Determine your answer, then click the arrow to see the correct response.
How Many Hours of Pre-Licensing Education Are Required for a Real Estate Salesperson in Arizona?
A) 60 hours
B) 75 hours
C) 90 hours
D) 120 hours
Correct Answer: C) 90 hours
Explanation: Arizona requires 90 hours of pre-licensing education for real estate salesperson applicants.
Which of the Following Is NOT a Fiduciary Duty of a Real Estate Agent in Arizona?
A) Loyalty
B) Obedience
C) Confidentiality
D) Profitability
Correct Answer: D) Profitability
Explanation: Fiduciary duties include loyalty, obedience, confidentiality, disclosure, accounting, and reasonable care, but not profitability.
A Buyer's Agent Learns That the House Their Client Is Interested in Has a Leaking Roof That Was Not Disclosed by the Seller. What Should the Agent Do?
A) Ignore the information since it was not disclosed
B) Disclose the information to the buyer
C) Report the seller to the Arizona Department of Real Estate
D) Wait until the buyer asks about the roof
Correct Answer: B) Disclose the information to the buyer
Explanation: Agents must disclose all known material defects to their clients to ensure informed decision-making.
How Often Must Real Estate Licenses Be Renewed in Arizona?
A) Every year
B) Every two years
C) Every three years
D) Every four years
Correct Answer: C) Every two years
Explanation: Real estate licenses in Arizona must be renewed every two years.
What Is the Arizona Groundwater Management Act Primarily Concerned With?
A) Regulating surface water use
B) Allocating water rights for agricultural use
C) Managing and conserving groundwater resources
D) Monitoring water quality in rivers and lakes
Correct Answer: C) Managing and conserving groundwater resources
Explanation: The Arizona Groundwater Management Act focuses on managing and conserving the state’s groundwater resources.
A Buyer Wants To Purchase a Property With the Intention of Renting It Out. The Buyer Asks the Agent About the Local Rental Market and Potential Rental Income. What Should the Agent Do?
A) Provide a general estimate based on personal opinion
B) Refer the buyer to a property management company or rental market specialist
C) Refuse to provide any information about rental income
D) Guess based on similar properties in the area
Correct Answer: B) Refer the buyer to a property management company or rental market specialist
Explanation: It is best practice to refer the buyer to a specialist to ensure they receive accurate and reliable information about the rental market and potential rental income.
In Arizona, What Is Required for a Broker To Manage More Than One Office?
A) Separate licenses for each office
B) A branch office license
C) No additional requirements
D) Approval from the National Association of Realtors
Correct Answer: B) A branch office license
Explanation: A broker must obtain a branch office license to manage more than one office in Arizona.
Which of the Following Is TRUE About Dual Agency in Arizona?
A) Dual agency is illegal in Arizona
B) Dual agency is allowed without disclosure
C) Dual agency is permitted with written consent from both parties
D) Dual agency is only allowed in commercial transactions
Correct Answer: C) Dual agency is permitted with written consent from both parties
Explanation: Dual agency is allowed in Arizona as long as there is written consent from both parties.
A Seller Accepts an Offer From a Buyer, but Before Closing, the Seller Receives a Higher Offer From Another Buyer. What Should the Seller Do?
A) Cancel the first contract and accept the higher offer
B) Proceed with the first offer as they are legally bound
C) Negotiate with the first buyer to match the higher offer
D) Accept both offers and decide later
Correct Answer: B) Proceed with the first offer as they are legally bound
Explanation: Once a contract is accepted, the seller is legally bound to complete the transaction unless the buyer agrees to cancel the contract.
In Arizona, How Long Must a Landlord Give a Tenant To Pay Overdue Rent Before Filing for Eviction?
A) 3 days
B) 5 days
C) 7 days
D) 10 days
Correct Answer: B) 5 days
Explanation: Arizona law requires landlords to give tenants a 5-day notice to pay overdue rent before filing for eviction.