Free Arizona Real Estate License Basic Questions and Answers 1 â Questions and Answers
Question 1: Property managers in Arizona are in charge of the following, with the exception of:
- Compensating referrals to those who bring in new tenants. (Correct answer)
- Rent collection.
- Supporting the unit's general maintenance.
- Checking the credit histories of potential tenants.
Correct answer: Compensating referrals to those who bring in new tenants.
Explanation: <br> Property managers are in charge of helping with maintenance, performing credit checks, and collecting rent; however, they are not allowed to give referral fees to any unlicensed individual.
Question 2: In an Arizona condo complex with a total of only 25 units, who is in charge of providing all CCRs and HOA paperwork to a potential buyer?
- The escrow firm
- The present owner (Correct answer)
- The organization who is currently in charge
- The HOA Board
Correct answer: The present owner
Explanation: <br> In Arizona, the owner is in charge of the paperwork and delivery in complexes with up to 49 units.
Question 3: In Arizona, corporations often possess property under what kind of ownership?
- Tenancy by Entirety
- Tenancy in Common
- Joint Tenancy
- Severalty (Correct answer)
Correct answer: Severalty
Explanation: <br> Both governments and private citizens own property in Arizona LLCs in severalty. When a single person or legal entity owns real estate, it is known as ownership in severalty (or tenancy in severalty), giving the owner total authority over the land. The owner is ""severed"" from other owners, which is where the word comes from.
Question 4: What kind of license is required to sell timeshares in Arizona?
- Real Estate License (Correct answer)
- Timeshare Sales License
- Developer's License
- No license is needed
Correct answer: Real Estate License
Explanation: <br> Timeshares are real property interests with a divided form of ownership or use rights, and selling deeded interests in real property needs a real estate license. These properties are usually resort condominiums, where each owner has a set amount of time to utilize the property and several parties have the right to use it.
Question 5: When is a licensee subject to an investigation by the Arizona Department of Real Estate?
- Upon receipt of a consumer's confirmed written complaint. (Correct answer)
- When licensees' spot checks turn up a pattern of violations.
- When it determines that such action is necessary.
- When a majority of the commission determines that this kind of action is necessary.
Correct answer: Upon receipt of a consumer's confirmed written complaint.
Explanation: <br> Investigations are only necessary when a member of the public submits a legitimate, documented complaint, even though they may be conducted based on initiatives, recommendations, or spot checks.
Question 6: In Arizona, there is a married couple that is legally separated. The spouse posts a listing for their jointly acquired vacation property in Tucson and gets a very good offer. What will be the outcome?
- The sales contract is valid and common since it only takes one to sell in Arizona.
- The sales contract is valid for the husband's share only.
- The sales contract is voidable by either party.
- The sales contract is void since mutual consent to sell wasnât granted. (Correct answer)
Correct answer: The sales contract is void since mutual consent to sell wasnât granted.
Explanation: <br> Since selling a jointly-owned property requires authorization from both parties, the listing for this property was never legitimate and any sale agreement would be null and void.
Question 7: By what means do the majority of government buildings in the State of Arizona own real property?
- Government Freehold
- Severalty (Correct answer)
- Eminent Domain
- Tenancy by the Entirety
Correct answer: Severalty
Explanation: <br> When title is held by corporations, government agencies, or individuals, the property is owned in "severalty."
Question 8: Which Arizonan law completely overrides a tenancy?
- Community Property Laws (Correct answer)
- Joint Tenancy Laws
- Severalty Laws
- Tenancy in Common Laws
Correct answer: Community Property Laws
Explanation: <br> According to Arizona's community property laws, spouses share all property. According to these laws, all property obtained by both parties during their marriage will be regarded as community property in Arizona, with a few exceptions. To refute this assumption, a spouse must provide substantial and convincing proof that the assets are their own.
Question 9: In Arizona, you need to have the following in order to sell land and attached manufactured homes:
- Ownership of a company that manufactures homes since only the manufacturer can sell manufactured homes.
- A sales license for mobile homes.
- An active, legal dealerâs license.
- An active, legal real estate license. (Correct answer)
Correct answer: An active, legal real estate license.
Explanation: <br> When selling the land along with the manufactured home, only licensed real estate agents are permitted to sell the attached home.
Question 10: When does a new buyer in Arizona become the owner of the property?
- When the buyer receives the deed. (Correct answer)
- When payment to the seller is made.
- When the buyer receives the keys.
- After the escrow agent receives proof of funds.
Correct answer: When the buyer receives the deed.
Explanation: <br> The completion of a property transfer is indicated by the grantee receiving a deed.
Question 11: Who is in charge of fixing a rented property's repairs under the terms of the Arizona Landlord Tenant Act?
- Only the property manager or the property management firm.
- Whoever the parties specified in the signed lease agreement. (Correct answer)
- Only the tenant
- Only the landlord
Correct answer: Whoever the parties specified in the signed lease agreement.
Explanation: <br> Any essential repairs will have to be made by the party named as the responsible party under the lease. Enacted to regulate the renting of dwelling units and the rights and responsibilities of landlords and renters, the Arizona Residential Landlord and Tenant Act relates to typical rental housing.
Free Arizona Real Estate License Basic Questions and Answers 1
Property managers in Arizona are in charge of the following, with the exception of: