ASREB EXAM 2023 (Arizona school of Real Estate, Teachers: Randy H. workshop and other collaborators) Passed!!

ASREB EXAM 2023 (Arizona school of Real Estate, Teachers: Randy H. workshop and other collaborators) Passed!! Wetlands = Police Power Confidentiality = Loyalty and last forever Brownfields = Land with hazardous substance Friable = Asbestos Compensatory Damages Actual damage Type 2 water rights can be.... Sold with the land Sub division 6 or more lots less than 36 acres Nominee To remain anonymous in a contract Future Lien possibly.... Mechanics Lien Written words in a contract ____________________ the pre-printed boilerplate. Supersede Who makes the ocunter-offer? The Offeror 3 Grandfathered Rights 1. 2. 3. 2 types of water Ground and surface. ADWR Loss Payee 1st to be paid in insurance claim a CLUE report is a 5 year insurance claim history 3 General Liens Judgement, IRS, Decedents debts _________ days to cancel a lease after a fire (or other casualty) 14 (days) Water + Time = Mold Max $__________ in a broker trust account for bank fees 3000 Must remove interest from broker trust account after ________ year and __________ or _________ may have the interst One..... client (or) broker _______________ ________________ supervises you always, even in a property management question. Designated Broker Who pays you? Employing broker For underground utilities call.... 811 Oral lease begins when? When we speak. Impound is not a ____________ to ____________. debit to seller When is the only time to credit to seller? When the seller repays the for the entire year USDA zero down Rural loan What is not a part of property management budget? Roof replacement Who is responsible for disclosing fissures? Broker and Licensee What is appurtenant to a condo? Cabinets Title insurance and security deposits are not ___________ Prorated When moving in use _______-_____ form to specify damages. Move - in Non-Recourse loan Not a benefit to a lender UCC Personal Property What is always a personal property to a business? Trade fixtures Subordination Clause A clause which permits the placing of a mortgage at a later date which takes priority over an existing mortgage. (Making 1st, 2nd, and 2nd first) When you exchange rights for money is called? Subrogation Covenant to Seizen When you promise your property @ the time of delivery. How many times can you take a exclusion for your principal residence? 5 times in a 10 year period Who is responsible for property tax in a foreclosure? Owner. AKA: mortgagor, trustor, debtor Consent order No formal hearing Title moves in a....... Sale leaseback How do you change sq. ft. to sq. yrds.? Divide by 9 Who can never write checks on a brokers trust account? Client/owner Who supervises property managers? Designated brokers 3 things the Commissioner CANNOT do -Hold active license -Resolve commission disputes -Make laws What does a branch office need? A branch manager and a sign. NOT a managing broker Non-Recourse You cannot get a deficiency judgement. You can get a deficiency judgement in a commercial but not residential if it is a one-two family on 2 1/2 acres or less. Extra money + Rent = Percentage lease What is a variance? an exception to zoning and must prove hardship. Storage shed on slab is a ... Fixture Bill of Sale used to convey personal property _________ days to report convictions. 10 (days) How long is a septic inspection good for? 6 Months septic system must be..... Registered with ADEQ within 15 days of acquisition. New buyer must also complete notice of transfer percolation grounds ability to absorb water NAR (National Association of Realtors) represents the licensee Capital gains can be deferred by doing Property exchange Deeds are acknowledged to show intent APR = Effective rate Market approach = Comps (for land) Litoral = Lakes & oceans