Real Estate Exam AZ with Answers [100% PASS] /verified/

Real Estate Exam AZ with Answers [100% PASS] /verified/ Recission *Ans* Legal remedy of canceling, terminating or annulling a contract and restoring the parties to their original positions. Encumbrance *Ans* A claim against title or a limitation on use. Puffing *Ans* Exaggerated statement or opinion by the broker. ADWR *Ans* Arizona Department of Water Resources. Agency that oversees Active Management Areas and issues the Certificated of Assured Water Supply. Capitalization *Ans* Appraisal method of income property. It is determined that the income generated by the propterty determines the value. Duress *Ans* The use of force or threat to make a person act; makes a contract voidable. Estate *Ans* The degree, quantity, nature and extent of the interest that a person has in real property. Optionee *Ans* The part who receives or purchases the option and has the right to exercise it. RESPA *Ans* Real Estate Settlement Procedures Act which governs the actions of brokers and title companies and prohibits kickbacks. Yield *Ans* Annual interest income divided by the amount invested in the loan. Bequest *Ans* Transfer of personal property through a will. Tacking on *Ans* Adding successive periods of continuing occupation to qualify for title by adverse possession. Advisory Board *Ans* Board consists of 9 members who serve a 6 year (staggered) term. They are appointed by the Governor and the purpose of this Board is to advise the Real Estate Commissioner. They are not compensated for their service. Constructive Eviction *Ans* This exists when, through the fault of the landlord, physical conditions of the property render it unfit. This is the tenant's remedy if the landlord doesn't maintain property in habitable condition