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Part 1 (From Compucram Real Estate Test) Flashcards | StudBud
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Part 1 (From Compucram Real Estate Test)
Part 1 (From Compucram Real Estate Test)
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Answers
1
Which of the following describes a blind ad?
An ad that does not indicate it is listed by a brokerage firm
Because it is verbal and documented at the same time
2
The Americans with Disabilities Act (ADA) of 1990 was modeled after which earlier civil rights legislation?
The ADA of 1990 was heavily inspired by the Fair Housing Act of 1968
The ADA of 1990 was heavily inspired by the Rehabilitation Act of 1973
The ADA of 1990 was heavily inspired by the Voting Rights Act of 1965
The ADA of 1990 was heavily inspired by the Civil Rights Act of 1964
3
What must a broker tell a buyer about a seller?
That the seller is going through bankruptcy
Because it is verbal and documented at the same time
4
At the listing appointment, the seller informs the listing broker that the property had termites, but they have been
Because it is verbal and documented at the same time
Arizona Department of Agriculture
5
SE corner of the NW 1/4 of Section 26, north 1 mile, SE corner of NW 1/4 of Section 25, to point of the beginninning?
320
160
640
80
6
The Arizona Commissioner's Rules require that every licensee disclose which of the following, in writing, to all parties
Any information that materially and adversely affects the consideration
Because it is verbal and documented at the same time
7
When advertising via a web page, which of the following is TRUE?
The broker's name must appear prominently on every page, without requiring
Because it is verbal and documented at the same time
8
What is true regarding a VA loan?
The top 25% of the loan is guaranteed
Because it is verbal and documented at the same time
9
The Americans with Disabilities Act (ADA) of 1990 was modeled after which earlier civil rights legislation?
The ADA of 1990 was heavily inspired by the Civil Rights Act of 1964
The ADA of 1990 was heavily inspired by the Rehabilitation Act of 1973
The ADA of 1990 was heavily inspired by the Fair Housing Act of 1968
The ADA of 1990 was heavily inspired by the Voting Rights Act of 1965
10
What is the main purpose of an INA (irrigation non-expansion area) ?
To preserve irrigation lands where groundwater supplies are limited.
To not preserve irrigation lands where groundwater supplies are limited.
To not preserve irrigation lands where supplies are not limited.
To keep land irrigated
11
What is the main difference between implied notice and constructive notice?
Implied notice is recorded in public records, while constructive notice is
Constructive notice is legal assumption, implied notice observable facts
12
If an earnest money check is made payable to a broker's trust account and the broker endorses the check over to the
Because it is verbal and documented at the same time
allow this.
13
If the property tax is being prorated based on a 30-day month closes April 13th, how many days is the
buyer
credited?
13 days debit the buyer
14 days debit the buyer
13 days debit the seller
14 days debit the seller
14
A lot is 326'8" by 200'. It sold for $5,000 per acre. What is the sales price?
$7500
Because it is verbal and documented at the same time
15
60' x 100'. Zoning requires a front setback line for construction of 20' and rear and side setbacks of 8'. Square foot?
Because it is verbal and documented at the same time
3,168 sq. ft.
16
The rules of the Real Estate Commissioner:
have the force and effect of law.
Fee simple estate
disclosure of any disciplinary action
17
If a licensee is convicted of a misdemeanor or felony, they must notify the Arizona Department of Real Estate within
10 days
Because it is verbal and documented at the same time
18
RESPA _________:
Because it is verbal and documented at the same time
All of the answers
19
Why is constructive notice often considered more enforceable than implied notice in court?
Because constructive notice is legally presumed once a document is recorded
Because it is verbal and documented at the same time
20
What is the maximum pump capacity on an exempt well ?
25 gallons per minute (gpm).
45 gallons per minute (gpm).
35 gallons per minute (gpm).
10 gallons per minute (gpm).
21
What is the main purpose of an INA (irrigation non-expansion area) ?
To not preserve irrigation lands where supplies are not limited.
To keep land irrigated
To preserve irrigation lands where groundwater supplies are limited.
To not preserve irrigation lands where groundwater supplies are limited.
22
The Mortgage Insurance Premium required for an FHA insured loan would least likely benefit which of the following?
Borrower
Because it is verbal and documented at the same time
23
If a borrower in a judicial foreclosure abandons the property, the statutory redemption period could be reduced to:
30 days.
Remove the sign immediately as the listing agreement has expired.
24
What is one of the most important credit barometers?
Acid-test ratio
Because it is verbal and documented at the same time
25
A parcel of land contains 8,200 square yards with a frontage of 250 feet. What is the side measurement in feet?
295.2 ft.
Because it is verbal and documented at the same time
26
A lot is originally $10,500. It is sold at a 20% loss and re-sold with a 10% commission. net loss on the property
$2940
Because it is verbal and documented at the same time
27
The Americans with Disabilities Act (ADA) of 1990 was modeled after which earlier civil rights legislation?
The ADA of 1990 was heavily inspired by the Voting Rights Act of 1965
The ADA of 1990 was heavily inspired by the Fair Housing Act of 1968
The ADA of 1990 was heavily inspired by the Civil Rights Act of 1964
The ADA of 1990 was heavily inspired by the Rehabilitation Act of 1973
28
The broker discovers that the seller will have more debits than credits on the settlement statement. should broker do?
Because it is verbal and documented at the same time
Disclose to the buyer that the seller must deposit additional funds into
29
Any information or document obtained in an official investigation by the Arizona Department of Real Estate must remain
information is made a matter of public record.
Because it is verbal and documented at the same time
30
rents for $1,200 per month. salesperson receives 35%, 3.5% of 3.5%, rent increases 4%, 3 years, 4% commission per year.
$2752
Because it is verbal and documented at the same time
31
If a salesperson or broker advertises their own property for sale, the advertisement must:
disclose the licensee's status as a broker or salesperson
Because it is verbal and documented at the same time
32
monthly interest of $700 at an annual interest rate of 6 1/5%. What is the principle sum owed?
Because it is verbal and documented at the same time
$135483
33
A salesperson is offering a free gift certificate as part of a marketing plan. According to the Commissioner's Rules,
Because it is verbal and documented at the same time
The name of the specific store
34
At a weekly office meeting, there is discussion over the fact that some agents are getting more listings by charging
Because it is verbal and documented at the same time
Nothing
35
As applied to financing documents in Arizona, equity of redemption refers to the right of the defaulted:
Competent parties
mortgagor to recover the mortgagor's interest before the sheriff's sale.
36
The market value and assessed value are the same, the tax rate is $1.75 per $100, and the annual ta
$44571
Because it is verbal and documented at the same time
37
If the property tax is being prorated based on a 30-day month closes April 13th, how many days is the
buyer
credited?
13 days debit the seller
14 days debit the buyer
13 days debit the buyer
14 days debit the seller
38
SE corner of the NW 1/4 of Section 26, north 1 mile, SE corner of NW 1/4 of Section 25, to point of the beginninning?
640
160
320
80
39
The "escape clause" in FHA insured financing of a home purchase is the:
Because it is verbal and documented at the same time
Right of the buyer to withdraw if the appraisal is lower than the
40
When advertising a property, a broker must include in the ad the name of the:
brokerage firm or broker.
Because it is verbal and documented at the same time
41
In what year was the Americans with Disabilities Act (ADA) signed into law?
1964
2000
1973
1990
42
Escrow closes April 13th. Based on standard proration rules, how many days of the month does the
buyer
pay for?
14 days debit the buyer
13 days debit the seller
14 days debit the seller
13 days debit the buyer
43
In the nonjudicial foreclosure of a deed of trust, in what order is notice given?
Constructive notice, actual notice
When an advertisement does not list a specific property
professional partnership.
44
The APR takes into account all of the following EXCEPT:
property taxes prorated on the settlement statement.
Because it is verbal and documented at the same time
45
Which of the following is NOT related to business accounting?
Debt service coverage ratio
Because it is verbal and documented at the same time
46
When the title holder is in default and a court is asked to enforce the lender's lien, the action is called:
Negotiating lease terms
foreclosure
47
Who is responsible for preparing a sufficient number of copies of documents associated with any transaction?
The licensee
Because it is verbal and documented at the same time
48
A home sale closes escrow on April 13th. How many days of ownership are prorated to the
seller
?
13 days debit the buyer
14 days debit the seller
14 days debit the buyer
13 days debit the seller
49
A parcel is 4.3 acres in size. The buyer paid $65,000 for 1 acre and $5,000 per acre site. total purchase price?
$81500
Because it is verbal and documented at the same time
50
The Truth in Lending Act is overseen by the:
Because it is verbal and documented at the same time
Consumer Protection Financial Bureau.
51
The rules of the Real Estate Commissioner:
Because it is verbal and documented at the same time
have the force and effect of law.
52
A broker hires a bookkeeper to reconcile a trust account. If the broker notices that the account has who is responsible?
Because it is verbal and documented at the same time
Broker
53
Development Corp v Pima Capital Management dealt with:
Because it is verbal and documented at the same time
as-is clauses.
54
RESPA regulations apply to:
Because it is verbal and documented at the same time
All of the answers
55
What is the main purpose of an INA (irrigation non-expansion area) ?
To preserve irrigation lands where groundwater supplies are limited.
To keep land irrigated
To not preserve irrigation lands where groundwater supplies are limited.
To not preserve irrigation lands where supplies are not limited.
56
In what year was the Americans with Disabilities Act (ADA) signed into law?
1964
2000
1990
1973
57
For how long does a property manager need to keep a residential lease after its termination?
1 year
Because it is verbal and documented at the same time
58
After a trustee's sale, who signs the deed conveying ownership to the bidder?
Fraud
bylaws
statute of fraud
Trustee
59
A property is sold for $150,000 with the buyer agreeing to assume an existing loan of $98,000 and executing a second
Because it is verbal and documented at the same time
$32700
60
A home sale closes escrow on April 13th. How many days of ownership are prorated to the
seller
?
14 days debit the buyer
14 days debit the seller
13 days debit the buyer
13 days debit the seller
61
A selling broker may present an offer directly to the seller, without going through the listing broker, if they tried to
Because it is verbal and documented at the same time
24 hours
62
Escrow closes April 13th. Based on standard proration rules, how many days of the month does the
buyer
pay for?
13 days debit the buyer
14 days debit the buyer
14 days debit the seller
13 days debit the seller
63
What type of control or supervision must an employing broker and a designated broker exercise over the activities
Reasonable supervision and control
Because it is verbal and documented at the same time
64
What is the maximum pump capacity on an exempt well ?
10 gallons per minute (gpm).
35 gallons per minute (gpm).
45 gallons per minute (gpm).
25 gallons per minute (gpm).
65
When a broker represents a buyer only in a transaction, which of the following duties does the buyer broker owe the
Because it is verbal and documented at the same time
Honesty
66
A home sale closes April 13th. Using a 30-day month, how many days of property expenses are the
seller responsible for
?
14 days debit the seller
14 days debit the buyer
13 days debit the buyer
13 days debit the seller
67
SE corner of the NW 1/4 of Section 26, north 1 mile, SE corner of NW 1/4 of Section 25, to point of the beginninning?
80
320
640
160
68
A home sale closes April 13th. Using a 30-day month, how many days of property expenses are the
seller responsible for
?
13 days debit the seller
13 days debit the buyer
14 days debit the seller
14 days debit the buyer
69
Two brokers get together at a breakfast meeting and decide they will each agree to work in certain geographical areas
Sherman Antitrust Act
Because it is verbal and documented at the same time
70
Which of the following statements regarding a licensee's real estate advertising is TRUE?
An offeree must see, in written form, all details associated with an offer
Because it is verbal and documented at the same time
71
In what year was the Americans with Disabilities Act (ADA) signed into law?
1973
2000
1964
1990
72
pays $980 for a one year. The policy begins on April 11, 2008 and the property is sold and clo
$149.73
Because it is verbal and documented at the same time
