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Broker License > Broker License Vocabulary > Flashcards

Broker License Vocabulary Flashcards

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1
Q

Commissioner’s Rules

A

Arizona Administrative Code (AAC) - Rules are not law but have the force and effect of law on licensees.

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2
Q

Substantive Policy Statements (SPS)

A

ADRE - Establish and clarify ADRE policies on statute and rule.

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3
Q

Article 26 of Arizona’s Constitution

A

Allows real estate licensees to prepare all types of real estate contract when: 1. Preparation is incidental to their function as an agent of one or both parties, and 2. The agent doesn’t charge for any document preparation.

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4
Q

Real Estate Commissioner

A

Appointed by the Governor, Qualifications are 3 years’ administrative experience and 5 years’ experience in real estate or related field, can not hold an active real estate license. Duties (PAMI) - Promulgate the Commissioner’s Rules, Audit books and records of licensees, Manage the daily operations of ADRE, Investigate written complaints against licensees.

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5
Q

Real Estate Advisory Board

A

10 Members (2 Real Estate Brokers, 2 Subdividers, 3 Persons engaged in residential real estate for the past 5 years, 3 Public Members), Appointed by Governor, Meet quarterly, no compensation.

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6
Q

Police Power

A

The right to enact laws for the health, safety, and welfare of the public. It gives the state the right to require brokers and salespersons to be licensed.

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7
Q

Real Estate Broker

A

Qualifications - 3 years’ experience in the last 5 years as a licensee, A 90-hour broker pre-licensing course with in last 10 years, pass both a school and state exam, and must have a definite place of business.
Designated Broker - a natural person who is licensed as a broker and who is either: 1. doing business as a sole proprietor 2. Designated to act for an employing entity
Associate Broker - A broker employed by another broker.

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8
Q

Broker’s Temporary Absence

A

If a DB is unable to act within 24-hours, the broker may designate a licensee employed by the broker or another designated broker to act on the broker’s behalf. The designation may not exceed 30 days and is required for each temporary absence.

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9
Q

Real Estate Salesperson

A

Qualifications: 18 years old, 90-hour licensing course in last 10 years, pass both a school and state exam, license “held” by the employing broker.

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10
Q

Attorney-in-Fact

A

holding a specific power of attorney acting in an isolated transaction.

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11
Q

Temporary Broker’s License

A

A temporary broker’s license may be issued for a period not to exceed 90 days to the surviving spouse, next of kin, or personal representative of a deceased broker or a broker who is disabled or incompetent.

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12
Q

Subdivision

A

A land which is divided into 6 or more lots, parcels or fractional interests created for a sale or lease.

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13
Q

Public Report

A

(AKA Subdivision Disclosure Report) A statement of important facts relating to a subdivision which allows a purchaser to make an informed decision regarding the property.

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14
Q

Amended Public Report

A

required if there are material changes from the original

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15
Q

Subsequent Owner Exemption

A

Allows a buyer/owner of an existing subdivision on which there is a current and accurate public report, issued within the past 5 years, to use the existing public report.

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16
Q

Lot Reservations

A

Max $5000, must be placed in escrow, Seller must deliver the Public Report to the Buyer within 15 calendar days of issuance, terminates within 7 days of buyer’s receipt of the Public Report unless a purchase agreement is signed, may be cancelled by the buyer prior to entering into a purchase agreement

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17
Q

Affidavit of Disclosure

A

Required in the sale of any property (improved or unimproved, commercial or residential) that is in the unincorporated are of a county and not in a recorded subdivision.

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18
Q

Unsubdivided Land

A

a property divided, for the purpose of sale or lease, into 6 or more lots which are 36 acres or more but less than 160 acres each

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19
Q

Personal Property (chattel)

A

Movable property and is transferred by a Bill of Sale

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20
Q

Real Estate Timeshare

A

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

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21
Q

Emblements

A

(Annual crops - Fructus industriales) are personal property. Also defined as the right of a tenant farmer to harvest crops after the lease has expired.

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22
Q

Real Property (Real Estate)

A

Land, everything attached to it and the rights that accompany it. Property that is immovable.

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23
Q

Deed

A

The written instrument by which a property owner as “grantor” conveys to a “grantee” an ownership interest in real property.

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24
Q

Grantor

A

Party to a deed - gives a deed

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25
Grantee
Party to a deed - receives a deed
26
State Trust Land Article X - Arizona
1. Transferred from federal government to Arizona in 1910, 2. Held in trust and managed by AZ State Land Dept to be sold or leased, proceeds benefit schools and other entities
27
Constitution
28
Erosion (Avulsion)
The tearing away of land due to natural causes
29
Accretion
The increase if land due to natural causes
30
Heterogeneity
no 2 parcels of land are the same
31
Appurtenances
The rights and improvements that are transferred with the land unless reserved or excepted.
32
Bundle of Rights
33
Riparian Rights
water rights next to a river or stream
34
Fixtures
An item, which was once personal property, but has been permanently attached to and has become real property.
35
Conversion
The process of changing real property to personal property or vice versa
36
Affidavit of Affixture
Document used to make a manufactured home real property. The vehicle titles are forfeited and the Affidavit is recorded.
37
Police Power
Right to enact laws for health, safety, and welfare of the public (ie. zoning laws, health codes and building codes)
38
Eminent Domain
The right to take private property for public use with just compensation paid.
39
Condemnation
The process of taking property through eminent domain
40
Taxation
Charge against property to bear the cost of municipal functions
41
Escheat
Reversion of property to the state due to owner dying with out a will (intestate) and with no heirs. (After escheat, the state will sell the property and heirs have up to 7 years to claim the proceeds)
42
Dedication
The transfer of privately-owned land to the public, without consideration, with the intent that the land will be accepted and used for public purposes.
43
Front Footage
The dimension of a parcel along the street.
44
General Plan
A long-range governmental or private program to regulate use and development of property in an orderly manner
45
Master Planned Community
A large scale residential plan with many recreational amenities.
46
Master Deed
Divides the community into individual lots or parcels for development
47
Natural Area Open Space (NAOS)
An area or wide easement restricting and preserving the use as a natural environment
48
Arizona 811 (blue stake)
When planning to dig in Arizona, the location of underground utilities may be marked by calling 811.
49
Site Plan
A plan proposed improvements to a parcel - usually shows a building footprint, parking, drainage, sewer, water and utility lines, lighting and landscaping
50
Building Footprint
The area on a site plan that is used for the structure
51
Building Envelope
Includes all of the components that make up the shell or skin of the building, separating the exterior from the interior
52
Zone
An area set off by municipal authorities for specific use.
53
Buffer Zone
An area separating two incompatibly zoned areas from each other.
54
Setback
The minimum distance from the street and/or lot lines beyond which a structure can be built
55
Variance
A use granted in violation of the zoning ordinance
56
DownZoning
A change in zoning that restricts the uses when compared to the former zoning
57
Nonconforming Use
(AKA Grandfathered Use) -Use which pre-dates the zoning ordinance and therefore may continue.
58
Zoning Overlay
Creates a special zoning district, placed over an existing base zone, which allows special uses and/or provisions in addition to those in the underlying base zone.
59
Encumberance
any claim, right, or interest held by one who is not the legal owner of the land, such as deed restrictions, easements, and liens
60
Deed Restrictions
Restrictive Covenants, Covenants, and Conditions, and CC&Rs) Restrictions on land use imposed by the developer for the benefit of all owners
61
Covenants
62
Easements
The right to use another's property for a specific purpose
63
Easement Appurtenant
A right to cross one property for benefit of the adjacent property (It is permanent and created by deed or reservation)
64
Dominant Parcel
Dominant Tenement - benefits from the easement
65
Servient Parcel
Servient Tenement - has an easement across it
66
Easement in Gross
A right to cross one property for the benefit of an outsisde 3rd party (ie. utility easement)
67
Easement Personal
One party has permission to cross or use another's property, not permanent and may be revoked. (ie. hunting)
68
Easement by Necessity
Created when land held by a single owner is broken down into 2 or more parcels and one parcel is landlocked.
69
Conservation Easement
An agreement that limits certain types of uses or prevents development from taking place on the property while the land remains in private ownership.
70
View Easement
A right a property owner has in an adjacent property by which the adjacent property owner may not interfere with the view of the easement holder.
71
Prescriptive Easement
An easement created by adverse possession
72
Encroachment
A building or improvement that invades or trespasses onto someone else's property.
73
Adverse Possession
A Statutory method of taking title to or acquiring an interest in the property of another. N - Notorious O - Open C - Continuous H - Hostile (adverse)
74
Tacking
The combining of successive periods of occupation of property by prior adverse possessors
75
Liens
Money encumberances
76
Involuntary Liens
placed by actiom of law against a property with the owner's consent (Specific liens, General liens)
77
Specific Liens
placed against a specific property (Real Estate Taxes, Government Assessments, Mechanic's Liens, HOA Assessment liens)
78
General Lieins
placed against an individual and all real or personal property he/she owns (judgment liens, Income tax liens)
79
Judgment Liens
court ordered liens
80
Income Tax Liens
placed by the government for nonpayment of income taxes
81
Voluntary Liens
placed by owner and considered a specific lien (mortgages, Trust Deeds, Land Contracts)
82

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