Arizona real estate 2024 - Study guides, Class notes & Summaries

_________of the Arizona Constitution gives licensees the authority to prepare all types of real estate contract - Article XXVI The______ requires real estate contracts to be in writing to be enforceable - Statute of Frauds The________ are not law but have the force and effect of law on real estate licensees. - Commissioner's Rules A real estate broker is defined in law as someone who performs real estate services for another and for - Compensation Failure of a broker to notify the Commis...

Which of the following is NOT a specific lien? a. an unrecorded mortgage b. a mechanic's lien c. a judgement lien d. a blanket mortgage - c. a judgement lien Which of the following is NOT an encumbrance on real property? a. lease b. easement c. homestead right d. restrictive convenant - c. homestead right Which of the following is NOT an appurtenance? a. easement right b. mineral right c. water rights d. trade fixtures - d. trade fixtures The physical characteristics of land incl...

Does the anti-deficiency statute apply to investment property? - True. Does the anti-deficiency statute apply to second mortgages and deeds of trust? - False. What are the two requirements of the property if the anti-deficiency statute is to apply? - 2.5 acres or less. Utilized as a family home for a 1 or 2 family dwelling. In a deed of trust, who is the "trustor?" - The person buying the house (the purchaser). Who has priority in liens even over a purchase money mortgage lien filed prior...

What is the form of co-ownership in which two or more persons each have an undivided interest in the property but no right of survivorship? - Tenancy in Common A type of ownership that is considered a long-term lease is best described as: - Cooperative Building codes are primarily enforced by: - the issuance of permits An interest in and possession of any real property is called - An estate Roberta wishes to build her garage 2 feet from her side lot line. City code calls for all side setbac...

ARIZONA REAL ESTATE TEST QUESTIONS AND ANSWERS GRADED A+ LATEST UPDATE 2024

What are the two requirements of the property if the anti-deficiency statute is to apply? - 2.5 acres or less. Utilized as a family home for a 1 or 2 family dwelling. In a deed of trust, who is the "trustor?" - The person buying the house (the purchaser). Who has priority in liens even over a purchase money mortgage lien filed prior? - Liens for unpaid property taxes and agricultural liens on crops. Does an IRS lien filed in 2015 have priority over a mortgage filed in 2014? - No. In Arizo...

Real estate class final exam(2023- 2024)With complete updated solution Which of the following cannot be a trustee? - answerCPA The discount points are 3%, which represents $2,700. The buyer down payment is 20%. What is the purchase price of the property - answer100%-20%= 80% $2,700/3%= $90,000 90,000/80%= $112,500 A method of legal description that uses definite property lines and starting points is called? - answerFormal metes and bounds The seller wants to net $175, 000 after paying a 6...

Within how many days after property transfer shall a buyer submit a completed transfer form and file with ADEQ - 15 days An example of involuntary alienation is where title to real estate passes by: - Sheriff's deed What event will create an involuntary life estate? - Dower interest becoming cohate A valid warranty deed must contain all of the following elements, except: - Signed by grantee The clause in a deed which sets forth or limits the extent of the interests in the title being conve...

~ The maximum amount of money that may be paid for any one licensee from the Recovery Fund is: - $20,000 - $30,000 - $40,000 - $90,000 - - $90,000 ~ By June 30, the Real Estate Recovery Fund MUST maintain a balance of: - $200,000 - $250,000 - $300,000 - $600,000 - - $600,000 ~ The real estate Commissioner is appointed by the: - Governor. - Advisory Board. - Legislature. - Brokers within the state. - - Governor ~ The primary purpose of real estate licensing is to: - Have trained p...

Encumber, Access, Use, Transfer, Exclude are all __________ - Bundle of Rights Real Property that you can touch is __________ - Corporeal Real Property you can NOT touch is __________ - Incorporeal Chattel is __________ - Personal Property Adjoining landowners that have the right to use the water is called __________ - Littoral Rights Enabling Legislation is __________ - Police Power Taking private property for public us is __________ - Eminent Domain