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Arizona Real Estate Salesperson Exam | 485 Questions with 100% Correct Answers | Verified | Latest Update 2024

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2023/2024 Written for academic year
Institution Arizona Real Estate Salesperson
Course Arizona Real Estate Salesperson
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Does the anti-deficiency statute apply to investment property? - True. Does the anti-deficiency statute apply to second mortgages and deeds of trust? - False. What are the two requirements of the property if the anti-deficiency statute is to apply? - 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?" - The person buying the house (the purchaser). Who has priority in liens even over a purchase money mortgage lien filed prior? - 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? - 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? - Yes. In Arizona, state property tax liens do take priority over other liens.

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