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Real Estate Arizona > Practice Questions > Flashcards

Practice Questions Flashcards

1
Q

A blind ad refers to an ad that

A

Gives no indication that the property is listed with a broker

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2
Q

A borrower is required to put 10% down for the purchase of a property. The 10% down would be considered

A

Equity

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3
Q

A broker acting as a property manager would be what type of agent

A

General

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4
Q

A buyer pays 20% down and obtains a real estate mortgage. The buyer makes no further payments. What clause would the lender now exercise?

A

Acceleration clause

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5
Q

When a new home is still under construction the county assessor may

A

Increase the full cash value

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6
Q

A contract has been signed but the title has not yet passed. The contract is

A

Executory

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7
Q

A handicapped person is leasing a house that requires modification. Which of the following is true about the modifications

A

The lessor can require the lessee to reasonably restore the property at the end of the lease

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8
Q

A holdover tenant would have a

A

Estate at sufferance

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9
Q

Which of these property classifications is used for vacant land

A

Class 2

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10
Q

A lender refuses to loan or limits loans in a certain minority neighborhood. This action is called

A

Redlining

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11
Q

A lesser puts in a bookcase for commercial use. At the end of the lease the bookcase is removed. The bookcase would be considered

A

Trade fixture

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12
Q

To finance the infrastructure for a subdivision development Arizona law allows the formation of

A

Community facilities district

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13
Q

A listing broker receives several offers at the same time. The broker should

A

Present all the offers

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14
Q

A loan estimate must be given to a borrower within three business days

A

Of the loan application

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15
Q

A party lives on a property without permission of the owner. After the legally required time period if the occupant receives title to the property it was done so through

A

Adverse possession

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16
Q

In what situation would a short sale be likely

A

The loan balance is greater than the property value

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17
Q

A real estate mortgage would be a

A

Voluntary lien

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18
Q

A right of way over parcel A to B identified parcel B as the

A

Dominant tenement

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19
Q

A company that acts as an intermediary between a lender and an appraiser is a

A

Appraisal management company

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20
Q

A seller lists a property with a brokerage sells it himself and does not have to pay commission. What kind of listing did the seller sign

A

Exclusive agency

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21
Q

A seller wants to list a four plex and live in one unit but doesn’t want any children in the units. What should the agent do

A

Refuse the listing because it violates fair housing

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22
Q

A valid contract must have

A

Offer and acceptance

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23
Q

If the percentage of renters in a community exceeds 50% many lenders require that the homeowners association reserves be what percentage of HOA budgeted income

A

20%

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24
Q

After a deed of trust foreclosure sale which of the following is true

A

A trustees deed is given to the new owner

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25
Q

After a mortgage foreclosure if the sale amount was insufficient to cover the debt the lender may ask for a

A

Deficiency judgement

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26
Q

All of the following would be considered appurtenant in a real estate transaction except

A

Annual crops

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27
Q

A property in which unrelated people who need care, support or supervision live together and which is protected by fair housing laws from discrimination by neighbors is a

A

Group home

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28
Q

An option once exercised is considered

A

Unilateral executed

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29
Q

As of June 30th of any year what must be the balance in the real estate recovery fund to avoid additional fees to licensees

A

$600,000

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30
Q

At what point does recordation take place

A

When docket and page number are assigned

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31
Q

Before a tenant can exercise the self help for minor defect provision the tenant must give the owner how many days to cure the defect

A

10 days

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32
Q

What is required at the time an affidavit of affixture is recorded

A

The titles to the mobile home must be surrendered

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33
Q

A broker has what Duty to a third party

A

Full disclosure of all material facts

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34
Q

A federal rent subsidy program is known as

A

Section 8

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35
Q

How can a buyer best be assured of getting his earnest money back if his loan is not approved

A

Place a contingency clause in the contract

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36
Q

In a sublease with a positive leasehold who normally benefits from the excess rent

A

Sublessor

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37
Q

If a tenant abandons a residential apartment the landlord must do all of the following except

A

Sell the tenants personal property after holding it for 10 days

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38
Q

How many days does the landlord have to give the tenant a full accounting of the security deposit upon termination of tenancy

A

14 days

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39
Q

How many townships are in a 24 mile square

A

16

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40
Q

How much of a down payment is required for a VA guaranteed loan

A

0%

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41
Q

Past due taxes would appear on a title report as a

A

Encumbrance

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42
Q

If a buyer buys a parcel of land for which a public report was required but was not issued the buyer may void the sale within

A

3 years

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43
Q

If there are material changes from an original public report the commisssioner may require the subdivider to create

A

Amended public report

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44
Q

If cap rates in an area are going up how does this influence the value

A

Value goes down

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45
Q

The state obtains the property of someone who dies intestate through

A

Escheat

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46
Q

If there is a contract dispute which of the following would take precedence

A

Hand written word

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47
Q

In an agency relationship the primary ethical duty of a broker is to

A

Represent the principal

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48
Q

When conveying property in Arizona a deed must be signed by the

A

Grantor

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49
Q

In Arizona a property owned before marriage is sole and separate. Property acquired after marriage would be considered

A

Community property

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50
Q

The right of an Arizona real estate licensee to prepare certain legal documents and forms comes from

A

The Arizona constitution

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51
Q

What clarified ADREs position on statutes or rules

A

Substantive policy statements

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52
Q

The concept that information given to a clients agent has been given to the client is known as

A

Imputed notice

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53
Q

Mrs. Martin owns a house on a corner lot and tears the house down in order to get a better price for the land. This is an example of

A

Highest and best use

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54
Q

On a settlement statement rent paid in advance would be a

A

Credit to the buyer, debit to the seller

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55
Q

Property taxes are assessed on the

A

Value of the property

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56
Q

Rows of townships are called

A

Tiers

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57
Q

The 1988 amendments to the federal fair housing act prohibits discrimination based on

A

Familial status and handicapped

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58
Q

If the buyer of a property wants to remain anonymous what term should be used for that buyers name in the purchase contract

A

Nominee

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59
Q

The doctrine of water usage in Arizona is known as

A

Prior appropriation

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60
Q

Which of the following listings would not be entered into a multiple listing service

A

Pocket listing

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61
Q

The following would be an example of what type of surveying system? Beginning at the SE corner of Tatum and cactus proceed 2,640 feet north thence 400 feet west thence 700 feet south and back to the beginning

A

Metes and bounds

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62
Q

Which is the highest form of an estate

A

Fee simple

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63
Q

What is the homestead exemption in Arizona

A

$150,000

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64
Q

The main purpose of the federal housing administration is to

A

Insure loans

65
Q

The relationship between a broker and their salesperson is what type of agency

A

General

66
Q

Which of the following is determined by measuring the exterior dimensions of a home including garages patios and entryways

A

Square footage under roof

67
Q

What is the tax assessment rate applied to owner occupied residential property in Arizona

A

10%

68
Q

When a property that has a well is sold what must be sent to ADWR

A

Transfer of well rights form

69
Q

The word friable would be most likely apply to which of the following

A

Asbestos

70
Q

Two property managers are planning to set rental rates on their units to keep the tents high in the area. This would be a violation of

A

Antitrust laws

71
Q

Under what condition would a listing agreement not terminate

A

The salesperson dies

72
Q

What document is recorded with the deed

A

Affidavit of value

73
Q

What organization receives most of the benefit of proceeds from the sale of lease of state trust land

A

State schools

74
Q

Which is considered functional obsolescence

A

A five bedroom house with one bathroom

75
Q

What is the maximum security deposit allowed under the Arizona landlord tenant act

A

1 1/2 months rent

76
Q

What is the name of the third party that will receive a life interest in a property upon the death of a measuring tenant

A

Remainderman

77
Q

What is the purpose of an affidavit of value

A

Assist the county assessor in determining property values

78
Q

An escrow company may disburse commission directly to a brokers salesperson if

A

Escrow officer recieves written authorization from the broker in each transaction

79
Q

Real estate licensees should safe guard a clients or customers personal information in order to prevent

A

Identity theft

80
Q

If an owner improves a property a licensed. I tractor is required to be used in all of these situations except if the property

A

Is owner-occupied for more than one year

81
Q

When a developer combines two or more adjacent parcels of land into one large development it is known as

A

Assemblage

82
Q

When a person buys a condo how they hold title to common areas

A

Tenancy in common

83
Q

A personal named in an insurance policy who will receive the insurance proceeds if the property is damaged is the

A

Loss payee

84
Q

When a property located within a homeowners association is listed for sale who is responsible for supplying the relevant documents to prospective buyer

A

The HOA if there are more than 50 units

85
Q

At close of escrow which of the following forms must be filed with the IRS

A

1099 S

86
Q

Under what circumstance can an owner of a single family residence depreciate the property for tax purposes

A

If the property is a rental

87
Q

When land is purchased interstate how long would a buyer have to rescind under provisions of the federal interstate land sales full disclosure act

A

Within 7 days of receiving the property report

88
Q

When the real estate commissioner receives a written compliant against a licensee

A

A hearing will be held before any license suspension

89
Q

A lender of a conventional loan would require private mortgage insurance (PMI) when the loan to value is

A

More than 80%

90
Q

Which of the following is not a participant in the secondary mortgage market

A

FHA

91
Q

Water rights for what Arizona rivers are being adjudicated in court

A

Gila and little colorado rivers

92
Q

Which of the following would be considered a grandfathered water tight

A

Type 2 water right

93
Q

A septic tank inspection report is valid for

A

6 months

94
Q

If a property lies within the boundaries of the areas in which water rights are being adjudicated the owners

A

Must file a claim to be included in the courts decision

95
Q

How many square feet in an acre

A

43,560

96
Q

Acceleration Clause

A

In loan documents that allows the lender to call the note all due and payable if the borrower breaches the terms

97
Q

Actual eviction

A

Physical removal of a tenant from a leased property with the tenant relieved of any further responsibility to pay rent

98
Q

Ad valorem

A

According to value

99
Q

Adjustable mortgage rate

A

Mortgage loan that has an interest rate on the note that periodically adjusts

100
Q

Administrator

A

Court appointed personal representative of an estate for someone who dies intestate

101
Q

Administrators deed

A

A document that transfers title to real estate from an intestate person to his or her heirs

102
Q

Adverse possession

A

Acquiring title to land because of long term use of the land. Legal process is called prescription. The required time period in Arizona is 10 years

103
Q

Affidavit of affixture

A

Document for owners of mobile homes certifying the home is immobilized

104
Q

Affidavit of disclosure

A

Provides info about certain aspects of the property and allows the buyer an opportunity to rescind the contract

105
Q

Affidavit of value

A

Indicates purchase price paid by the buyer in a transaction

Filed with the deed and signed by buyer and seller

106
Q

Agreement for sale

A

Document between buyer and seller. The seller does not give a deed to the buyer until paid in full

Land contract, contract for deed, or installment sale

107
Q

Alienation clause

A

Used in a mortgage allowing the lender to demand the full and immediate payment of the mortgage because the owner transferred ownership of the property

Due on sale clause

108
Q

Appurtenance

A

Something that belongs to property and passed with property but need not be attached to it

Think of easements
Runs with the land

109
Q

Bargain and sale deed

A

Deed that conveys ownership from the grantor to the grantee without any expressions of warranty

110
Q

Beneficiary

A

One who receives a benefit

Refers to the lender in a trust deed

111
Q

Bilateral contract

A

Contract in which the parties expressly enter into mutual agreements or engagements

Each party promises to perform some act

112
Q

Bill of sale

A

An instrument in writing that transfers ownership of tangible personal property

113
Q

Blockbusting

A

An illegal act where owners are encouraged to sell their properties because minorities are moving into their neighborhood

114
Q

Broker protection clause

A

Contract clause that entitles a listing broker to a commission if the property sells in a specified time frame and the broker or licensee introduced the buyer to the property during the listing period

115
Q

Certificate of sale

A

A document the Highest bidder receives at a sheriffs foreclosure sale

116
Q

Cloud on title

A

Valid encumbrance affecting title to the land

117
Q

Constructive eviction

A

Landlords act that interferes with the tenants quiet enjoyment of the property

Makes the property unfit for its intended use to such an extent the tenant is forced to move out

118
Q

Conventional life estate

A

An estate created by deed or will that may be for the tenants own life or the life of another

119
Q

Deed in lieu of foreclosure

A

A deed to property voluntarily given by a borrower to the lender to satisfy the debt and avoid foreclosure

120
Q

Deed of reconveyance

A

A deed that the trustee signs and gives to the trustor (borrower) to convey title back to the trustee when the loan has been paid in full

121
Q

Deed of trust

A

Three party security instrument that conveys naked title to a trustee

The borrower (trustor) has legal title
The lender is the beneficiary
The trustee has bare naked title

122
Q

Defensible fee

A

An estate that reverts back to the grantor if a condition is broke

123
Q

Devise

A

Real property transferred in a will

Devisee receives the real property

124
Q

Dominant tenant

A

A person with easement rights on another’s property

125
Q

Dominant tenement

A

Property that receives the benefit of an appurtenant easement

126
Q

Easement

A

Non-ownership right acquired by a person to use the land of another for a specific purpose

127
Q

Estate at sufferance

A

Possession of property by a tenant who came into possession of the property under a valid lease and stays after the lease expires without landlord permission

128
Q

Estate at will

A

A leasehold estate with no specific termination date

129
Q

Estate for life

A

Interest in a real property for the duration of a lifetime of someone else or owner

130
Q

Estate for years

A

Leasehold estate set to last for a definite period

Terminated automatically
Also called term tenancy

131
Q

Estate in remainder

A

Future interest that becomes possessory when a life estate terminates

Held by someone else other than the grantor of the life estate

132
Q

Estate in reversion

A

Future interest that becomes possessory when a temporary estate terminates and that is held by the grantor

133
Q

Fee conditional

A

A type of defensible fee estate where the title may be terminated by a former owner if conditions stated in a deed arent met

134
Q

Fee simple

A

The greatest estate one can have

Freeely transferable and inheritable and no indefinite duration with no conditions on the title

135
Q

General warranty deed

A

A deed in which the grantor warrants the title against any anf all defects that might have arisen before or during ownership

136
Q

Habendum Clause

A

To have and to hold clause

137
Q

Joint tenancy

A

An interest held by two or more persons in property where each person holds an equal share of interest in the undivided while and shares equal liability

If one tenant passed the interest automatically passed to the surviving joint tenants

138
Q

Leasehold

A

An estate that gives the tenant a temporary right to possession without title

139
Q

Lessee and lessor

A

Lessee is tenant

Lessor is landlord

140
Q

Life estate pur autre vie

A

A life estate for the life of another

141
Q

Miles square vs square miles

A

Miles square is described by the number of miles wide and high

Square miles describes the area (LxW)

142
Q

Period to period estate

A

A leasehold estate that continues for successive periods of equal length until terminated by proper notice from either party

143
Q

Proprietary lease

A

An exclusive long term lease that conveys a leasehold interest to an owner of shares in a cooperative

144
Q

Sheriffs deed

A

A deed issued by the court to a property purchaser from a foreclosure sale or sale under a judgement

145
Q

Special warranty deed

A

A deed by which the grantor covenants or guarantees the title from the time the grantor received it until it is conveyed to grantee

146
Q

Subject to clause

A

In a contract that sets forth contingencies

147
Q

Sublease

A

Transfer by a tenant of only part of the right of possession or other interest in leased property to another person for part of the remaining lease term

148
Q

Subleasee

A

The new tenant under a sublease

149
Q

Subleasor

A

Original tenant who becomes a lessor (landlord) under a sublease

150
Q

Subordination clause

A

Contract clause that gives a mortgage recorded at a later date the right to take priority over an earlier recorded mortgage

151
Q

Tenancy in common

A

Type of concurrent ownership in a property by two or more persons without rights of survivorship

Can will or sell interest

152
Q

Tenant improvements

A

Changes made to the interior of a property to accommodate the needs of a tenant

153
Q

Tenements

A

Everything of permanent nature associated with land and transferred with the land

154
Q

Treasurers deed

A

A deed issued by a country treasurer to the person who is the successful bidder at a property tax lien sale only after three year period of redemption

155
Q

Trustees deed

A

A deed executed by a trustee transferring the title from the trust to the successful bidder

156
Q

Trustees sale

A

Non judicial foreclosure sale under a deed of trust

157
Q

Unilateral contract

A

A contract that is legally binding on only one party who made a promise

158
Q

Warranty deed

A

A deed in which the grantor fully warrants good and clear title to the property and agrees to defund the premises against the lawful claims of third parties

Real Estate Arizona (1 decks)

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