AZ Real Estate Exam Study Questions and Answers

Would the sale of personal property include a...? Bill of Sales What gov't right requires compensation to private property owners? Escheat The state obtains Escheat Property after a person dies Transfer of real property requires a: Deed What is the economic characteristic of real property? Frozen Asset What is considered personal property? Promissoty Note Fixtures are considered...? Real property Three things true about discount points? - They increase the lender's yeild - They are usually 1% of loan amount - They decrease the loan term Which of the following would be a fixture? - Annual crops - Free-standing range - A storage shed attached to a slab - Plants in outside pots A storage shed attatched to a slab If a homeowners association has additional expenses, how would they be handled? Each property owner will pay a pro rata share An owner sells a property on which a farmer lives and works as a tenant. When the property is sold, who gets the crops? The farmer A tenant's rights to harvest crops after a lease expires is called...? Emblements A lessee puts in a bookcase fo commercial use; at the end of the lease the bookcase is reoved. The bookcase would be considered: Trade Fixture Which of the following is personal property? -Lease -Fixtures -Tenements -Easement Appurtenant Lease Easement The right to use the land of another for a particular purpose. May exist in any portion of the real estate, inclusing airspace Ad Valorem Accourding to value Ad Velorum property taxes are based on? Assessed Value Easement Apputenant Easement stays with property no matter what happens to it Rank order of liens highest to lowest: Property taxes, current year; Special Assessments; IRS lien Feb. of current year; Mortgage lien October of the previous year 1. Property Taxes 2. Assessments 3.Mortgage Lien 4. IRS