Arizona Comprehensive Real Estate Exam Questions

Residential properties in Arizona have an assessment ratio of ______. 10% Arizona licensed contractor DeAngelo was involved in a case against a consumer and can't pay the judgment amount awarded by the residential contractors recovery fund. What will happen to his contractor's license? His license will be suspended until he pays back the amount paid to the consumer, plus interest. Under which of the following types of leases does a tenant rent property with an unfinished interior and agree to complete the construction? Building shell lease Cameron's lease just went up in April. That's no surprise; it goes up every April. What kind of lease is this? Graduated You're working with a buyer who's purchasing a home that appraised at $80,000. The buyer is obtaining a 90% loan, and the lender will charge a one-point origination fee at closing. How much will the loan origination fee be? $720 Which of the following isn't required to be filed with the Arizona Department of Real Estate as part of the timeshare public report application? The business organizational chart and proof of business operation for at least one year What is the current value of a property that was purchased two years ago for $260,000, assuming an annual appreciation rate of 2%? $270,504 Who is required to sign a security agreement for security arrangements under the Uniform Commercial Code? The borrower What steps must a lien-holder take to perfect their mechanic's lien in Arizona? Make copies of the lien claim, give one to the county recorder, give the other to the building's owner Which of the following best describes the function of a deficiency judgment in the case of a foreclosure? It allows the lender to recover losses incurred in the foreclosure process. When conducting an appraisal of lease value, how does the appraiser divide the appraised value? t's divided according to the parties' interests as attributed in the lease.