Arizona Real Estate License FREE Arizona Real Estate License Arizona Real Estate Law Questions and Answers 2

Question 1

Under Arizona law, what is the maximum duration of a residential lease that does not require the landlord to hold a real estate license?

Accepted Answer

There is no exemption based on lease duration

Answer

6 months

Answer

12 months

Answer

24 months

Question 2

Which Arizona statute governs the duties and powers of the Arizona Department of Real Estate?

Accepted Answer

ARS Title 32, Chapter 20

Answer

ARS Title 33, Chapter 10

Answer

ARS Title 28, Chapter 4

Answer

ARS Title 41, Chapter 6

Question 3

In Arizona, what is the penalty for a first-time violation of operating as a real estate broker without a license?

Accepted Answer

A Class 1 misdemeanor

Answer

A civil fine only

Answer

A Class 6 felony

Answer

Automatic imprisonment for 1 year

Question 4

Under Arizona's Subdivision Public Report law, a developer must provide a public report to buyers before selling lots in a subdivision of how many or more lots?

Accepted Answer

6 or more lots

Answer

3 or more lots

Answer

5 or more lots

Answer

10 or more lots

Question 5

Which of the following is TRUE about Arizona's property disclosure requirements under the Seller Property Disclosure Statement (SPDS)?

Accepted Answer

The SPDS is customary but not mandated by statute

Answer

Sellers are legally required to complete the SPDS

Answer

Only commercial property sellers must complete the SPDS

Answer

The SPDS applies only to new construction

Question 6

Under Arizona law, what happens to earnest money when a buyer and seller have a dispute and neither party agrees to release the funds?

Accepted Answer

The broker must interplead the funds with the court

Answer

The broker must return the funds to the buyer after 30 days

Answer

The broker keeps the funds as commission

Answer

The funds automatically go to the seller after 60 days