Free National Real Estate Practice Exam

Q1.A brokerage buys cyber coverage and also requires independent wire verification. Which risk treatments are being used?

• A.Accept and ignore.
• B.Transfer and mitigate.
• C.Avoid and conceal.
• D.Only transfer.

Q2.The designated broker authorizes a qualifying employee to initiate approved trust-account transfers. What remains true?

• A.The employee assumes all legal responsibility
• B.The broker retains responsibility and should control and monitor access
• C.The account no longer needs reconciliation
• D.The employee may use another owner's funds to cover shortages

Q3.A designated broker cannot act for 20 days. Which action fits A.R.S. § 32-2127(D)?

• A.Make a written designation lasting no more than 30 days and retain it for one year.
• B.Use an oral designation for 60 days.
• C.Allow an unlicensed person to serve as broker.
• D.Make no record if the absence is temporary.

Q4.How does A.R.S. § 32-2153(F)(1) characterize a letter of concern?

• A.A license suspension.
• B.An advisory letter used when discipline is not warranted.
• C.A civil penalty.
• D.A criminal conviction.

Q5.Under the doctrine of after-acquired title, if a grantor conveys property they do not own and later acquires title to that property, what happens?

• A.The original deed becomes void
• B.Title automatically passes to the original grantee
• C.A new deed must be executed
• D.The grantor retains title permanently

Q6.The safety clause in a listing agreement protects the broker's commission for a period after expiration. What must the broker typically have done to invoke it?

• A.Introduced or shown the property to the buyer who ultimately purchases it after the listing expired
• B.Submitted the listing to MLS within the required timeframe
• C.Obtained a written backup offer from another buyer
• D.Reduced the commission rate at the seller's request

Q7.What commission obligation does a seller have if they sell directly to a buyer under an Exclusive Agency listing?

• A.The full listing commission, because the seller is bound to the agreement
• B.A reduced commission — typically 50% of the agreed rate
• C.An administrative fee only, not the full commission
• D.No commission — under an Exclusive Agency listing, the seller may sell directly without paying the listing broker

Q8.How should the FBI IC3 figures be characterized?

• A.A complete count of every cybercrime loss.
• B.Reported complaint and loss data received by IC3.
• C.Guaranteed recovery amounts.
• D.Arizona-only licensing statistics.

Q9.Under the Equal Credit Opportunity Act (ECOA), which information may a lender legally consider when evaluating a mortgage application?

• A.The applicant's marital status to determine household stability
• B.The applicant's verified employment history and income documentation
• C.The applicant's religion to assess community ties and stability
• D.The applicant's national origin to determine immigration status

Q10.When must a covered agreement be reviewed under A.R.S. § 32-2151.01(G)?

• A.Before any party signs.
• B.Within 24 hours.
• C.Within 10 business days after execution.
• D.Only at closing.

Q11.A clerical employee receives a tenant's rent across the office counter. Which practice is required for the unlicensed clerical collection exception?

• A.Give the tenant a receipt
• B.Waive any disputed charge
• C.Deposit the rent into the employee's account
• D.Negotiate a payment plan

Q12.The HUD rule formally codifying the legal definition of sexual harassment in housing (24 C.F.R. Part 100 Subpart B) was issued in what year?

• A.1988
• B.2016
• C.1998
• D.2003

Q13.Which screening record best supports consistent application of policy?

• A.A private intuition score
• B.The criterion used, source data, result, authorized exception if any, and decision date
• C.Only the applicant's name
• D.A deleted worksheet after denial

Q14.ADRE requests records during an investigation. What is the best initial brokerage response?

• A.Reconstruct missing records without disclosing changes
• B.Preserve the request and responsive records, assign responsibility, verify completeness, and respond through the required channel
• C.Delete duplicate files before counsel can review them
• D.Wait for a second request

Q15.Which of the following is generally TRUE about occupancy standards under the FHA?

• A.Two-per-bedroom is a fixed federal rule
• B.Occupancy limits cannot be applied to families with children at all
• C.HUD's Keating Memo treats two-per-bedroom as a presumptive starting point, evaluated against bedroom size, configuration, age of occupants, and local codes
• D.Landlords must accept any number of occupants requested by a tenant