ARIZONA SPECIFIC-REAL ESTATE 2024,2025 QUESTIONS WITH ALL CORRECT ANSWERS, GRADED A+
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ARIZONA SPECIFIC-REAL ESTATE
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ARIZONA SPECIFIC-REAL ESTATE
When the county assessor evaluates real estate for the purpose of taxation, this is called: -
Assessed value
What lien has priority first: - Property taxes
Property taxes become a lien the first day of: - January
If a property is not bid at a tax foreclosure sale: - Anyone can later buy the tax...
ARIZONA SPECIFIC-REAL ESTATE
When the county assessor evaluates real estate for the purpose of taxation, this is called: -
Assessed value
What lien has priority first: - Property taxes
Property taxes become a lien the first day of: - January
If a property is not bid at a tax foreclosure sale: - Anyone can later buy the tax lien from the
Treasurer
Rank the following in order:
IRS lien, Property Taxes, Special Assessments - Property Taxes, Special Assessments, IRS Liens
When a broker misappropriates funds, this is called: - Conversion
What type of property would have the highest tax rate: - Shopping center
What is the priority of property tax liens: - Always in first position
When are the first half property taxes delinquent: - November 1
The two designations or classifications of water law in Arizona are: - Ground the surface
Taxes are assessed on: - Value of the property
,The doctrine of water usage in Arizona is known as: - Prior appropration
Water rights in Arizona are: - First in time, first in right
In Arizona, property taxes are payable: - Twice a year
When a party owns land on a non-navigable stream, it is said they hold title to: - Lower water
mark
Arizona property taxes are based on: - Assessed value
Real estate taxes are levied in Arizona: - Once a year
The tax rate applied to owner occupied residential property is: - 10 %
Second half real estate taxes are due: - march 1st
Once a homeowner's association establishes the assessments, they are paid: - Annually based on
the homeowner's association's budget
What is paid first after a foreclosure: - Property taxes
At thend of the three-year tax redemption period, a person who holds the certificate purchase: -
May extend the period
Which best describes prior appropriation:
Reliction
First in time first in right
Riparian rights
Adequate water supply - First in time, first in right
, Ad valorem would apply to: - Property taxes
The redemption period in a property tax foreclosure would be how long after the certificate of purchase
has been issued: - 3 years
What lien has second priority:
delinquent taxes since 2004, mortgage recorded in 2002, IRS lien recorded in 2006 - Mortgage
A buyer is obtaining a new loan to purchase property. The buyer is most likely to accept title with what
lien that is unpaid as of close of escrow: - Property taxes for the current year for the property
being sold
The Homestead Exemption in Arizona is now set at: - $150,000
Homestead exemption will protect a person against: - Unforeseen personal judgments
What will NOT terminate a homestead exemption: - Buying other property
If a husband and wife own community property and the husband dies, who receives the husband's half: -
Heirs
What action will void a homestead: - Declaring primary residence in another state
In Arizona, property owned before marriage is sole and separate. Property acquired after marriage
would be considered: - Community property
You homestead your property then default on a loan for 50k secured with a note and Deed of Trust. How
much does the one foreclosed on own: - 50k
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