ARIZONA REAL ESTATE ACTUAL FINAL PAPER QUESTIONS WITH ANS
QUESTIONS WITH ANSWERS GUARANTEE A+
✔✔Lot Reservations - ✔✔Means an expression of interest by a prospective purchaser
in buying at some time in the future a subdivided or unsubdivided lot, unit or parcel in
this state.
✔✔Right to Rescind - ✔✔Consumers can cancel the following sales or services after
the transaction is completed: Telephone Solicitation: You can cancel the order within
three (3) business days from the delivery of the merchandise or premium (gift, bonus,
prize or award) whichever is later.
✔✔Affidavit of Disclosure - ✔✔Applies to any property (improved or unimproved) that is
not located within a municipality or recorded subdivision. Requires disclosure info
regarding water, sewer or septic tanks etc.
✔✔Real Estate Timeshare - ✔✔Is a share or interest in real property (usually in a resort
condominium or hotel) with a right to use the facility for a certain period of time.
✔✔Voluntary Liens - ✔✔A voluntary ten is a lien placed on a property with the owner's
consent. The three types of voluntary liens in Arizona are mortgages, trust deeds, and
agreements of sale. All three hypothecate real estate as security for a debt, but each
dictates a different foreclosure procedure.
✔✔Hypothecation - ✔✔Is a pledge of real property as security without giving
possession of the property to the lender.
✔✔mortgagOR - ✔✔bOrrOwer
✔✔MortgagEE - ✔✔lEndEr
✔✔Satisfaction of Mortgage - ✔✔A document generated and signed by a mortgage
lender, acknowledging that the borrower has paid off the mortgage loan in full and that
the mortgage is not a lien on the property.
✔✔Default - ✔✔Failure to comply with any terms of the note or mortgage.
✔✔Mortgage in Default (Judicial Foreclosure) - ✔✔Lender's remedy is forced sale
through a Judicial Foreclosure Action.
✔✔lis pendens - ✔✔Is a written notice that a lawsuit has been filed concerning real
estate.
, ✔✔Sheriff's Sale - ✔✔Generally the last step in the foreclosure process after the
homeowner has exhausted all his/her options to avoid defaulting on a mortgage.
✔✔Sheriff's Certificate of Sale - ✔✔It is a document issued by the court at a judicial
sale, entitling the purchaser to receive a deed once the court approves the purchase.
✔✔Sheriffs Deed - ✔✔Conveys full title.
✔✔Equity of Redemption - ✔✔the right of a mortgagor over the mortgaged property,
especially the right to redeem the property on payment of the principal, interest, and
costs.
✔✔Statutory Right of Redemption - ✔✔(Six months) refers to a mortgagor's right to
regain their ownership of property that has been foreclosed.
✔✔Deed of Reconveyance - ✔✔Is the document that evidences the release of a deed
of trust. This must be done within 30 days of payoff.
✔✔Notice of Default - ✔✔is a notification given to a borrower stating that he or she has
not made their payments by the predetermined deadline, or is otherwise in default on
the mortgage contract.
✔✔Right of Reinstatement - ✔✔Truster (borrower) can cure default by paying back
payments (plus cost and penalties) at any time before the forced sale.
✔✔Trustee's Sale - ✔✔is a public auction at which a piece of real estate is sold.
✔✔Trustee's Deed - ✔✔Is delivered to the highest bidder. No redemption period.
✔✔Forfeiture Action - ✔✔Seller must give buyer a grace period to reinstate the
payments. Grace period may be as short at 30 days or as long as 9 months. After the
grace period seller proceeds.
✔✔Lien Theory - ✔✔The mortgage or trust deed does not convey any ownership to the
lender.
✔✔Title Theory - ✔✔Legal title is conveyed to the lender.
✔✔Deficiency Judgement - ✔✔A judgment obtained by a lender when a foreclosure
sale brings less than the amount owed.
✔✔Lien - ✔✔A claim against property to secure a debt; money encumbrance.
✔✔Real Estate Taxes (in Arizona) - ✔✔Have #1 Priority over all liens.
QUESTIONS WITH ANSWERS GUARANTEE A+
✔✔Lot Reservations - ✔✔Means an expression of interest by a prospective purchaser
in buying at some time in the future a subdivided or unsubdivided lot, unit or parcel in
this state.
✔✔Right to Rescind - ✔✔Consumers can cancel the following sales or services after
the transaction is completed: Telephone Solicitation: You can cancel the order within
three (3) business days from the delivery of the merchandise or premium (gift, bonus,
prize or award) whichever is later.
✔✔Affidavit of Disclosure - ✔✔Applies to any property (improved or unimproved) that is
not located within a municipality or recorded subdivision. Requires disclosure info
regarding water, sewer or septic tanks etc.
✔✔Real Estate Timeshare - ✔✔Is a share or interest in real property (usually in a resort
condominium or hotel) with a right to use the facility for a certain period of time.
✔✔Voluntary Liens - ✔✔A voluntary ten is a lien placed on a property with the owner's
consent. The three types of voluntary liens in Arizona are mortgages, trust deeds, and
agreements of sale. All three hypothecate real estate as security for a debt, but each
dictates a different foreclosure procedure.
✔✔Hypothecation - ✔✔Is a pledge of real property as security without giving
possession of the property to the lender.
✔✔mortgagOR - ✔✔bOrrOwer
✔✔MortgagEE - ✔✔lEndEr
✔✔Satisfaction of Mortgage - ✔✔A document generated and signed by a mortgage
lender, acknowledging that the borrower has paid off the mortgage loan in full and that
the mortgage is not a lien on the property.
✔✔Default - ✔✔Failure to comply with any terms of the note or mortgage.
✔✔Mortgage in Default (Judicial Foreclosure) - ✔✔Lender's remedy is forced sale
through a Judicial Foreclosure Action.
✔✔lis pendens - ✔✔Is a written notice that a lawsuit has been filed concerning real
estate.
, ✔✔Sheriff's Sale - ✔✔Generally the last step in the foreclosure process after the
homeowner has exhausted all his/her options to avoid defaulting on a mortgage.
✔✔Sheriff's Certificate of Sale - ✔✔It is a document issued by the court at a judicial
sale, entitling the purchaser to receive a deed once the court approves the purchase.
✔✔Sheriffs Deed - ✔✔Conveys full title.
✔✔Equity of Redemption - ✔✔the right of a mortgagor over the mortgaged property,
especially the right to redeem the property on payment of the principal, interest, and
costs.
✔✔Statutory Right of Redemption - ✔✔(Six months) refers to a mortgagor's right to
regain their ownership of property that has been foreclosed.
✔✔Deed of Reconveyance - ✔✔Is the document that evidences the release of a deed
of trust. This must be done within 30 days of payoff.
✔✔Notice of Default - ✔✔is a notification given to a borrower stating that he or she has
not made their payments by the predetermined deadline, or is otherwise in default on
the mortgage contract.
✔✔Right of Reinstatement - ✔✔Truster (borrower) can cure default by paying back
payments (plus cost and penalties) at any time before the forced sale.
✔✔Trustee's Sale - ✔✔is a public auction at which a piece of real estate is sold.
✔✔Trustee's Deed - ✔✔Is delivered to the highest bidder. No redemption period.
✔✔Forfeiture Action - ✔✔Seller must give buyer a grace period to reinstate the
payments. Grace period may be as short at 30 days or as long as 9 months. After the
grace period seller proceeds.
✔✔Lien Theory - ✔✔The mortgage or trust deed does not convey any ownership to the
lender.
✔✔Title Theory - ✔✔Legal title is conveyed to the lender.
✔✔Deficiency Judgement - ✔✔A judgment obtained by a lender when a foreclosure
sale brings less than the amount owed.
✔✔Lien - ✔✔A claim against property to secure a debt; money encumbrance.
✔✔Real Estate Taxes (in Arizona) - ✔✔Have #1 Priority over all liens.
