AZ Real Estate Exam Questions With Verified And Updated Solutions.

AZ Real Estate Exam Questions With Verified And Updated Solutions. Accession - answerAcquiring property when trade fixtures are not removed on or before the last day the property is rented. They become real property of the landlord. Fixture - answerAn article/item that was once personal property but had been attached to land or a structure so it is now real property. Tests of a fixture - answer1. Agreement 2. Intention (most important) 3. Attachment 4. Adaptation 5. Relationship 6. Cost (not a factor) Annexation - answerConverting personal property to real property Chattel - answerAlso referred to as personal property Severance - answerConversion of real property to personal property The three sections to the Code Of Ethics - answer1. Duties to Clients and Customers 2. Duties to the Public 3. Duties to Realtors Title - answerRefers to ownership of real property Deed - answerThe document by which the owner transfers real property Bundle of legal rights - answer1. Disposition 2. Enjoyment 3. Exclusion 4. Possession 5. Control Appurtenance - answerThe right or privilege associated with the property but not necessarily a part of it Emblements - answerCultivated crops Situs - answerPeoples preference for certain areas Price-fixing - answerSetting commission rates. This is illegal as part of the Sherman antitrust act Three types of real estate licenses - answer1. The real estate entity 2. The real estate broker 3. The real estate salesperson Brokerage - answerThe real estate entity Physical characteristics of real estate - answer1. Immobility 2. Indestructibility 3. Non-homogeneity Non-homogeneity - answerNo two parcels are exactly the same or in the same location Economic characteristics of real estate - answer1. Scarcity 2. Improvements 3. Permanence of investment 4. Situs Land - answerSurface of the earth, below to the center of the earth, above to infinity and natural things permanently attached Real estate - answerLand, plus artificial things attached Real property - answerReal estate plus legal interests, rights and privileges associated with ownership. Includes bundle of rights Trade fixtures - answerUsed in the operation of the business. Owned by the tenants and attached to a rented space for purpose of conducting business Bill of sale - answerThe document used to transfer ownership of personal property Asset - answerSomething of value Severalty - answerOwning real estate alone Tenants in common - answerMost widely used form of co-ownership 1. Time 2. Title 3. Interest 4. Possession - answerFour unities that are required to create a valid joint tenancy Trustor - answerThe person who is the creator of the trust Trustee - answerThe trust manager Beneficiary - answerThe person or entity that benefits from a trust Trust - answerThe type of ownership of that can own assets both real and personal property Single-family residence - answerEach residence is located on an individual a lot Blue laws - answerLaws that restrict transactions of business on Sundays and certain religious holidays Blue sky laws - answerSecurities laws designed to protect the public from fraudulent practices in the promotion and sale of securities Fiduciary - answerRelationship that implies a position of trust and confidence Enabling declaration - answerThe legal document that the developer of a condominium must file and record in order to create a condominium under state law Partition action - answerThe dividing of co-owners interest in real property, action often taken when parties cannot reach agreement Rights of survivorship - answerSurviving co-owners succeeds to all rights, title and interest of the deceased co-owner without the need for probate proceedings 1. Police power 2. Eminent domain 3. Taxation 4. Escheat - answerThe four government powers that have been designed for the purpose of protecting the public health safety and welfare of the people Police power - answerNo compensation, to protect the people Eminent domain - answerWith just compensation, for the good of the people Taxation - answerCollect money to run the government