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Flashcards in AZ Real Estate (Focus Cards) Deck (419)
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1

Large scale residential plan (includes PUDs) with large number of recreation amenities (parks, golf, lakes, bike paths, jogging trails)?

Master Planned Community -

Large scale residential plan (includes PUDs) with large number of recreation amenities (parks, golf, lakes, bike paths, jogging trails)

Chap 2

2

Restrictions imposed by developer for benefit of owners. 

  1. Cannot Violate Law or Public policy, follows Fair Housing Laws.
  2. HOA and Owners enforce restrictions. Can seek Injuctive Relief in court. 
  3. Zoning vs Restrictions - most restrictive applies.
  4. For Sale, For Rent, Solar Energy devices cannot be prohibited.

chap 2

Deed Restrictions - Restrictions imposed by developer for benefit of owners. 

  1. Cannot Violate Law or Public policy, follows Fair Housing Laws.
  2. HOA and Owners enforce restrictions. Can seek Injuctive Relief in court. 
  3. Zoning vs Restrictions - most restrictive applies.
  4. For Sale, For Rent, Solar Energy devices cannot be prohibited.

chap 2

 

3

A right across one property for benefit of the adjacent property. 

  1. Permanent Easement.
  2. Dominant Parcel Benefits
  3. Servient Parcel has easement across it.

Chap 2

Easement Appurtenant -

A right across one property for benefit of the adjacent property. 

  1. Permanent Easement.
  2. Dominant Parcel Benefits
  3. Servient Parcel has easement across it.

Chap 2

4

Method of taking title to or acquiring an interest in the property of another.  Person must demonstrate in court possessed by:

Notorious, Open, Continous, Hostile use.

Chap 2

 

Adverse Possession -

Method of taking title or acquiring an interest in the property of another.  Person must demonstrate in court that possesssion was by:

Notorious, Open, Continous, Hostile use.

Chap 2

5

Liens that are placed against "specific property" are called?

  1. Real Estate Taxes - (Ad Valorem Tax)
  2. Government Assessments
  3. Mechanic's Liens
  4. HOA Liens

Specific Liens - Liens that are placed against "specific property"

  1. Real Estate Taxes - (Ad Valorem Tax)
  2. Government Assessments
  3. Mechanic's Liens
  4. HOA Liens

Chap 2

6

Liens that are placed "against an individual" and "all real/ personal property" he or she owns are called?

  1. Judgment Liens: Court Ordered
  2. Income Tax Liens:  By Government for nonpayment.

General Liens -

Liens that are placed "against an individual" and "all real/personal property" he or she owns.

  1. Judgment Liens: Court Ordered
  2. Income Tax Liens:  By Government for nonpayment.

Chap 2

7

Liens placed by the owner and considered "specific liens" are called?

  1. Mortgages
  2. Trust Deeds
  3. Land Contracts

Chap 2

Voluntary Liens -  Liens placed by the owner and considered "specific liens."

  1. Mortgages
  2. Trust Deeds
  3. Land Contracts

Chap 2

8

When are "foreclosure cost" paid, in what priority order?

 

Lien Priority -

  1. Property Taxes #1
  2. Foreclosure Costs
  3. Special Assessments
  4. Mechanics Liens
  5. HOA Liens

Chap 2

9

What are the 6 essentials for a contract?

6 Essentials for a Contract -

  1. Competent Parties - Incompotent parties may void contract.
  2. Valid Consideration - Money or valuables (labor/love).
  3. Offer and Acceptance - All agree
  4. Legal Object - Lawful
  5. In Writing - per Statute of Frauds
  6. Property Description - APN, Assessors Parcel #, Address

Chap 3

10

As per Statute of Frauds, what agreements must be in writing?

 

Statute of Frauds  - Contracts that must be in writing:

  1. Employment Agreement - Hires Broker
  2. Agreement for Transfer/Sale - (Deeds, Purchase Contracts, Mortgages, Trust Deeds and Options)
  3. Lease - More than Year
  4. Any Agreement - Not to perform in 1 year.

Chap 3

11

A contract created from the actions or conduct of the parties is called?

Implied Contract -

A contract created from the actions or conduct of the parties.

Chap 3

12

Contract created when all terms have been specifically stated: "verbally or in writing."

Expressed Contract -

Contract created when all terms have been specifically stated: "verbally or in writing."

Chap 3

13

Right to buy or lease property within a specific period for specified price and terms. It is only binding on the owner.

Option -

Right to buy or lease property within a specific period for specified price and terms. It is only binding on the owner (optioner) 

Chap 3

14

Right which allows holder to match any offer owner receives, if property is offered for lease or sale.

Right of First Refusal -

Right which allows holder to match any offer owner receives, if propety is offered for lease or sale.

If I decide to sell I will give you first opportunity.

Chap 3

15

When there is no contract at all, or it is not enforceable by law, is what kind of contract?

Void/Invalid Contract -

When there is no contract at all, or it is not enforceable by law.

Chap 3

16

Contract appears to be valid, but one of the elements is missing such as competent party (under 18), or maybe signed under duress, is called?

Voidable Contract -

Contract appears to be valid, but one of the elements is missing such as competent party (under 18), or maybe signed under duress.

Note: Incompetent party must void.

Chap 3

17

Listing not shared with "other agents in company" or MLS?

Pocket Listing -

Listing not shared with "other agents in company" or MLS?

Chap 3

18

Listing where broker is paid if he or another broker finds buyer, but "seller reserves right to sell property" without paying a commission."

Exclusive Agency Listing -

Listing where broker is paid if he or another broker finds buyer, but "seller reserves right to sell property" without paying a commission."

Chap 3

19

Listing where no cooperation/compensation is offered to "other companies."

  1. All Offers must still be presented
  2. Buyer's Agent may need separate compensation agreement.

"Exclusive" (office) Listing -

Listing where no cooperation/compensation is offered to "other companies."

  1. All Offers must still be presented
  2. Buyer's Agent may need separate compensation agreement.

Chap 3

20

Lien for unpaid commissions, only for commercial leases may be placed on lessor's property is called?

Commission Liens -

Lien for unpaid commissions, only for commercial leases may be placed on lessor's property. Only ones allowed in AZ.

Chap 3

21

Prohibits anti-competitive practices such as:

  1. Brokerage no fixed commissions or prices
  2. Telling Consumers commission are non-negotiable
  3. Geographic non-compete areas
  4. Boycotting other company listings

Sherman Anti-Trust Act -

Prohibits anti-competitive practices such as:

  1. Brokerage no fixed commissions or prices
  2. Telling Consumers commission are non-negotiable
  3. Geographic non-compete areas
  4. Boycotting other company listings

Chap 3

22

Promise given by seller of business not to compete in agreed area for a specific time. 

Covenant Not to Compete -

Promise given by seller of business not to compete in agreed area for a specific time. 

Chap 3

23

Who employs the agent?

Principal -

Employs the agent (broker), principal also called the client.

Chap 4

24

What fiduciary duties does the agent owed to customer?

Fiduciary Duties to Customer -

  1. Fairness
  2. Honesty
  3. Good Faith
  4. Compentency
  5. Disclosure of Material facts

Chap 4

25

What are the CARLOD fiduciary duties owed to client?

 

Fiduciary Duties - owed to client (CARLOD: Confidentiality, Acctg, Reasonable Skill/Care, Loyalty, Obedience, Disclosure)

  1. Confidentiality - Agent keeps actual price seller will accept, and buyer will pay confidential. In effect after expiration of agency indefinitely.
  2. Accounting - Account to parties all moneys
  3. Reasonable Skill/Care -
  1. Contract Preparation
  2. Marketing Efforts
  3. Advising on Price/Market Conditions
  4. Meeting Deadlines
  5. Disclosure of Material Facts/Defects
  1. Loyalty - Client's Interest First
  2. Obedience - Unless prohibited by Law
  3. Disclosure -
  1. Conflicts of Interest
  2. Other Offers
  3. Material Defects
  4. Agency Relationship Status
  5. Info Material to Client's Interest

Chap 4

 

26

Which Fuduciary Duties do these fall under?

  1. Contract Preparation
  2. Marketing Efforts
  3. Advising on Prices/Market conditions
  4. Meeting Deadlines
  5. Disclosure of Material Facts and Defects

 

 

 

Reasonable Skill and Care -

  1. Contract Preparation
  2. Marketing Efforts
  3. Advising on Prices/Market conditions
  4. Meeting Deadlines
  5. Disclosure of Material Facts and Defects

Chap 4

27

Which Fiduciary Duties do these fall under?

  1. Conflicts of Interest
  2. Other Offers
  3. Material Defects
  4. Agency Relationship Status
  5. Info Material to Client's Interest

Disclousure (Fiduciary Duty)

  1. Conflicts of Interest
  2. Other Offers
  3. Material Defects
  4. Agency Relationship Status
  5. Info Material to Client's Interest

Chap 4

28

What Fiduciary Duties are owed to customer?

Fiduciary Duties Owed to "Customer -

  1. Fairness
  2. Honesty
  3. Good Faith
  4. Compentency
  5. Disclosure of Material facts

Chap 4

29

What are clients duties to Agent (Broker)?

Clients duties to Agent (Broker) - CIP

  1. Compensation
  2. Indemnification (Hold Harmless)
  3. Performance

Chap 4

30

Does payment of a fee create an Agency?

No -

Payment of a fee "does not" create an Agency.

Chap 4