Arizona Real Estate Salesperson Exam Flashcards
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What is the difference between real property and personal property?
Real property is land and anything permanently attached to it (fixtures, structures). Personal property (chattel) is movable and not permanently affixed.
Name the bundle of rights that comes with property ownership.
Possession, Control, Enjoyment, Exclusion, and Disposition (often remembered as PCEED).
How many scored questions are on the Arizona Real Estate Salesperson Exam, and what is the passing score?
The exam has 140 scored questions, and you need 75% to pass.
What is fee simple absolute?
The most complete form of ownership — it is of indefinite duration, freely transferable, and inheritable, subject only to government powers and private restrictions.
What are the four government powers over real property (PETE)?
Police power, Eminent domain, Taxation, and Escheat.
What is the difference between a general agent and a special agent in real estate?
A special agent is hired for a specific, limited task (e.g., a broker listing one property). A general agent has broader authority to act in a range of matters (e.g., a property manager).
What fiduciary duties does an agent owe a client (OLD CAR)?
Obedience, Loyalty, Disclosure, Confidentiality, Accounting, and Reasonable care.
What is the difference between a joint tenancy and a tenancy in common?
Joint tenancy includes the right of survivorship and requires the four unities (time, title, interest, possession). Tenancy in common has no survivorship and allows unequal, separately transferable shares.
Is Arizona a community property state, and what does that mean?
Yes. Property acquired by either spouse during marriage is generally owned equally by both, while separate property (owned before marriage or received by gift/inheritance) remains individual.
What is the difference between an easement and an encroachment?
An easement is a legal right to use another's land for a specific purpose. An encroachment is an unauthorized intrusion of a structure onto a neighbor's property.
What does the Statute of Frauds require in real estate?
Contracts for the sale of real property (and most leases over one year) must be in writing and signed to be enforceable.
What is the difference between a mortgage and a deed of trust?
A mortgage involves two parties (borrower and lender) and typically requires judicial foreclosure. A deed of trust adds a third-party trustee and allows non-judicial foreclosure — Arizona commonly uses deeds of trust.
Which federal law prohibits discrimination in housing, and what are its protected classes?
The federal Fair Housing Act prohibits discrimination based on race, color, religion, national origin, sex, familial status, and disability.
What is the difference between a general warranty deed and a quitclaim deed?
A general warranty deed provides the greatest protection, warranting clear title against all defects. A quitclaim deed transfers only whatever interest the grantor has, with no warranties.