Arizona Real Estate Salesperson Exam |482 questions with correct answers

What are the two requirements of the property if the anti-deficiency statute is to apply? CORRECT ANSWER 2.5 acres or less. Utilized as a family home for a 1 or 2 family dwelling. In a deed of trust, who is the "trustor?" CORRECT ANSWER The person buying the house (the purchaser). Who has priority in liens even over a purchase money mortgage lien filed prior? CORRECT ANSWER Liens for unpaid property taxes and agricultural liens on crops. Does an IRS lien filed in 2015 have priority over a mortgage filed in 2014? CORRECT ANSWER No. In Arizona, IRS liens do not have priority a mortgage/deed of trust filed prior to it. Does a lien for property taxes filed in 2015 have priority over a mortgage filed in 2014? CORRECT ANSWER Yes. In Arizona, state property tax liens do take priority over other liens. What is the title of the person who supervises the estate of someone who died without a will? CORRECT ANSWER Administrator. What is the title of the person who supervises the estate of someone who died with a will? CORRECT ANSWER Executor. When are property taxes ASSESSED? CORRECT ANSWER Once a year, January 1. When are the two dates in Arizona in which property taxes are DUE for January 1? CORRECT ANSWER For January 1, 2015, they would be DUE on October 1, 2015 and March 1, 2016.