Az School Test Quiz

A real estate company is owned by the broker as a sole proprietorship. It is being sold to a corporation. What happens to the existing listings?
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Terms in this set (17)
A real estate company is owned by the broker as a sole proprietorship. It is being sold to a corporation. What happens to the existing listings?
THEY MUST BE RENEGOTIATED WITH THE BROKER OF THE CORP.
A buyer is making an offer to purchase. The earnest money is in the form of a promissory note. Who holds the promissory note?
THE BROKER
A broker has a meeting scheduled with the ADRE regarding a complaint agains the broker. When can a lawyer be present at the hearing?
ANYTIME
Who oversses the pool safety barrier laws?
ARIZONA DEPT OF HEALTH AND SAFETY
The broker has a property listed with the seller. A buyer makes an offer to purchase the property to the broker. The seller agrees on offer, but the brokers refuses it becasue of the wording in the purchasing agreement.
THE AGREEMENT WILL STAND REGARDLESS OF BROKER
The broker of a property mgmt firm must keep copies of all leasing contracts for how long?
1 YEAR FROM TERMINATION
The setback between westlands and residential areas is called
BUFFER ZONE
The seller has agreed to sell his house to the buyer. Before title can be transferred to buyer, the seller's loan must be paid in full to assure the buyer has clear marketable title. The seller's loan is secured by a Deed of Trust. What must be recorded to clear title?
DEED OF RECONVEYANCE SIGNED BY THE TRUSTEE
The comprehensive Environmental Response, Compensation, and Liability Act is funded by:
TAXPAYERS
A salesperson is listing a property. What must be disclosed to potential buyers?
THERE IS AN UNDERGROUND STORAGE TANK (Material fact)
A broker wants to open a branch office in Tempe, AZ. What is required by the ADRE?A SIGNWhen a salesperson does not take the required continuing education classes and his license is 15 days past due, what penalty is given to the broker?A FAILURE TO OVERSEE THE SALESPEOPLEWhen a salesperson does not renew his license within the required time period, he has a one year grace period. During the grace period he cannot have any real estate transactions. If he still has not renewed his license after the grace period it is:TERMINATEDThe two types of water in Arizona are:GROUND AND SURFACEHow many miles in a sectionONEHow many sections in a township36 (36 square miles). Sections start at right with number 1 - go left to 6 go down start with 7 then right to 12 down, start with 13 and so onWhen there is a dispute between a contractor and the property owners regarding the quality of the work done by the contractor, who should the property owners complain to?REGISTRAR OF CONTRACTORS