Arizona - State Specific Real Estate Questions & Answers(SCORED A+)

What must subdivided lots have? - ANSWER Ingress & Egress What action takes place when a buyer defaults on a deed of trust? - ANSWER Notice of sale is sent to the owner/trustor from the Trustee What percentage would a owner-occupied residential house be assessed at? - ANSWER 10% In a property tax foreclosure a homeowner has: - ANSWER a three year right of redemption How many hours of education are required to renew a real estate sales person's license? - ANSWER 24 Hours How many hours of education are required for a real estate broker's license when the broker is the designated broker or an associated broker with delegated authority? - ANSWER 30 hours How many hours of education are required for a real estate associate broker's license? - ANSWER 24 hours What gives real estate licensees the right to prepare all documents in a real estate transaction? - ANSWER Arizona Constitution Article XXVI In order to be enforceable according to Arizona Revised Statutes, all listings must: - ANSWER Be in writing What is the minimum amount that must be in the Real Estate Recovery Fund as of June 30th of each year to avoid additional fees to licensees? - ANSWER $600,000 Property taxes become a lien the first day of: - ANSWER January What must a buyer of subdivided land receive? - ANSWER A Public Report When a listing agent cannot be reached within 24 hours, what must the selling agent get? - ANSWER Must get written permission from the seller before present the offer to the seller. How are Real Estate commissions established in Arizona? - ANSWER Negotiation only What is the maximum paid from the recovery fund in a single transaction? - ANSWER $30,000 The right to use water adjacent to a stream is called: - ANSWER Riparian Right Arizona Property Taxes are figured based on: - ANSWER Ad Valorem When a licensee leaves a brokerage, where does the license go? - ANSWER Back to the State Where must their active salesperson have their licensed placed? - ANSWER In their broker's office How long must the seller wait before they can take a property back if a buyer defaults on an Agreement for sale with less than 20% Equity? - ANSWER 30 days When must a mechanic's lien be filed? - ANSWER 120 days of the completion of work by the subcontractor or general contractor What is the tax lien priority? - ANSWER Property Taxes Special Assessment Tax IRS Taxes If a property tax is not bid on at a tax lien sale who can later buy the tax lien from the Treasure? - ANSWER Anyone What type of property would have the highest tax rate? - ANSWER Commercial When are the first half of property taxes delinquent? - ANSWER November 1 Taxes are assessed on: - ANSWER Value of the property In Arizona, property taxes are payable: - ANSWER Twice a year When the county assessor evaluates real estate for the purpose of taxation, this is called: - ANSWER Assessed Value In Arizona, real estate are l Arizona - State Specific Real Estate Questions & Answers(SCORED A+)