Arizona Real Estate Licence Exam Prep Correct Questions & Answers(SCORED A+)

police power - ANSWER zoning enforcement code enforcement city planning enforcement P.I.T.I. impound account - ANSWER required on all FHA and VA loans Principle Interest Tax Insurance Points - ANSWER lenders charge to increase their return either 1% of loan amount or 1/8% of lenders investment Prior Appropriation - ANSWER Water use depends on priority of use; "first in time first in right"; in times of drought, junior appropriators get cut off completely before the more senior appropriators hereditament - ANSWER any property, whether real or personal, which is capable of being inherited. caissions - ANSWER small parcels of land that serve as support foundations intangible - ANSWER meaning that they have no physical form ie rights of way tangible - ANSWER Capable of being touched real property - ANSWER Land, including land improvements, structures and appurtenances thereto, but excludes movable machinery and equipment. littoral rights - ANSWER (1) A landowner's claim to use water in large navigable lakes and oceans adjacent to his or her property. (2) The ownership rights to land bordering these bodies of water up to the high-water mark. assessment rates - ANSWER residential 10% vacant land 16% commercial property 20% Arizona Real Estate Licence Exam Prep Correct Questions & Answers(SCORED A+)