to be given to a buyer?
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
When a public report is issued on a time-share project, which of the following would not be included in the report?
Time-share exchange status
Names of owners and developers
Condition of the title
Association fees to be paid
