Study Study Study Flashcards by Nichole Gilbert

Property taxes are a ……… January 1 st.

Lien

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Property tax liens are the …………..- nothing comes ahead of a property tax lien

Primary lien

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Property taxes are based on the …………of a property.

Assessed value

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To calculate the assessed value, the following rates are used

Residential 10%

Land 16%

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Property taxes are…………

Levied annually

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First half taxes are January - June. They are due ……….and late………. second half taxes are July - December. They are due ………..late ……… of the following year

October 1st November 1 st

March 1st May 1st

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Property taxes are paid in ……….

Arrears

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When property taxes are pro-rated at close of escrow use ……..-day year, close of escrow is the buyers day. Property taxes will appear on a closing statement as…………..

Debit seller

Credit buyer

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First half taxes are pro-rated using the prior………….

Years figures

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Lien priority is ……….,……….

Property taxes

Special assessments

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When a property tax sale is held, the low interest bidder receives a……….

Certificate of purchase

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The certificate of purchase holder must give the owner………years to redeem before a foreclosure can begin.

3 years

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Arizona property taxes would always be in …….. lien position

1st

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The buyer is most likely to accept title with a………..

Property tax lien for the current year’s taxes

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Which of the deeds have the best warranties?

General warranty

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Who receives title through a deed of conveyance

Grantee

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Deed restrictions that run with the land and liens are

Encumbrances

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Escrow company works for

Buyer and seller

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A deed is legally enforceable if it is

Recorded

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What is the purpose of a closing statement

Shows all monies/costs involved in a transaction

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Who signs the settlement sheet

Buyer
Seller
Escrow agent

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The covenant of seisin promises

The grantor has the right to convey the property

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Title insurance has ………….on property value

No impact

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When an abstract of title was completed, it indicates that a …………

Title search was completed

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When a conventional loan is greater than 80% .............must be paid at time of closing?

PMI (private mortgage insurance)

Owners title insurance is for protection of the

Buyer

..........payments will never show on a closing statement

Principal

When taxes are pro-rated at close of escrow they would read

Debit seller | Credit buyer

When the buyer is buying a rental property, the security deposits are ...........

Not pro-rated

Owners title policy would not cover

Parties in possession

When the escrow company turns the matter over to the court to settle a dispute, this is called

Interpleader

If a property is sold with no.........or..........,this must be stated in the deed

Ingress | Egress

The document that is recorded along with the deed is the

Affidavit of value

An affidavit of value is used by the county assessor to help the assessor determin

Property value for taxation

The point when the docket number are assigned is

Recordation

Real estate salespeople should ....................on how to take title

Not give advice

An extended policy of title insurance would not cover

Encroachments

In order to recorded a deed it must be...........and...........

Signed | Acknowledged

When a party is given a life estate based on the life of another person is called? “For the life of another”

Pur autre vie

This give the appearance of title, but is not

Color of title

If a buyer gives earnest money and signs a contract and then decides not to complete the terms of the contract the seller may..........

Retain the earnest money

When one party has the right of rescission in a contract, it is called

Voidable

If a buyer can’t qualify for a loan, what clause in a contract would benefit the buyer

Contingency

When a contract is signed by the buyer and seller, what is not required

Notarized signatures

All contracts must have

Consideration

When a contract is made between a competent party and a minor it is

Voidable by the minor

When an offer is written on another broker’s listing, the selling agent is required to

Contact the listing broker

When a purchase contract has handwritten and preprinted language the ..........language would have priority

Handwritten

All contracts are required to be in writing per

Statute of frauds

When a contract is based on fraud it is..........by the party the fraud was committed against

Voidable

Examples of a unilateral contract would be

Option First right of refusal Reward poster

A contract is not considered valid until there is an

Offer and acceptance

When a contract is for illegal act or purpose it is

Void

Q makes an offer to Y...the offer is signed by Y who make a counter and dies before Q accepts, what is the contract status

Unenforceable

.............is a court action to compel a buyer or seller to carry out the terms of a contract

Specific performance

Purchase contract would be determined by

Eminent domain | Condemnation

When a contract has pre-printed language, the agent should

Review and alter if necessary

Which agent has the original contract and the earnest money

Selling agent

When an option to buy is exercised, the option is

Unilateral executed

When an option to buy is exercised, the contract is

Bilateral executory

A real estate agent may modify a contract, only if it is signed by the.........and..........

Buyer and seller

W makes an offer to X, all parties sign,and then X dies, you have a

Valid contract

If a sales contract is signed only by one spouse the status is...........against both

Unenforceable

A client or principal is owed...........duties from their agent

Fiduciary

An ...........listing gives the broker the least protection

Open

An ..............listing gives the broker the greatest protection

Exclusive right to sell

Owner hires a broker but may sell the property for sale by owner and not pay a commission

Exclusive agency listing

``` Care Obedience Loyalty Accountability Confidentiality Disclosure ```

Fiduciary duties

Mechanics liens take priority

The day work began

A general contractor has .........days to file their lien after notice of completion

120

Arizona homestead exemption will protect the equity in a personal residence up to...........

$150,000

Judgments are valid for .......yrs

Judgments that attach to real and personal property are

General lien

Utility, scarcity, transferability are used to determine

Value

When conducting a neighborhood analysis, the appraiser is interested in

Economic depreciation

What is an example of economic obsolescence

Air pollution | Noise

The cap rate and capitalization value are based on

Net income

When appraising a special usage property (church) the appraiser would use the ..........approach

Cost

A house with four bedrooms and one bathroom is an example of

Functional obsolescence

When cap rates go up ..........goes down

Value

Economic depreciation is always

Incurable

Square footage of residential property is based on

Exterior measurements

Security deposits may not exceed

One and one half months rent

A landlord must give the tenant how much notice before entering the unit

48 hrs

A broker must keep a copy of all rental contracts for not less than

1yr

When subdividing lots, the legal description used is

Lot and block

Before a public report is issued, a developer may only take

Lot reservations

If a subdivision is sold with no ingress or egress, the sale would be

Voidable by the buyer

A public report is required when you sell more than

5 lots

A broker must keep a copy of the public report for

5 yrs

If a buyer buys unimproved subdivided property sight unseen, they have .........to rescind the sale

6 months

A licensee must notify the real estate department within ......... of a conviction of a felony or misdemeanor

10 days

What is similar to medical malpractice insurance

Errors and omissions insurance

A broker is required to keep rejected offers for at least

1 yr

This is required when 5 or fewer parcels other than subdivided land are located in an unincorporated area of a county

Land disclosure affidavit

When you use borrowed money to buy real estate this is called

Leverage

A conveys to B for the life of B, and upon Bs death it goes to As daughter. This is referred to as

Estate in reversion

A mortgage is a

Voluntary lien

What clause in a loan would cause the entire loan balance due if the borrower does not make a timely payment

Acceleration clause

When the lender charges a fee for paying off a loan before it’s time, it is called

Pre-payment penalty