Financing, Financing Documents and the Deed of Trust
Five printed areas meet here: appraisal (3), primary and secondary markets (3), residential and commercial financing (4), financing documents (3) and deed of trust foreclosure (5), together with income tax aspects of real estate (3). Area XXIII, headed simply 'Deed of Trust', prints no question count at all.
Value and the money supply
The sales comparison approach carries most weight for a home in an established subdivision, the cost approach for new or special-purpose buildings, and income capitalization for income property. A broker's comparative market analysis is a pricing opinion, not a certified appraisal. The primary market originates loans to borrowers; the secondary market buys and sells existing loans, which is why secondary market guidelines drive underwriting. One discount point is one percent of the loan amount.
The Arizona deed of trust
The promissory note is the promise to repay; the deed of trust is the security. A.R.S. 33-801 gives it three parties: the trustor who conveys the property, the trustee who holds it, and the beneficiary for whose benefit it is given. A.R.S. 33-807(A) confers the power of sale on the trustee by virtue of position, with no express provision needed in the instrument, and it also lets the beneficiary elect judicial foreclosure under the mortgage procedure instead.
Trustee's sale, reinstatement and deficiency
A trustee's sale may not be held before the ninety-first day after the notice of sale is recorded, and the notice must be recorded, posted at least twenty days ahead and published once a week for four consecutive weeks (A.R.S. 33-807(D), 33-808). A defaulting trustor may reinstate until 5:00 p.m. on the last business day before the sale (A.R.S. 33-813). Where the trust property is two and one-half acres or less and used as a single one- or two-family dwelling, no deficiency may be recovered at all; otherwise a deficiency action must be brought within ninety days of the sale (A.R.S. 33-814).
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State-specific details
State exam facts
- State regulator
- Arizona Department of Real Estate (ADRE)
- Exam vendor
- Pearson VUE
- Prelicensing education
- 90 hours of ADRE-approved broker education
- Passing score
- 75%
- Scored questions
- 180
- Time limit
- 315 minutes
Who regulates real estate brokers in Arizona?
The Arizona Department of Real Estate (ADRE) licenses brokers and salespersons. ADRE contracts with Pearson VUE to deliver the licensing exams.
What experience do I need before the Arizona broker exam?
A.R.S. § 32-2124(A)(1) requires an original broker applicant to have been an active licensed real estate salesperson or broker for at least three years during the five years immediately preceding application — the statute counts active licensure, not hours worked, so there is no full-time test. The applicant must also complete a 90-classroom-hour broker course at a commissioner-certified school and pass an examination on it (§ 32-2124(C)); the 27-hour Arizona-specific portion of that course cannot be waived. Under § 32-2136 a broker management clinic consists of three courses of three hours each, and an original broker license applicant must attend one before activating the license.
How is the Arizona broker exam structured?
The Arizona broker exam is administered by Pearson VUE with 180 scored questions (plus 15 unscored pretest items) over about 5 hours 15 minutes, and a score of 75% or higher is required to pass.
Sources: https://azre.gov, https://www.pearsonvue.com/us/en/az/realestate.html
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