Arizona School of Real
Estate and Business
Review Test Grade A+
Fixtures - ANSWERSitems of personal property that are attached or annexed to real property
Eminent Domain - ANSWERSPower of a government to take private property for public use.
Escheat - ANSWERSThe state takes property upon an owners death if there is no will & no heirs
exist.
Police Power - ANSWERSstate power to enact laws promoting health, safety, and morals
Assesed value - ANSWERSThe amount your local government determines your property to be
worth for tax purposes.
Freehold Estate - ANSWERSAn estate in real property which continues for an indefinite period of
time.
Leasehold Estate - ANSWERScertain duration, less than a freehold
Fee simple absolute - ANSWERSgreatest ownership
Homestead Act - ANSWERS$150,000
How long dos a lease need to be in writing for it to be enforceable? - ANSWERS366+ days
,Tenants in Common - ANSWERSNo right of survivorship, presumption for unmarried couples,
each owner has right to will to heirs.
Joint tenants with right of survivorship (JTWROS) - ANSWERSA form of joint ownership of an
account whereby a deceased tenant's fractional interest in the account passes to the surviving
tenant(s). It is used almost exclusively by husbands and wives. Related item(s): tenants in
common.
Community Property - ANSWERSproperty obtained during the course of the marriage
community property with right of survivorship - ANSWERSMethod of property ownership by a
married couple that specifically provides for transfer of the interest of the first to die to the
spouse, instead of the interest being willed or passed by intestate succession.
Probate - ANSWERSthe official proving of a will
Testate - ANSWERSHaving made and left a valid will.
Intestate - ANSWERSdying without a will
Laws of descent - ANSWERSrefers to the body of law that determines who is entitled to the
property from the estate under the rules of inheritance. Intestate
Prescriptive suit - ANSWERSHow title is granted through adverse possession
General Warranty Deed - ANSWERSA deed in which the grantor fully warrants good, clear title
to the premises. Used in most real estate deed transfers, a general warranty deed offers the
greatest protection of any deed.
, Special Warranty Deed - ANSWERSidentical to a general warranty deed except that the covenant
against encumbrances applies only to the time that the grantor owned the property
Bargain and Sale Deed - ANSWERSAn instrument conveying title which recites a valuable
consideration and commonly uses the words "bargain and sale" or words of similar import.
Fiduciary Deed - ANSWERSused by executors, administrators, guardians, and conservators when
executing a court ordered or approved conveyance
Constructive Notice - ANSWERSnotice of agency termination that is usually given by publishing
an announcement in a newspaper
Actual Notice - ANSWERSExpress information or fact; that which is known; direct knowledge.
Inquiry Notice - ANSWERSNotice the law presumes a reasonable person would obtain by
inquiring into a property.
Title Insurance - ANSWERSa type of insurance that protects the buyer if problems with the title
are found later
Lender's Policy(ALTA Policy) - ANSWERSa title policy written to protect a real estate lender
extended coverage - ANSWERSan endorsement that provides protection against types of loss
that may not be covered under a basic property insurance policy.
Encumbrance - ANSWERSburden
Estate and Business
Review Test Grade A+
Fixtures - ANSWERSitems of personal property that are attached or annexed to real property
Eminent Domain - ANSWERSPower of a government to take private property for public use.
Escheat - ANSWERSThe state takes property upon an owners death if there is no will & no heirs
exist.
Police Power - ANSWERSstate power to enact laws promoting health, safety, and morals
Assesed value - ANSWERSThe amount your local government determines your property to be
worth for tax purposes.
Freehold Estate - ANSWERSAn estate in real property which continues for an indefinite period of
time.
Leasehold Estate - ANSWERScertain duration, less than a freehold
Fee simple absolute - ANSWERSgreatest ownership
Homestead Act - ANSWERS$150,000
How long dos a lease need to be in writing for it to be enforceable? - ANSWERS366+ days
,Tenants in Common - ANSWERSNo right of survivorship, presumption for unmarried couples,
each owner has right to will to heirs.
Joint tenants with right of survivorship (JTWROS) - ANSWERSA form of joint ownership of an
account whereby a deceased tenant's fractional interest in the account passes to the surviving
tenant(s). It is used almost exclusively by husbands and wives. Related item(s): tenants in
common.
Community Property - ANSWERSproperty obtained during the course of the marriage
community property with right of survivorship - ANSWERSMethod of property ownership by a
married couple that specifically provides for transfer of the interest of the first to die to the
spouse, instead of the interest being willed or passed by intestate succession.
Probate - ANSWERSthe official proving of a will
Testate - ANSWERSHaving made and left a valid will.
Intestate - ANSWERSdying without a will
Laws of descent - ANSWERSrefers to the body of law that determines who is entitled to the
property from the estate under the rules of inheritance. Intestate
Prescriptive suit - ANSWERSHow title is granted through adverse possession
General Warranty Deed - ANSWERSA deed in which the grantor fully warrants good, clear title
to the premises. Used in most real estate deed transfers, a general warranty deed offers the
greatest protection of any deed.
, Special Warranty Deed - ANSWERSidentical to a general warranty deed except that the covenant
against encumbrances applies only to the time that the grantor owned the property
Bargain and Sale Deed - ANSWERSAn instrument conveying title which recites a valuable
consideration and commonly uses the words "bargain and sale" or words of similar import.
Fiduciary Deed - ANSWERSused by executors, administrators, guardians, and conservators when
executing a court ordered or approved conveyance
Constructive Notice - ANSWERSnotice of agency termination that is usually given by publishing
an announcement in a newspaper
Actual Notice - ANSWERSExpress information or fact; that which is known; direct knowledge.
Inquiry Notice - ANSWERSNotice the law presumes a reasonable person would obtain by
inquiring into a property.
Title Insurance - ANSWERSa type of insurance that protects the buyer if problems with the title
are found later
Lender's Policy(ALTA Policy) - ANSWERSa title policy written to protect a real estate lender
extended coverage - ANSWERSan endorsement that provides protection against types of loss
that may not be covered under a basic property insurance policy.
Encumbrance - ANSWERSburden
