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ARIZONA REAL ESTATE EXAM
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ARIZONA REAL ESTATE EXAM
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ARIZONA REAL ESTATE EXAM NEWEST ACTUAL EXAMCOMPLETE 300 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
Encumber, Access, Use, Transfer, Exclude are all __________ - ANSWER: Bundle of
Rights
Real Property that you can touch is __________ - ANSWER: Corporeal
Real Property you can NOT touch is __________ - ANSWER: Incorporeal
Chattel is __________ - ANSWER: Personal Property
Adjoining landowners that have the right to use the water is called __________ -
ANSWER: Littoral Rights
Enabling Legislation is __________ - ANSWER: Police Power
Taking private property for public us is __________ - ANSWER: Eminent Domain
Reversion of property to state if property owner dies without a will or heirs is
__________ - ANSWER: Escheat
Lessor is the __________ - ANSWER: Owner/Landlord
Lessee is the __________ - ANSWER: Renter/tenant
Landlord receives fix rent & pays all other costs is __________ - ANSWER: Gross
lease
Lessor will NOT pay maintenance, insurance, taxes this is called __________ -
ANSWER: Net Lease
Landlord receives a % of gross sales - ANSWER: Percentage Lease
Lease that allows the payments to adjust up or down is called __________ -
ANSWER: Index Lease
A lease that starts low and then increases at set intervals is called __________ -
ANSWER: Graduated Lease
A lease were one person owns the land and the other improvements is called
__________ - ANSWER: Ground Lease
Ownership in Estate is called __________ - ANSWER: Freehold Ownership
, The highest ownership without conditions is called __________ - ANSWER: Fee
Simple Absolute
Leasehold estate for a specific period of time is called __________ - ANSWER: Estate
for years
A leasehold that is month to month, week by week is called __________ - ANSWER:
Estate from period to period
A leasehold that you move in and stay as long as you want is called __________ -
ANSWER: Estate at will
A leasehold where the tenant refuses to leave is called __________ - ANSWER:
Estate at Sufferance
__________ Certificate verifies the terms of the lease - ANSWER: Estoppel Certificate
Types of tenancies that you own it by yourself is called __________ - ANSWER: Sole
& Seperate
Type of tenancies that 2 more more persons owns is called __________ - ANSWER:
Co-Ownership
Types of tenancies if a married couple and a single person buy a home is called
__________ - ANSWER: Tenancy In Common
Grantor has the right to convey (give) is called __________ - ANSWER: Covenant of
Seizin
Grantor promises to defend grantee against the claims of 3rd parties is called
__________ - ANSWER: Covenant of Quiet Enjoyment
Grantor Promises the property is free from encumbrances except those revealed is
called __________ - ANSWER: Covenant against encumbrances
A deed to remove a "clouds on title" (releases an interest) requires court action is
called __________ - ANSWER: Quit Claim Deed
A deed a spouse signs that they release any interest there might be in a property is
called __________ - ANSWER: Disclaimer Deed
A law suit pending is called __________ - ANSWER: Les Pendens
Forfeiture based on buyers equity is __________ - ANSWER: 0%-20% equity 30 days
20%-30% equity 60 days
30%-50% equity 120 days
50% and more 9 months
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