REAL ESTATE ( AZ SPECIFIC ) Exam Questions And Answers 100% Pass.
10 views 0 purchase
Module
REAL ESTATE
Institution
REAL ESTATE
REAL ESTATE ( AZ SPECIFIC ) Exam
Questions And Answers 100% Pass.
Arizona property taxes are based on: - AnswerAssessed value
The tax rate applied to owner occupied residential property is: - Answer10 %
What lien has priority first: - AnswerProperty taxes
Property taxes become a lien the first...
REAL ESTATE ( AZ SPECIFIC ) Exam
Questions And Answers 100% Pass.
Arizona property taxes are based on: - Answer✔Assessed value
The tax rate applied to owner occupied residential property is: - Answer✔10 %
What lien has priority first: - Answer✔Property taxes
Property taxes become a lien the first day of: - Answer✔January
If a property is not bid at a tax foreclosure sale: - Answer✔Anyone can later buy the tax lien
from the Treasurer
Rank the following in order:
IRS lien, Property Taxes, Special Assessments - Answer✔Property Taxes, Special Assessments,
IRS Liens
When a broker misappropriates funds, this is called: - Answer✔Conversion
What type of property would have the highest tax rate: - Answer✔Shopping center
What is the priority of property tax liens: - Answer✔Always in first position
When are the first half property taxes delinquent: - Answer✔November 1
The two designations or classifications of water law in Arizona are: - Answer✔Ground the
surface
Taxes are assessed on: - Answer✔Value of the property
The doctrine of water usage in Arizona is known as: - Answer✔Prior appropration
Water rights in Arizona are: - Answer✔First in time, first in right
In Arizona, property taxes are payable: - Answer✔Twice a year
When a party owns land on a non-navigable stream, it is said they hold title to: - Answer✔Lower
water mark
When the county assessor evaluates real estate for the purpose of taxation, this is called: -
Answer✔Assessed value
Real estate taxes are levied in Arizona: - Answer✔Once a year
Second half real estate taxes are due: - Answer✔march 1st
Once a homeowner's association establishes the assessments, they are paid: - Answer✔Annually
based on the homeowner's association's budget
What is paid first after a foreclosure: - Answer✔Property taxes
At thend of the three-year tax redemption period, a person who holds the certificate purchase: -
Answer✔May extend the period
Which best describes prior appropriation:
Reliction
First in time first in right
Riparian rights
Adequate water supply - Answer✔First in time, first in right
Ad valorem would apply to: - Answer✔Property taxes
The redemption period in a property tax foreclosure would be how long after the certificate of
purchase has been issued: - Answer✔3 years
What lien has second priority:
delinquent taxes since 2004, mortgage recorded in 2002, IRS lien recorded in 2006 -
Answer✔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: - Answer✔Property taxes for the current year
for the property being sold
The Homestead Exemption in Arizona is now set at: - Answer✔$150,000
Homestead exemption will protect a person against: - Answer✔Unforeseen personal judgments
What will NOT terminate a homestead exemption: - Answer✔Buying other property
If a husband and wife own community property and the husband dies, who receives the
husband's half: - Answer✔Heirs
What action will void a homestead: - Answer✔Declaring primary residence in another state
In Arizona, property owned before marriage is sole and separate. Property acquired after
marriage would be considered: - Answer✔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: - Answer✔50k
What is not required to appear on a listing agreement: - Answer✔Construction cost
A property that is in foreclosure has had a valid homestead recorded. What is the status of the
foreclosure: - Answer✔Foreclosure will continue as normal
What would NOT apply to community property with right of survivorship: - Answer✔Willing to
a third party
In order to qualifty for the 150k homestead exemption, you may have: - Answer✔Primary
residence
A person would qualify for a homestead when: - Answer✔Upon taking ownership and moving in
What would not qualify for a homestead exemption: - Answer✔Family who owns a house in the
name of a corporation
What deed will NOT convey title:
General Warranty
Special Warranty
Quit Claim
Disclaimer - Answer✔Disclaimer
What would NOT appear on a public report:
Utilities
Title condition
Market value
Legal description - Answer✔Market Value
When a lot is sold outside of a subdivision, what must appear in the deed: - Answer✔No ingress
or egress exists
An affidavit of value would NOT contain: - Answer✔Tax transfer stamps
What is the purpose of an affidavit of value: - Answer✔Assist the County Assessor in
determining property values
In Arizona, you may obtain title under: - Answer✔Adverse possession
What coverage would NOT be included in an owner's policy of title insurance: - Answer✔Parties
in adverse possession
3|Page
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Everly. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.79. You're not tied to anything after your purchase.
