Arizona

Question 1

Applies to any property that is in the unincorporated are of a county and not in a recorded subdivision

Answer 1

Affidavit of disclosure

Question 2

Is the document that evidences the release of a deed of trust

Answer 2

Deed of reconveyance

Question 3

Someone who for another and for compensation performs real estate services

Answer 3

Broker

Question 4

Is a share or interest in real property with a right to use the facility for a certain period of time

Answer 4

Timeshare

Question 5

Subdividers May only accept prior to issuance of the public report

Answer 5

Lot reservations

Question 6

A statement of important facts relating to a subdivision which allows the purchaser to make an informed decision regarding the property

Answer 6

Public report

Question 7

Land that’s divided into 6 or more lots, parcels or fractional interests created for sale or lease

Answer 7

Subdivision

Question 8

A contract hiring a broker to buy or sell real property for compensation or commission

Answer 8

Employment agreement

Question 9

Issued when someone is found violating any “act, practice or transaction”

Answer 9

Cease and desist order

Question 10

A person engaged to represent a real estate broker

Answer 10

Salesperson

Question 11

Not law but have the force and effect of law on licensees

Answer 11

Commissioners rules

Question 12

Requires real estate contracts to be in writing to be enforced

Answer 12

Statute of frauds

Question 13

Gives licensees the authority to prepare all types of real estate contracts

Answer 13

Article 26 of the Arizona constitution

Question 14

Shows the sales price and is required to record the deed upon property transfer

Answer 14

Affidavit of value

Question 15

Trustor (borrower) can cure default by paying back payments at any time before the forced sale

Answer 15

Right of reinstatement

Question 16

Seller must give buyers a grace period to reinstate the payments

Answer 16

Forfeiture action

Question 17

Is a pledge of real property as security without giving possession of the property to the lender

Answer 17

Hypothecation

Question 18

States the mortgage or trust deed does not convey any ownership to the lender

Arizona is a …….. theory state

Answer 18

Lien theory

Question 19

States that litigation is pending against the property owners

Answer 19

Lis pendens

Question 20

States legal title is conveyed to the lender

Answer 20

Title theory

Question 21

Obtained by a lender when a foreclosure sale brings less that the amount owed

Answer 21

Deficiency judgment

Question 22

Allows the lender to foreclose without a court action

Answer 22

Trust deed

Deed of trust

Question 23

Outside an AMA a subdivided must provided

Answer 23

Water adequacy report

Question 24

Sells tax liens at auction and issues a “certificate of purchase” to the bidder

Answer 24

Treasurers sale

Question 25

Determined using standard appraisal techniques at the beginning of each calendar year for the next tax year

Answer 25

Full cash value

Question 26

Real property taxes are based on value

Answer 26

Ad valorem tax

Question 27

Lien for labor or material supplied to a property

Answer 27

Mechanic’s lien

Question 28

Lien against property for public improvements

Answer 28

Assessments

Question 29

All real property taxes are calculated based on LPV

Answer 29

Limited property value

Question 30

According to value

Answer 30

Ad valorem

Question 31

An east-west row of a township

Answer 31

Tier

Question 32

Is a parcel which is 24 miles square and contains 16 townships

Answer 32

Check

Question 33

Is an area where excessive overdraft is occurring

Answer 33

Active management areas | AMA’s

Question 34

The over pumping of ground-water faster than it can be replaced by nature

Answer 34

Overdraft

Question 35

43560 square feet

Answer 35

1 acre

Question 36

A parcel of land 1 mile by 1 mile Has 36 in a township

Answer 36

Section

Question 37

6x6 mile square parcel of land formed by the intersection of range and township lines

Answer 37

Townships

Question 38

Range lines run North and south every 6 miles from the principal meridian

Answer 38

Ranges

Question 39

A subdivision map that shows the location and boundaries of individual parcels and is recorded

Answer 39

Recorded plat or lot and block

Question 40

Method of describing property boundaries using distances and compass directions from point to point

Answer 40

Meets and bounds

Question 41

Based on historical groundwater pumping for a non-irrigation use such as livestock watering May be sold separately

Answer 41

Type 2 non-irrigation right

Question 42

Water use has been retirees from irrigation May not be sold separately

Answer 42

Type 1 non-irrigation right

Question 43

100 year supply

Answer 43

Certificate of assured water supply

Question 44

Are areas where irrigation uses threaten to exceed limited water supplies

Answer 44

Irrigation non-expansion areas | INA’s