ASREB TEST EXAM 2023 /2024 WITH 100% CORRECT ANSWERS

* Arizona Property Taxes and Assessments (Delinquent) - correct answer ● Penalty for delinquency 16% and tax lien ● Purchaser of tax liens gets a certificate of purchase ● May foreclose in 3yrs if taxes are not paid by the property owner. * Arizona Property Taxes - correct answer ● Charged "ad valorem" (A Latin phrase meaning "according to value"; used to refer to taxes assessed on the value of property) or assessed value ● Levied once (Jan. 1st) and paid twice a year ● Oh No More Money (Oct, Nov, Mar, May) ● Paid to county treasurer for counties, cities and schools ● Penalty for delinquency 16% and tax lien * Az Prop Tax - ASSESSMENT RATIOS - correct answer ● ASSESSMENT RATIOS: ***Res-10%*** ***Vacant land-16%*** ***Commercial/Industrial-20%*** * Mechanic Liens "Timeline" - correct answer ● Inchoate (In-koh-et) lien not yet complete ● Residential - Subs may not file liens ● Residential - requires a written contract ● 20 days of BoW - Must file prelien notice with home owner ● CoW - Completion of Work ● "120 days FROM CoW" to record lien ● "180 days FROM RECORDATION" to file lawsuit