az state specific Flashcards
(34 cards)
Who gives notice to the borrower of foreclosure under a deed of trust?
Trustee
On termination of a property management agreement the property manager shall provide the owner with all tenants security obligations within ___ days.
5 days
What is true if a tenant moves out of a property damaged by fire?
The tenant may terminate the lease with a 14 day written notice
What does Arizona law require a broker of unimproved land give to a buyer before entering into a contract?
Public Report
Which of the following gives a borrower six months to satisfy a debt when a home is foreclosed for non-payment?
Statutory Period of Redemption
What type of deed has three promises and two warranties?
General Warranty
Which of the following documents would be recorded?
Affidavit of value
When a deed is not recorded, which of the following is true?
The deed is valid but subject to future claims of the previous owner.
In a foreclosure of a deed of trust, what notice is given first?
Constructive
A listing agreement is known as __________.
A contract for personal and professional services
A person buys unimproved land in a subdivision “sight unseen”. How long does he have to rescind the contract?
Six months
After a salesperson takes a listing on a property, the seller files bankruptcy. What is true regarding the bankruptcy?
The bankruptcy must be disclosed as a material fact.
When the lender has the borrower sign a deed of trust, which of the parties listed below holds the deed to the property?
Trustor
Which of the following is not considered constructive notice?
Buyer in possession
Who does a nondisturbance clause most likely benefit?
Lessee
A salesperson has five active listings and changes brokers. The salesperson calls all listed property owners instructing them to cancel their listing and relist with his new broker. This action is __________.
Not allowed and would be considered contract interference
What would create an agency relationship?
A listing agreement
What is the method of holding title received for the common area of a condominium?
Tenancy in common
A person applies for a VA loan for a duplex. Which of the following is required?
One unit owner occupied
he seller’s proceeds show on a closing statement as___________.
Debit seller only
A residential tenant improves a property with an economic life of 20 years. What is the annual straight-line depreciation?
5%
Deed restrictions and zoning regulations are used to accomplish which of the following?
Prevent uncontrolled growth
A rate of return relates to __________.
Cap rate
To determine the cost to rebuild today, the best principle to use is __________.
Replacement
