REAL ESTATE ( AZ SPECIFIC ) EXAM QUESTIONS AND ANSWERS

REAL ESTATE ( AZ SPECIFIC ) EXAM QUESTIONS AND ANSWERS Arizona property taxes are based on: - Answer- Assessed value The tax rate applied to owner occupied residential property is: - Answer- 10 % What lien has priority first: - Answer- Property taxes Property taxes become a lien the first day of: - Answer- January If a property is not bid at a tax foreclosure sale: - Answer- Anyone can later buy the tax lien from the Treasurer Rank the following in order: IRS lien, Property Taxes, Special Assessments - Answer- Property Taxes, Special Assessments, IRS Liens When a broker misappropriates funds, this is called: - Answer- Conversion What type of property would have the highest tax rate: - Answer- Shopping center What is the priority of property tax liens: - Answer- Always in first position When are the first half property taxes delinquent: - Answer- November 1 The two designations or classifications of water law in Arizona are: - Answer- Ground the surface Taxes are assessed on: - Answer- Value of the property The doctrine of water usage in Arizona is known as: - Answer- Prior appropration Water rights in Arizona are: - Answer- First in time, first in right In Arizona, property taxes are payable: - Answer- Twice a year When a party owns land on a non-navigable stream, it is said they hold title to: - Answer- Lower water mark When the county assessor evaluates real estate for the purpose of taxation, this is called: - Answer- Assessed value Real estate taxes are levied in Arizona: - Answer- Once a year Second half real estate taxes are due: - Answer- march 1st Once a homeowner's association establishes the assessments, they are paid: - Answer- Annually based on the homeowner's association's budget What is paid first after a foreclosure: - Answer- Property taxes At thend of the three-year tax redemption period, a person who holds the certificate purchase: - Answer- May extend the period Which best describes prior appropriation: Reliction First in time first in right Riparian rights Adequate water supply - Answer- First in time, first in right Ad valorem would apply to: - Answer- Property taxes The redemption period in a property tax foreclosure would be how long after the certificate of purchase has been issued: - Answer- 3 years What lien has second priority