ARIZONA SCHOOL OF REAL ESTATE AND
BUSINESS EXAM PAPER BUNDLE 2026
FULL QUESTIONS AND VERIFIED
SOLUTIONS
⩥ Fixtures. Answer: Test to determine:
M = Method of attachment
A = Agreement
R = Relationship to owner
I = Intent (intent to stay)
A = Adaptability
⩥ Government Rights/Restrictions. Answer: P = Police power
E = Eminent domain
T = Taxation
E = Escheat
⩥ Physical characteristics of real property. Answer: 1. Immobile
2. Indestructable
3. Non-homogenous (no two parcels exactly the same)
4. Law of situs (location)
,⩥ Economic characteristics of real property. Answer: 1. Scarcity
2. Modification - can or can't crete value
3. Fixity - does it move?
4. Situs - location
⩥ Transfer of title. Answer: Transfer via Deed (Title Co.)
1. Voluntary
2. Will - who will inherit?
3. Intestate succession: spouse, children, parents, siblings
4. Court order - probate - order of descent
⩥ Affidavit of Affixture. Answer: Paperwork that makes personal
property a fixity (corporeal)
⩥ Chattel. Answer: Personal property
1. Tangible (objects), will be on Bill of Sale
2. Intangible (rights and relationships): e.g. trademark, patent, lease for
equipment
⩥ Overdraft. Answer: When ground water is depleted
Arizona water supply: 30% underground, 30% from Colorado River,
30% storage lakes
, ⩥ Groundwater. Answer: Regulated and controlled by Arizona
Department of Water Resources (ADWR)
1. Need a Groundwater Permit to pull water from ground
2. Exempt domestic well (don't need permit, just notice)
a. Beneficial use - residential
b. No more than 35 gal/minute
c. Less than 2 acres of land
⩥ Surface water. Answer: Controlled by ADWR
1. Right of "prior appropriation" - 1st in time, 1st in right; grandfathered
(e.g., SRP)
2. Beneficial use to land - no other sources available; residential only
3. Riparian rights (rivers and streams) - not in Arizona
4. Littoral rights (lakes & oceans)
⩥ Water volume measurement. Answer: CFS = Cubic ft per second for
moving, flowing water
Acre feet for non-moving water (1 acre foot = 43,560 ft)
⩥ Ownership - Abutting Streams. Answer: Water rights not affected; for
the dirt under the water
1. Navigable streams - own the edge of the "high water mark"
BUSINESS EXAM PAPER BUNDLE 2026
FULL QUESTIONS AND VERIFIED
SOLUTIONS
⩥ Fixtures. Answer: Test to determine:
M = Method of attachment
A = Agreement
R = Relationship to owner
I = Intent (intent to stay)
A = Adaptability
⩥ Government Rights/Restrictions. Answer: P = Police power
E = Eminent domain
T = Taxation
E = Escheat
⩥ Physical characteristics of real property. Answer: 1. Immobile
2. Indestructable
3. Non-homogenous (no two parcels exactly the same)
4. Law of situs (location)
,⩥ Economic characteristics of real property. Answer: 1. Scarcity
2. Modification - can or can't crete value
3. Fixity - does it move?
4. Situs - location
⩥ Transfer of title. Answer: Transfer via Deed (Title Co.)
1. Voluntary
2. Will - who will inherit?
3. Intestate succession: spouse, children, parents, siblings
4. Court order - probate - order of descent
⩥ Affidavit of Affixture. Answer: Paperwork that makes personal
property a fixity (corporeal)
⩥ Chattel. Answer: Personal property
1. Tangible (objects), will be on Bill of Sale
2. Intangible (rights and relationships): e.g. trademark, patent, lease for
equipment
⩥ Overdraft. Answer: When ground water is depleted
Arizona water supply: 30% underground, 30% from Colorado River,
30% storage lakes
, ⩥ Groundwater. Answer: Regulated and controlled by Arizona
Department of Water Resources (ADWR)
1. Need a Groundwater Permit to pull water from ground
2. Exempt domestic well (don't need permit, just notice)
a. Beneficial use - residential
b. No more than 35 gal/minute
c. Less than 2 acres of land
⩥ Surface water. Answer: Controlled by ADWR
1. Right of "prior appropriation" - 1st in time, 1st in right; grandfathered
(e.g., SRP)
2. Beneficial use to land - no other sources available; residential only
3. Riparian rights (rivers and streams) - not in Arizona
4. Littoral rights (lakes & oceans)
⩥ Water volume measurement. Answer: CFS = Cubic ft per second for
moving, flowing water
Acre feet for non-moving water (1 acre foot = 43,560 ft)
⩥ Ownership - Abutting Streams. Answer: Water rights not affected; for
the dirt under the water
1. Navigable streams - own the edge of the "high water mark"
