10/14/24, 8:56 PM ARIZONA REAL ESTATE EXAM NEWEST 2024-2025 ACTUAL EXAM COMPLETE 500 QUESTIONS AND CORRECT DETAILE…
ARIZONA REAL ESTATE EXAM NEWEST 2024-
2025 ACTUAL EXAM COMPLETE 500 QUESTIONS
AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS)
Terms in this set (506)
John makes an offer to B. Void
Joe, and Joe makes a
counter offer. Joe dies
before the counter offer is
accepted. What is the
contract status?
A. Valid
B. Void
C. Enforceable
D. Bilateral
A transaction that, under provisions of Section 1031 of
the Internal Revenue Code, allows a taxpayer to sell
1031 Exchange an investment property and purchase another
investment property in its place without paying capital
gains on the proceeds from the sale.
The Internal Revenue Service form that is used to
1099-Misc report various types of miscellaneous income earned
other than salary earned from an employer
The loss of a homestead exemption if the owner
Abandonment of a moves to another state, sells the property, turns the
Homestead property into a rental or no longer occupies the home
as a primary residence
,10/14/24, 8:56 PM ARIZONA REAL ESTATE EXAM NEWEST 2024-2025 ACTUAL EXAM COMPLETE 500 QUESTIONS AND CORRECT DETAILE…
Abutting Refers to parcels that share a boundary
A clause in loan documents that allows the lender to
Acceleration Clause call the note all due and payable if the borrower
breaches the terms
The gradual addition of land by natural causes, such
Accretion
as shoreline movements
Acre (in square feet) 43,560 square feet
One foot of water over the entire surface of an acre;
Acre Foot
contains 325,851 gallons of water
Areas within Arizona where water management
Active Management Area programs, such as restriction governing groundwater
(AMA) use, are in place; requires demonstration of Assured
Water Supply
The physical removal of a tenant from a leased
Actual Eviction property with the tenant relieved of any further
responsibility to pay rent
Express knowledge of a fact (compared to
Actual Notice Constructive Notice, which is notice given by
publication)
A concept for property taxes that means "according
Ad Valorem
to value"
The standard required from developers OUTSIDE of
an Active Management Area (AMA); if adequate water
Adequate Water Supply supply cannot by demonstrated, the developer must
disclose this fact in all advertising and promotional
material
A mortgage loan that has an interest rate on the note
Adjustable Rate Mortgage that periodically adjusts based on an index that
(ARM) reflects the cost to the lender; also called Variable
Rate Mortgage
, 10/14/24, 8:56 PM ARIZONA REAL ESTATE EXAM NEWEST 2024-2025 ACTUAL EXAM COMPLETE 500 QUESTIONS AND CORRECT DETAILE…
The purchase price of a property (basis) minus
accumulative depreciation, plus acquisition costs, plus
Adjusted Basis
capital improvements; also called Adjusted Purchase
Price
Sales price minus costs of sale (commission and
Adjusted Sales Price
closing costs)
Court-appointed personal representatives of an
Administrator
estate for someone who dies intestate (without a will)
A document that transfers title to real estate from an
Administrator's Deed
intestate person to his or her heirs
Acquiring title to land because of a long-term, open
and notorious use of the land. The legal process is
Adverse Possession
called PRESCRIPTION. The required time period in
Arizona is 10 years.
A 10-member board appointed by the Governor that
advises and gives recommendations to the
Advisory Board
Commissioner of the Arizona Department of Real
Estate. Member serve a 6-year term
A document for owners of mobile homes certifying
Affidavit of Affixture that the home is immobilized, i.e., anchored to real
property
A disclosure document that may be required when
selling property that is either in an unincorporated
area (not in a city or town), NOT in a subdivision, or if
Affidavit of Disclosure five or fewer parcels are involved in the transaction. It
provides information about certain aspects of the
property and allows the buyer an opportunity to
rescind the contract.
A sworn statement under oath that indicates the
purchase price paid by the buyer in a trascaction;
Affidavit of Value
must be filed with the deed and signed by both buyer
and seller.
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