ARIZONA REAL ESTATE TEST EVALUATION
ANSWERS AND QUESTIONS SET A+
✔✔The owner receives royalties for allowing exploration - ✔✔Oil and gas lease
✔✔Tenant pays fixed amount plus percentage of landlords expenses - ✔✔Net lease
(NNN)
✔✔Two separate ownerships, one owns land, and one owns improvement - ✔✔Ground
lease
✔✔Tenant pays a fixed amount of rent and none of landlords expenses - ✔✔Gross
lease
✔✔Tenants remedy to break a lease if landlord violates rules - ✔✔Constructive eviction
✔✔Landlords remedy to regain possession if tenant violates rules - ✔✔Actual eviction
✔✔Law that provides rules and regulations for tenant and landlord - ✔✔Uniform
Residential Landlord, and Tenant Act
✔✔The owner sells property and leases it back - ✔✔Sale and leaseback
✔✔Site inspection to determine if more inspections are needed - ✔✔Phase 1 inspection
✔✔Tenant has rights to uninterrupted possession from land - ✔✔Quiet enjoyment
✔✔A verbal will - ✔✔Noncupative will
✔✔Inquiring into public records regarding facts about a property - ✔✔Constructive
notice
✔✔To give public notice of an ownership in real estate - ✔✔Recording
,✔✔Judicial process to confirm the validity of the will - ✔✔Probate
✔✔Examination of public records, determining condition of title - ✔✔Title search
✔✔Having first-hand knowledge by actually inspecting property - ✔✔Actual notice
✔✔An encumbrance on title that may affect marketability - ✔✔Cloud on title
✔✔History of property ownership - ✔✔Chain of title
✔✔Condensed history of all recorded documents relating to property - ✔✔Abstract of
title
✔✔Free for major-defects, which can deter a buyer from purchasing - ✔✔Marketable
title
✔✔An opinion prepared by title company on the status of title - ✔✔Certificate of title
✔✔Protects policyholder against losses due to title defects - ✔✔Title insurance
✔✔Allowing your insurance company to ask on your behalf - ✔✔Subrogation
✔✔A registration system used for assuring and recording title - ✔✔Torrens system
✔✔Issued for the benefit of owner - ✔✔Owners policy
✔✔Issued for benefit of lender - ✔✔Lenders policy
✔✔The government passes fee, simple title of government land to private person's -
✔✔Patent deed
✔✔Expenses, prepaid, or paid in arrears divided between seller and buyer -
✔✔Prorations
✔✔The finalization of transaction where seller brings deed and buyer accepts -
✔✔Close of escrow
✔✔Provided to consumer 3 business days prior to closing the loan - ✔✔The closing
disclosure form
✔✔TRID - ✔✔Truth-in-lending RESPA integrated disclosure
, ✔✔Delivered 3 business days after receiving consumers loan application - ✔✔Loan
estimate form
✔✔Buyer withholds 15% of sales price when seller is a foreign nation - ✔✔Foreign
investment in real estate property, tax act (FIRPTA)
✔✔Law that protects consumers from unnecessarily high settlement charges - ✔✔Real
estate settlement procedures act (RESPA)
✔✔Unearned fees for services not actually performed - ✔✔Kick back
✔✔A fee charged for one of licensee services provided - ✔✔Referral fee
✔✔Statement that seller has not encumbered property since opening escrow -
✔✔Affidavit of title
✔✔Closing day belongs to buyer - ✔✔Up to the day of closing
✔✔Closing day belongs to seller - ✔✔Through the day of closing
✔✔360 days to year and 30 days to every month - ✔✔Statutory year (banker's year)
✔✔Accumulated by seller, but not paid, and buyer will be credited - ✔✔Accrued
expenses
✔✔Paid by seller in advance - ✔✔Prepaid expenses
✔✔A package of services that are offered to a customer/client - ✔✔Controlled business
arrangement
✔✔Amended CERCLA and created the innocent landowner immunity act -
✔✔Superfund amendments and reauthorization act (SARA)
✔✔Created superfund for clean up of contaminated properties - ✔✔CERCLA (the
comprehensive, environmental response, compensation and liability act)
✔✔The boundary between a building in the road, which the building fronts -
✔✔Frontage
✔✔The minimum distance with a building, or other structure must be set back from a
street or road - ✔✔Set back
✔✔Written document that transfers ownership from grantor to grantee - ✔✔Deed
ANSWERS AND QUESTIONS SET A+
✔✔The owner receives royalties for allowing exploration - ✔✔Oil and gas lease
✔✔Tenant pays fixed amount plus percentage of landlords expenses - ✔✔Net lease
(NNN)
✔✔Two separate ownerships, one owns land, and one owns improvement - ✔✔Ground
lease
✔✔Tenant pays a fixed amount of rent and none of landlords expenses - ✔✔Gross
lease
✔✔Tenants remedy to break a lease if landlord violates rules - ✔✔Constructive eviction
✔✔Landlords remedy to regain possession if tenant violates rules - ✔✔Actual eviction
✔✔Law that provides rules and regulations for tenant and landlord - ✔✔Uniform
Residential Landlord, and Tenant Act
✔✔The owner sells property and leases it back - ✔✔Sale and leaseback
✔✔Site inspection to determine if more inspections are needed - ✔✔Phase 1 inspection
✔✔Tenant has rights to uninterrupted possession from land - ✔✔Quiet enjoyment
✔✔A verbal will - ✔✔Noncupative will
✔✔Inquiring into public records regarding facts about a property - ✔✔Constructive
notice
✔✔To give public notice of an ownership in real estate - ✔✔Recording
,✔✔Judicial process to confirm the validity of the will - ✔✔Probate
✔✔Examination of public records, determining condition of title - ✔✔Title search
✔✔Having first-hand knowledge by actually inspecting property - ✔✔Actual notice
✔✔An encumbrance on title that may affect marketability - ✔✔Cloud on title
✔✔History of property ownership - ✔✔Chain of title
✔✔Condensed history of all recorded documents relating to property - ✔✔Abstract of
title
✔✔Free for major-defects, which can deter a buyer from purchasing - ✔✔Marketable
title
✔✔An opinion prepared by title company on the status of title - ✔✔Certificate of title
✔✔Protects policyholder against losses due to title defects - ✔✔Title insurance
✔✔Allowing your insurance company to ask on your behalf - ✔✔Subrogation
✔✔A registration system used for assuring and recording title - ✔✔Torrens system
✔✔Issued for the benefit of owner - ✔✔Owners policy
✔✔Issued for benefit of lender - ✔✔Lenders policy
✔✔The government passes fee, simple title of government land to private person's -
✔✔Patent deed
✔✔Expenses, prepaid, or paid in arrears divided between seller and buyer -
✔✔Prorations
✔✔The finalization of transaction where seller brings deed and buyer accepts -
✔✔Close of escrow
✔✔Provided to consumer 3 business days prior to closing the loan - ✔✔The closing
disclosure form
✔✔TRID - ✔✔Truth-in-lending RESPA integrated disclosure
, ✔✔Delivered 3 business days after receiving consumers loan application - ✔✔Loan
estimate form
✔✔Buyer withholds 15% of sales price when seller is a foreign nation - ✔✔Foreign
investment in real estate property, tax act (FIRPTA)
✔✔Law that protects consumers from unnecessarily high settlement charges - ✔✔Real
estate settlement procedures act (RESPA)
✔✔Unearned fees for services not actually performed - ✔✔Kick back
✔✔A fee charged for one of licensee services provided - ✔✔Referral fee
✔✔Statement that seller has not encumbered property since opening escrow -
✔✔Affidavit of title
✔✔Closing day belongs to buyer - ✔✔Up to the day of closing
✔✔Closing day belongs to seller - ✔✔Through the day of closing
✔✔360 days to year and 30 days to every month - ✔✔Statutory year (banker's year)
✔✔Accumulated by seller, but not paid, and buyer will be credited - ✔✔Accrued
expenses
✔✔Paid by seller in advance - ✔✔Prepaid expenses
✔✔A package of services that are offered to a customer/client - ✔✔Controlled business
arrangement
✔✔Amended CERCLA and created the innocent landowner immunity act -
✔✔Superfund amendments and reauthorization act (SARA)
✔✔Created superfund for clean up of contaminated properties - ✔✔CERCLA (the
comprehensive, environmental response, compensation and liability act)
✔✔The boundary between a building in the road, which the building fronts -
✔✔Frontage
✔✔The minimum distance with a building, or other structure must be set back from a
street or road - ✔✔Set back
✔✔Written document that transfers ownership from grantor to grantee - ✔✔Deed
