ARIZONA REAL ESTATE EXAM 2024/2025 WITH
350+ QUESTIONS AND CORRECT ANSWERS
GRADED A
When does a salesperson have a listing? - ANSWER-When the listing is signed.
A salesperson and a co-operating salesperson are representing both the buyer and the seller, who would fiduciary be owed to? - ANSWER-Both the buyer and the seller.
What do the seller and the listing broker have to agree on when listing a property?
- ANSWER-The ending date of the listing.
In an agency relationship, the primary ethical duty of a broker is to: - ANSWER- Represent the principal.
When a salesperson obtains a listing: - ANSWER-It is property of the broker.
The law that governs the duty between an agent and the principal is called: -
ANSWER-Law of Agency
Agency by Estoppel: - ANSWER-Legally binding agency relationship that may
arise where, in fact, no formal agency agreement is in effect.
What would be presumed if the broker lists a property for sale, but then never advertises, shows the property, or communicated to the seller in ANY way? - ANSWER-The broker has breached fiduciary and abandoned the listing.
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What is not required for a listing contract to be valid? - ANSWER-Commission rate.
A salesperson's right to compensation is based on: - ANSWER-Having a valid
license.
A broker and an unlicensed buyer are looking at the same house. what must the broker disclose? - ANSWER-He can buy the property if he discloses he has a license.
Who does the salesperson represent? - ANSWER-The employing broker.
What would a brokers relationship to a seller be? - ANSWER-Special
Who can sign a contract for a seller? - ANSWER-An Attorney-In-Fact
As a salesperson, you write an offer on another broker's listing. What should you do? - ANSWER-Contact the listing broker.
What type of listing would give the broker the least protection? - ANSWER-An open listing.
A salesperson may enter into a dual agency provided this is: - ANSWER-Disclosed
to buy and seller in writing.
What is the process of giving someone the right to sign your name? - ANSWER- Power of Attorney
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Who gives the right for a party to act in behalf of another in negotiations? - ANSWER-The Principal
When a person hires another involving a relationship of trust and confidence, this
is called: - ANSWER-Fiduciary
When a principal/agent relationship exists, the following parties would be
involved: - ANSWER-Seller/Broker
The term procuring cause would need to be proven most in which of the following? - ANSWER-Open listings
When the listing broker dies, his son wishes to take over all the listings. the son
must: - ANSWER-Re-write and negotiate all listings
An exclusive right to sell listing is what type of contract? - ANSWER-Executory Bilateral
An owner sold his listed property himself prior to the expiration of the exclusive
agency listing. the amount of commission owed is: - ANSWER-Nothing
A broker acting as a property manager for an owner would consider his
relationship to be: - ANSWER-Fiduciary
if a broker has a listing but the owner forgot to sign the document, the listing is: - ANSWER-Unenforceable
A broker-Principal relationship is best described as: - ANSWER-Fiduciary 3 / 4
seller hires a broker, the broker makes decisions for the seller without authority and without notifying the seller. the broker is acting in which of the following types of agency? - ANSWER-Ostensible
Which type of listing would be considered more unilateral than bilateral? - ANSWER-An open listing
It is said that agency law is comprised of common law. this means: - ANSWER-It
is established by tradition and court decisions.
In an agency relationship confidentiality is a part of what? - ANSWER-Loyalty
a buyer asks the real estate agent if the property is located in a good area. the agent is aware that the property is located in the highest crime area in the city. the agent tells the buyer the property is located in a great area. this would be considered: - ANSWER-Negligent Misrepresentation
a listing broker owes the principal care, obedience,: - ANSWER-accountability,
loyalty, and disclosure
most states discourage net listings because: - ANSWER-incentive for the broker
not to present the offer
a puffing statement would be considered legal or illegal? - ANSWER-legal.
an open listing between a seller and broker would be considered: - ANSWER-a
unilateral contract
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