Arizona Real Estate License MCQ

Question 1

A transactional agent is someone who:

Accepted Answer

Acts as the buyer's and seller's representative to help with the closing documentation.

Answer

Agrees to sell his house only with the seller.

Answer

Helps the buyer on the side and legally represents the seller.

Answer

Assists a person in buying a new house while keeping their existing one.

Question 2

What is eligible for an escrow?

Accepted Answer

All of the above.

Answer

Money

Answer

Intellectual property

Answer

Contractor funds

Question 3

Ben has acquired a timeshare with a deeded stake for two weeks. What is his ownership stake in the property?

Accepted Answer

A 1/26 interest

Answer

A 1/42 interest

Answer

Zero interests

Answer

None of the above.

Question 4

Where can I locate CC&Rs that are enforceable?

Accepted Answer

It can be found in the the deed.

Answer

It can be found in a sales brochure.

Answer

It can be found in the purchase agreement.

Answer

It can be found in the settlement statement.

Question 5

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?

Accepted Answer

Steering

Answer

Redlining

Answer

Prospecting

Answer

Blockbusting

Question 6

The Equal Housing Opportunity logo was established under the Fair Housing Act with the intention of:

Accepted Answer

Defining uniform standards for real estate advertising.

Answer

An increase in the number of real estate deals.

Answer

Facilitating the organization of marketing materials for brokers and real estate agents.

Answer

Promoting openness in real estate marketing.

Question 7

Which of the following is not an agent's fiduciary duty?

Accepted Answer

Transparency

Answer

Loyalty

Answer

Confidentiality

Answer

Disclosure

Question 8

How long must you own real estate for in order to be eligible for long-term capital gains tax rates?

Accepted Answer

1 year

Answer

8 months

Answer

15 years

Answer

2 years

Question 9

In a real estate deal, the costs incurred by the buyer and seller are referred to as:

Accepted Answer

Closing costs

Answer

Loans

Answer

Consumer disclosures

Answer

Interest rates

Question 10

What legal doctrine may provide a trespasser the right to legally own your property?

Accepted Answer

Adverse possession

Answer

Escheat

Answer

Eminent domain

Answer

Easement by necessity