Arizona Real Estate Practice Questions with Verified Solutions

Arizona Real Estate Practice Questions with Verified Solutions Within how many days after property transfer shall a buyer submit a completed transfer form and file with ADEQ 15 days An example of involuntary alienation is where title to real estate passes by: Sheriff's deed What event will create an involuntary life estate? Dower interest becoming cohate A valid warranty deed must contain all of the following elements, except: Signed by grantee The clause in a deed which sets forth or limits the extent of the interests in the title being conveyed is: The habendum clause An instrument that conveys a grantor's interest is called a: Deed Which of the items listed below is an interest in real property but not an estate? Mortgage What law creates an automatic lien on a commercial property, subject to the listing agreement? Broker lien law An article may be changed from realty to personalty by: Detachment What is the purpose of a date in an appraisal report? Define the market Conditions under which the appraisal was made The customary procedure for arriving at the fair market value of an office building for selling purposes is: Figure the adjusted gross income, deduct all costs of operation, and divide the net operating income by the current rate of return for this type of investment Market price is closest to: The amount of money given in exchange for the property (value in exchange) Which of the following does not relate to appraising? Establishing value While determining the net operating income of an investment property, an appraiser will take into account all of the following except: Interest expense Negligence that causes harm is a/an: Tort Which of the following would NOT terminate an ag