Real Estate Quiz

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Laws and facts are constantly changing in today’s real estate world.

As real estate professionals, we are continually educating ourselves to keep apprised of these changes.

Many of you have commented that you enjoy taking the quizzes we publish. This quiz was given to agents at a recent staff meeting. Let us see how you do.

  1. A homeowner is facing foreclosure. Before the foreclosure, the homeowner takes out an expensive chandelier and replaces it with an inexpensive one.

a. It is ok because the property is still functional.

b. The homeowner may be guilty of defrauding the lender.

c. The homeowner may lose their rights under the anti-deficiency statutes.

d. Both c and d

  1. Vacant land is not protected under the Arizona anti-deficiency statutes. If vacant land is foreclosed upon, a lender has period of time to file for a deficiency judgment. That time is:

a. 30 days

b. 90 days

c. 3 years

d. 7 years

  1. A seller committed suicide in a home. The suicide was not disclosed. After the inspection period, the buyer discovers this fact and wishes to cancel the contract. The buyer may:

a. Cancel the contract because of non-disclosure.

b. Must close because suicide in a home need not be disclosed.

  1. The Arizona Legislature made some changes in 2009 regarding the anti-deficiency statutes. These changes had the following effect in 2010.

a. Homeowners could only qualify if it was their primary residence.

b. They had to live in the home a minimum of six months.

c. Duplexes could not qualify.

d. None of the above.

  1. A sex offender is moving into a rental complex. What, by law, is the property manager required to do?

a. Notify all tenants

b. Notify tenants with children

c. Give notice to all prospective tenants

d. Nothing

  1. In question two, we asked about the time to file for a deficiency judgment. In the case of a promissory note such as a home equity line of credit (HELOC) a lender has how long to file on the promissory note or to foreclose?

a. 90 days

b. 3 years

c. 6 years

d. No statute of limitations

  1. The amount of REO inventory on the market stands where as compared to last year?

a. Down 11.2 percent

b. Down 21.2 percent

c. Up 11.2 percent

d. Up 21.2 percent

  1. The number of U.S. homeowners that are non-current on their home mortgages is:

a. 1.2 million

b. 4.6 million

c. 6.2 million

d. 8.1 million

  1. The average time in the US from loan delinquency to a foreclosure sale is:

a. 123 days

b. 267 days

c. 329 days

d. 449 days

Answers: 1. d 2. b 3. b 4. d 5. d 6. c 7. d 8. c 9. d

Ray Pugel is a designated broker for Coldwell Banker Bishop Realty. Contact him at (928) 474-2216.

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