Exam (elaborations)
Real Estate Prep Agent Arizona 2024 Part 1 (2)
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Real Estate Prep Agent Arizona 2024 Part 1 (2)
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Real Estate Prep Agent Arizona 2024 Part 1Bundle of Rights - ANS-5 Legal rights of a property owner
the right of :
1.possession
2.control
3.exclusion
4.enjoyment
5.disposition
Accretion - ANS-An increase in land due to natural causes
Avulsion - ANS-Land is washed away by water
Reliction - ANS-Gradual recession of water, leaving land dry.
Freehold Estate - ANS-estate that indicates ownership to land, (bought out the property
completely)
Fee Simple Estate - ANS-estate that can be sold or inherited, but its not free of taxes
Fee Simple Defeasible - ANS-Puts conditions on the use of a property, like no smoking etc... (if
condition is broken = loss of property)
Life Estate - ANS-estate where an interest in a property that lasts a lifetime. (when the tenant's
life ends, title reverts to the original owner)
Life Estate Pur Autrie Vie - ANS-Like the life estate, When the tenant's life ends, title reverts to
the original owner
Less Than Freehold Estate - ANS-Estate where a property held for a defined period of time, like
a lease or rental
Estate for Years - ANS-Estate where property held for a fixed period of time, like a rental from
April 15 to April 30
Periodic Tenancy - ANS-tenancy is renewed periodically- for example, week to week, month to
month or year to year.
Estate at Will - ANS-Estate that can be ended at any time by the landlord or the tenant.
Estate at Sufferance - ANS-estate with deadbeat tenant, doesn't want to leave
, Lease - ANS-A contract between a lessor and a lessee which gives possession but not
ownership, to the lessee
Percentage Lease - ANS-Lease where the amount of rent paid by the lessee is a percentage of
the gross income of the lessee's business
Net Lease - ANS-a lease in which the tenant pays for taxes, insurance and maintenance in
addition to other fees like rent and utilities.
Gross Lease - ANS-Tenant pays rents, landlord pays all expenses of property; most common
form of residential lease
Sandwich Lease - ANS-lease in which an existing tenant subleases (or leases again) the
property to a third party. The lessee becomes the lessor.
Sale Leaseback - ANS-A transaction in which the owner sells improved property and, as part of
the same transaction, signs a long term lease to remain in possession of the premises.
Tenant Improvement Allowance - ANS-landlords allowance to customize generally for business
purposes
Abandonment - ANS-Voluntarily giving up the rights and responsibilities of possession of a
property.
Assignment - ANS-When one party passes responsibility on to another.
Surrender - ANS-Giving up possession of a property.
Constructive Eviction - ANS-When a landlord does something, or fails to do something, that he
or she is legally obligated to do, rendering the property uninhabitable.
Estoppel Statement - ANS-A signed statement certifying that certain facts are correct, which
cannot be later contradicted by the signer- for example, that a lease exists or that rent is paid to
a certain date.
Deed - ANS-the official document that shows evidence of property transfer
Grant Deed - ANS-A deed that includes two implied warranties: 1- The grantor has not already
given the title to another person; and 2- The estate has no undisclosed encumbrances.
Quitclaim Deed - ANS-A deed that operates as a release. It transfers property quickly, but
without any warranties on the title of any kind.
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