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AZ Real Estate (ASREB) 5/2017 > A9 > Flashcards

Flashcards in A9 Deck (34)
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1

Which of the following is NOT true regarding a property management trust account:

A salesperson can be a signatory on the trust account

Only licensed signatories are permitted

A salesperson signatory may sign checks paying miscellaneous maintenance fees

Multiple properties can be in one trust account

Only licensed signatories are permitted

2

A lease is unaffected by all of the following EXCEPT:

Destruction
Adverse possession
Death of the lessee
Death of the lessor

Destruction

QUESTION RATIONALE
Destruction of the real property kills the lease. The other items do not affect the lease.

3

The legal right of a landlord to seize the tenants belongings for rents in arrears is called

Distraint

4

A landlord or tenant may terminate a month to month lease by written notice with ____ days notice

30

5

If a lease is week to week how much notice is required to terminate the lease?

10 days

6

A condominium and cooperative would be the same in that

Both pay annual assessments

7

The consumer may get the copy of the Arizona Residential Landlord Tenant Act act the

Arizona Department of Housing

8

Landlord Larry held Tenant Terri's security deposit of $2000 for six months after the lease had terminated and Terri had moved out. Terri may sue Larry for

Double damages plus the return of the security deposit.

9

Who owns the security deposit during the term of the lease?

The tenant

10

For how long must a broker keep his or her property management agreements?

5 years

11

The broker is required by Arizona law to reconcile his or her trust account...

At least once a month

12

A property management company is required to keep a copy of all residential rental agreements upon expiration for a period of?

One year

13

If a property is damaged by fire and the tenant moves out, what can the tenant do?

Tenant may terminate the lease with a 14 day written notice

14

A property manager who collects rents and holds the money for an owner must have what type of account?

Trust Account

15

If the landlord fails to comply with the rental agreement in matters affecting health and safety, the tenant may terminate the lease is the breach is NOT corrected in how many days?

5 days

16

When advertising via a web page the Equal Housing Opportunity statement, slogan or logo....

should appear on every page without the viewer having to scroll down to view it.

17

A co-op charges taxes based on

Pro rata share

18

When an apartment building is turned into condominiums, this would be known as

Conversion

19

When a property is sublet, the new lessee is referred to as

Tenant

20

A lease is affected by what?

Destruction

21

What would be the advantage to the lessee in a net lease?

Lessee could deduct property taxes on his income taxes

22

When a lessee signs a net lease, the taxes, insurance and maintenance are paid by the

Lessee

23

What type of lease would the renter pay all expenses?

Net

24

A graduated lease would mean that

Rents decrease at a specified date

25

An owner's interest in the condominium common ground is best described as

Undivided interest

26

A buyer holds a leasehold interest in an apartment building. This interest is most likely

Stock in a co-op

27

In a lease, the lessor _____ his interest

Demises his interest

28

Under what form of ownership would each property owner receive a separate property tax bill?

Condominium

29

Under normal conditions, an apartment owner's responsibilities would not include

utilities

30

When a tenant moves out because the landlord will not maintain the property in a livable manner, this is called

Constructive eviction