FREE Arizona Real Estate License MCQ Questions and Answers
What are prepayment penalties?
Explanation:
The lender loses money if a borrower decides to pay off a loan early. Therefore, businesses may charge a fee for this prepayment in some states.
What is eligible for an escrow?
Explanation:
These are only a few instances of the monetary and non-monetary forms of escrow.
How long must you own real estate for in order to be eligible for long-term capital gains tax rates?
Explanation:
Long-term capital gains tax rates apply to real estate held for more than a year. The IRS has long used this standard as a definition. A short-term capital gain is defined as any period shorter than a year. These are the two time periods that are used to calculate capital gains taxes.
Which of the following is not an agent's fiduciary duty?
Explanation:
The agent's fiduciary duties include disclosure, loyalty, and confidentiality; transparency is not one of them.
Ben has acquired a timeshare with a deeded stake for two weeks. What is his ownership stake in the property?
Explanation:
Since he purchased a two-week deeded interest in a timeshare, Ben has a 1/26 interest (the fraction 2/52 simplifies to 1/26).
As a real estate agent, Mark believes that his clients will find greater happiness in communities where all residents belong to the same race. As a result, he will only provide listings for homes from communities where the majority of the people are African Americans if his customer is African American. Which of the following best sums up Mark's behavior?
Explanation:
The act of steering involves persuading or influencing buyers or renters to buy or rent real estate in communities where only people of the same race reside.
In a real estate deal, the costs incurred by the buyer and seller are referred to as:
Explanation:
Closing costs are expenses that are directly associated with the sale of real estate. These are the costs associated with using services like those of a mortgage lender or real estate agent.
Where can I locate CC&Rs that are enforceable?
Explanation:
The property's deed contains references to the CC&Rs.
A transactional agent is someone who:
Explanation:
Helping the buyer purchase and the seller sell the same house is the responsibility of a transactional agent.
What legal doctrine may provide a trespasser the right to legally own your property?
Explanation:
A person who owns another person's property for the required statutory period of time will acquire legal title over it by adverse possession, provided all the elements are established.
The Equal Housing Opportunity logo was established under the Fair Housing Act with the intention of:
Explanation:
The Equal Housing Opportunity logo serves as a sign to the public that any individual can own or rent a property. The logo is intended to represent the idea that a person's right to fair housing should not be restricted by their gender, color, nationality, or family situation.