Exam (elaborations)
Real Estate Prep Agent Arizona 2024 Part 1 Questions and Answers 2024
- Course
- Institution
Real Estate Prep Agent Arizona 2024 Part 1 Questions and Answers 2024
[Show more]
Content preview
RealEstate
Prep
Agent
Arizona
2024
Part
1
1031
Tax
Deferred
Exchange
-
ANS-Process
which
allows
investors
to
sell
a
property
and
reinvest
the
proceeds
into
a
new
property
Abandonment
-
ANS-Voluntarily
giving
up
the
rights
and
responsibilities
of
possession
of
a
property.
Abstract
of
Title
-
ANS-A
history
of
the
ownership
of
a
parcel
of
land
which
lists
transfers
of
title,
rights,
and
liabilities.
Accretion
-
ANS-An
increase
in
land
due
to
natural
causes
Acknowledgement
-
ANS-recognition
for
a
notable
deed
Actual
Notice
-
ANS-When
first-hand
knowledge
of
something's
provided
to
an
individual-for
example,
if
a
buyer
knows
that
someone
has
taken
possession
of
the
property
that
is
for
sale.
Ad
Valorem
-
ANS-When
something
is
taxed
based
on
its
value
(according
to
value)
Adjusted
Cost
Basis
-
ANS-Takes
into
account
changes
to
a
property
which
would
affect
its
cost.
Alienation
of
Title
-
ANS-a
change
in
ownership
of
any
kind
Appurtenant
Easement
-
ANS-Easement
attached
a
property
which
allows
the
owner
the
use
of
the
neighbor's
land-
for
example,
using
your
neighbor's
driveway
to
get
to
your
garage.
"Runs
with
the
land",
so
the
easement
passes
to
the
next
owner.
Assignment
-
ANS-When
one
party
passes
responsibility
on
to
another.
Avulsion
-
ANS-Land
is
washed
away
by
water
Bargain
and
Sale
Deed
-
ANS-a
deed
that
contains
no
covenants
but
does
imply
that
the
grantor
owns
the
property
being
conveyed
Boot
-
ANS-Cash
or
property
used
to
balance
out
the
equities
of
properties
being
exchanged
Building
Codes
-
ANS-Establish
minimum
standards
of
construction
for
public
safety
Bundle
of
Rights
-
ANS-5
Legal
rights
of
a
property
owner
the
right
of
:
1.possession 2.control
3.exclusion
4.enjoyment
5.disposition
capital
gains
-
ANS-a
profit
from
the
sale
of
property
or
of
an
investment.
Chain
of
Title
-
ANS-Record
of
all
prior
transfers
and/or
encumbrances
for
a
particular
parcel
of
land
Cloud
on
Title
-
ANS-A
defect
in
title-
for
example,
an
unreleased
lien
or
encumbrance
that
might
invalidate
or
impair
a
title.
Concurrent
Estate
-
ANS-Property
owned
by
more
than
one
person.
Condemnation
-
ANS-Action
which
results
in
compensation
for
a
property
when
eminent
domain
rights
are
exercised
by
the
government.
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.
Constructive
Notice
-
ANS-A
"legal
fiction"
that
says
someone
has
been
notified
of
something
even
though
actual
notice
didn't
happen
Credit
-
ANS-Money
owed
to
you
when
escrow
is
closed-
for
example,
prepaid
taxes
are
a
credit
for
the
seller.
Debit
-
ANS-Money
owed
when
escrow
is
closed-
for
example,
the
purchase
price
of
a
property
is
a
debit
for
the
buyer.
Deed
-
ANS-the
official
document
that
shows
evidence
of
property
transfer
Dominant
Tenement
-
ANS-Land
benefiting
from
an
easement.
Down
Zoning
-
ANS-Changing
a
zone
from
commercial
to
residential.
Easement
-
ANS-the
right
to
use
land
for
a
specific
and
limited
purpose
(considered
encumbered)
Easement
by
Prescription
-
ANS-Easement
granted
after
someone
has
used
or
entered
land
for
a
period
of
time
and
is
given
a
legal
right
to
continue
to
do
so
Easement
in
Gross
-
ANS-Easement
which
attaches
to
an
individual
(person
or
entity).
There
is
no
dominant
tenement-
for
example,
the
power
company's
right
to
access
utility
lines.
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 or Stuvia-credit 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 Hkane. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75619 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
