Real Estate Prep Agent Arizona 2024 Part 1 Questions and Answers 2024

Real
Estate
Prep
Agent
Arizona
2024
Part
1
1031
Tax
Deferred
Exchange
-
ANS-Process
which
allows
investors
to
sell
a
property
and
reinvest
the
proceeds
into
a
new
property
Abandonment
-
ANS-Voluntarily
giving
up
the
rights
and
responsibilities
of
possession
of
a
property.
Abstract
of
Title
-
ANS-A
history
of
the
ownership
of
a
parcel
of
land
which
lists
transfers
of
title,
rights,
and
liabilities.
Accretion
-
ANS-An
increase
in
land
due
to
natural
causes
Acknowledgement
-
ANS-recognition
for
a
notable
deed
Actual
Notice
-
ANS-When
first-hand
knowledge
of
something's
provided
to
an
individual-for
example,
if
a
buyer
knows
that
someone
has
taken
possession
of
the
property
that
is
for
sale.
Ad
Valorem
-
ANS-When
something
is
taxed
based
on
its
value
(according
to
value)
Adjusted
Cost
Basis
-
ANS-Takes
into
account
changes
to
a
property
which
would
affect
its
cost.
Alienation
of
Title
-
ANS-a
change
in
ownership
of
any
kind
Appurtenant
Easement
-
ANS-Easement
attached
a
property
which
allows
the
owner
the
use
of
the
neighbor's
land-
for
example,
using
your
neighbor's
driveway
to
get
to
your
garage.
"Runs
with
the
land",
so
the
easement
passes
to
the
next
owner.
Assignment
-
ANS-When
one
party
passes
responsibility
on
to
another.
Avulsion
-
ANS-Land
is
washed
away
by
water
Bargain
and
Sale
Deed
-
ANS-a
deed
that
contains
no
covenants
but
does
imply
that
the
grantor
owns
the
property
being
conveyed
Boot
-
ANS-Cash
or
property
used
to
balance
out
the
equities
of
properties
being
exchanged
Building
Codes
-
ANS-Establish
minimum
standards
of
construction
for
public
safety
Bundle
of
Rights
-
ANS-5
Legal
rights
of
a
property
owner
the
right
of
:
1.possession 2.control
3.exclusion
4.enjoyment
5.disposition
capital
gains
-
ANS-a
profit
from
the
sale
of
property
or
of
an
investment.
Chain
of
Title
-
ANS-Record
of
all
prior
transfers
and/or
encumbrances
for
a
particular
parcel
of
land
Cloud
on
Title
-
ANS-A
defect
in
title-
for
example,
an
unreleased
lien
or
encumbrance
that
might
invalidate
or
impair
a
title.
Concurrent
Estate
-
ANS-Property
owned
by
more
than
one
person.
Condemnation
-
ANS-Action
which
results
in
compensation
for
a
property
when
eminent
domain
rights
are
exercised
by
the
government.
Constructive
Eviction
-
ANS-When
a
landlord
does
something,
or
fails
to
do
something,
that
he
or
she
is
legally
obligated
to
do,
rendering
the
property
uninhabitable.
Constructive
Notice
-
ANS-A
"legal
fiction"
that
says
someone
has
been
notified
of
something
even
though
actual
notice
didn't
happen
Credit
-
ANS-Money
owed
to
you
when
escrow
is
closed-
for
example,
prepaid
taxes
are
a
credit
for
the
seller.
Debit
-
ANS-Money
owed
when
escrow
is
closed-
for
example,
the
purchase
price
of
a
property
is
a
debit
for
the
buyer.
Deed
-
ANS-the
official
document
that
shows
evidence
of
property
transfer
Dominant
Tenement
-
ANS-Land
benefiting
from
an
easement.
Down
Zoning
-
ANS-Changing
a
zone
from
commercial
to
residential.
Easement
-
ANS-the
right
to
use
land
for
a
specific
and
limited
purpose
(considered
encumbered)
Easement
by
Prescription
-
ANS-Easement
granted
after
someone
has
used
or
entered
land
for
a
period
of
time
and
is
given
a
legal
right
to
continue
to
do
so
Easement
in
Gross
-
ANS-Easement
which
attaches
to
an
individual
(person
or
entity).
There
is
no
dominant
tenement-
for
example,
the
power
company's
right
to
access
utility
lines.