John makes an offer to Joe, B. Void
and Joe makes a counter
offer. Joe dies before the
counter offer is accepted.
What is the contract status?
A. Valid
B. Void
C. Enforceable
D. Bilateral
A transaction that, under provisions of Section 1031 of
the Internal Revenue Code, allows a taxpayer to sell an
1031 Exchange investment property and purchase another investment
property in its place without paying capital gains on the
proceeds from the sale.
The Internal Revenue Service form that is used to report
1099-Misc various types of miscellaneous income earned other
than salary earned from an employer
The loss of a homestead exemption if the owner moves
Abandonment of a to another state, sells the property, turns the property
Homestead into a rental or no longer occupies the home as a
primary residence
Abutting Refers to parcels that share a boundary
A clause in loan documents that allows the lender to call
Acceleration Clause the note all due and payable if the borrower breaches
the terms
The gradual addition of land by natural causes, such as
Accretion
shoreline movements
,Acre (in square feet) 43,560 square feet
One foot of water over the entire surface of an acre;
Acre Foot
contains 325,851 gallons of water
Areas within Arizona where water management
Active Management Area programs, such as restriction governing groundwater
(AMA) use, are in place; requires demonstration of Assured
Water Supply
The physical removal of a tenant from a leased property
Actual Eviction with the tenant relieved of any further responsibility to
pay rent
Express knowledge of a fact (compared to Constructive
Actual Notice
Notice, which is notice given by publication)
A concept for property taxes that means "according to
Ad Valorem
value"
The standard required from developers OUTSIDE of an
Active Management Area (AMA); if adequate water
Adequate Water Supply supply cannot by demonstrated, the developer must
disclose this fact in all advertising and promotional
material
A mortgage loan that has an interest rate on the note
Adjustable Rate Mortgage that periodically adjusts based on an index that reflects
(ARM) the cost to the lender; also called Variable Rate
Mortgage
The purchase price of a property (basis) minus
accumulative depreciation, plus acquisition costs, plus
Adjusted Basis
capital improvements; also called Adjusted Purchase
Price
Sales price minus costs of sale (commission and closing
Adjusted Sales Price
costs)
Court-appointed personal representatives of an estate
Administrator
for someone who dies intestate (without a will)
, A document that transfers title to real estate from an
Administrator's Deed
intestate person to his or her heirs
Acquiring title to land because of a long-term, open and
notorious use of the land. The legal process is called
Adverse Possession
PRESCRIPTION. The required time period in Arizona is 10
years.
A 10-member board appointed by the Governor that
advises and gives recommendations to the
Advisory Board
Commissioner of the Arizona Department of Real Estate.
Member serve a 6-year term
A document for owners of mobile homes certifying that
Affidavit of Affixture
the home is immobilized, i.e., anchored to real property
A disclosure document that may be required when
selling property that is either in an unincorporated area
(not in a city or town), NOT in a subdivision, or if five or
Affidavit of Disclosure
fewer parcels are involved in the transaction. It provides
information about certain aspects of the property and
allows the buyer an opportunity to rescind the contract.
A sworn statement under oath that indicates the
purchase price paid by the buyer in a trascaction; must
Affidavit of Value
be filed with the deed and signed by both buyer and
seller.
A relationship of trust between one person (the
principal) and another (the agent) in which the agent has
Agency the authority to act on behalf of the principal. Agency
creates a fiduciary duty on the part of the agent to act in
good faith.
One who represents a principal; In Arizona, the
designated agent is the agent of the principal.
Agent Associated licensees in the office are considered
subagents to the principal. Both the agent and the
subagents are fiduciaries to the principal (client).
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