Exam (elaborations)
ARIZONA REAL ESTATE QUESTIONS AND ANSWERS
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ARIZONA REAL ESTATE QUESTIONS AND ANSWERS
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ARIZONA REAL ESTATE QUESTIONS AND ANSWERSArizona property taxes are based on: - Answers -Assessed value
The tax rate applied to owner occupied residential property is: - Answers -10 %
What lien has priority first: - Answers -Property taxes
Property taxes become a lien the first day of: - Answers -January
Once a homeowner's association establishes the assessments, they are paid: -
Answers -Annually based on the homeowner's association's budget
What is paid first after a foreclosure: - Answers -Property taxes
At thend of the three-year tax redemption period, a person who holds the certificate
purchase: - Answers -May extend the period
Which best describes prior appropriation:
Reliction
First in time first in right
Riparian rights
Adequate water supply - Answers -First in time, first in right
Ad valorem would apply to: - Answers -Property taxes
The redemption period in a property tax foreclosure would be how long after the
certificate of purchase has been issued: - Answers -3 years
What lien has second priority:
delinquent taxes since 2004, mortgage recorded in 2002, IRS lien recorded in 2006 -
Answers -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: - Answers -Property taxes for the
current year for the property being sold
If a property is not bid at a tax foreclosure sale: - Answers -Anyone can later buy the tax
lien from the Treasurer
Rank the following in order:
IRS lien, Property Taxes, Special Assessments - Answers -Property Taxes, Special
Assessments, IRS Liens
When a broker misappropriates funds, this is called: - Answers -Conversion
,What type of property would have the highest tax rate: - Answers -Shopping center
What is the priority of property tax liens: - Answers -Always in first position
When are the first half property taxes delinquent: - Answers -November 1
The two designations or classifications of water law in Arizona are: - Answers -Ground
the surface
Taxes are assessed on: - Answers -Value of the property
The doctrine of water usage in Arizona is known as: - Answers -Prior appropration
Water rights in Arizona are: - Answers -First in time, first in right
In Arizona, property taxes are payable: - Answers -Twice a year
When a party owns land on a non-navigable stream, it is said they hold title to: -
Answers -Lower water mark
When the county assessor evaluates real estate for the purpose of taxation, this is
called: - Answers -Assessed value
Real estate taxes are levied in Arizona: - Answers -Once a year
Second half real estate taxes are due: - Answers -march 1st
The Homestead Exemption in Arizona is now set at: - Answers -$150,000
Homestead exemption will protect a person against: - Answers -Unforeseen personal
judgments
What will NOT terminate a homestead exemption: - Answers -Buying other property
If a husband and wife own community property and the husband dies, who receives the
husband's half: - Answers -Heirs
What action will void a homestead: - Answers -Declaring primary residence in another
state
In Arizona, property owned before marriage is sole and separate. Property acquired
after marriage would be considered: - Answers -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: - Answers -50k
, What is not required to appear on a listing agreement: - Answers -Construction cost
A property that is in foreclosure has had a valid homestead recorded. What is the status
of the foreclosure: - Answers -Foreclosure will continue as normal
What would NOT apply to community property with right of survivorship: - Answers -
Willing to a third party
In order to qualifty for the 150k homestead exemption, you may have: - Answers -
Primary residence
A person would qualify for a homestead when: - Answers -Upon taking ownership and
moving in
What would not qualify for a homestead exemption: - Answers -Family who owns a
house in the name of a corporation
What deed will NOT convey title:
General Warranty
Special Warranty
Quit Claim
Disclaimer - Answers -Disclaimer
What would NOT appear on a public report:
Utilities
Title condition
Market value
Legal description - Answers -Market Value
When a lot is sold outside of a subdivision, what must appear in the deed: - Answers -
No ingress or egress exists
An affidavit of value would NOT contain: - Answers -Tax transfer stamps
What is the purpose of an affidavit of value: - Answers -Assist the County Assessor in
determining property values
In Arizona, you may obtain title under: - Answers -Adverse possession
What coverage would NOT be included in an owner's policy of title insurance: - Answers
-Parties in adverse possession
What would NOT be covered in a standard owners's policy of title insurance: - Answers
-Easements obtained by prescription
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