Exam (elaborations)
ASREB State Test A-1 Questions and Answers 2024
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ASREB State Test A-1
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ASREB State Test A-1Arizona property taxes are based on:
Pro rata share
Assessed value
Front Footage
Transfer value - answer Assessed Value
The tax rate applied to owner occupied residential property is:
10%
12%
14%
16% - answer10%
Which of the following liens would have priority?
Recorded mechanics liens
Unrecorded mechanics liens
IRS liens
Property taxes - answer Property taxes
Property taxes become a lien the first day of
January
October
November
March - answerJanuary
If a property is not bid at a tax lien sale:
The excess rebate goes to the property owner
Anyone can later buy the tax lien from the Treasurer
All other liens are terminated
The property can only be sold next February - answerAnyone can later buy the tax lien
from the Treasurer
Rank the following liens in the order of their priority from highest to lowest: IRS lien,
Property Taxes, Special Assessments - answerProperty Taxes, Special Assessments,
IRS lien
When a broker misappropriates funds, this is called:
Conversion
Commingling
Conveyance
Consideration - answerConversion
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